Should I cancel old Cap1 secured card?

Anonymous — Mon, 07 Oct 2019 14:39:46 GMT

A little over three years ago, I started trying to rebuild my credit. I applied for and was approved for a Capital One Platinum Secured. Paid $49 and was given a $200 limit, which was then increased to $500 a few months later, and that's where it's stayed (it's ineligible for any future CLI and can't be combined into another card, I'm told).

Since then, I've aquired a Quicksilver ($4500) and a Playstation card ($1500) from Cap1, a Synchrony Amazon account ($3500) an AmEx BCE ($1000) and most recently PNC Cash Rewards with a $6600 limit.

Obviously, the secured card, with no benefits, offers no reason to ever use it again, and has been SD'd ever since I aquired something else, and I can't imagine that I'll ever use it again. On the other hand, it also has no fees, and is currently my oldest CC tradeline (my oldest overall are student loans, over 17 years).

One of my Capital One cards (Playstation) will be moving soon to Comenity (where I imagine it's future is uncertain). I'd like to apply for a Capital One Savor in the future. I don't know if the secured card counts against that somehow.

So, Is it better for me to get rid of this $500 locked card that won't ever go anywhere, or keep it around because there are no fees and it's my oldest current CC?

Re: Should I cancel old Cap1 secured card?

HeavenOhio — Mon, 07 Oct 2019 14:53:21 GMT

Close it. The card isn't old enough to matter.

Re: Should I cancel old Cap1 secured card?

Anonymous — Mon, 07 Oct 2019 15:21:01 GMT

What's the difference in age between that card and your next oldest? If it's only a year or two, I don't think it's that beneficial to keep for age of accounts. When you close it, it will still be on your reports for 10 years. By the time it drops off you'll have other aged accounts.

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Should I cancel old Cap1 secured card?

Re: Should I cancel old Cap1 secured card?

Re: Should I cancel old Cap1 secured card?