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Established Member
suzeeh
Posts: 11
Registered: ‎04-09-2012
0

Advice Needed On Closing Out Capital One Accounts

Can someone please give me some advice on how to handle Capital One.  I have Visa and Mastercard, both with a $1,200 limit.  Yesterday I applied for increase online and was declined.  I called and was told my account wasn't up for an increase after calling a backdoor number I had.  They said there was no backdoor number (Yeah, right).  My question is should I close out my accounts because they are not cash back, they charge an AF and are extremely stingly on increases.  I have a Discover with $5K limit and AX with 7K limit after only four months.  I appreciate any input you can offer.  I've learned so much since I've been on this site.  Thank you.

 

American Express Gold $7,000
American Express Platinum $5,000
Barclay's Mastercard $5,000
Discover $5,000
Southwest Airlines Visa Rapid Reward (Chase) $5,000
Khol's 900
Steinmart $2,300
Walmart 1,000
Target 200
Valued Contributor
daybreakgonesXe
Posts: 1,855
Registered: ‎11-17-2012
0

Re: Advice Needed On Closing Out Capital One Accounts


suzeeh wrote:

Can someone please give me some advice on how to handle Capital One.  I have Visa and Mastercard, both with a $1,200 limit.  Yesterday I applied for increase online and was declined.  I called and was told my account wasn't up for an increase after calling a backdoor number I had.  They said there was no backdoor number (Yeah, right).  My question is should I close out my accounts because they are not cash back, they charge an AF and are extremely stingly on increases.  I have a Discover with $5K limit and AX with 7K limit after only four months.  I appreciate any input you can offer.  I've learned so much since I've been on this site.  Thank you.

 


If they're not your oldest tradelines (looks like Target is? I could be wrong! Not sure if your siggy is in any particular order!) then you may. The best way to do it is to make sure it's PIF with a $0, then close out the account. Close the one with the smallest history first, then 6 months later close out the one with the longest history, using the same PIF $0 before closing.

 

The other option is to call and/or email the EO office and see what they can do with your accounts, like waive the annual fee for life, give you an increase, add rewards, or all or some of the above. If it's still a flat out NO to all of those, closing your accounts may be a good option.

 

Personally, I don't like AFs either. My Orchard Bank Secured just tranferred over to Cap One, but I'm really interested in seeing what they do with it, plus it's my oldest tradeline, so I sucked it up and decided at this state in my credit I want to keep it.

Capital One Quicksilver World Mastercard $10k | JCPenney Platinum $7.5k | Shell Drive for Five $800 | Chase Freedom Visa Signature $9.8k | TD Bank Easy Rewards Visa Signature $5k | Chase Sapphire Visa Signature $10k | American Express Blue Sky $25k | Discover IT $9.5k | SavingStar American Express $14.8k

EQ FICO 708 TU FICO 747 Credit Karma (TU) 776 Transrisk 799/990 Credit Sesame (EX) 754 Credit.com (EX) 753 VantageScore 3.0 712
Frequent Contributor
obageegee
Posts: 270
Registered: ‎09-30-2012
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Re: Advice Needed On Closing Out Capital One Accounts

As MUCH as I wanted to torch my Orchard Cards as well as my C1 card, I decided to keep them open. They are my oldest TL's and have reported good history. I have PIF'ed them since I got my Wells Fargo. I'm going to keep them a while just long enough for my other TL's to age, then FLAME ON!



Starting Score: 530 - 2/12
Current Score: EX - 720 EQ - 714 TU-690 WM-720
App free since 5/7/2014
Established Contributor
aussiesareforever
Posts: 741
Registered: ‎10-04-2010
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Re: Advice Needed On Closing Out Capital One Accounts


obageegee wrote:

As MUCH as I wanted to torch my Orchard Cards as well as my C1 card, I decided to keep them open. They are my oldest TL's and have reported good history. I have PIF'ed them since I got my Wells Fargo. I'm going to keep them a while just long enough for my other TL's to age, then FLAME ON!


You do realize that if you close your cards in good standing, they will still report on your credit report for 10 years and add to your AAoA. I wouldn't really be concerned about closing them beause they are your oldest account. I would be worried about closing them if it will significantly increase your utilization

BK in 2008, after making very stupid financial decisions.

Barclay's Apple Financing Card ($6400) --- Capital One Quicksilver ($10,000)---GEMB CareCredit ($5700) --- AUFCU ($10000)--- Walmart ($5000)

FICO Scores: TU 735 EQ 709 EX 740 (Feb 2013, all pulled by lender)


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