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newlife4me2013

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is it better to just close a lower limit cc or do i have to keep it?
I've had a capital one cc for years with a credit limit of $300.00.Never have they approved a limit raise,and still charge $45.00 annual fee!Am I better off 0.00 out the account balance and closing,or what?I don't want to make my credit score worse,only better.

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how do i add good credit info on my rpt

I bought and paid for a home through Vanderbilt Morgage.How do I add this to my credit report?

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How many other accounts do you have?

That $300 credit card account is a mixed blessing.  It makes your average account age greater and may also be your oldest " tradeline", but it lowers your average credit limit and causes you to incur a substantial annual fee.

It sounds like you don't have a lot of credit card accounts, so closing one account will be more likely to have an impact on your credit score.  You want to avoid being in a position where you have to hold onto one account that you have no use for just because closing it would lower your credit score.  The solution is to open up a couple of new accounts, and then you can feel better about closing the Capital One account.

Of course, you will want to open accounts that don't have annual fees, so that you don't run into this same problem.  Also, now is a great time to look for account opening bonuses, such as getting $100 after making $500 in purchases.  If you're responding to such deals, you may need to spread them out over time since you have a limited amount of time to meet the purchase requirement.

Keep in mind that the more credit cards you have (and the higher the credit limits on those cards), the more solicitations you will get.  Assuming that you're handling your money well, it's to your advantage to have more credit cards... I would suggest 5 or 6 as a minimal number of general credit cards (Visa, MasterCard, Amex, Discover).  A dozen is really not too many, the only real challenge is to make sure you have at least a couple of trasactions a year on every card, as otherwise they may close it on you.

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