Should I close my Capital One credit card account?

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Should I close my Capital One credit card account?

Postby thegameksk » Sun Jan 22, 2012 11:59 pm

Hi all. I have a capital one card. It was my first card I ever had when I was 17. I'm 28 now. The card has a low limit, high APR, and a fee each year.

Now that I have established a decent credit history and have a good amount of cards I am considering closing it. My limit is only $500.00 They haven't once since I had the card offered to extend my credit and when I ask them about it they give me the whole speech about every few months we check to see if you can be increased.

Between that and the high APR and fee I want to close it. I don't even use the card anymore since it has no rewards at all. If I were to close this account, how bad would it hurt my credit score?

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Postby sticf » Mon Jan 23, 2012 5:49 am

Short Term:
You will see a hit. I cannot say how bad because I do not know. AAoA is just one factor in your Credit Score. If everything else is good then a little impact to the score (maybe none to your rating).

Long Term:
Almost none. You are 28, there is still plenty of time to build long opened accounts in your life. You have 11 years of credit history, which is nothing to sneeze at, but it is not 30 years (which you will have one day).

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Postby bisbicos » Mon Jan 23, 2012 3:17 pm

What's the annual fee? How many other cards do you have. And how old are those accounts?
Credit Cards
American Express: Fidelity Rewards (2% cash back) 9.5k
Discover: Discover More (5% rotating categories) 12k
Mastercard: Chase Freedom (5% rotating categories) 4.6k
Visa: Citi Forward (5x pts on restaurants) 15.7k
Citi Dividend (5% rotating categories) 5.6
Capital One Journey (1.25% cash back) 1.25k
BofA AAA (5% on gas) 2.5k
PenFed Platinum Rewards (5% on gas 3% groceries) 7.5k

Future Cards
US Bank Cash +
Chase Ink

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Postby namvet » Mon Jan 23, 2012 7:51 pm

After 11 years and only a $500.00 limit with brainer! Close it down. Just make sure there is no balance when closed. It will continue to report for 10 years.

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