DeeJay8385 wrote:My cap one secured card is the one I have the most history with and the other 5 cards were opened last year. IIRC, I read somewhere that you should keep your oldest card open and not to close as it may lower your credit score. I'm not sure why my scores not in the 700's bc I have paid all my credit bills 100% ON-TIME. Also I have only 7 hard inquiries on my report. My last collection item was paid off in 2011 and that's how I was able to receive my secured credit card.
With that being said, do you think that my secured cc through capital one is holding me back from having my scores in the 700's? Also according to my free credit reports from Discover, my CS is 667TU and AMEX was 687 TU
The "keep your oldest accounts open" thing is a fallacy. It hurts your FAKO score on Credit Karma. It doesn't hurt your FICO score as closed accounts continue to report for 10 years (if it was account in good standing). It could hurt your utilization, but with a card with a $600 limit, I don't think it would hurt that much when you have plenty of accounts with much more CL's. What is hurting your score is the collection...it's hard to have a collection which is only a few years old and reach the 700's unless everything else is flawless in your report.