Cap 1 QS and Platinum close one question

[fastalkintn]

I have two cap 1 cards, both of which are my oldest cards, but both are also my lowest limits and cap 1 has not been very loving with cli. 

The platinum is my oldest card and was opened in Oct 2001. It started as a TJ max card with a $500 limit and didn't grow at all until about three years ago. After reading on here I called and changed it to a platinum. They added 1.5% cash back and gave me a cli to $1500. Two weeks ago they finally approved a cli request to a whooping $2500 and a 14.9 apr. The QS was opened in August 2002 with a sl of $500. Since then it has grown to a gigantic $1500 with a 19.9 apr.

So I am thinking about combining both limits onto the QS and closing the platinum. This would give me a usable $4000 cl, same rewards structure, but a little high apr. What are your thoughts? Will closing the platinum (opened in 2001) affect my score?

[HeavenOhio]

It's likely to remain on your report for up to 10 years, but that's not a guarantee. I'd look at your AoOA (age of oldest account) and AAoA (average age of accounts) both now and 10 years from now as part of the process of making that decision.

The other factor that comes to mind is how many cards you'd have left. You need three cards in order to have less than half of your cards reporting a positive balance, and some say that five cards will offer a scoring advantage.

Before making a decision, I'd give it the good ol' college try and see if you can't get CLIs. I have two ancient Cap One cards. I've ramped up spending on them in the two to three months preceding CLI eligibility, and each card has gotten two $1,000 increases this year.

[Anonymous]

HeavenOhio is correct -- closing an account today won't hurt anything for 10 years and even then it may not hurt you at all.

If you want a spreadsheet that lets you calculate your future AAoA and AoOA for 10 years, PM me, I have a nice one that does all the math.

[EAJuggalo]

If your platinum has 1.5% cash back than it is the same as a QS.  If neither has an annual fee I would combine the QS into the Platinum.  As long as you have enough other tradelines to cover it.

[Anonymous]

personally being accounts that old I would leave them alone and sock drawer them.  Buy gum on them once a year.  Normally I would say yes combine them, then combine them onto an even larger limit higher tier cap one card, but not if they are dated back to 2001-2002.  Unless you have a ton of other cards open from that time period where it won't hurt as much if these cards were to fall off in ten years.

[fastalkintn]

Thanks to everyone for the input. I am an au on my wifes Discover that was opened around the same time. Other than that all cc are from 2014. CK shows my credit age of 5 years 8 months. I guess it doesnt hurt anything keeping both cards, I just wish that they would grow. 

[Anonymous]

Also, Credit Karma doesn't include closed accounts in your AAoA.  Not sure if you have any closed ones. 

Every card has a purpose.  Think of them as AAoA boosters and not large CL spenders.  That's all.  You got better ones it sounds like.

JMO. 

[HeavenOhio]

Actually, VantageScore includes closed accounts, but Credit Karma's front end software doesn't. The point remains the same, though. Get your account age stats elsewhere.

[Dalmus]

A $1,000 CLI on a "starter" Cap1 card is actually pretty good, all things considered.

Was 14.9% APR a typo?  If that's the actual APR, I wouldn't close it regardless of the credit limit, since there's no annual fee.  I think that is the lowest Cap1 permanent APR I've ever heard of!

[fastalkintn]

That’s not a typo, 14.9 apr. They messed up a large payment about three years ago and I had to really fight for them to fix it. To make up for it they added cash back, dropped the AF, and Locked in that apr as long as I keep current.