Do Authorized User CC's have less of a impact versus Individual Accounts.

[DaBall]

Here's my dilemma, 7 years ago I filed and completed a chapter 13 bankruptcy. It has already dropped off 2 of my credit reports so I've gotten a pretty good boost in scores as of late. Below is a list of cards on my credit reports.

Individual credit cards.
Capital one (previously Orchard bank) $450 $39 AF
Capital one $1250 $19 AF
Discover it ( applied and was approved today) $1000

Authorized User cards (with Wife)
Citi Thank you $6500
Cabelas $3700
Chase freedom $6000
Discover $4500
Lowes $2000

My question is if I close the capital one credit cards will it have a serious affect on "My" credit outside of reducing my overall Credit limit? I try and make sure I use those cards every other month at Min and alway PIF. I appreciate any and all feedback as both those capital one credit have annual fees coming due.

Thanks

[09Lexie]

Closed accounts may stay on your record for up to 10 years. Chase is one of a few lenders that want established individual credit for approval. Are you planning to app for additional cards as an individual?

[parakleet]

I think you'd be okay as long as your AU accounts remain in good standing with util, etc. Closing your cap1 cards won't impact your AAoA since they will remain on your CR for approx. 10 years. 

[DaBall]

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@09Lexie wrote:
Closed accounts may stay on your record for up to 10 years. Chase is one of a few lenders that want established individual credit for approval. Are you planning to app for additional cards as an individual?

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At this point and time with 3 inquiries within the last 3 mos (discover It (Today),Credit Union Truck Refiance at 2.8% and Home Remodel Loan that we later decided to fund ourself) I doubt ill be applying for any Individual accounts in the Near future. I believe ill give Capital one a chance to make right on the Annual fee to keep a Valued Customer (There words.. LOL). Should i scour the Forum for a backdoor number or just use the "Close Account" option via there customer service number? Anyone have any Insight on how they handle people who want to close accounts?

[parakleet]

People have reported that most time, they'll just let you close if that's what you want to do. I think you may be overthinking this here. Call the EO to see if they will waive the AF, if not, close it. 3 inqs (if that's all you have in the past year) isn't that many and you could always app for a no AF card like the Freedom if you want. 

[DaBall]

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@parakleet wrote:

I think you'd be okay as long as your AU accounts remain in good standing with util, etc. Closing your cap1 cards won't impact your AAoA since they will remain on your CR for approx. 10 years. 

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Thanks, I just didnt know if there would be any drastic repercussions outside of the initial small Utilization hit, which should affect me and the wife as a hole becase we currenly only carry a small balance on the Citi (0% for 18mos)

[Kutuzov]

My personal experience with Cap1 about annual fee is simple they will cancel the card without any intent to reduce your annual fee.

[DaBall]

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@Kutuzov wrote:

My personal experience with Cap1 about annual fee is simple they will cancel the card without any intent to reduce your annual fee.

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I guess there is only one way to find out..

[DaBall]

I ended up calling the Back door number 800-889-9939 and spoke with a Account specialist, After explaining my situation to the Rep he reviewed the accounts and indicated that the only thing he could offer would be a $25 dollar credit towards the annual fee, This would be a 1 time deal. I had my Payments scheduled to post later this month about a 1 week prior to the due date, and bumped both card payments up to today so i could make a decision with a Zero balance. Ill see if any other members have any suggestions and talk to the Wife and make my decision in the AM.

Thanks Again.

[09Lexie]

The front line analyst rarely credit/waive the fees or grant CLI's. Email the EO, they will call you back in a few business days.

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