Want to close 7 month old CapitalOne

[Anonymous]

Hello - hope everyone is safe and doing well.

I recently have an itch to close my 7 month old CapitalOne account which has a measly $500 limit and it's not going anywhere from what I've read.  I also have no interest in building a relationship with CapitalOne. I got the card when some stuff was on my reports suffocating my scores but that has been resolved since then.  It's a pain to charge small stuff to it to keep it active and pay it off.

I plan on appying for the Amex Gold and 1 more premium visa / MasterCard and then I plan to be done for credit cards. 

I have a the following so far:

Discover: 3 years 9 months old

CapitalOne: 7 months old

Amex Delta Gold: 5 months old 

According to my calculations, my average age of accounts for credit cards will go from 19 months to 24 months.  I'll see a $500 drop in my total credit line.  Considering that I never carry a balance and utlization is not a problem am I looking at a major credit score drop? 

Current TU: 739, EX: 764, EQ: 705

Anyone have any insight to pros and cons of me making this move?

[Brian_Earl_Spilner]

AAoA doesn't go up when you close a card for fico scores, only VantageScores. If you're not happy, close it.

[Anonymous]

---

@Brian_Earl_Spilner wrote:

AAoA doesn't go up when you close a card for fico scores, only VantageScores. If you're not happy, close it.

---

Oh.  Didn't know that.  So I should expect any major drop in FICO score? 

[Anonymous]

You may wish to auto charge one of your streaming channels or a coffee on Mondays and then set up auto pay. You took the HP. My Cap1 started at $300 six years ago. It hasn't gone up much. Now at $2600. 

[Anonymous]

---

@Anonymous wrote:

You may wish to auto charge one of your streaming channels or a coffee on Mondays and then set up auto pay. You took the HP. My Cap1 started at $300 six years ago. It hasn't gone up much. Now at $2600. 

---

Yes.  I thought about that too.  Put HULU or Spotify charge on it, activate Auto Pay and put it in a drawer.   But the issue there is that it will never grow like that anwyay.   They won't give me more credit if I'm not using it.  So it's a catch 22.  I just don't have the interest or patience to "grow" it when I can just sign up for a new card with another lender with a much higher CL.

[Anonymous]

Closed cards stay on your report and FICO counts their age for 10 years. Vantagescore drops it from scoring immediately, but it won't effect your FICO age of accounts for 10 yeras.

It can reduce your total available limit and impact utilization, but at $500 that's not a big worry.

You want to be cautious on card that had sign-up bonuses or that you want to get another card with any particular bank. Don't close them until they're at least a year old or just sock drawer the no-fee ones.

Close away and enjoy better ones.

[Anonymous]

---

@Anonymous wrote:

Closed cards stay on your report and FICO counts their age for 10 years. Vantagescore drops it from scoring immediately, but it won't effect your FICO age of accounts for 10 yeras.

It can reduce your total available limit and impact utilization, but at $500 that's not a big worry.

You want to be cautious on card that had sign-up bonuses or that you want to get another card with any particular bank. Don't close them until they're at least a year old or just sock drawer the no-fee ones.

Close away and enjoy better ones.

---

Ah! got it. I appreciate the detailed answer.  This makes sense.  I have always wondered why folks dont worry about opening and closing cards more than they should.  I am not really worried about VS 3.0 (who on earth is using that anyway?).  

I just dont want cards in my wallet (or just out there) that I wont use.  I think I will close this one.

Thank you!

[Iusedtolurk]

---

@Anonymous wrote:

---

@Anonymous wrote:

Closed cards stay on your report and FICO counts their age for 10 years. Vantagescore drops it from scoring immediately, but it won't effect your FICO age of accounts for 10 yeras.

It can reduce your total available limit and impact utilization, but at $500 that's not a big worry.

You want to be cautious on card that had sign-up bonuses or that you want to get another card with any particular bank. Don't close them until they're at least a year old or just sock drawer the no-fee ones.

Close away and enjoy better ones.

---

Ah! got it. I appreciate the detailed answer.  This makes sense.  I have always wondered why folks dont worry about opening and closing cards more than they should.  I am not really worried about VS 3.0 (who on earth is using that anyway?).  

I just dont want cards in my wallet (or just out there) that I wont use.  I think I will close this one.

Thank you!

---

Sounds like you pretty much had your mind made up and just needed a little prodding. Keeping it open seems like it would agitate you more trying to deal with the small line and having to monitor it too often with limited positive returns.

With all that said the best recourse is to be done with it and go for the cards that will serve you better.

Cap1 seems to be heading in the direction of tightening up more with its cards and credit line increases anyway. I have to thank them for allowing me to get my foot back in the door but my other cards have treated me much better.

[Anonymous]

---

@Iusedtolurk wrote:

---

@Anonymous wrote:

---

@Anonymous wrote:

Closed cards stay on your report and FICO counts their age for 10 years. Vantagescore drops it from scoring immediately, but it won't effect your FICO age of accounts for 10 yeras.

It can reduce your total available limit and impact utilization, but at $500 that's not a big worry.

You want to be cautious on card that had sign-up bonuses or that you want to get another card with any particular bank. Don't close them until they're at least a year old or just sock drawer the no-fee ones.

Close away and enjoy better ones.

---

Ah! got it. I appreciate the detailed answer.  This makes sense.  I have always wondered why folks dont worry about opening and closing cards more than they should.  I am not really worried about VS 3.0 (who on earth is using that anyway?).  

I just dont want cards in my wallet (or just out there) that I wont use.  I think I will close this one.

Thank you!

---

Sounds like you pretty much had your mind made up and just needed a little prodding. Keeping it open seems like it would agitate you more trying to deal with the small line and having to monitor it too often with limited positive returns.

With all that said the best recourse is to be done with it and go for the cards that will serve you better.

Cap1 seems to be heading in the direction of tightening up more with its cards and credit line increases anyway. I have to thank them for allowing me to get my foot back in the door but my other cards have treated me much better.

---

I had an idea of what I wanted to do but for things I am unsure of I always ask or check this forum.  I've been given advice on here before that I didn't think about or account for.  

In my mind, I just don't see why I'd want to keep it open but wanted to see if anyone had soemthing to add which I might not be thinking of.  

Just wanted to make sure it didn't kill my score if I closed it. 

[sjt]

---

@Anonymous wrote:

Hello - hope everyone is safe and doing well.

I recently have an itch to close my 7 month old CapitalOne account which has a measly $500 limit and it's not going anywhere from what I've read.  I also have no interest in building a relationship with CapitalOne. I got the card when some stuff was on my reports suffocating my scores but that has been resolved since then.  It's a pain to charge small stuff to it to keep it active and pay it off.

I plan on appying for the Amex Gold and 1 more premium visa / MasterCard and then I plan to be done for credit cards. 

I have a the following so far:

Discover: 3 years 9 months old

CapitalOne: 7 months old

Amex Delta Gold: 5 months old 

According to my calculations, my average age of accounts for credit cards will go from 19 months to 24 months.  I'll see a $500 drop in my total credit line.  Considering that I never carry a balance and utlization is not a problem am I looking at a major credit score drop? 

Current TU: 739, EX: 764, EQ: 705

Anyone have any insight to pros and cons of me making this move?

---

If the card has no use for you, then close it. However, I would hurt to wait to close it at the one year mark.