Cancel or keep?

[Anonymous]

In the past year I have opened a Capitol one card at $750 limit, a Chase sapphire at $10k, and a Chase freedom unlimited at $4800. I also have a 12 year old Wells Fargo card. Since the majority of my cards are so new, my average age of accounts has taken a beating. Also in my file, a few older closed auto loans and a new auto loan. Will it help or hurt me to cancel the $750 Capital one card? My utilization is at 2%, so that measly $750 isn’t going to do much there. Will it help my aaoa by getting rid of that one? Thanks for the insight.

[Anonymous]

If that capital one card isn't serving any purpose to you then I say close it. Like you said, your AAOA has already taken a hit from getting 3 new cards this year. My opinion is close it, don't apply for anything new right now and let your Chase cards age out so your score can recover.

[Anonymous]

Whether you keep it or close it, it’s still going to affect AAOA for 7 to 10 years. It’s too late now you can’t turn back the hands of time.

[marty56]

Unless there are AF or MF on the card , there is never any FICO reason to close an account.  If you don't want to use it then don't use it.

[SouthJamaica]

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@Anonymous wrote:
In the past year I have opened a Capitol one card at $750 limit, a Chase sapphire at $10k, and a Chase freedom unlimited at $4800. I also have a 12 year old Wells Fargo card. Since the majority of my cards are so new, my average age of accounts has taken a beating. Also in my file, a few older closed auto loans and a new auto loan. Will it help or hurt me to cancel the $750 Capital one card? My utilization is at 2%, so that measly $750 isn’t going to do much there. Will it help my aaoa by getting rid of that one? Thanks for the insight.

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It won't help you or hurt you.

[pinkandgrey]

It won’t help your AAoA, but it won’t really hurt it either. I say close it. It most likely won’t grow so cloooooose away