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Close Cap1 and open new?

zuma1
Contributor

Close Cap1 and open new?

I had a Platinum for about a year and did the rewards upgrade to QS a few months back and since it's my first card and my limits I know it's bucketed. I recently applied for a new QS and was approved with SL $1000. I was thinking about waiting a year or so and close my first card with them and apply for a different one now that I seem to be more credit worthy. I just wasn't sure if it's possible and I know I'm supposed to keep my oldest open. I figured as long as I'm not doing anything big in the next few years losing the age wouldn't be that bad of a trade to toss a $400 starting card. Looking for everyone's opinions on this. Not anytime soon but down the road would it be an ok choice or should I just keep my little plastic bucket that opened doors for me? 

Message 1 of 4
3 REPLIES 3
SouthJamaica
Super Contributor

Re: Close Cap1 and open new?


@zuma1 wrote:

I had a Platinum for about a year and did the rewards upgrade to QS a few months back and since it's my first card and my limits I know it's bucketed. I recently applied for a new QS and was approved with SL $1000. I was thinking about waiting a year or so and close my first card with them and apply for a different one now that I seem to be more credit worthy. I just wasn't sure if it's possible and I know I'm supposed to keep my oldest open. I figured as long as I'm not doing anything big in the next few years losing the age wouldn't be that bad of a trade to toss a $400 starting card. Looking for everyone's opinions on this. Not anytime soon but down the road would it be an ok choice or should I just keep my little plastic bucket that opened doors for me? 


Presumably there's no annual fee on it any more, since it's been upgraded.  If that's the case, I see no reason to close it.


Total revolving limits 677500 (584500 reporting) FICO 8: EQ 758 TU 777 EX 749

Message 2 of 4
blindambition
Community Leader
Senior Contributor

Re: Close Cap1 and open new?

Sock drawer it! Put a tiny purchase every few months. You have a thin file and it's no AF.

Message 3 of 4
zuma1
Contributor

Re: Close Cap1 and open new?

I never had any fees


@SouthJamaica wrote:

@zuma1 wrote:

I had a Platinum for about a year and did the rewards upgrade to QS a few months back and since it's my first card and my limits I know it's bucketed. I recently applied for a new QS and was approved with SL $1000. I was thinking about waiting a year or so and close my first card with them and apply for a different one now that I seem to be more credit worthy. I just wasn't sure if it's possible and I know I'm supposed to keep my oldest open. I figured as long as I'm not doing anything big in the next few years losing the age wouldn't be that bad of a trade to toss a $400 starting card. Looking for everyone's opinions on this. Not anytime soon but down the road would it be an ok choice or should I just keep my little plastic bucket that opened doors for me? 


Presumably there's no annual fee on it any more, since it's been upgraded.  If that's the case, I see no reason to close it.


 

Message 4 of 4
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