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ROXY1412

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Is it wise to close my first ever credit card which has a low limit/no rewards/monthly fee?
I understand that credit history length is part of what makes up your credit score. This is the first card I ever opened (Capital 1) in order to establish credit which currently has a $1500 limit. I have 2 others from major banks with limits of $3600 and $8000 which get most of the use. How bad of a hit would my score take if I was to close the capital 1 card and how long would it take to bring the score back up? Ive gotten mixed reviews on whether to close the card or keep it due to the amount of time that I have had it.

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Capital One Card

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Unless you are paying an exhorbatabt annual fee it would be wise to keep it open and continue to extend your length of credit history which does have a moderate impact on your credit score. It also helps your credit utilization because it is part of your open credit and if you have a zero balance you want that in your utilization total. That has a great impact. 

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