cancel
Showing results for 
Search instead for 
Did you mean: 

Damage closing a young card?

tag
Rottweilerlvr
Contributor

Damage closing a young card?

I'm wanting to close my Capital One Platium card that I opened Nov 2020.  Since it's not even a year old, would there be any damage besides giving Apple the same reason to deny me a card? (Tongue in cheek, looking at you Goldman.) Points wise any damage? Would this effect CLI with Navy? I've always regretted getting this card and the way Kohl's/Capital One have treated me, I'm just over Capital One.. I also haven't used the card since March.. 

Message 1 of 19
18 REPLIES 18
pizzadude
Credit Mentor

Re: Damage closing a young card?


@Rottweilerlvr wrote:

I'm wanting to close my Capital One Platium card that I opened Nov 2020.  Since it's not even a year old, would there be any damage besides giving Apple the same reason to deny me a card? (Tongue in cheek, looking at you Goldman.) Points wise any damage? Would this effect CLI with Navy? I've always regretted getting this card and the way Kohl's/Capital One have treated me, I'm just over Capital One.. I also haven't used the card since March.. 


A few things to consider:

Does it have an AF ?   

What is the CL and how would this impact your revolving utilization ?

I don't know that your other creditors would care, but what is the limit on this card compared to your other cards ?

Closed or open it will still count towards your AAoA

March2010 FICO® ~ 695 TU, 653 EQ, 697 EX
Message 2 of 19
Rottweilerlvr
Contributor

Re: Damage closing a young card?


@pizzadude wrote:

@Rottweilerlvr wrote:

I'm wanting to close my Capital One Platium card that I opened Nov 2020.  Since it's not even a year old, would there be any damage besides giving Apple the same reason to deny me a card? (Tongue in cheek, looking at you Goldman.) Points wise any damage? Would this effect CLI with Navy? I've always regretted getting this card and the way Kohl's/Capital One have treated me, I'm just over Capital One.. I also haven't used the card since March.. 


A few things to consider:

Does it have an AF ?   

What is the CL and how would this impact your revolving utilization ?

I don't know that your other creditors would care, but what is the limit on this card compared to your other cards ?

Closed or open it will still count towards your AAoA


What does AF stand for?

CL is 400 and would have minimal effects on utilization. It's my lowest card.

 

My open accounts are:

NFCU- 7100

NFCU- 2000 (due for increase this month)

Dell- 5000

Discover- 5000

 

I'm also an AU on my Mom's Chase Amazon acct. $5000

Message 3 of 19
dragontears
Senior Contributor

Re: Damage closing a young card?

AF = annual fee 

 

The only risk with closing a young card when your utilization is not going to be effected is appearing as a churner to future lenders. Having one card closed before a year or two likely won't cause issues but if you make a habit of it....

Message 4 of 19
Rottweilerlvr
Contributor

Re: Damage closing a young card?


@dragontears wrote:

AF = annual fee 

 

The only risk with closing a young card when your utilization is not going to be effected is appearing as a churner to future lenders. Having one card closed before a year or two likely won't cause issues but if you make a habit of it....


Gotcha.. no annual fee and it's not one with a 0 intro rate or anything. Well, I don't plan on closing anymore cards nor open anything for a bit. I'll probably have a car loan at some point cause my POS is on its last leg but waiting for the market to cool a bit.. 

Message 5 of 19
pizzadude
Credit Mentor

Re: Damage closing a young card?

If there's no AF then I'd just leave open and put it in the sock drawer.  Smiley Happy

March2010 FICO® ~ 695 TU, 653 EQ, 697 EX
Message 6 of 19
SouthJamaica
Mega Contributor

Re: Damage closing a young card?


@Rottweilerlvr wrote:

I'm wanting to close my Capital One Platium card that I opened Nov 2020.  Since it's not even a year old, would there be any damage besides giving Apple the same reason to deny me a card? (Tongue in cheek, looking at you Goldman.) Points wise any damage? Would this effect CLI with Navy? I've always regretted getting this card and the way Kohl's/Capital One have treated me, I'm just over Capital One.. I also haven't used the card since March.. 


Unless it would hurt your aggregate utilization numbers, no there's no damage from closing it.

 

 


Total revolving limits 741200 (620700 reporting) FICO 8: EQ 701 TU 704 EX 685

Message 7 of 19
SouthJamaica
Mega Contributor

Re: Damage closing a young card?


@Rottweilerlvr wrote:

@pizzadude wrote:

@Rottweilerlvr wrote:

I'm wanting to close my Capital One Platium card that I opened Nov 2020.  Since it's not even a year old, would there be any damage besides giving Apple the same reason to deny me a card? (Tongue in cheek, looking at you Goldman.) Points wise any damage? Would this effect CLI with Navy? I've always regretted getting this card and the way Kohl's/Capital One have treated me, I'm just over Capital One.. I also haven't used the card since March.. 


A few things to consider:

Does it have an AF ?   

What is the CL and how would this impact your revolving utilization ?

I don't know that your other creditors would care, but what is the limit on this card compared to your other cards ?

Closed or open it will still count towards your AAoA


What does AF stand for?

CL is 400 and would have minimal effects on utilization. It's my lowest card.

 

My open accounts are:

NFCU- 7100

NFCU- 2000 (due for increase this month)

Dell- 5000

Discover- 5000

 

I'm also an AU on my Mom's Chase Amazon acct. $5000


No harm in closing it.

No harm in keeping it open either.


Total revolving limits 741200 (620700 reporting) FICO 8: EQ 701 TU 704 EX 685

Message 8 of 19
Anonymous
Not applicable

Re: Damage closing a young card?


@pizzadude wrote:

If there's no AF then I'd just leave open and put it in the sock drawer.  Smiley Happy


^ I second this.

Message 9 of 19
Anonymous
Not applicable

Re: Damage closing a young card?

I recently was denied by amex, after being preaporoved for the platinum, etc...

 

One of the reasons given was that the available credit on my smallest card was to low.

 

My smallest card is a sock drawered $200 secured cap one.

 

I haven't closed it yet, as i was going to give it to my son for emergency gas money, etc, but contrary to common opinion it seems under the right circumstances leaving small starter cards open may in fact hurt you. 

Message 10 of 19
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.