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memb2014

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Should I close my first credit card now that I have a second one?
My first credit card is a secured credit card from Capital One. They have a annual fee of $29. I have recently got approved and received a 2nd credit card from a credit union and this credit card has no annual fees. Now that I have a unsecured credit card without an annual fee, I was wondering If I should close my first credit card because I do not want to pay the annual fee for something I will no longer need/use. I have had the unsecured credit for about 6 months. And the new credit card is less than a month old. What should I do?

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You have to decide which is more important, your credit score or your pocketbook.  Any time you close out a good account it hurts your score.  If a higher score matters more to you, then pay the annual fee.  If not, then close the card.  Another alternative is to call Capital One and see if they'll move you to a card with no fee, and transfer your current history so you don't lose the account.  Just tell them what you are trying to do (improve your credit) and see what they say.  Best of luck!

Reply by
memb2014

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Thank you for your advice! I have contacted Capital One and they have told me there is nothing they can do. Would the impact on my score lessen if I close it later after I've established a history with the new card? They have told me that the Capital One card will never graduate into a non secured and they will never waive the annual fee. So I am thinking about the long term effect of this. 

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