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Posted in Credit Cards
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Question By
mmark4848

4 Contributions
16 People Helped
Cancel new card to help with average age of credit?
I went through a divorce and am recovering financially. The only active account I had left after everything was an 8 year old store card with a $4,000 limit and no balance. Then I got a secured CapOne card with a $200 limit. That bumped my score a bit but I'm also taking a hit because my active accounts are relatively young now. Just today I applied for a Chase Slate card and got approved at $5,000 with 0% interest for 15 months. Should I cancel the Capital One card with the minimal limit so I don't have two brand new accounts on my report?

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Top Contributor
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No, No, No!!!

Helpful to 1 out of 1 people

Part of your credit score is the amount of credit you have available and you are gradually building yours up.  Age will work itself out over time (my score is poor in that factor but great in all others).  Hang on to ALL the cards and never be the one to cancel any card.  You're on the way up. Do it in small steps and you will begin seeing big results!  Voice of experience here. :)

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Top Contributor
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jwsister is correct, also the damage is done and the new accounts will stay on your report if you close it or not.  So NO do not close the account.

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