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Kill Crap 1??

New Contributor

Kill Crap 1??

Your opinions are need, thank you. Should I get rid of capital one or what other options do i have?

My annual fee of $39.95 for capital one is due on the 27th. I've had this card from 2005 and it's with a $500 limit.

 

I also have a Orchard Bank opened 2005 $1600.00 util 0

First Premier 2005 $475 util 0

Bank of America 2007 $2000 util 1500

Bank of America $5000/ Alliant Credit Union $2000/ Amazon Chase $2000/ Capital One $1600/ First Premier $475
Message 1 of 24
23 REPLIES
Super Contributor

Re: Kill Crap 1??

I wish the moderators would stop these types of posting.  They're tasteless and harms the atmosphere of the forum.
Message 2 of 24
Moderator Emeritus

Re: Kill Crap 1??

Check out the stickies at top of this thread - Under Useful Threads, select "Closing Credit Cards" - pretty helpful info there.

 

If you PIF, you'd be fine either way - keeping your Cap One open or closing it.  But because you're running a $1500 balance, closing your $500 CL Cap One will bring your overall 32% utilization up to 36% - and that's going in the wrong direction.  Plus your utilization on a single card is at 75% - it's best to keep it under 50% at all times, and preferably below 30% (and best of all, of course, under 9%).

 

If I were you, I would consider keeping Cap One open until you get your overall utilization down to 9% or less.

 

When it's time to close cards, it may be wise to compare your AF at CapOne to the AF at First Premier (include their monthly fees and payment fees).  Close the priciest card first, IMO. I'm guessing that might be FP.

 

Perhaps the first step right now would be paying down your utilization.  Good luck to you!  And congratulations on Orchard and BofA!

 

 

 

 

Just puttin' syrup on something, don't make it pancakes.
Message 3 of 24
Senior Contributor

Re: Kill Crap 1??


DI wrote:
I wish the moderators would stop these types of posting.  They're tasteless and harms the atmosphere of the forum.


They've earned their reputation whether or not you are able to acknowledge it.

 

I don't have any serious problems with them either but I don't feel it is incumbent upon me to act as their spokesperson in every thread, Sheesh.

 

Cap1 is hardly a class act.

DCU EQ 5.0, Citi EQ 08 Bankcard, PenFed EX NG2
EX 08: AFCU, Amex, Chase, PSECU EX 98(?)
TU 08: Barclays, Discover
Message 4 of 24
New Contributor

Re: Kill Crap 1??

These comments are absolutely tasteless and without real meritSmiley Sad BUT the real problem is how come you chose too keep the card for such a lengthy time when you weren't receiving any increases 2005 to 2010 that's a long time. Yes your annual fee is high for this card and it does have a paltry credit line too boot but these types of postings are not needed.

 

You may be more at fault on this one......Good Luck too you

 

JoJo

Message Edited by JoJo74 on 01-14-2010 09:38 AM
Message 5 of 24
New Contributor

Re: Kill Crap 1??

Sorry if I offended anyone with my tasteless post that has harmed the atmosphere of the forum *roll eyes*

 

Thank You BeamMEup i'm actually paying my Bank of America off this weekend. So i'll keep in mind my utilization in the future. I've already paid my annual on first premier so i'll hold on to them until that fee rolls around again.

Bank of America $5000/ Alliant Credit Union $2000/ Amazon Chase $2000/ Capital One $1600/ First Premier $475
Message 6 of 24
Moderator Emeritus

Re: Kill Crap 1??

Kudos to you for paying off that BofA.

 

Does your First Premier have monthly fees or payment fees?  They're notorious for those - but I've never had any personal experience with them.

Just puttin' syrup on something, don't make it pancakes.
Message 7 of 24
Senior Contributor

Re: Kill Crap 1??


JoJo74 wrote:

These comments are absolutely tasteless and without real meritSmiley Sad BUT the real problem is how come you chose too keep the card for such a lengthy time when you weren't receiving any increases 2005 to 2010 that's a long time. Yes your annual fee is high for this card and it does have a paltry credit line too boot but these types of postings are not needed.

 

You may be more at fault on this one......Good Luck too you

 

JoJo


That's par for the course with cap1 since the bulk of their portfolio is builder/rebuilder cards.  It is not necessarily prudent to close a card because you haven't got a CLI in any case.

 

ps.  If I don't like a thread topic, I move on, hope PPs will too.

 

 

DCU EQ 5.0, Citi EQ 08 Bankcard, PenFed EX NG2
EX 08: AFCU, Amex, Chase, PSECU EX 98(?)
TU 08: Barclays, Discover
Message 8 of 24
Super Contributor

Re: Kill Crap 1??


score_building wrote:

DI wrote:
I wish the moderators would stop these types of posting.  They're tasteless and harms the atmosphere of the forum.


They've earned their reputation whether or not you are able to acknowledge it.

 

I don't have any serious problems with them either but I don't feel it is incumbent upon me to act as their spokesperson in every thread, Sheesh.

 

Cap1 is hardly a class act.


I would just hate to see this site becoming known for bashing creditors.  I don't think the creator intended for it to be.  We all know businesses can't please everyone, despite steps and guidelines put in place, to ensure the utmost customer service.  

Message Edited by DI on 01-14-2010 11:51 AM
Message 9 of 24
New Contributor

Re: Kill Crap 1??


DI wrote:

score_building wrote:

DI wrote:
I wish the moderators would stop these types of posting.  They're tasteless and harms the atmosphere of the forum.


They've earned their reputation whether or not you are able to acknowledge it.

 

I don't have any serious problems with them either but I don't feel it is incumbent upon me to act as their spokesperson in every thread, Sheesh.

 

Cap1 is hardly a class act.


I would just hate to see this site becoming known for bashing creditors.  I don't think the creator intended for it to be.  We all know businesses can't please everyone, despite steps and guidelines put in place, to ensure the utmost customer service.  

Message Edited by DI on 01-14-2010 11:51 AM

+1  Smiley Wink well said.

Message 10 of 24