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Member
tr24
Posts: 23
Registered: ‎01-10-2014

Advice on closing an account.

Here's the list of my cards:

 

Captial One - $500 CL $40 AF

Barclay (Apple card) - $2800 CL No AF

Discover IT - $1,000 CL No AF

Amex BCP - $2,000 $75 AF

Amex PRG - NPSL $175 AF

Chase Freedom - $3,000 CL no AF

 

The captial one card is my oldest account (about 2 years) 

but they suck with CLs.  Should I close that account?  I 

hear it doesn't fully affect AAoA right away.  In that case, 

the other cards would be able to age and fill the void.  Or 

am I wrong? 

 

Plus I don't wanna pay $40 annual fee for that crap card with

that terrible limit.

 

Any advice? 

Moderator Emeritus
tinuviel
Posts: 4,877
Registered: ‎11-02-2010

Re: Advice on closing an account.

It appears that the card has already finished serving its purpose, as you've added some other good cards subsequently. So long as your util is in good shape, closing it sounds like the right thing to do.


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Member
tr24
Posts: 23
Registered: ‎01-10-2014

Re: Advice on closing an account.


tinuviel wrote:

It appears that the card has already finished serving its purpose, as you've added some other good cards subsequently. So long as your util is in good shape, closing it sounds like the right thing to do.


Thanks a lot for the advice.  

 

You're right, that card definitely has served its purpose.

It helped establish some good history (credit wasn't always great)

and helped for recon when Barclay initially declined me.

 

Valued Contributor
gdale6
Posts: 8,095
Registered: ‎12-13-2013

Re: Advice on closing an account.

Let the Cap-1 report for a full 2 years prior to closing you get better FICO results if you do.

EX Cred Sesame 07/14: 770 ; EX Fico8 Bankcard 06/14: 811
EQ Fico 05/14 781 ; EQ MPM 06/14: 765
TU Fico8 06/14: 719; TU MPM 06/14 706
Moderator
09Lexie
Posts: 24,178
Registered: ‎09-13-2012

Re: Advice on closing an account.


gdale6 wrote:

Let the Cap-1 report for a full 2 years prior to closing you get better FICO results if you do.


Why? It will remain on the CR for up to 10 years. 

Valued Contributor
SunriseEarth
Posts: 3,016
Registered: ‎08-12-2013

Re: Advice on closing an account.

It seems as if you've outgrown the Cap One card.  However, if you did want to keep it, for some strange reason, have you tried all options at getting CLIs or AF waived?




Starting Score: 627 (Merrick, 7/15/13) | Current Score: 668 (Wally, 6/3), 686 (Merrick 6/16) | Goal Score: 700+
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Established Contributor
efranklin23
Posts: 1,519
Registered: ‎11-14-2013

Re: Advice on closing an account.


tr24 wrote:

Here's the list of my cards:

 

Captial One - $500 CL $40 AF

Barclay (Apple card) - $2800 CL No AF

Discover IT - $1,000 CL No AF

Amex BCP - $2,000 $75 AF

Amex PRG - NPSL $175 AF

Chase Freedom - $3,000 CL no AF

 

The captial one card is my oldest account (about 2 years) 

but they suck with CLs.  Should I close that account?  I 

hear it doesn't fully affect AAoA right away.  In that case, 

the other cards would be able to age and fill the void.  Or 

am I wrong? 

 

Plus I don't wanna pay $40 annual fee for that crap card with

that terrible limit.

 

Any advice? 


Close the card! It's not serving any purpose but an AF trap. You already have an decent growing credit profile and that card is doing nothing but getting in the way 


$13.5K$7.5K5.5K$9K$5K500
EQ-665 TU-680 EX-705 (as of 5-20-14)
Member
tr24
Posts: 23
Registered: ‎01-10-2014

Re: Advice on closing an account.

Thanks for the sound advice guys.

 

I'm probably gonna close it once my payment clears and the balance is $0.

 

Applying for the AMEX 61 CLI in march, this wouldn't hurt my chances for any reason right?

 

 

Established Contributor
wHiTeSoL
Posts: 1,034
Registered: ‎07-09-2013

Re: Advice on closing an account.


tr24 wrote:

Here's the list of my cards:

 

Captial One - $500 CL $40 AF

Barclay (Apple card) - $2800 CL No AF

Discover IT - $1,000 CL No AF

Amex BCP - $2,000 $75 AF

Amex PRG - NPSL $175 AF

Chase Freedom - $3,000 CL no AF

 

The captial one card is my oldest account (about 2 years) 

but they suck with CLs.  Should I close that account?  I 

hear it doesn't fully affect AAoA right away.  In that case, 

the other cards would be able to age and fill the void.  Or 

am I wrong? 

 

Plus I don't wanna pay $40 annual fee for that crap card with

that terrible limit.

 

Any advice? 


It'll be 10 years before the account drops off your CR, if it doesn't do anything for you close it. Shouldn't affect much if anything at all.


   3/12 $3500     6/12 $1200      10/12 $1500   12/12 $3400    6/13 $12000      7/13 $5000      7/13 $2500       8/13 $2000    8/13 $6000

  | CSP (AU) $12,000 | Amex PRG (AU) | United $6,000 | OCCU $12,000 | Ink Bold | GM $3,200 | DCU $7500 | Luthansa $9000 | SPG $6,000 | Citi AA Executive $11,000 | Ink Plus $5,000                                                                         | EX 2/7 697 | EQ 10/27 721 | TU 12/15 719 |

Valued Contributor
clocktick
Posts: 1,603
Registered: ‎12-07-2008

Re: Advice on closing an account.

Closing the Cap One card should not hurt your chances for the Amex CLI. 

 

I was also wondering like someone above.  Have you tried to waive the AF, convert the card or get a CLI with the Cap One?  Or do you just want to get rid of it (can't blame you if you do!)?

11/30/08 TU 648 EX 672 EQ 656 JUNE 2014 TU 779 EX 764 EQ 721
Amex BCP $24.1K/Clear $8.5- Barclays LLBean $15k/Sallie Mae $12.5 -Cap One QS $4 - Chase Freedom $7.5/United $5k/CSP $20k/Ink- Citi DP $9.5/Dividend $13k/HHHx2 $15k/16.4/Reserve $4.5k Best Buy $1940- Discover IT $15k - Elan $8k GEMB Lowes $20k - Macy's $2k - Kohl's $800




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