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I have a capital one secured($500) and wells fargo secured ($300) that won't upgrade, they are about 5 yeard old. Should I just close them since I have better cards now( Uber, DC, Discover, Venture,Amex Gold). I have about 16 accounts (revolving, store and charge cards) and want to cut some of the fluff. Will closing them affect my scores and does it look bad to have them on my file? I don't mind just leavin them but just want some opinions.
Thanks for any feedback
@Anonymous wrote:I have a capital one secured($500) and wells fargo secured ($300) that won't upgrade, they are about 5 yeard old. Should I just close them since I have better cards now( Uber, DC, Discover, Venture,Amex Gold). I have about 16 accounts (revolving, store and charge cards) and want to cut some of the fluff. Will closing them affect my scores and does it look bad to have them on my file? I don't mind just leavin them but just want some opinions.
Thanks for any feedback
Personally, I would close them since they can't graduate.
You will get your security deposit back, so you'll have your cash in hand. They won't really affect your scores - you will lose their limits for utilization factoring, but at $800, it isn't much. The closed accounts could stay on your account for up to 10 years, so you won't have any immediate or drastic effects on your AAoA.
They don't look bad on your report, but it sounds like there's no reason for you to keep them open, either.