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Established Contributor
toppers555
Posts: 550
Registered: ‎09-28-2012

Re: Escaping Capitol One


JonStur wrote:

maiden_girl wrote:

Why is everyone closing their cards? If its unsecured and there's no annual fee...I'd keep it open. It will help with UTL and AAoA. CAP1 is my oldest tradeline and although I don't particularly like the card anymore, it helped me get my foot in the door and on to better cards. I won't be using it anymore. It has served its purpose but I definitely won't be closing it.


+1000 Unless there is some outrageous AF, keep it open especially if you have a thin credit file. Also, there might not be a large credit line but it still will help your overall utilization. It is up to you but I would suggest closing your card for business not emotional reasons.


It purely business, I am just more or less pissed with them atm.  Its a 3k secured card that i have had for years and has af. my AAofa will not take to much damage .I will stll have 12 active tradelines with this account closed. Utl is not a concern it at 1% atm and  it not going anywhere. I have no need to use my existing credit lines besides just showing activity.  



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Established Contributor
JonStur
Posts: 902
Registered: ‎12-25-2010

Re: Escaping Capitol One


toppers555 wrote:

JonStur wrote:

maiden_girl wrote:

Why is everyone closing their cards? If its unsecured and there's no annual fee...I'd keep it open. It will help with UTL and AAoA. CAP1 is my oldest tradeline and although I don't particularly like the card anymore, it helped me get my foot in the door and on to better cards. I won't be using it anymore. It has served its purpose but I definitely won't be closing it.


+1000 Unless there is some outrageous AF, keep it open especially if you have a thin credit file. Also, there might not be a large credit line but it still will help your overall utilization. It is up to you but I would suggest closing your card for business not emotional reasons.


It purely business, I am just more or less pissed with them atm.  Its a 3k secured card that i have had for years and has af. my AAofa will not take to much damage .I will stll have 12 active tradelines with this account closed. Utl is not a concern it at 1% atm and  it not going anywhere. I have no need to use my existing credit lines besides just showing activity.  


Way to go!!!


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Contributor
Sitori
Posts: 268
Registered: ‎10-25-2012

Re: Escaping Capitol One

If I'm new to credit would Cap 1 be a good idea, or should I just stay away from it all together


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Frequent Contributor
frugalQ
Posts: 479
Registered: ‎03-23-2012

Re: Escaping Capitol One

Congrats to OP..

I thought closed card continue to be calculated in AAoA until it falls off of credit report. Can someone clarify this?

Thx!
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Frequent Contributor
nuggets321
Posts: 344
Registered: ‎03-25-2011

Re: Escaping Capitol One

@ Sitori, IF you are new to credit they can be a great credit builder, just dont expect too much growth with them....

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Valued Contributor
beb86
Posts: 1,117
Registered: ‎10-31-2011

Re: Escaping Capitol One

congrats CAP 1 can be a bear if you expect too much out of them 

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Valued Contributor
maiden_girl
Posts: 2,005
Registered: ‎12-29-2011

Re: Escaping Capitol One


frugalQ wrote:
Congrats to OP..

I thought closed card continue to be calculated in AAoA until it falls off of credit report. Can someone clarify this?

Thx!

The age of the account is factored into your AAoA even if the account reports closed. But it will not factor into your overall UTL b/c the credit is no longer available.

 

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Frequent Contributor
frugalQ
Posts: 479
Registered: ‎03-23-2012

Re: Escaping Capitol One

That's what I thought. A couple of the posters were saying that closing their card would impact their AAoA, but that would not happen until 10 years from now.

The only downside to closing a cc would be the effect of utilization.
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Contributor
jwduke
Posts: 102
Registered: ‎01-14-2012

Re: Escaping Capitol One

I closed my Capital One account ($1250 CL), 22.9% interest rate, and a $36 AF. I asked for a CLI, no go, so it was paid off, and I closed it. The CSR didn't even try to get me to keep from closing it. I received notice yesterday that Cap 1 was closing my HSBC card for non use ($1100 CL, & 22.9% IR).....Oh well!



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Valued Contributor
maiden_girl
Posts: 2,005
Registered: ‎12-29-2011

Re: Escaping Capitol One


jwduke wrote:

I closed my Capital One account ($1250 CL), 22.9% interest rate, and a $36 AF. I asked for a CLI, no go, so it was paid off, and I closed it. The CSR didn't even try to get me to keep from closing it. I received notice yesterday that Cap 1 was closing my HSBC card for non use ($1100 CL, & 22.9% IR).....Oh well!


How long had you had the card and not used it? I ask b/c I have a Cap1 card I no longer use...lol.

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