Keep or Close my Capital One Card?

[Anonymous]

Yes, it is an unsecured QS1. I do want to keep it for a bit longer, I will call and work on getting the AF removed. Thanks for your help. 

[Anonymous]

Thanks d!

[Anonymous]

Thanks Josh, I am on the Citi site and the Double Cash card looks like it would be a nice addition.

[SouthJamaica]

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@Anonymous wrote:

I am still getting the hang of this if something doesn’t make sense please forgive me. I have several new cards and want to eventually (6 months to a year) close my starter Capital One card, but it is my oldest card opened in 2006, limit 2000 APR is ridiculous and it has an annual fee.

My mom is able to add me as an authorized user on her Chase Card account that has been open since 2006 with excellent payment history. Would that offset the removal of the Capital Card?

What would be the best way to go about this with it having minimal effect on my score? I must say that I really enjoyed the Capital ones quicksilver rewards program, but now have BOA and Chase rewards cards that I would like to keep long term with no annual fees.

Should I become an authorized user on Chase Card and then close Capital? Should I wait until I get a CLI of 2000 on one of the other cards and then close Capital Card?   Should I keep it?  (really don’t want to manage more than five cards). My plan is to stick with the cards below and Garden, wait for the inquiries to fall off and instead of getting additional cards just work on getting CLI’s.

Currently have:

Amex 4500

Bank of America Rewards 2000

Chase Freedom 2200

Macys Amex 2000

Citibank Secured 2000 (Perfect payment history, should graduate in January)

Any suggestions would be greatly appreciated. Thanks for reading and responding in advance.

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1. Do NOT close the card under any circumstances!!! It's important for you to have the older card.

2. You should call up customer service and ask if there are any offers to upgrade the card or increase the credit limit!!!

3. Don't be an authorized user; you don't need it, you are building your own credit. Being an AU would be a step back.

[Anonymous]

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@Anonymous wrote:

I am still getting the hang of this if something doesn’t make sense please forgive me. I have several new cards and want to eventually (6 months to a year) close my starter Capital One card, but it is my oldest card opened in 2006, limit 2000 APR is ridiculous and it has an annual fee.

My mom is able to add me as an authorized user on her Chase Card account that has been open since 2006 with excellent payment history. Would that offset the removal of the Capital Card?

What would be the best way to go about this with it having minimal effect on my score? I must say that I really enjoyed the Capital ones quicksilver rewards program, but now have BOA and Chase rewards cards that I would like to keep long term with no annual fees.

Should I become an authorized user on Chase Card and then close Capital? Should I wait until I get a CLI of 2000 on one of the other cards and then close Capital Card?   Should I keep it?  (really don’t want to manage more than five cards). My plan is to stick with the cards below and Garden, wait for the inquiries to fall off and instead of getting additional cards just work on getting CLI’s.

Currently have:

Amex 4500

Bank of America Rewards 2000

Chase Freedom 2200

Macys Amex 2000

Citibank Secured 2000 (Perfect payment history, should graduate in January)

Any suggestions would be greatly appreciated. Thanks for reading and responding in advance.

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Have you tried to get Cap1 to eliminate the annual fee and lower your APR? Closing the Cap1 card would lower your total CLs which could increase your utilization if you are carrying a balance on any of your credit cards. The closed Cap1 account can stay on your credit report for up to 10 years.

If you can't get Cap1 to lower APR and permanently remove the annaul fee, then I would allow your Mom to add you as an AU on her Freedom card. Make sure you are added as an AU and it's reporting to all 3 credit bureaus before you close your Cap1 card so it doesn't impact utilization. Again, your utilization will only be impacted if you are carrying a balance(s) on your cards. Best of luck!

[Anonymous]

Hello b!

Yes, I will be contacting Capital to try an get annual fee removed and lower APR. I am wanting to keep the card for at least another six months to a year, and that would give me a bit of time to build and make a decision. You mentioned my CL being lowered as a whole, and that is what I had in mind when the idea of being added as an AU came up.

I thought to myself, that the $2000 limit would be lost and history would be taken, not thinking at the time about CLI's, other options and that the card history would still stay on my file for another 10 years. (Im a newbie)

As far as utilization, do you still think that being added as an AU would help me? I do have other cards that I have obtained on my own, and am currently managing well... after others feedback not really sure if its the best option for me.

Thanks for your response.