Closed my CapitalOne Quicksilver Account today, here's my review

[credit_endurance]

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@Anonymous wrote:

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@credit_endurance wrote:

Congratulations on the success with them and closure. I will be closing mine very soon as well. Approved with a $500 SL and now it is up to $9600. APR I s very high and really don't want to app for another product to combine just to get a lower APR. It's served its purpose during rebuilding now it's time to move on. Again congrats!

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The OP already closed his card so what is done is done. But any particular reason you're closing your QS? You appear to have a great deal of CLs and a nice score so it may not be a big deal to you, but just wanted to know! 

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Yeah. I have reached a point in my rebuild where I'm fine tuning my portfolio and eliminating some of my higher APR cards. My goals where to never have a card over 20% APR. SO I still have some trimming to do. I must let go of a few cards that are near and dear to me  Cap one being one of them.

[Total80sKid]

Congrats on getting rid of my current, weakest link, though mine is a QS1.

It's sad when you are treated better by CreditOne.

That's really saying something.

[Anonymous]

Congrats! I did the same thing with my QS. Whomever asked about why close it with no AF? I don’t believe in sock drawing cards. Closed Card and open Age the same way. If you don’t need it for utilization purposes.... and aren’t going to use it... close it! I don’t have any sock drawer cards except maybe my Best Buy Card since i only have to for promotional financing and have never used it yet. I have 7 cards and I use them all but Best Buy. I will probably combine my 2 Disco Cards after the year is up on the second one and I get my match. I also will probably combine my 2 USBank cards. Then I will have 5 which to me is about perfect.

Just my 2 cents on closing cards with no AF.

If you need the card for your utilization don’t close it. That’s about the only reason to keep it open tho. Closed cards age the same. Bad misconception about closing cards on forums.

[Gmood1]

Actually closed cards do not age the same. There's no guarantee the card will remain on your reports for 10 years. While a live/open TL will report indefinitely. As said earlier...what's done is done. I made the choice of closing my Slate. I had both as well.
In hindsight I wish I'd left it open. It and the QS were my oldest TLs. Leave at least one anchor for the team. If I closed cards because of APRs in the 20% range, I'd lose over $200k in TLs. Lol
As long as you don't carry a balance, they're all 0%.😉
Congrats on improving your credit OP.

[Anonymous]

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@Anonymous wrote:
Closed cards age the same. Bad misconception about closing cards on forums.

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This is false, they do not age the same at all.  Keeping a card open will lengthen your average age of accounts further, as the account is aging (once you close an account, its impact on your average age is now fixed, it can no longer increase) -- additionally it increases the age of your oldest account.  These two factors help your credit scores.  If this is the OP's oldest card, its especially bad to close it.  Lastly, I'm not sure what the obsession with APR is.  APR should not be a factor at all.  If you're keeping balances on your cards, then you probably shouldn't use credit imo, as you're costing yourself a lot of money.

[mitchblue]

I love my QS I'm never closing that bad boy.. I understand closing cards but you basically said it was a favorite. And that you use it?

But if you have a goal you have a goal. So congrats.

[FireMedic1]

I'll be doing the same tomorrow once it posts. It was my first card as a Plat upgraded to QS after BK 12/15. From 2k to 6.5k it grew. Its my oldest  card by only 3 months. It served its purpose. Once my new WMC Suntrust Cash Rewards statement cuts I'll still be at 5 cards. I have the QS WEMC at 7k. Dont need 2 QS's. I like to stay at 50% or below available CL's and income. Im at 15 to 21 years length, and AAoA from 4-6yrs. So with Disco, 1 WMC, 2 WEMC, and a VS. 5 cards is fine with me.

Most of us I've read started with secured or rebuilders to get to the next level. Then cancelled the newb after rebuild. I'm there now. I'm covered for rotating 5% cats, travel, gas, grocery, and dining. At almost 62 y/o. Long term mean less than if I was 30-40 yrs old. I'll keep the card as a reminder of where i came from after BK. Thanks Cap1 for starting it all! JMHO.

[longtimelurker]

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@Anonymous wrote:

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@Anonymous wrote:
Closed cards age the same. Bad misconception about closing cards on forums.

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This is false, they do not age the same at all.  Keeping a card open will lengthen your average age of accounts further, as the account is aging (once you close an account, its impact on your average age is now fixed, it can no longer increase) -- additionally it increases the age of your oldest account.  These two factors help your credit scores.  If this is the OP's oldest card, its especially bad to close it.  Lastly, I'm not sure what the obsession with APR is.  APR should not be a factor at all.  If you're keeping balances on your cards, then you probably shouldn't use credit imo, as you're costing yourself a lot of money.

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I'm not sure what you mean by (once you close an account, its impact on your average age is now fixed, it can no longer increase)

AFAIK, from the AAoA perspective, the only difference between open and closed is once the closed card falls off (which can be well before 10 years, and sometimes more than 10 years, but no guarantee).   While it is on the report, it ages every month just like an open one.  

[Anonymous]

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@longtimelurker wrote:

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@Anonymous wrote:

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@Anonymous wrote:
Closed cards age the same. Bad misconception about closing cards on forums.

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This is false, they do not age the same at all.  Keeping a card open will lengthen your average age of accounts further, as the account is aging (once you close an account, its impact on your average age is now fixed, it can no longer increase) -- additionally it increases the age of your oldest account.  These two factors help your credit scores.  If this is the OP's oldest card, its especially bad to close it.  Lastly, I'm not sure what the obsession with APR is.  APR should not be a factor at all.  If you're keeping balances on your cards, then you probably shouldn't use credit imo, as you're costing yourself a lot of money.

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I'm not sure what you mean by (once you close an account, its impact on your average age is now fixed, it can no longer increase)

AFAIK, from the AAoA perspective, the only difference between open and closed is once the closed card falls off (which can be well before 10 years, and sometimes more than 10 years, but no guarantee).   While it is on the report, it ages every month just like an open one.  

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I think it depends on the scoring model.  But some models look at average age of accounts by how long they were open for, not from the date the account was open to current date.  Note: I had a longer detailed reply, but somehow it was deleted, not sure why.

[AverageJoesCredit]

Congrats on doing whats best for you. Ill only add looking at your cards on full, i see the ubiquitous Navy card lol. I have no idea if that influenced your decision or not but man do they spoil us