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My advice: never close! Sock drawer it. Sometimes, they'll call you and ask what they can do to get you using again (CLI --> thus lower util). However, if you're displeased with their service, closing won't necessarily hurt. It will remain on your bureaus for either 7 or 10 years (can't remeber), so shouldn't affect your AAoA. Best of luck!
Edit: I missed that you said it has an AF. If that's the case, ask for a soft CLI. Otherwise, if the fee isn't working for you...go ahead and nix
Shooting from hip but is this a cap1 card?
If so email EO to get fee waived
+2. Retention department will offer you something, be it waived fee or bonus points. They want to make cash off your transaction fees.
No adverse effects for the next 7-10 years at which point it falls off your AAoA. Since your limit is so low, it won't increase util either. Best bet, as you mentioned, call tomorrow.
Good news: Cap1 CLI is always soft inq, even customer-initiated
@Asailorshort wrote:
It's currently an orchard/HSBC but is being switched to cap1. Unless they increased my cl by like 20-30x it's current limit, it would have no effect on my util (which I already keep below 3%). I guess I can try calling tomorrow & see what they say. Though I'd probably need an af waiver & a cli to make it worth my while.
Is there anything I'm missing though regarding closing this cc? Any negative side effects I haven't thought of?
No im just a firm believer in not closing any cards unless of an AF that isn't offset by the rewards but please try the EO for a CLI and AF waiver first IMO maybe even a PC
You never know until you try. Good luck and best wishes
Edit HBSC/Orchard are HP's so be aware of that should you go that route for CLI
@Asailorshort wrote:
It's currently an orchard/HSBC but is being switched to cap1. Unless they increased my cl by like 20-30x it's current limit, it would have no effect on my util (which I already keep below 3%). I guess I can try calling tomorrow & see what they say. Though I'd probably need an af waiver & a cli to make it worth my while.
Is there anything I'm missing though regarding closing this cc? Any negative side effects I haven't thought of?
If you don't have another no FTF card, may be in your best interests to keep it in this every increasing era of globalization.
I made my Orchard fee back easily last year, now I'm holding onto it to see what I can do with whatever Cap One gives me; however, like you without a AF waiver I'm going to consider closing it... but only because my old BOFA secured card got PC'd to a no FTF fee to replace the Orchard/C1 rebuilder... no point having two AF cards that don't get much use other than foreign purchases in my case.
Edit: que va, 4000th post