Capital One Card - Advice Needed

[CA4Closure]

I have a Capital One VISA card I opened in 2001. It is my oldest card after closing accounts with high APRs. My APR on this account is 9.9%. This card is my oldest card so I want to keep it for AAoA purposes. But it has a $5 a month 'membership fee'.

My question is, if I ask Capital One to consolidate this to a new Venture Card, will my AAoA drop or will my 17 year relationshp with Capital One continue? I know if I cancel the card to go with another lower APR card, I will kill my AAoA but since I am sticking with Capital One, I am presuming I will not lose my 17 year status with them, right?

I have a Capital One Quick Silver card that I applied for and received in January 2017. This has a $10,000 CL but with a 18 APR so i use it sparingly.

[Anonymous]

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@CA4Closure wrote:

I have a Capital One VISA card I opened in 2001. It is my oldest card after closing accounts with high APRs. My APR on this account is 9.9%. This card is my oldest card so I want to keep it for AAoA purposes. But it has a $5 a month 'membership fee'.

My question is, if I ask Capital One to consolidate this to a new Venture Card, will my AAoA drop or will my 17 year relationshp with Capital One continue? I know if I cancel the card to go with another lower APR card, I will kill my AAoA but since I am sticking with Capital One, I am presuming I will not lose my 17 year status with them, right?

I have a Capital One Quick Silver card that I applied for and received in January 2017. This has a $10,000 CL but with a 18 APR so i use it sparingly.

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If you consolidate the VISA card to the Venture it will show closed in your credit reports.  It will continue to report and age for 10 years or so.  Eventually though it will drop off and the age of that account will no longer be included in your AAoA.  By then though it shouldn’t matter as other accounts including the Venture will keep your AAoA high enough for it not to matter.

[SouthJamaica]

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@CA4Closure wrote:

I have a Capital One VISA card I opened in 2001. It is my oldest card after closing accounts with high APRs. My APR on this account is 9.9%. This card is my oldest card so I want to keep it for AAoA purposes. But it has a $5 a month 'membership fee'.

My question is, if I ask Capital One to consolidate this to a new Venture Card, will my AAoA drop or will my 17 year relationshp with Capital One continue? I know if I cancel the card to go with another lower APR card, I will kill my AAoA but since I am sticking with Capital One, I am presuming I will not lose my 17 year status with them, right?

I have a Capital One Quick Silver card that I applied for and received in January 2017. This has a $10,000 CL but with a 18 APR so i use it sparingly.

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Just call Capital One, ask them if the platinum card is eligible for an upgrade. They may offer to change it to a card with no fee.

[AverageJoesCredit]

You wont kill your aaol if you cancel it. As Irish explains, itll report up to 10 years before you have to worry about it. By then youll orobably have it well established anyway.

Im curious, you are saying you have a $60 annual feefor this card? I know you said monthly charge but im just adding up. Interesting indeed. I thought there are some pc that you can do without losing the history?

[Anonymous]

It definitely won't hurt your AAoA for 10 years.  If you don't have an AAoA calculator, PM me and I can fling you my spreadsheet that lets you enter account open dates and close dates and it'll forecast many years in the future for what your AAoA will be every month.

Since it won't drop off for 10 years, you will still be able to have a high scoring age of oldest account by then.

[Anonymous]

Have you tried that upgrade link yet?

[UncleB]

All good replies; I would hit them up for an upgrade as well. 

That would allow you to keep the account age, and your APR would also stay the same. 

[HeavenOhio]

Some accounts have been known to drop off of reports well before the "up to 10 years" that the bureaus tell us. But that's not a usual occurrence.

Regarding account age stats, I'd be more concerned about AoOA (age of oldest account) than AAoA. I'd look at my account age stats now, both with and without this card. And I'd look at them 10 years from now, both with and without this card. If the AoOA and AAoA stats are acceptable to you, you can close or combine.

But the best solution is to give a PC (product change) the good old college try. To do that, an offer has to be available to you. If Capital One has no offers available right now, try using the card each and every month and making a payment each and every month. I was able to PC two ancient QS1 cards after 12 or 13 months of doing that. I didn't charge a lot every month, and I usually didn't allow positive statement balances to report to the bureaus. I can't guarantee that this will work as we don't have a lot of data points on it. But with a card that old, I think it's worth absorbing any fees for that amount of time in order to give it a try.

[CA4Closure]

Yes, I pay a $5 Monthly fee for what they call membership fee. I tried asking them to cancel this fee but they tell me it was part of the contract and cannot be removed. This fee is $60 a year but they make you pay it every month as a $5 fee.

[Anonymous]

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@CA4Closure wrote:

Yes, I pay a $5 Monthly fee for what they call membership fee. I tried asking them to cancel this fee but they tell me it was part of the contract and cannot be removed. This fee is $60 a year but they make you pay it every month as a $5 fee.

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Get this elevated to a supervisor if you have a feeling of struggling with the front line reps. But on the other hand, if you ask for a product change (to Quicksilver etc.) then they might change the price terms and get the fee automatically removed. Not personally had any experience with Capital One though, so mine's just some guess.