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Frequent Contributor
eddymvp
Posts: 462
Registered: ‎03-04-2008
0

Closing Credit Card?

I'm thinking of closing my Capital one card if they don't waive my annual fee. This is my oldest creditcard and its also the lowest CL I have since its cap at 2K. If I close this card, Would it make my score go down?
Super Contributor
DI
Posts: 5,744
Registered: ‎01-28-2008
0

Re: Closing Credit Card?


eddymvp wrote:
I'm thinking of closing my Capital one card if they don't waive my annual fee. This is my oldest creditcard and its also the lowest CL I have since its cap at 2K. If I close this card, Would it make my score go down?

Your score will remain the same if you have no balance on the card.    Remember the tradeline itself will continue to report for up to 10 years.  

Moderator Emeritus
beamMEup
Posts: 4,470
Registered: ‎12-31-2008
0

Re: Closing Credit Card?

Three cheers for closing cards with AF's if they are no longer serving a valid purpose!

 

Remember FICO likes to see at least one (and it only needs to be one) bank/national credit card - which your Cap One is.  Do you have other bank/national cc accounts open?  If so, then closing this CapOne will not hurt your score. 

 

Congrats on moving on to non-AF cards!

Just puttin' syrup on something, don't make it pancakes.
Senior Contributor
txjohn
Posts: 4,214
Registered: ‎09-12-2008
0

Re: Closing Credit Card?


DI wrote:

eddymvp wrote:
I'm thinking of closing my Capital one card if they don't waive my annual fee. This is my oldest creditcard and its also the lowest CL I have since its cap at 2K. If I close this card, Would it make my score go down?

Your score will remain the same if you have no balance on the card.    Remember the tradeline itself will continue to report for up to 10 years.  


 

Your score will remain the same, most likely, regardless if you have a balance.  If you have a balance, your CL will continue to calculated as though the account was still open until you have a zero balance.  Once it is PIF, then the CL no longer counts in utilization.

 

So, whether you have a balance or not, closing the account won't affect utilization UNLESS CapOne improperly reports a lower or zero CL.  If they report a lower or zero CL, then your util will be affected....and you would need to contact CapOne and request they fix the reported CL on the closed account.

 

 

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Moderator Emeritus
MarineVietVet
Posts: 14,523
Registered: ‎07-14-2009
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Re: Closing Credit Card?


eddymvp wrote:
I'm thinking of closing my Capital one card if they don't waive my annual fee. This is my oldest creditcard and its also the lowest CL I have since its cap at 2K. If I close this card, Would it make my score go down?

How much is the AF? My oldest card is also Cap 1 with an AF of $20. For me it's not worth losing my oldest account for $1.67 a month. But you have to decide what is best for you.

Frequent Contributor
eddymvp
Posts: 462
Registered: ‎03-04-2008
0

Re: Closing Credit Card?

My Annual fee is $50.00, I do not have  balance. Just paid it in full last month.

 

These are all the Cards I have

 

Capital One CL: $2000, BL: 0 opened: 01/05.

DCU Visa  CL: $5000, BL: 1600 opened: 10/07

Juniper CL:800, BL: 0, opened 4/2008

JBRobinson CL: 3000, BL: 0, opened  4/08

Kay Jewelry CL: 3000, BL: 0, opened  4/08

Care Credit CL 3000, BL: 800, opened: 6/08

HomeDepot CL: 3000, BL: 1500 opened 05/09

Lowes CL: 6000, BL: 0, opened 05/09

Chase CL: 1800, BL: 300 opened  07/09

 

 

CLOSED HSBC on 10/09 since it had a 80.00 annual fee. CL: 1700 opened in 10/07

Established Contributor
okstatefan5945
Posts: 517
Registered: ‎04-13-2009
0

Re: Closing Credit Card?

After doing the math on your utilization you are at 15% and if you close that account you will only move up to 16% so I dont think that 1 percentage point will affect your fico you seem to have a good limit total counting all cards expecially with as many as you have with a 0 balance so you shouldnt be affected at all FICO wise. I know I have a ways to go with my AF cards but when I get to where I can get cards with no AF the three I have will have to start waiving the annual fees to keep them open.
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Moderator Emeritus
MarineVietVet
Posts: 14,523
Registered: ‎07-14-2009
0

Re: Closing Credit Card?


eddymvp wrote:

My Annual fee is $50.00, I do not have  balance. Just paid it in full last month.

 



Yeah at $50 I'd start to get itchy myself. :smileyhappy:

Frequent Contributor
CreditCard101
Posts: 401
Registered: ‎02-23-2009
0

Re: Closing Credit Card?

Hi Eddy:

 

I used to have a Cap One Visa PLatinum with a $29 annual fees, after two years of having them. I asked them to waive the AF, they refuse so I say bye bye

close the account. Though the Visa platinum had a 1% cashback on all purchases which is very nice but i hate the AF which pretty much repaying back the rewards cashback.

 

It doesnt make any difference in your score at all if you close it. Main important in your score are payments history and the age of the account..PAYMENT history is largest part of the FICO SCORE PIE..

New Contributor
LustForTheMoment
Posts: 65
Registered: ‎03-24-2007
0

Re: Closing Credit Card?

Annual fees give me hives!!!!!!!!!!! I would NEVER pay them unless you have to get a secured card. Your history remains on your CRA until the closed card falls off, often after 10 years. I've closed a host of cards with NO negative effect upon my FICO.

 

Good Luck,

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