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Trick Question. Do I close my oldest, secured Capital One card? 2,000CL of 20,000CL total, Owe5000
Expert needed!

The FACTS: Credit Birth in 2009 with a Student Loan (Paid off 2 years later.) First Credit Card was a Capital One Secured Card in 2010. I thought it might help build my credit faster if I gave it a respectable limit, so incrementally I secured it up to $2000. 9 months later I was approved for a second Capital One card. In the years since, I've picked up a dozen other cards, closing the 3 crazy term cards upon approval for what I guess you'd call middle of the road cards (Barclays, Discover, FirstBankCard.) Rating has improved from sub-600 to 660 on CK, 702 Vantage, Fico's are reporting in the 660 range and Fako's in the low 700's. Last year I dipped into my credit pretty heavy ($12,500 of a total of $18,000.) I should note that I've missed no payments, but did have an old tax lien show up in 2010 (<--Only negative record)... and that amassing my credit has resulted in a lot of Inquiries. 30 in the last 2 years, 12 in the last year, and 1 in the last almost 6 months. After being offered crazy high terms for my last car loan (7 of the last 8 inquiries), I rejected the deal and set about paying down my cards to about $5,000. My second Cap 1 card rewarded me by bumping my limit from $1250 to $3250, giving me a total cumulative limit of just over $20,000.

Thank you, if I haven't put you to sleep yet; here is the problem: Since I now have more available credit than I really need, I'd like to get my $2,000 back from that first secured Capital One. But they will neither convert that card, nor reduce the limit for a partial refund so I can keep it open. It is my oldest line by 9 months, and my average open line is just 20 months. What is the predicted impact of closing this line, assuming I use that $2000 to pay down other cards so that my overall usage drops from $5000 to $3000 (25% to %15)?

PS: The guy at CapOne was pretty candid about that unpopular policy, and confirmed that the only way I'll ever earn a first rate card from CapOne is to close the cards with bad terms and reapply when I qualify for better terms. I countered that the only reason I won't carry a balance on their $3250 card, is the interest is skyhigh. He explained that they actually like it better that I charge and pay about $1,000 per month on that card than they would if just collecting interest... that that behavior is very profitable to them anyway. <-- This sucks, but he sounded competent and honest. Anyway, what I really need is an informed opinion about the predicted result of closing that card, and using the security deposit to pay down another. Thank you in advance!

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