I got a CapOne Platiumn secured card at the beginning of my rebuild start since I could not get anything else at the time. I put $249 on it for a deposit for a 400 SL. They have since given me a single CLI to take it to 700. All other CLI requests have been denied. Since then my scores moved up quite a bit and I now have a Discover at 18K, Amex at 12K, and was just approved for a Savor One at 10K.
I have about 20% utilization on the Discover that moment taking advantage of the 0% intro rate. That will be paid off soon. The other 2 cards are both PIF every month and have a 0 balance.
I don't really have a need to keep the secured card open any longer and I could take that deposit to pay down more on my Discover. The CapOne Platiumn is my oldest card as it just turned a year old. Since CapOne is not graduating these cards any longer, I'm thinking of just closing it.
My oldest account ai 13 years and my average age is between 7-8 years. With the new card and an auto loan I took out last month, my youngest is going to be under 3 months.
Is there any reason I should keep the platinum open or will it not make any difference in my scores if I just close it. With the 3 cards I have now and my truck loan, I won't need to apply for anything for the next couple of years.
Your AoOA (age of oldest account) will be unaffected. That's usually the main issue when closing a card like this. Go ahead and get rid of it. 