Cancelling a recent credit card with low limit

[rajsrk2k5]

Hi all,

6 months ago, I got this credit card from Curve, which provides an app to add other credit cards to it, and help select between them. Basically, combining cards to make your wallet slim.

But this caused a hard enquiry, and reduced my average age of credit cards. Also, the credit limit was just 500. A bad choice overall. And it prevented me from getting another good card.

Should I cancel this card? Would this help reset my average age of cards, as I have many older cards too?

[Jnbmom]

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@rajsrk2k5 wrote:

Hi all,

6 months ago, I got this credit card from Curve, which provides an app to add other credit cards to it, and help select between them. Basically, combining cards to make your wallet slim.

But this caused a hard enquiry, and reduced my average age of credit cards. Also, the credit limit was just 500. A bad choice overall. And it prevented me from getting another good card.

Should I cancel this card? Would this help reset my average age of cards, as I have many older cards too?

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No closing it won't "reset" your AAOA. 

[Horseshoez]

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@rajsrk2k5 wrote:

Also, the credit limit was just 500. A bad choice overall. And it prevented me from getting another good card.

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I'm curious, how did this card prevent you from getting better cards?

[rajsrk2k5]

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@Horseshoez wrote:

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@rajsrk2k5 wrote:

Also, the credit limit was just 500. A bad choice overall. And it prevented me from getting another good card.

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I'm curious, how did this card prevent you from getting better cards?

When applying for Capital One credit

card, I was rejected on the grounds that I don't have enough credit history. My credit report says, that average age being low, has a medium impact.

[Horseshoez]

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@rajsrk2k5 wrote:

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@Horseshoez wrote:

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@rajsrk2k5 wrote:

Also, the credit limit was just 500. A bad choice overall. And it prevented me from getting another good card.

---

I'm curious, how did this card prevent you from getting better cards?

When applying for Capital One credit

card, I was rejected on the grounds that I don't have enough credit history. My credit report says, that average age being low, has a medium impact.

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Possibly true, but having that card had no negative impact on you being approved (or not).

[Lou-natic]

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@rajsrk2k5 wrote:

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@Horseshoez wrote:

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@rajsrk2k5 wrote:

Also, the credit limit was just 500. A bad choice overall. And it prevented me from getting another good card.

---

I'm curious, how did this card prevent you from getting better cards?

When applying for Capital One credit

card, I was rejected on the grounds that I don't have enough credit history. My credit report says, that average age being low, has a medium impact.

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That's not how this works...You are looking at it backwards.

You don't have enough credit history because you...haven't had any credit long enough by their standards. The average age is a separate factor. Lets say I have a 10 year old credit account, that gives me 10 years of history. But then say I had that one card for 8 years before I decided to open 3 more right...So my average age is way down but my total history is still 10 years. You are conflating the two when you shouldn't be.