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Established Member
Posts: 23
Registered: ‎01-10-2014
0

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? 

Highlighted
Moderator Emeritus
Posts: 4,875
Registered: ‎11-02-2010
0

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
Established Member
Posts: 23
Registered: ‎01-10-2014
0

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
Posts: 22,670
Registered: ‎12-13-2013
0

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 Fico 08 BC 08/15: 798 (-8); EX Fico 04 V2 06/14: 775
EQ Beacon 5.0 12/14 757
TU Fico 8 08/15: 761 (+6)
Moderator
Posts: 27,207
Registered: ‎09-13-2012
0

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
Posts: 6,961
Registered: ‎08-12-2013
0

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: 764 (TU08, 8/17/15)
AMEX BCE $13500 | Sallie Mae WMC $12500 | Care Credit $10200 | JCP $8000 | Overstock $5800 | Cap 1 QS $5750 | Discover IT $5500 | Macy's Store $5400 | BofA BBR $5000 | Citi DC WMC $5000 | Walmart Store $5000 | Amazon Store $5000 | Sam's Club MC $4000 | AMEX Costco TE $3500 | Macy's AMEX $3500 | Sony Card $3250 | CU Visa $2500 | Gold Violin $2350 | Target $1000 | ~~Gardening Since 8/26/15
Valued Contributor
Posts: 1,573
Registered: ‎11-14-2013
0

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 




EQ-683 TU-714 EX-722 (as of 5-21-15)
Established Member
Posts: 23
Registered: ‎01-10-2014
0

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
Posts: 1,066
Registered: ‎07-09-2013
0

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
Posts: 1,603
Registered: ‎12-07-2008
0

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




Starting Score: 648
Current Score: 736
Goal Score: 765


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