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Regular Contributor
Posts: 228
Registered: ‎07-21-2008
0

Should I close Capital One

Hello All,

 

I am a long time stalker of myfico and this website is great. There is so much to learn, and so much to gain from you fico gurus. Recently, I began to clean house in my Garden, I've been in the gardening stage since April of this year, so I decided to create a Cemetery Plot. Smiley Very Happy 

 

The Cemetery Plot includes: 

 

Credit One Bank paid in full closed never late 10/2011 AF $99.00/YR, had for two years

 

First Premier Bank paid in full closed never late 09/2011 AF $75/YR, had for a year and a half

 

First Savings Bank Credit Card paid in full closed never late 09/2011 AF $75/YR, had for one year

 

Orchard Bank paid in full closed never late 09/2011 AF $79/YR, had for two years

 

Hooters Merrick Bank paid in full closed never late 09/2011 AF $48/YR, had for one year 

 

There's always room in the plot for more Smiley Wink but before I add two more to the plot I need some advice. 

 

I have two Capital One cards both with $39 AF's and both are unable to product change to anything else.......Believe me I've tried.......Both cards were unsuccessful at getting the annual fee waived too.....I want to part with these cards because of their stagnation; no cli, af, and their inability to product change to anything else. But I am unsure. What do you guys think? I've had one account for 1 yr and the other for 1.5 yrs and they are not my oldest account...Thank God!!!!!!

 

As you can see, I've ridden my Garden of all cards with AF's, saving me so far $376/yr, and I just need a little more guidance as to what I should do with these last two AF Cards.

 

Thoughts, Inputs, Suggestions are all Welcomed. Smiley Happy Thanks in advance for reading!!!!!!!!

 

P.S.. I do have other cards in my Garden:        Smiley Very Happy

 

B of A Student Visa opened 05/07 no af

 

Ga Own CU Visa opened 03/2011 no af

 

Amex Zync opened 03/2011........af $25/yr but don't mind this one....This is my everyday card. 

 

Wells Fargo Student Visa opened 04/2011 no af

 

Target Store Card opened 04/2011 no af

 

Macy's Store card opened 04/2011 no af 

 

I am still in the rebuilding phase------credit reports are frozen-----not looking for credit until Dec of this year----one card in particular, whose sole purpose is to replace the cards that are or will be in the cemetery plot, as far as credit limit goes. Smiley Wink


Starting Score: 475 09/2008
Current Score: 07/2012 EX:696 (BOFA & Amex Fico) EQ:707 (CU Pull) TU:708 (Walmart FIco)
Goal Score: To Be in the 800 Club!!!!!!


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Established Contributor
Posts: 768
Registered: ‎04-08-2011
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Re: Should I close Capital One

I would close them, rid myself of the annual fees, that money can be more useful elsewhere


Starting Score (08/11/11): TU08: 643
Current Score: TU08: 741
Goal Score: Stay in the 700s; keep reports clean


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Senior Contributor
Posts: 3,197
Registered: ‎01-24-2010
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Re: Should I close Capital One

Capital One also has prime cards.   So keeping and using one or both, until your credit improves and you can qualify for their better cards would be my choice.   

Valued Contributor
Posts: 1,971
Registered: ‎02-06-2011
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Re: Should I close Capital One


Wolf3 wrote:

Capital One also has prime cards.   So keeping and using one or both, until your credit improves and you can qualify for their better cards would be my choice.   


I'm sure I have the same two cards the OP has The Platinum 500CL and the No Hassle Rewards 750CL, both 39AF, I was going to close them before the fee hit (I do not need them anymore) I have 43,750 total revolving credit so losing the 1250 from these two cards would not hurt me, BUT, I decided to keep them one more year, just to see if Cap1 will rise above the VERY low expectations I have for them, I know and understand these cards are solely rebuilder cards, but I also know the Max CL for these cards is 3000 still very low compared to other CL's I have, but they would be worth keeping with a 3k CL, if I can't get Cap 1 to extend me some type of offer on at least one of these cards or offer an upgrade by the time AF is due next year, I will be closing them.

 

I am almost 100% positive I paid the 39AF on both cards to give Cap1 a second year to make good with me was a wasted $78, but other than Cap1 being stingy with CLI's I have been very happy with them, and I also happen to like their online account website, easy to use and can make as many payments a month as you want with 0 problems. (Was good to have when the only cards I had were the Cap1 cards).

 

If Cap1 only pulled 1 Credit Report when apping, I would app for the no AF Prime version of the No Hassle Rewards card in a heartbeat, but I will NOT take 3 hards for ONE credit card.

 

The choice is yours, you said in your OP that you've had one for a year and one for a year and a half, which means you've already paid the AF, might as well keep them around till the AF is due next time around, if they still won't show you any love by then, maybe close them if you so choose.

 

Either way, Best of Luck!!


Starting Score: 583
Current Score: 3-03-12-EQ-802 TU-806 EX-798 (EQ Beacon 9: 804 Lender Pull 3-08-12) All FICO's
Goal Score: 800+ across all three

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Regular Contributor
Posts: 228
Registered: ‎07-21-2008
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Re: Should I close Capital One

Thanks you guys for all of your advice.

 

I do agree that Capital One does have some Prime Cards one being the Cash Rewards Card-------I might apply for this but can't see myself taking the three hits for one card.

 

Mustanglvr2006 you hit the nail right on the hammer Smiley Very Happy  I do have the regular Platinum one and the no Hassle Cash Rewards both are not bad cards and yes the total credit Limit of both cards is $1250.

 

My annual fee is coming up next month and if I close one I'm going to close both as I have not received any love from Cap One. Yes they were there when nobody would take a chance on me, but we are past those times now and I feel that after making all my payments on time and always paying my balance in full the least they could do is waive the fee. 

 

You guys are good Smiley Very Happy

 

I guess I don't want to lose that spending ability until I have a card to replace that ability...But I'm more willing to make an exception if it saves me an additional $78, because there are other things that money could be used for. 


Starting Score: 475 09/2008
Current Score: 07/2012 EX:696 (BOFA & Amex Fico) EQ:707 (CU Pull) TU:708 (Walmart FIco)
Goal Score: To Be in the 800 Club!!!!!!


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Senior Contributor
Posts: 3,197
Registered: ‎01-24-2010
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Re: Should I close Capital One


ashkev89 wrote:

Thanks you guys for all of your advice.

 

I do agree that Capital One does have some Prime Cards one being the Cash Rewards Card-------I might apply for this but can't see myself taking the three hits for one card.

 

Mustanglvr2006 you hit the nail right on the hammer Smiley Very Happy  I do have the regular Platinum one and the no Hassle Cash Rewards both are not bad cards and yes the total credit Limit of both cards is $1250.

 

My annual fee is coming up next month and if I close one I'm going to close both as I have not received any love from Cap One. Yes they were there when nobody would take a chance on me, but we are past those times now and I feel that after making all my payments on time and always paying my balance in full the least they could do is waive the fee. 

 

You guys are good Smiley Very Happy

 

I guess I don't want to lose that spending ability until I have a card to replace that ability...But I'm more willing to make an exception if it saves me an additional $78, because there are other things that money could be used for. 


IMO, close the platinum and keep the one with rewards.

Established Contributor
Posts: 524
Registered: ‎08-24-2011
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Re: Should I close Capital One


ashkev89 wrote:

 

I guess I don't want to lose that spending ability until I have a card to replace that ability...But I'm more willing to make an exception if it saves me an additional $78, because there are other things that money could be used for. 



You can also try and get a CLI from Amex or from another decent card you have...

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Valued Contributor
Posts: 1,603
Registered: ‎12-07-2008
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Re: Should I close Capital One

I say if you want to close them, close them. 

 

If you don't want an AF then maybe try to see if they'll waive it right before it's due and if not, then close it.  If you think you'll close them regardless, AF or not, then I would just shut them down.  You have a lot of other cards.

11/30/08 TU 648 EX 672 EQ 656 SEPT 2014 TU 787 EX 789 EQ ???
Amex BCP $24.1K/Clear $8.5- Sallie Mae $27.5 -Cap One QS $7.5 - Chase Freedom $7.5/United $5k/CSP $20k/Ink- Citi DP $9.5/Dividend $13k/HHHx2 $15k/16.4/Reserve $4.5k Best Buy $1940 HD $1701- Discover IT $15k - Elan $8k GEMB Lowes $20k - Macy's $2k - Kohl's $800




Starting Score: 648
Current Score: 736
Goal Score: 765


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