Is it better to keep an old credit card or a new one with a higher credit limit?

I have had a Captial One credit card for 10 years. The credit limit is $2,000. I recently got a new Visa card with a $3,000 limit and better APR%. Which card will help my credit score more?|||Keep both, especially if the terms on the Cap 1 card are decent. If it's paying interest you're worried about, use the higher interest rate card for purchases you can actually pay off when you get the bill. Then you don't need to agonize over the interest rate on your older card.


I've also been reading up on the subject of closing old credit card accounts. I've read that it's not a good idea to close a card that has a balance still on it. If you close your oldest account, I've read that this won't actually affect you adversely for about ten years.


This is a good page I was reading recently about this kind of thing:


http://credit.about.com/od/usingcreditca鈥?/a>|||Both


There is no reason to cut up or cancel the Capital One card unless they are charging you an annual fee to carry the card.


One factor in your credit history is the length of time you have had credit. Cancel this card, and you lose all that time you built up with it.