QS versus QS1 Question

[Anonymous]

I've been working to rebuild my credit to purchase a home. I've had small credit cards used for rebuilding credit and I've paid off the balances while undergoing purchasing a home. Anyway, my only two non-store credit cards were two from Capital One. I've gone through an app spree since I finally closed on my house and was approved for AMEX BCE and Discover It. With getting approved on both of those, I contacted them earlier today to find out if I could transfer to a QS to get the rewards since the two Capital Ones I have now don't offer any of that and have an annual fee. Capital One informed me that I didn't have an offer for QS, but I did have one for QS1. I told them to go ahead and transfer it since I would at least get the 1.5% cash back. I then decided to go ahead and just try for the QS on my own and I was approved. So, my question is now......should I close the QS1 account that just got transferred from the platinum account or should I leave it even though there's an annual fee because it my effect my AAOA? I also have my other Capital One card that has the lowest CL and an annual fee, but is my oldest card, being at 8 yrs now. What's your opinion as to what I should leave open and close? I really don't need a QS and a QS1. I'm just trying to get cards based on rewards and no annual fees with them, but I don't want it to mess up my AAOAs as well.

[kdm31091]

You might want to hang onto the QS1 if the limit is decent (you didn't mention)...Capital One is rumored to be allowing combining limits in the future. Then you could simply move the limit to your QS.

Of course, since it's a QS1, the limit could be something like $300 in which case I would not bother waiting around for the potential policy change. Just close it if that's the case.  There's no point in paying for the QS1 when you have a QS. Your AAOA will be fine, as even once you close the account, the card ages the same.

[SunriseEarth]

Have you already paid the AF for QS1?   Have you ever asked for a waiver for the AF?  I would try those before closing.

IMHO, you probably should have just stuck it out with the QS1 and waited for the QS offer on that CC.   However, what's done is done.  If you do decide to close the QS1, it will remain on your CRs (and factored into your AAoA) for ~10 yrs.   FYI, Cap One is known for reporting 10 years from DOLA, as opposed to closing date.

[kdm31091]

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@SunriseEarth wrote:

Have you already paid the AF for QS1?   Have you ever asked for a waiver for the AF?  I would try those before closing.

IMHO, you probably should have just stuck it out with the QS1 and waited for the QS offer on that CC.   However, what's done is done.  If you do decide to close the QS1, it will remain on your CRs (and factored into your AAoA) for ~10 yrs.   FYI, Cap One is known for reporting 10 years from DOLA, as opposed to closing date.

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What's the point of getting the QS1 AF waived? At this point, OP has the QS, and may as well just keep it since the limit is almost definitely higher than the QS1.

[Anonymous]

My QS has a credit limit of 3k, the QS1 has a credit limit of 3500, so I guess if they are willing to combine down the line, it's best to just keep both open for now. I've never had the annual fee waived and since it transferred from my existing account, it shouldn't pop up until September. Maybe I can just have them waive it then or combine the two at that point?

[kdm31091]

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@Anonymous wrote:

My QS has a credit limit of 3k, the QS1 has a credit limit of 3500, so I guess if they are willing to combine down the line, it's best to just keep both open for now. I've never had the annual fee waived and since it transferred from my existing account, it shouldn't pop up until September. Maybe I can just have them waive it then or combine the two at that point?

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You'll simply have to wait and see if they will allow combining. No one really knows when it will occur if it does, other than "down the road". I didn't know your QS1 had a higher limit than the QS. It's a bit of a predicament then. But I would definitely get the QS1 fee waived if you can.

[SunriseEarth]

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@kdm31091 wrote:

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@SunriseEarth wrote:

Have you already paid the AF for QS1?   Have you ever asked for a waiver for the AF?  I would try those before closing.

IMHO, you probably should have just stuck it out with the QS1 and waited for the QS offer on that CC.   However, what's done is done.  If you do decide to close the QS1, it will remain on your CRs (and factored into your AAoA) for ~10 yrs.   FYI, Cap One is known for reporting 10 years from DOLA, as opposed to closing date.

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What's the point of getting the QS1 AF waived? At this point, OP has the QS, and may as well just keep it since the limit is almost definitely higher than the QS1.

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The point would be for the OP to save money.   

[Anonymous]

Thanks for your help!

[SunriseEarth]

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@Anonymous wrote:

My QS has a credit limit of 3k, the QS1 has a credit limit of 3500, so I guess if they are willing to combine down the line, it's best to just keep both open for now. I've never had the annual fee waived and since it transferred from my existing account, it shouldn't pop up until September. Maybe I can just have them waive it then or combine the two at that point?

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Unfortunately, Cap One doesn't combine or reallocate CLs at the present time.   I would try getting the AF waived when you get closer to that time.  If the CSRs can't assist, you could always reach out to the EO.