Close Capital One?

[youngandcreditwrthy]

But Im at the point where I have a lot of credit. I don't want to have too much open credit. I feel like closing an occassional card or two is a good thing. I'm just blown away by the inflexibility of C1.

[enharu]

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@youngandcreditwrthy wrote:
But Im at the point where I have a lot of credit. I don't want to have too much open credit. I feel like closing an occassional card or two is a good thing. I'm just blown away by the inflexibility of C1.

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it sounds like you're finding reasons to close them more than to keep them open.

you pretty much already have an answer to your problem.

my guess is that it'll bump your utilization up slightly, and that's bout really it.

if i had 1 constantly maxed out card (80% is still considered maxed out, but thats besides the topic), i probably will want as many cards as possible to reflect a 0 balance, just so it will look "nicer", which is why i suggested keeping it.

there's no right or wrong in closing or keeping it open. ultimately, do what you think is most appropriate. your FICOs shouldn't move much eitherways.

[chwebb1]

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@youngandcreditwrthy wrote:
But Im at the point where I have a lot of credit. I don't want to have too much open credit. I feel like closing an occassional card or two is a good thing. I'm just blown away by the inflexibility of C1.

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I'm in the same position as you (except for UTIL). If I'm not happy with a card/bank for whatever reason, they get the ax. Especially since I have a lot of (in my opinion) great cards. I've actually closed 3 cards this last year (and cut off ties to my brick and mortar bank and CU) because I was unhappy with the cards (the cards I closed), the interest rates (bank and CU), and the hidden fees (bank).

[youngandcreditwrthy]

Thanks enharu. Remember I did just open that Marriott Card. Also, I only have balances on three of my cards currently. I have 17 open ones I think. I pif everything else before the statements cut. I plan to maybe let Marriott or BCE report a little balance this month too.

[enharu]

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@youngandcreditwrthy wrote:
Thanks enharu. Remember I did just open that Marriott Card. Also, I only have balances on three of my cards currently. I have 17 open ones I think. I pif everything else before the statements cut. I plan to maybe let Marriott or BCE report a little balance this month too.

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i think you will be fine closing the account. even if you let more accounts report balances this (or future) months, generally it doesn't affect much (except for utilization that month), as long as its not dragged perpetually. 

you have enough accounts to pad your AAoA as well, so closing that account definitely won't do any harm. it's just a matter of your personal preferences.

[Luscher]

CLOSE CLOSE CLOSE CLOSE CLOSE!

[red259]

If you don't want the card just close it. Don't see any major impact in doing so. I agree that its a good idea to get rid of some cards once in awhile if you have a bunch. I'm not sure if I will keep my venture at the one year mark. I probably will keep it if they are willing to waive the AF, otherwise I may get rid of it. . 

[youngandcreditwrthy]

Omg. I called and they offered me $50 to keep it open LOL it has a $0 bal ahhahha!

[Luscher]

lol, take the $50, keep it open, wait 12 months, repeat

[CreditJunkie917]

You've done really well. You're at the point now where your portfolio is exclusively prime. like you said, $150K in credit, it's not gonna be that big of a deal to close Cap1. Plus it's a nice end to let you where you were and where at now. Just my two sense.