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Should I close Cap 1

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Regular Contributor

Should I close Cap 1

I have a Cap one card that has a Low CL on it that is 2 years old , I hardly use it and it has no balance. Over 8 cards this is no help and makes no sense to keep open. I would like to know how this will effect my Fico8 score as it sits around 780? should I close it or keep it open with no use ? 

 

Message 1 of 6
5 REPLIES 5
Community Leader
Valued Contributor

Re: Should I close Cap 1

Close it definitely. Assuming your utilization won’t be affected, you probably won’t see an impact to your score. Your AAoA won’t be affected for many years.

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Message 2 of 6
Regular Contributor

Re: Should I close Cap 1

okay  thank you!

Message 3 of 6
New Contributor

Re: Should I close Cap 1

If you have to ask... close it.

I closed my cap one secured platinum last year and my quicksilver a couple months ago. Got sick of being turned down for cli requests while my score has gone up 200 points and other creditors are throwing credit at me.

No hard feelings. At least they’re a lot better than credit one. I have no desire to apply for any credit with cap 1 again though.
Message 4 of 6
Valued Contributor

Re: Should I close Cap 1

Yep, I also vote to close if you're not getting use out of it and closing won't negatively affect your utilization. Also, it will stay on your credit reports for up to 10 years, positively contributing to your AAoA. 

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Message 5 of 6
Regular Contributor

Re: Should I close Cap 1

Got it thank you for your Info!

Message 6 of 6
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