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New Member
Posts: 7
Registered: ‎12-12-2012

Will cancelling this card harm or help my credit

My utilization of overall credit looks like it's 1 percent on my report because I have a mortgage which shows a 146,000 credit line and zero balance. Kind of weird because I let the house go in BK 3 years ago.


I have a secured card with new millenium which reports as a normal revolving credit card. It has a 1800 balance on 3000 available.


I just got approved for a $1000 Capital One cash back credit card last week (unsecured).


If I cancel this other card, it will show it as cancelled by borrow and paid off.


I am looking to buy a car next month. Should this help or hurt me, cancelling this secured card?


I am just doing it because I end up paying $50 a month in interest on my own money.


I will use the Capital One fully, but pay it all off before the statement cuts except like 5%.





Valued Contributor
Posts: 3,302
Registered: ‎06-09-2010

Re: Will cancelling this card harm or help my credit

How old is the card?


Is it your first CC?


Is that the only other CC you have besides the Cap One card?


If it is your oldest CC, and the only other CC you have besides Cap One, then most likely it will hurt you to cancel it. While it may still report, it still drops your AAoA, and your open lines of credit, which are all factored into your scoring.

Good Luck
May all your dreams and wishes become a reality!
New Member
Posts: 7
Registered: ‎12-12-2012

Re: Will cancelling this card harm or help my credit



My equifax shows that I have 4 revolving lines of credit  but yes, this is the only one open.


The others show up as being older.


I will do my best to pay it off for now I suppose.


I will get a car and then cancel it since I won't really need credit for awhile after that.


Appreciate the advice.

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