Can I go ahead and close OpenSky???/

[Anonymous]

The OpenSky secured card is my 2nd oldest card. I've read on here many times that cancelling a card doesn't affect the AAoA because it could possibly remain on the reports for up to 10 years. I don't use this card at all. It only has a $200 spending limit. Get rid of it?

[pipeguy]

Considering you have other good cards today, Amex, et al as shown in your signature - absolutely close it with no fear! 

[Anonymous]

Get rid of it! I closed my $200 OpenSky card last week. It was great for 2+ years rebuilding my credit, but I have no use for it anymore. 

[Anonymous]

Does having small balance cards affect new card’s initial spending limits?

[Anonymous]

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@Anonymous wrote:
Does having small balance cards affect new card’s initial spending limits?

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It does for the higher end cards. Banks want to see experience with higher limits before they give you $5k+ for Visa Signature or $10k+ for Visa Infinite cards.

[pipeguy]

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@Anonymous wrote:
Does having small balance cards affect new card’s initial spending limits?

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You'll get mixed opinions on this question but in my opinion, I'd say that  potential lenders will look at your current portfolio as a factor in some cases, Many times an approval (a new one) assigns a starting limit based on computer-generated data, but after that or on recon at a point a person will look over your file and if all your cards are in the $500 to $2000 range they'll tend to follow suit. Of course, there are exceptions to this rule (observation) such as NFCU tends to give out big credit lines or at least CLI requests and for a while maybe 2-3 years ago Cap-1 gave out large starting limits on their Venture card. 

You'll also see that as your starting limits increase that other new accounts and - perhaps some credit limit increase requests will tend to mirror the higher limits - today Cap-1 being the general exception. Bottom line is higher card limits can't hurt, but a total portfolio of lower limit cards "probably/possibly" does (does not apply to credit scoring though other than utility).  

[Anonymous]

Ok that makes sense. I’m Just thinking I could better utilize that $200 better in the bank than in that card.

[Anonymous]

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@Anonymous wrote:

The OpenSky secured card is my 2nd oldest card. I've read on here many times that cancelling a card doesn't affect the AAoA because it could possibly remain on the reports for up to 10 years. I don't use this card at all. It only has a $200 spending limit. Get rid of it?

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You have grown and have amazing scores and cards. Close OpenSky as a way of acknowledging your immese improvement.

[arkane]

Congrats on the successful rebuild! It always puts a smile to my face when I hear an OpenSky success story. If only more people knew about this card, all the predatory lenders like CreditOne, Last Inferior First Premier, and Continental Finance would promptly go out of business.

As others have said, you can close the card now as it's served its purpose.