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Closed First Credit Card!

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IFtkkdx428
Regular Contributor

Closed First Credit Card!

I’m employed in the banking industry and in most cases I recommended customers keep their oldest credit card open.

 

Emphasis on ‘most’ as most don’t have 8 open credit cards (or accounts) on their credit report or below 9% utilization or a ‘top tier credit score’ (740+).

 

I had called Huntington Bank to plaice an international travel notice and it took 90 minutes to speak to a representative. This is actually common and has happened to me 3 times in the past year. Due to this, I closed the credit card when I spoke to someone.

 

After some thought, I decided to also close my first credit card with Capital One.  I have been been wanting to do this for few years now.

 

I closed my first credit card, after 9 years and 2 months of being open. It felt good! 

 

Age: 30

Annual Income: $115,422 (Household)

Monthly Rent/Mortgage Payment: $0

TransUnion VantageScore 3.0 (Provided by Credit Karma on (4/16:2022): 817

TransUnion VantageScore 3.0 (Provided by Capital One on 4/15/2022): 817

Experian VantageScore 3.0 (Provided by Chase on 4/22/2022): 816

Equifax VantageScore 3.0 (Provided by Credit Karma on 4/16/2022): 820

TransUnion Model 8: (Provided by Discover on 4/4/2022): 839

TransUnion Model 8 (Provided by Huntington on 4/11/2022): 832

TransUnion VantageScore 3.0 (Provided by AMEX on 4/16/2022): 817

Equifax Score 8 Model (Provided by Citi on 3/22/2022): 848

 

Credit Card Utilization: 0%
Percent of On Time Payments: 100%

AAoA: 5 YR 1 MOS

Oldest Open Trade Line: 9 YRS 2 MOS

Newest Open Trade Line: 1 YRS 7 MOS

Total Accounts: 14

Total Open: 8

Total Closed: 6

Total Credit Limit: $194,500

TU Inquiries: 1

EQ Inquiries: 0

EX Inquiries: 1

Derogatory Marks: 0

 

Current Credit Cards

 

Chase Freedom Visa

Credit Limit: $4,500

Card Issued: Jan/2014

Credit Card Utilization Rate: 0%

 

American Express Blue Cash Everyday

Credit Limit: $30,000

Card Issued: Nov/2014

Credit Card Utilization Rate: 0%

 

Discover It

Credit Limit: $41,500

Card Issued: May/2015

Credit Card Utilization Rate: 0%

 

Chase Sapphire Reserve

Credit Limit: $29,900

Card Issued: September/2018

Credit Card Utilization Rate: 1%

 

Citi Double Cash

Credit Limit: $28,200

Card Issued: September/2018

Credit Card Utilization Rate: 0%

 

BMO Harris Bank

Credit Limit: $15,000

Card Issued: September/2020

Credit Card Utilization Rate: 0%

 

Synchrony Bank, Lowe’s

Credit Limit: $35,000

Card Issues: April/2020

Credit Card Utilization Rate: 0%

 

Citi Costco Anywhere

Credit Limit: $10,400

Card Issued: September/2020

Credit Card Utilization Rate: 1%

Message 1 of 14
13 REPLIES 13
CYBERSAM
Senior Contributor

Re: Closed First Credit Card!

Good for you! 👍👍

Unfortunately most starter CCs won't grow! I closed my starter cards too. Feels good to have decent open cards on CR 😁

It still going to report for another 10 years so your not going to see much effect on your score.







                
Message 2 of 14
SUPERSQUID
Valued Contributor

Re: Closed First Credit Card!

Hi, 

If you browse the forum you will see plenty of folks with top tier scores, and some with dozens of credit cards. i'm a lowly rebuilder.

{ BK7 DC 12/2019 } target 1600/ kohls Visa 7000/ discover IT cb 6500 / 2nd discover IT cb 6000/mercury 4100 / firestone 2800 /legacy 3000 /first savings bank cc 3000/ cap1 QS 5000/ cap 1 savor one 3100 /Bread rewards Amex 4k, Penfed PCR signature visa 10k/ penfed gold 7.5k NFCU >signature visa cash rewards 21700/bread cashback amex 8000

>/ nfcu platinum 15k, BABY NEEDS NEW SHOES !!!!!
closed-- reflex, applied bank, first digital, mission lane, ikea, fingerhut, big lots, valero gasoline, ollo, more to come
Rebuilding since September 2020
who i burned - chase, cap 1, TD bank, Sync, were the biggies
Income 40k
Total utilization around 20 pct depending on my current usage/needs
Ficos in the 680 - 690 range, the 9's slightly higher than the 8's
My vantage scores 708 - 711
TCL - about 110k
Retired since 2017
Message 3 of 14
redpat
Senior Contributor

Re: Closed First Credit Card!

Good for you.

 

Remember utilization  only matters if you are seeking credit, it has no memory.  There is no need to micromanage your monthly credit scores.  So use them if you can pay them.

Personal Cards: Amex Plat | Amex Delta Res | CSR | Citi AA Exec Business Cards: Ink+ | Amex BGR
Message 4 of 14
folks19
Frequent Contributor

Re: Closed First Credit Card!

You need to do what makes you happy, but I wouldn't close my oldest account unless there's an AF. Instead, I would just freeze the card and destroy it while keeping the account open.

Message 5 of 14
NRB525
Super Contributor

Re: Closed First Credit Card!

Yes, MyFICO posters tend to skew Multiple in the category of "number of cards". It makes it easier to close the oldest card. 

Congrats on closing the cards. It can be part of maintaining a healthy view toward credit.

High Bal Jan 2009 $116k on $146k limits 80% Util.
Oct 2014 $46k on $127k 36% util EQ 722 TU 727 EX 727
April 2018 $18k on $344k 5% util EQ 806 TU 810 EX 812
Jan 2019 $7.6k on $360k EQ 832 TU 839 EX 831
March 2021 $33k on $312k EQ 796 TU 798 EX 801
May 2021 Paid all Installments and Mortgages, one new Mortgage EQ 761 TY 774 EX 777
April 2022 EQ=811 TU=807 EX=805 - TU VS 3.0 765
Message 6 of 14
BijouMan
New Contributor

Re: Closed First Credit Card!

Didn't know Discover could give you that high of a credit limit.

Message 7 of 14
K-in-Boston
Credit Mentor

Re: Closed First Credit Card!

Nice job trimming the fat.  Your next oldest cards are close enough that even when those fall off your reports in about a decade, it's not going to make a substantial difference whatsoever.

Message 8 of 14
unsungivy
Established Contributor

Re: Closed First Credit Card!

Closing your oldest CC, for whatever reason, can feel very freeing! For most of us it was what we could get, and even if it's not a bad card, we've moved on and it's emotional clutter (in my case it was closing my oldest card from 2002 and keeping my next oldest from 2003, which I could justify).

 

Marie Kondo that @#$&!

SD - Biz -
Message 9 of 14
Citylights18
Valued Contributor

Re: Closed First Credit Card!

I'm definitely considering closing a couple of my cards. I have 6 business credit cards now so my spend is not reaching as much of the personal cards.

 

AMEX Gold is on my chop list with the $250 AF. I've only had the account for 2 years (May 2020) so my average account length will go up.

 

Eventually may bump up my CSP to a CSR. First I should unload AMEX points and some of my other awards before I start buying hotels on it and I'm really not flying much where I can take advantage of priority pass.

 

Generally I'm a fan of trimming and pruning the lineup as a goal. My average account length is right around 5 years and my entire Chase card lineup was taken out from 2-3 years ago. 

Official travel point totals as of 12/26/23 (1,382,693 Total Points)
Chase Ultimate Rewards 661,525 | IHG One Rewards 144,443 | Hilton Honors 143,801 | AMEX Membership Rewards 102,729 | World of Hyatt 90,413 | Marriott Bonvoy 65,343 | Citi Thank You 62,712 | Wells Fargo Rewards 33,652 | Southwest Rapid Rewards 28,105 | United MileagePlus 13,316 | British Airways Avios 12,333 | Jet Blue TrueBlue 11,661 | NASA Platinum Rewards 1,883 | AA Advantage 1,744 | Navy Federal Rewards 792 | Delta Sky Miles 175 | Virgin Atlantic Virgin Points 100 | Lowes Business Rewards 6,992 ($69.92) | Amazon Rewards 475 ($4.75) | Discover CB 499 ($4.99)
Message 10 of 14
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