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Old 03-05-2012, 11:09 AM   #1
Solracer
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What to do? - Credit card.

I have a couple of CC's I have this one from capital one that I got when I was first building my credit. It only has a $300 limit(Zero balance) and I really dont use it. Would it hurt to drop it and pick up a new one with a higher limit?

Or should I just keep it and not use it. (Has annual fee)
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Old 03-05-2012, 11:12 AM   #2
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capital one credit are a bunch of A holes.

I'm surprised you haven't gotten a fee for not using your card, and I'm surprised they did not charge you an additional fee for having to charge a fee (aka the fee fee).

close the account imo. those guys blow hard forget about the commercials.
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Old 03-05-2012, 11:13 AM   #3
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I say keep it, don't use it.
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Old 03-05-2012, 11:13 AM   #4
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Quote:
Originally Posted by Solracer View Post
I have a couple of CC's I have this one from capital one that I got when I was first building my credit. It only has a $300 limit(Zero balance) and I really dont use it. Would it hurt to drop it and pick up a new one with a higher limit?

Or should I just keep it and not use it. (Has annual fee)
Can't you call and have the limit raised? If you've shown, in the past, that you've paid off any balances, you shouldn't have any issues.
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Old 03-05-2012, 11:16 AM   #5
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Length of open accounts helps your credit score.
At minimum pay one small bill or buy a tank of gas every month on the account.

Gotta decide if the annual fee is worth the credit score increase.

Unless you NEED a credit card with a higher limit, IMO I'd say do not open another new account.
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Old 03-05-2012, 11:17 AM   #6
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"Don’t close unused credit cards accounts. Canceling a card can actually lower your score. For more info about how that happens, read one of my previous posts. A better strategy is to occasionally use your older credit cards so the issuer doesn’t stop reporting your information to the credit bureaus. Having a long credit history helps increase your score—so remember that hanging on to older cards is a good idea."

http://moneygirl.quickanddirtytips.c...core-fast.aspx
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Old 03-05-2012, 11:17 AM   #7
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If it's a really old card, it might be doing good to keep the account open. I don't know exactly how the calculation works, but I know that average age of accounts or something like that is part of the factor. The longer your accounts are in good standing, the better your credit. On the other hand, an annual fee...
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Old 03-05-2012, 11:20 AM   #8
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I would use it to buy gas every once in a while. It doesn't hurt you to keep it, but could to close it. Stupid
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Old 03-05-2012, 11:26 AM   #9
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Always keep your oldest card. I'd just use it for gas or something unless the annual fee is like 100 bucks.

You can also call them and tell them you'd like a higher limit etc.. but then you'd be tempted to use it :P
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Old 03-05-2012, 11:27 AM   #10
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Quote:
Originally Posted by SpeedCheeser View Post
If it's a really old card, it might be doing good to keep the account open. I don't know exactly how the calculation works, but I know that average age of accounts or something like that is part of the factor. The longer your accounts are in good standing, the better your credit. On the other hand, an annual fee...

Has to do with Debt/Income ratios. Creditors will see some people as a credit risk if they see a person with numerous, numerous accounts open. Same goes for someone that has opened up a few lines of credit in a short span of time. They don't know when you'll tap in depths of your credit and they need to know if their chances of recovering lent money will be a high %.
Old accounts that have steady, on time payments definitely prove your credit worthiness.

Annual fees= basically paying for credit...sucks, but part of finance
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Old 03-05-2012, 11:29 AM   #11
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lol at annual fee for a $300 credit line...

If I were you I would call and cancel it.

Maybe though, if it is one of your oldest credit cards, I would keep it to show long history of credit.

HOWEVER, I would never pay an annual fee for only $300 credit line. Ask them to increase it. This will help lower your utilization ratio of your available credit which is a good thing. Maybe not worth the annual fee though.
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Old 03-05-2012, 11:47 AM   #12
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Quote:
Originally Posted by Solracer View Post
I have a couple of CC's I have this one from capital one that I got when I was first building my credit. It only has a $300 limit(Zero balance) and I really dont use it. Would it hurt to drop it and pick up a new one with a higher limit?

Or should I just keep it and not use it. (Has annual fee)
Drop it. I had one of those too when I was establishing credit. It became more of a PITA than it was worth, and I cancelled it after years. Didn't hurt my credit at all.
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Old 03-05-2012, 11:48 AM   #13
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Quote:
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Annual fees= basically paying for credit...sucks, but part of finance
And here I thought interest was paying for credit...
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Old 03-05-2012, 11:49 AM   #14
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I'd close anything with an annual fee....

Only dings your credit hard if you don't have many other things on there...basically it will decrease your available credit ($300...big deal) and lower your average age on the accounts.

I don't really care about my score, and am sure as not going to waste money trying to keep it 10 points higher....
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Old 03-05-2012, 11:50 AM   #15
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Quote:
Originally Posted by Solracer View Post
I have a couple of CC's I have this one from capital one that I got when I was first building my credit. It only has a $300 limit(Zero balance) and I really dont use it. Would it hurt to drop it and pick up a new one with a higher limit?

Or should I just keep it and not use it. (Has annual fee)
Ive had the same card for 2 years and im sure someone has posted b4 me dont get rid of it, it will hurt you. I tried to after having the same card for 2 yrs and capitol one said it would hurt my score, i didnt believe them and when I asked a ccard counseling advisor they said the same thing so keep it and get a higher limit like I did if you can afford it, which im sure you can.
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Old 03-05-2012, 11:52 AM   #16
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Quote:
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And here I thought interest was paying for credit...


Never said it wasn't buddy. Interest is only one way to pay for credit.
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Old 03-05-2012, 12:00 PM   #17
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My $300 limit Capital One CC that I got when I turned 18 cost me near $2k. Talk about an expensive lesson in credit. Find a card with no annual fee....and one that rewards you for spending....I receive about 3-4 $100 Home Depot cards annually based on my spending habits....zero annual fee, and have never paid interest...pay that hoe off monthly. Let them pay you, not the other way around.
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Old 03-05-2012, 12:06 PM   #18
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Let them pay you, not the other way around.


Edit: sorry video not relevant, I was looking for the one that Chris Rock had to pay a $20 fee cause his balance was low on his bank savings account and at the same time the bank was paying his $20 to the people with a lot of money to put their money in the bank's savings accounts

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Old 03-05-2012, 12:28 PM   #19
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great responses. But so far it seems its 50/50 lol

I have it and one other card which has no annual fee and a higher limit.

My thinking is, if I cancel this one that has a low limit and get a higher limit one, my debt to credit would get better, and I wouldnt be paying the fees.
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Old 03-05-2012, 12:29 PM   #20
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if you have only 2 cards total, keep it till you get another 1-2-3

then get rid of it.
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