Cancelling Cap One Cards

[bl00dymary]

I would at least consider keeping the 2001 if it is your oldest credit line.  You score will drop if you lose the history.   As long as there is no annual fee, you don't have to use the card.  Just pay it off & tear it up.

[Anonymous]

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bl00dymary wrote:

I would at least consider keeping the 2001 if it is your oldest credit line.  You score will drop if you lose the history.   As long as there is no annual fee, you don't have to use the card.  Just pay it off & tear it up.

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You won't lose the Hx for as long as the tradeline stays on the CRA couldl be 10 years could be longer. You just lose the UTI once account is closed.

Rob

[Anonymous]

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bl00dymary wrote:

I would at least consider keeping the 2001 if it is your oldest credit line.  You score will drop if you lose the history.   As long as there is no annual fee, you don't have to use the card.  Just pay it off & tear it up.

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This is exactly what I've done with the cards we don't plan to use... But the only reason we've kept them open is to keep the overall revolving UTI lower than would be represented if we closed them.

Rob

[Anonymous]

Hi,

I own 2 Cap One credit cards.  I had a Plat. Visa with a $500 limit and got a mastercard plat for $300, then they gave me a whopping $200 credit line increase.

I have had the cards for 5-6 years.  I never use the cards because everytime I ask for a limit increase I get nothing!

So last week I decided to cancel the cards after receiving a my FICO newsletter. Stating I do not need to keep old credit lines open to receives good credit. So I called Cap. to cancel them both.

The customer service rep transferred me to a manager.

The oldest card the visa with the 500 limit was raised by $1000. The other card was rasied by $5,000

My new limits are $5,500 and $1,500.

I told the manager I have two Amex cards with $10K limits each, why do I need to keep a card with a $500 limit. 

This works for some creditors but not all.  My husband has had an ochard secured credit card for years and has zero balance.  They refused to increase his credit line or remove securced status.

[Anonymous]

I have three cards that I have had since 2002. Two increased in 2003 to $500 and the other is still at $300. I have never paid even a single day late and always over the minimum..I can't get them to increase my limits to save my life...I have been reluctant to cancel them since they are my oldest cards...They all have $0 balances and have for several months...before that just minimum..I think that I really want to cancel them...When I started out here all my cards had a total limit of less than $5k and that includes two HBSC and 1 WAMU..Wamu has since doubled my limit and I have obtained several other cards and now my total limit is approx $50k with utilization at $2400....so I'm thinking I can stand the loss of $1,300 for CAP1? HBSC is about the same two cards, total limit $1200...They are next... My actual ficos are...TU=742, EQ=736, EX=729...

[smallfry]

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@Anonymous wrote:

I have three cards that I have had since 2002. Two increased in 2003 to $500 and the other is still at $300. I have never paid even a single day late and always over the minimum..I can't get them to increase my limits to save my life...I have been reluctant to cancel them since they are my oldest cards...They all have $0 balances and have for several months...before that just minimum..I think that I really want to cancel them...When I started out here all my cards had a total limit of less than $5k and that includes two HBSC and 1 WAMU..Wamu has since doubled my limit and I have obtained several other cards and now my total limit is approx $50k with utilization at $2400....so I'm thinking I can stand the loss of $1,300 for CAP1? HBSC is about the same two cards, total limit $1200...They are next... My actual ficos are...TU=742, EQ=736, EX=729...

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Clear out that junk. You don't need them anymore. Congrats.

[Anonymous]

Thanks smallfry....I think I will call them tomorrow...

[Anonymous]

Ok guys...I did it...cancelled CAP1..Now I will be missing 3 cards and $1300 in available limit...whatever shall I do?  The "senior account manager" I spoke to says it takes 30 days to cancel the accounts?

[Anonymous]

Anybody know why it takes 30 days to cancel CAP1 accounts? I cancelled on the 27th and today they are still showing active on the CAP1 website. Do I need to call them again?

[Anonymous]

That is awful.  I have two Cap one cards.  The first one I have had for 6 or 7 years. Got it when I had my BK still showing on my reports. CL was $500 then I got a pre approved offer a year or so later I applied.  Of course got approved for yet another $500 limit.

This year I got three AMEX cards, two with limits over $10K and then the "no limit" Gold Rewards Plus.

I thought who the heck needs the $1000 from Cap One.

I called two cancel both accounts. My EQ score is somewhere around 643.  They transfered me to a manager and he up the limits on one card to $5,500 and the other was only raised to $1,500.

These two accounts are some of my oldest trade lines.  So I would have preferred to keep them. I never use the cards and have not in years. 

Nicole