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Advice on closing an account.

New Contributor

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? 

10 REPLIES
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Moderator Emeritus

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.


Current Scores: EQ 775 (03/04/2014), EX 756 (03/01/2014), TU 760 (03/01/2014)
Ruby Spade Garden Club Member - Last App: 03/04/2013 - No apps until 2014
Cards: Cap1 Venture 6.4k, Cap1 Quicksilver MC 1.75k, BankAmericard 1-2-3 Visa Signature - UCF Alumni Association 5k, Discover 7k, Citi Diamond Preferred MC 10.35k, Wells Fargo Rewards Visa 7k, Chase Freedom 5k, Chase Ink 7.5k, Amex Green NPSL, Dillard's Amex 7.5k, JC Penney 7.5k, Kay Jeweler's 5.1k
New Contributor

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.

 

Moderator

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.

"If there's a lack of money in your life, understand that feeling worried, envious, jealous, disappointed, discouraged, doubtful or fearful about money can never bring more money to you, because those feelings come from a lack of gratitude for the money you have."

"Reactions are powerful creators because they contain every element needed to manifest—they're a combination of thought, belief, and feeling in action. Positive reactions create more positive things, and negative reactions create more negative things. If you can respond to negative situations calmly and lightly, instead of with emotional turbulence, what happens next in your life will be so much better."

- Rhonda Byrne
Moderator Emerita

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. 

Moderator

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?



Start: 619 (TU08, 9/2013) | Current: 791 (TU08, 10/26/17)
Sam's Club MC $25000 | Marvel MC $25000 | Macy's AMEX $25000 | AMEX BCE $20400 | Macy's Store $20000 | Discover IT $18000 | Cap 1 QS WMC $17250 | BoA BBR #1 $17200 | JCP $15000 | Citi DC $12600 | Freedom VS $12000 | BofA BBR #2 $11800 | Disney VS $11500 | Care Credit MC $11200 | Cash+ VS $10500 | CashForward WMC $10000 | Barclay Rewards WMC $10000 | WCU Visa $10000 | Amazon Store $8000 | Blispay $7500 | Sony Card $4250 | Target MC $4000 | Costco Anywhere $3200 | ~~Gardening Since 11/2/17
Valued Contributor

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 

AMEX BCE (30K), DISCOVER IT (29.5K), NFCU CASH REWARDS (25K), BOA TRAVEL REWARDS (15K), USAA VISA (13K), CHASE SAPPHIRE RESERVE (13K), COMMENCE MASTERCARD (7.5K), CHASE FREEDOM (7K), CHASE FREEDOM (7K), TFCU CC (2.5K), TARGET REDCARD (900)
New Contributor

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?

 

 

Valued Contributor

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

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 SEPT 2014 TU 787 EX 789 EQ ???
Amex BCP $24.1K/Clear $8.5- Sallie Mae $27.5 -Cap One QS $7.5 - 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 HD $1701- Discover IT $15k - Elan $8k GEMB Lowes $20k - Macy's $2k - Kohl's $800




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