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Question By
madjohnw

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0 People Helped
Should I close my newest card that has a very low credit limit?
I have a store card that is only 8 months old and has a $500 limit. I realize that closing this card will reduce my overall ratio, but it would improve my average age of credit accounts. Is it better to just keep the card? They may cancel it anyway since I don't plan on using it again.

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Top Contributor
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I wouldn't cancel it, it will hurt your score.  Hold onto it, you may want to use it again (in fact, I would use it once a year to keep it alive). 

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