I'm thinking about closing my $500 Cap One card. It turned 1 year in April. Mostly, I feel like it's cluttering up my credit portfolio with a measly $500 CL, which makes it virtually impossible to use. While I am grateful to Cap One for extending me credit so I could rebuild, I definitely consider this a weed.
My next oldest card, I got in June of last year.
The Pros:
At this point, it's my oldest card (except for Amex backdating).
There is no AF
The Cons:
It has a piddly $500 CL that will probably never go anywhere and makes it impractical to use.
I really don't like Cap One's CS, don't feel valued as a customer, etc.
No rewards
I'd appreciate your thoughts about whether or not I should close it. Thanks! 
Your score is in the 700s and you really do not need it. Cap1 increases CLs very slowly. I have a Cap1 rewards card that started at 500, 6 months later 750 and then it sat at 750 for 2 years before they jacked it up to 3750. I do agree that it looks bad when your account is viewed, does this affect the CLs that you are given by other CCs? It shouldn't, but we can never be sure how they think. If you do close it, it will stay on your report for 10 years and continue to add to the AAoAs until it falls off.
Now if you do not want the card, do not use it and feel it is holding you back, should you close it? Will losing that $500 affect your util? Do you have two other major cards (one you use regularly and one to fall back on incase something happens to the first)? As long as losing the $500 will not cause your util to go up too much and it is not your fall back card, go ahead and close it. Personally I have two Cap1 accts and I am going to close the small one when the AF comes due and thinking about closing the big one as well, even though I will lose a total of $4500 in available credit. Just like you, I feel that Cap1 is a weed that is holding back the present growth of my credit gardent
Mine had a $3350 limit and was my oldest CC - I closed it this week. Before I did, I really grappled with it - and thought I might be doing the wrong thing. After I did it, I felt lighter; one less thing to worry about, no more hearing those scripted explanations about what a great customer I am, but..... And really, I am not one of these people who wants/ or needs a bunch of credit cards in her wallet.
Now, I am down to 2 major cards - Barclay MC and Discover - I do not know about the Barclay - but especially now that Discover has no foreign transaction fees -there simply wasn't anyting Cap 1 could offer me that Discover could not. Not only does Discover offer more, but IT WIL:L grow with me, whereas if I wanted more from Cap 1 I had to apply for another card, for which I did, and was declined. Before closing the Cap 1, I called Discover and asked the rep to remind me of why I would want to keep it overr all other cards -of course I was going to anyway - but when he was done - NO BRAINER! Cap was closed - and I do not miss it at all. By the way, I called Barclay too, but ummm... they were not too sure of much. 
Most of the negative suff, including my BK, comes off my CR by the end of the fall next year. That is a great amount of time to really work the Discover and Barclay - maybe get some bonuses like lower APR - CLIs - And we will see if I get a good enough bump in score - to move on to a prime Visa and/or a very low interest / high CL one from my credit union. Move forward and don't look back! You have such great scores; I assume you also have some great cards with worthwhile limits. That Cap 1 sounds like a representation of a place where you USED to be! If it is a Plat MC - I can tell you, it will not go beyond $3000 - Let it go now, and look for and/or feed on greener pastures.
I am not saying that Cap 1 is not good. Trust me, when I was just starting out - and a lot of folks were bad mouthing Cap 1 - I was very grateful because they were being very good to me when I first started rebuilding. I am typing this for those who were in my situation who may read this. There are times in our credit history for some of us when Cap 1 is a big accomplishment, and to read all of the negative about Cap1 puts a damper on your feeling of pride for having gotten one. But the good thing is that with proper credit management, we get to a point where we out grow it ... which is we want to do, isn't it?
Bichonmom;
When you say it's your oldest card, is that 3 years or 9? If it's 3 years, with your AMEX TL's, it really doesn't mean much when it comes to AAoA (esp since it will remain there for 10 more years). If it's more like 9 years, then you have reason to think of leaving it open another year (when you're more comfortable with AMEX, being it's obvious you're still unsure about your rebuilt status and credit confidence, not how you handle it, but the way the credit system can do things).
The only positive thing I see for keeping it if any is what I stated above. I know how you feel, I was hesitant to close CreditOne even though it wasn't something I would have got in the first place had I realized it was what it was (instead of a Cap 1 offer). I still have my 2 Cap 1 750s, I'll probably keep them a while, I don't feel they look as bad to manual review as CreditOne or FirstPremier might (not by a long shot lol SO glad I never had FP).
It's really a coin toss on what you feel most comfortable doing. I don't think closing it would have any negative effect at all, but with no AF and if it were over 5 or so years old, you might feel better leaving it another year before deciding.
