Debating on closing Open Sky

[Stella9]

Today, I was finally approved for an unsecured Discover Card. I have a secured Capital One card, Capital one unsecured card, and Open sky. The Open Sky card is now seven months old. I was wondering, if I should keep it open until it reaches a year old, or go ahead and close the card.

[HeavenOhio]

There's no need to keep it open.

The cards that you really want to keep open for a year are those that generated sign-up bonuses. Banks get cranky when those are closed early.

[Adkins]

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@Stella9 wrote:
Today, I was finally approved for an unsecured Discover Card. I have a secured Capital One card, Capital one unsecured card, and Open sky. The Open Sky card is now seven months old. I was wondering, if I should keep it open until it reaches a year old, or go ahead and close the card.

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If you can get a partial refund on the annual fee, I'd close the card and do so now. The card has served it's purpose. If getting a partial refund for the annual fee isn't possible, then I would leave the card open and cancel before the next annual fee hits. You've already paid for a year, might as well get the history out of it!

[Anonymous]

What are the limits on your other cards, including Disco? If they’re moderate, I’d keep OpenSky alive to help with yourUTI. If you’ve got good limits on the other cards, go ahead and close it. Its positive history will remain on your reports for up to 10 years after you close it, contributing to positive payment history and Account aging.

[CreditRebuilder2020]

I think it all depends on your situation also. I'm in a spot where I had crapped up my report, have been rebuilding for 2 years now, I still have my OpenSky account open. I got a CLI on my OpenSky and right now it's another $500 credit line to help my overall CL's. It's 2 1/2 years of on time payments and right now one of my red marks on my credit report is lack of history of on-time payments.

I made the mistakes.....but this card I still believe is serving a purpose for me. For others, may not be the case. 

[Anonymous]

I've had OpenSky account with only $300 CL secured card open now some 5 years. i just didn't see any reason to cancel it.

After 5 years the max credit line on a unsecure card is with capital one for $2000. Other card is a Merrick Bank with $1400 CL.

I think once i get a credit line over $5k i will close the OpenSky secure card.