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Good bye Cap One

Frequent Contributor

Good bye Cap One

They refused to waive the 40.00 AF, so I closed my account. The CL was cap at $2,000. This was my oldest account and I hope it doesn't hurt my score for closing it.
Message 1 of 5
4 REPLIES
Valued Contributor

Re: Good bye Cap One

The only way this could hurt your score right now is if you currently carry balances on your other credit cards. If you do, then removing this credit limit from the mix will raise your utilization percentage. If you do not carry credit card balances, your score should not be affected.

 

The account will remain on your reports up to 10 years. It will continue to add to your average age of accounts all that time. We are always told never to cancel a credit card, but it can be done selectively as we outgrow credit products we don't need or want. No need to pay an annual fee if it doesn't benefit you.

Message 2 of 5
Super Contributor

Re: Good bye Cap One

This post made me realize something.  Although, I've had my Cap One card since 2001 and the limit sits at $750, I'm not being charged an AF.  So I guess that something to be thankful for having a nobuilder card.
Message 3 of 5
Senior Contributor

Re: Good bye Cap One

sorry to hear that....oh wait, you're happy!  Lol.  ok, well, congrats then.  for now, i'm happy paying the $39 for a 1K line.
Latest scores: Walmart TU: 769. MyFICO TU: 769. DCU EQ: 755. MyFICO EQ: 780. PSECU EX: 756. MyFICO EX: 780.
Message 4 of 5
Frequent Contributor

Re: Good bye Cap One

I just did the same thing.   I had the card for two years and barely used it.  It didn't have rewards or anything like that.

 

I called to see if they would waive the fee in my case it's $45 and they wouldn't do it.  

 

They did offer me six months at a lower APR but I don't carry a balance on the card so I said no and told them to close it.

 

 

Message 5 of 5