should i get rid of my first credit card?

Tips and Deals Forums Consumer Credit Credit Cards should i get rid of my first credit card?

This topic contains 3 replies, has 4 voices, and was last updated by  Anonymous 8 years ago.

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  • #221143


    I just got my second credit card with chase freedom and i am still debating if i should close my first credit card with capital one that i obtain for about 1 year, keep it open and dont use it at all, or should i keep it active?

    i heard that capital one is one of the worst credit card because it doesn’t report the credit limit to the credit company. in addition, i know for a fact that i wont take any big loan or make any big purchases for another 4-5 years. which option is best for my credit score in the long run because eventually i will cancel my capital one card anyway?

    Note* Chase freedom is the card i want to keep forever because of the 5% cash back and in the future i also want the discover more card unless other better credit card intervene.

  • #286424


    You usually want to keep you oldest credit card, but since you only had it a year I think you could close it without any major hit to your credit score. I’ve had my oldest card 22 years.

  • #288299


    Capitol 1 sucks, once you start owing money they will raise your interest rate.

  • #291296


    I’ve been advised to not close any accounts unless it’s at least 5 years old, or else it really will damage your score (people new to credit). Also, Capital One does report all info to all three bureaus…I’ve had C1 since I was 18 (3 years) and they’ve religiously reported to all three. And if you do decide to keep C1 open, make a purchase on it like fill up your tank once a month and pay it off…that will shoot your score up quickly…really. Good luck.

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