Credit Bureau and Reporting Issues

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Credit Cards

Printed From: CanadaStudentDebt.ca
Category: Immediate Attention and Info!
Forum Name: Credit Bureau and Reporting Issues
Forum Description: Find answers to Credit Bureau Issues Here
URL: https://www.canadastudentdebt.ca/forum_posts.asp?TID=6975
Printed Date: 27/March/2026 at 12:23am
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Topic: Credit Cards

Posted By: studentmess
Subject: Credit Cards
Date Posted: 09/November/2014 at 1:50pm

About 6 years ago as I began the process of digging myself out of my "student mess", I was approved for a credit card with Capital One. This was one of those cards where you give a smallish deposit in exchange for a modest credit limit. In my case, it was $150 for a $750 limit. Because, of my financial issues this is the oldest account on my credit report. The other older accounts have aged off of my report due to their negative content and unused state.

Because of the annual fee, and because Capital One just approved me for the Aspire Cash Platinum card, I really would rather close this old account. However, I don't want to lose the credit history on my credit report.

Obviously, closing it will eventually after six years remove it entirely from your credit history, however is its age still calculated in your credit report's average age so long as it remains a closed trade item visible on your report?

Not sure how best to handle this, but it just seems silly to keep an account open, pay an annual fee for the rest of my life, just so I can cling to the credit history.

By the way, this is a great way to rebuild your credit after having it destroyed by your student related problems. Capital One has been very kind to me only leaving a 30 day late on my credit report despite my horrible behaviour while I was struggling.