Considering closing Cap One

[namvet]

Cons you listed are reason enough to close this card.  Cap One did it's job for you. 

[Anonymous]

It is nice to have a extra card that you don't normally use when something comes up. For instance, your wallet is stolen and you can't use your regular cards for a week, while you get replacements.   I would sock drawer it.

[bichonmom]

Well, so far it's even: 4 to open and 4 to close. I was really expecting a resounding answer in one direction. Everyone has made good points! I'm still on the fence, but leaning more towards closing it.

I think some of my hesitancy is from all those years when I couldn't get credit to save my life. So now, I'm reluctant to close any acct., even a $500 cap one.

[Anonymous]

Throw the card high in the air.   If it lands face up, keep it.  Face down, cancel.

[namvet]

---

@bichonmom wrote:
Well, so far it's even: 4 to open and 4 to close. I was really expecting a resounding answer in one direction. Everyone has made good points! I'm still on the fence, but leaning more towards closing it.

---

   If you do close it then that will be one less thing on your mind.  Your posts indicate to me that you really don't like the card so it's your call.  Credit wise i don't think it will be a plus or minus if you close it.  I didn't give you my vote in the last post so since it's tied i would vote keep it open and just pull it out once a year give it some use.  I've never had a hate/love relationship with a card before but it appears that there are many on this site that do.  Good luck.

[bichonmom]

---

@Anonymous wrote:

Throw the card high in the air.   If it lands face up, keep it.  Face down, cancel.

---

lol

[bichonmom]

One concern I have is that none of my cards have gone over a year yet. I closed my other cap one before the AF hit, and my Old Navy just upgraded to a visa at 1 year. So, this would be my only card to have history longer than one year. Maybe that will help my FICO? Is that a factor? Someone did post about the history, which I don't have with my Amex.

[Anonymous]

---

@bichonmom wrote:
One concern I have is that none of my cards have gone over a year yet. I closed my other cap one before the AF hit, and my Old Navy just upgraded to a visa at 1 year. So, this would be my only card to have history longer than one year. Maybe that will help my FICO? Is that a factor? Someone did post about the history, which I don't have with my Amex.

---

My guess is the FICO effect is neglible, might make more difference for manual review.   IMO, keep it for awhile since you have such short history.

[bichonmom]

---

@Anonymous wrote:

---

@bichonmom wrote:
One concern I have is that none of my cards have gone over a year yet. I closed my other cap one before the AF hit, and my Old Navy just upgraded to a visa at 1 year. So, this would be my only card to have history longer than one year. Maybe that will help my FICO? Is that a factor? Someone did post about the history, which I don't have with my Amex.

---

My guess is the FICO effect is neglible, might make more difference for manual review.   IMO, keep it for awhile since you have such short history.

---

Yeah. I'm thinking that maybe I'll just keep it for another year and then cancel. I'd really like to dump it because it feels like clutter, but since my history is so short, maybe I should keep it for now and just SD it. If they cancel for non-activity, then that's fine.

Thanks, everyone, for the replies!

[LS2982]

Don't close it!!!!!!!!

You'll make Peggy sad.........................................