Canceling a Card

[Anonymous]

Hey friends,

I opened a Quicksilver card in March - it has a low limit and an annual fee, but I wasn't sure what I would get approved for.  Then I went and got myself a US Bank Platinum, Chase Freedom, and American Express in April.  I've been using all my cards responsibly, but will there be any harm in canceling my Quicksilver?  I don't want an annual fee and now that I've got three other cards I use more, will my credit take a hard hit for that?  I thought I should close it before the age got to be too long and the benefit too good to cancel.  Any thoughts are helpful.  Thanks!

[Anonymous]

I would call Cap1 and see if they will raise your limit and remove the annual fee. You'll have to call the EO number which you can find by searching here. I wouldn't close it until it's been open for a year.

[takeshi74]

This thread linked in the Helpful Threads sticky in the Credit Cards subforum has the info you should consider:

http://ficoforums.myfico.com/fico/board/message?board.id=creditcard&thread.id=117125&jump=true

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@Anonymous wrote:

I thought I should close it before the age got to be too long and the benefit too good to cancel.

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Too long for what?  It will continue to factor into AAoA even when closed as indicated in the link I provided above.