Hit me last night that my oldest card was dragging me down

Tbh I had this Capital One card from 2018 with a $500 limit and no perks. I finally realized keeping it open just for the age was actually hurting my utilization ratio more than helping.

3 comments

3 Comments

william_craig715d ago

Did you calculate exactly how much it was hurting your utilization before you closed it? I've got a similar situation with a secured card from like 2016 with a $300 limit and I'm trying to figure out if the age boost is worth the hit. It's sitting at 0% utilization most months but with such a tiny limit it makes my total available credit look way smaller than it actually is (if that makes sense). I feel like the math changes depending on how many other cards you have and their limits.

kim_mason5515d ago

Yeah I read a credit blog that said age often helps more than the tiny limit hurts.

tessap9715d ago

Closed a $500 card a few years back and it barely moved my score.