05-11-2012 06:55 AM
Good day everyone!
Okay, based on the current credit cards on my signature, do you think I should cancel my Capital one platinum?
My oldest TL is 5 years and some change (different card that is closed now). I've had the capital one since 12/10 and they rarely give cli even though having excellent paying history with them.
I've recently sock drawered the card and I'm contemplating closing them out since they charge a $3.00 members or maintenance fee whichever one it was that they seem to charge RIGHT ON THE DATE OF STATEMENT CLOSING giving me not much time if any to pay so they can report $0 balance . My current utilization is at 2% right now, I'm also hating lenders seeing the card on my file ( although, thanks for giving me a chance to build when other lenders stuck there nose to me ) I hate seeing $3 bucks x's 12 = $36 going to waste just to sit and nest for years.
Advice would be greatly appreciated!!
P.S Just got the lenscrafters last month, so i'm in gardening mode if that info helps!
05-11-2012 07:07 AM
What's your AAoA? Oldest TL?
05-11-2012 07:15 AM
AAoA is 1 year 10 months and oldest tradeline as mentioned is 5 years and few months.
05-11-2012 07:19 AM
If you don't agree with the charge, close it.
Don't keep something open that you're not happy with.
Follow my financial journey: http://www.frugalrican.com
05-11-2012 07:21 AM
Unless you need the money that's being charged for your annual fee (I didn't think there was a monthly maintnenance fee?) personally i'd just leave it open. Then again I fall into the minority of posters here who don't quibble about an AF: $35 or even $59 a year is trivial for a good tradeline... and a 5 year revolving tradeline with solid payment history is an *excellent* tradeline.
Cap One isn't a great lender, and you don't need the card with your scores and other cards now... if there's something you find fustruating about the card (like PIFing before the statement date, which I don't worry about except in the except when I'm trying to boost my FICO pre-application) then close it, but personally I wish I had your problem .
05-11-2012 07:31 AM
I understand what you're saying revelate, but I just hate having to keep on top of a statement date for a card I will NEVER use based on the $3 a month fee they charge. I like to only let one statement post a small balance and the others to post $0 and this capital one card is holding up the slot for my favorite chase freedom card
05-11-2012 09:02 AM
I guess I'm fortunate that my stuck-in-the-ditch CapitalOne Platinum is the old no-AF version... IMHO, while nearly impossible, I would fight your way up the CSR tree until you find someone who can PC the card to something without an annual fee. Given your situation with AAoA, it may be worth the money to keep it open, but it may also be worth the fight to get to a place where you can keep it in the sock drawer without cost...
One other thing: Has your income or employment situation changed since you got the card five years ago? I found that one reason they refused to change just about anything with my card was that, because it was my first, they had outdated info on me. They were soft-pulling my credit, but still using the old income info and whatnot to make their decisions... They can update this for you (if they understand what you're asking for) using the magic words "credit profile," much like AMEX allows you to update online.
05-11-2012 09:11 AM
Cap1 is nailing you monthly? I thought that was Orchard that did that? I have two Cap1 cards and can attest at what a pain they can be. They do not seem to want to grow with you. You are over 700, so.... Call them up and ask for an upgrade from a senior credit analysis, if they refuse tell them you want to close the card. It maybe your oldest card, but even when you close it the account will still stay on your credit for up to ten years and continue to age. My oldest account is a car loan I paid off 6 or 7 years ago and it says my oldest is 11 years and X months old. So closing the account will affect your AAoA, about 10 years from now.
05-11-2012 09:16 AM
Yeah see if they can waive AF or go to no AF. Also, prepay 30 dollars to cover AF for a while if you sock drawer it. Personally, I think you need one more credit card if you are going to cancel the Cap One. What are your scores right now?
05-11-2012 10:25 AM
I have called the senior analyst and they give me the same " your account is not scheduled for an increase just yet, but we will be doing customer reviews soon" spiel so, backdoor numbers haven't helped.
I think i'm just going to wait a couple more months to see if they hold true to what they said about the cli reviews. Lol, I even asked for them to lower my apr - "sorry can't" how about upgrading to your prime cards? -"sorry can't" Well capital 1, I hope you're not afraid of the dark and the friction of my husbands overly torn emergency socks, because that is your fate for now!
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