my oldest line is from 2000 when I was 18 from capital one and the the APR is 23.99, won't convert to another card or drop APR, would it be bad to close it if my oldest line is this which is only 3 years old, I use it for like a tank of gas a year? I now have several other cards which I would rather use with a much better APR and rewards, I was going to close this and my Shell MC and apply for an MBNA plat world points, would it be bad to do this? I would rather have 1 card I use than 2 that are sock drawered and I already have Amex green, blue, and chase plat. At 21 am I worrying too much about establishing the accounts I want to have as an adult, with high limits, good rewards, and low aprs? I figure by establishing good accounts now they will raise my limits over the years and lower my APRs and by the time I need to use my substantial credit I will have it, because right now I use the AMEX green everyday, amex blue to carry balances, and I got the chase because 0% till April 04 and I am going on 2 vacations this summer I needed to finance. So...with all that said, do I cancel these 2 accounts and open my platinum from MBNA, I am fairly confident I would get approved, or do I leave it alone and stop bugging everyone with my petty 21 yr old credit issues?
I wish I had a few petty 21-year-old credit issues myself, LOL. I recommend that you keep both CapOne and Chase, unless the CapOne card has an annual fee. At this point, you need to develop some longer-term account histories. I've paid too much in interest and fees for at least a couple of years now, but as I look back, I'm happy that I at least never closed my oldest accounts. When I go prime about a year from now, I'll have some accounts over 4 years old and an average age of over 3 years. If you can do so WITHOUT paying annual fees, I think it would benefit you to keep your current accounts for at least a couple of years.
Wait until you have applied for the MBNA card and then Close capital One!. I closed my oldest (Also Crap One) and my scores didn´t change much. I am still over 700 on all three CRA´s. Don´t close Chase. Call to the Special dpt and upgrade to another card and request to lower the interest rate.
If you also have Chase plat call and combine both cards (shell MC and Chase Plat). They send good Bal transfers offers everytime (Except for George and some other on this board).
