Credit card with low limit hurting my credit score?

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irvine801
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Credit card with low limit hurting my credit score?

Postby irvine801 » Tue Jan 24, 2012 11:03 pm

I have a credit union visa, first card I ever had with a low limit of 300.. I want to close it because my report says I have a low limit which is hurting my score. Any thoughts? I've never close any card before.
-American Express Zync.
-Discover IT. 4.5k limit 7.99%
-MC Citi diamond preferred. 1500 limit
-Visa Chase freedom. 2k limit.(23.24%, NOT IN USE)
-Miles by discover 1.5k limit.7.99%
-Best buy store card. 1500 limit
-Mt. America visa 1k limit


ooxs
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Location: Michigan

Postby ooxs » Tue Jan 24, 2012 11:23 pm

If your account is in good standing, i don't see how an additional available 300 credit limit is hurting you. If you close this account, it is going to remain on your credit report for another 10 years not going to change anything. What i will say is this, if this account is free, it is a keeper but if you are paying to keep this account open, let it go.
Maybe you can also ask them for CLI?

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Pete838
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Postby Pete838 » Wed Jan 25, 2012 8:32 am

I would not close my oldest card. The average age of the accounts is a good boost to your credit. Rather than closing it, I would ask for a credit line increase.

Print a copy of your credit report, and figure out how old each account is, then average them. If your average age isn't affected much by removing it, and they won't give you an increase, then close it. But if you have a bunch of new accounts and one or two old accounts, then your score could go down by closing it. The closed account will still be on your report, but it will show up as "closed by consumer".
Freedom is never more than one generation away from extinction. We didn't pass it to our children in the bloodstream. It must be fought for, protected, and handed on for them to do the same.
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irvine801
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Joined: Thu Jan 19, 2012 6:26 pm
Location: Salt lake city, UT

Postby irvine801 » Wed Jan 25, 2012 3:50 pm

No AF. The only reason I keep it is cuz cash advance on this card is the same as purchases. Every time I ask they deny for bogus reasons.
-American Express Zync.
-Discover IT. 4.5k limit 7.99%
-MC Citi diamond preferred. 1500 limit
-Visa Chase freedom. 2k limit.(23.24%, NOT IN USE)
-Miles by discover 1.5k limit.7.99%
-Best buy store card. 1500 limit
-Mt. America visa 1k limit



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