Which card should I Axe?

[Anonymous]

Hello,

I Recently got  approved for a Capital One Quicksilver (Master Card) and I have two other cards open. Ideally - I'd like to have only two cards: one Maseter Card and one Visa. I normaly have a FAKO of around 730, but im down to 689 right now due to recent inquiries and a new auto loan; So I figured it'd be the perfect time to make adjusment since im already in the middle of one of those inevitable drops.

Card(s)

- [Opened Mar 2013] {$1000 Limit} Capital One Platinum Secured (Master Card)

- [Opened Oct 2013] {1700 Limit}  Amazon Store Card

The Secured card seems like a good Candidate Because I'd love to get the deposit back and avoid the anual fee (However it's my oldelst line of credit)

The Amazon Store card seems like an even better option because I Rarely use it anymore and It's only useable on Amazon so it's not very pratical

OR should I just leave all of them open and apply for a Visa?

Thanks for the help in advance

[TURNERHOOVER]

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@Anonymous wrote:

Hello,

I Recently got  approved for a Capital One Quicksilver (Master Card) and I have two other cards open. Ideally - I'd like to have only two cards: one Maseter Card and one Visa. I normaly have a FAKO of around 730, but im down to 689 right now due to recent inquiries and a new auto loan; So I figured it'd be the perfect time to make adjusment since im already in the middle of one of those inevitable drops.

Card(s)

- [Opened Mar 2013] {$1000 Limit} Capital One Platinum Secured (Master Card)

- [Opened Oct 2013] {1700 Limit}  Amazon Store Card

The Secured card seems like a good Candidate Because I'd love to get the deposit back and avoid the anual fee (However it's my oldelst line of credit)

The Amazon Store card seems like an even better option because I Rarely use it anymore and It's only useable on Amazon so it's not very pratical

OR should I just leave all of them open and apply for a Visa?

Thanks for the help in advance

If you don't mind, what is the limit of the new Quicksiver card? Recently approved for Quicksilver Visa with low limit. Thanks 

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[gdale6]

You really want to have 3 revolving bankcards and 1 store card at minimum to maximize your Fico score. If you feel the secured card has done its job then I would go with it. Welcome to MyFico

[tufa4311]

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@Anonymous wrote:

Hello,

I Recently got  approved for a Capital One Quicksilver (Master Card) and I have two other cards open. Ideally - I'd like to have only two cards: one Maseter Card and one Visa. I normaly have a FAKO of around 730, but im down to 689 right now due to recent inquiries and a new auto loan; So I figured it'd be the perfect time to make adjusment since im already in the middle of one of those inevitable drops.

Card(s)

- [Opened Mar 2013] {$1000 Limit} Capital One Platinum Secured (Master Card)

- [Opened Oct 2013] {1700 Limit}  Amazon Store Card

The Secured card seems like a good Candidate Because I'd love to get the deposit back and avoid the anual fee (However it's my oldelst line of credit)

The Amazon Store card seems like an even better option because I Rarely use it anymore and It's only useable on Amazon so it's not very pratical

OR should I just leave all of them open and apply for a Visa?

Thanks for the help in advance

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I agree, if you must, the secured card but I would consider keeping it mainly for the credit limit. You'd be cutting almost 40% of your available credit and that could hit you hard in your UTIL, depending on your current balances. Even if you don't have a balance (which, on a side note, you should let one report 1-10%) anytime you do have a balance it will use much more of your UTIL then if you kept it. You won't loose the age of the secured card if you close it. I would at least ensure approval of the Visa before cancelling. But, remeber, UTIL can be a big deal and will have an affect on your credit score (how much of an affect depends on your balance)

[Anonymous]

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@TURNERHOOVER wrote:

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 If you don't mind, what is the limit of the new Quicksiver card? Recently approved for Quicksilver Visa with low limit. Thanks 

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I got approved for a 2k limit, Which also means it shouldn't be too much damage as far as UTIL goes

[takeshi74]

Don't rely on assumption.  Do the math to determine utilization before and after to aid you in your decision making.