I have a credit card with my local credit union which was the first credit card I opened back from 07/2000. It only has a $300 limit and they won't raise it, so I figured I would cancel it since it has such a puny limit. What do you all think. Will it cause a dive in my credit score?
Whats your next to oldest tradeline? If it's not even close, then don't close it. It'll hurt your score.
Yup, I'd ditch it. Unless that Cap One is your only other tradeline. When you call to close your account, the credit union might just suddenly get with the program in order to keep you as a customer. RM
I don't know if you should dump it just yet. If your CU card is your oldest credit line (18 months old), and C1 is the next oldest, (5 months old), you're sacrificing a chuck of history. Like the previous post said, contact your CU, see if they'll deal, otherwise just pay it off and keep it until the C1 line ages.
