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Should I close capital one card?

Valued Member

Re: Should I close capital one card?

Thanks 4 help. I will probably call capital one next week.
Message 11 of 18
Established Contributor

Re: Should I close capital one card?

Call them but close the account.  You don't need the card for utilization.

Message 12 of 18
Valued Member

Re: Should I close capital one card?

I thought it would be better to keep the card open for the age if they would agree to waive the annual fee
Message 13 of 18
Valued Contributor

Re: Should I close capital one card?

IF they waive the fee I'd keep it.

 

They are really weird to deal with.

 

They are my oldest card but pretty stingy

overall so if you have other cards and they

won't waive the fee--Adios Amigo.

 

Oh and BTW use the back door number

listed on the top of this site.  You will get a

better rep.

 

Message 14 of 18
Valued Contributor

Re: Should I close capital one card?

 


Wolf3 wrote:

IMO, I would keep the card and try to get the fee waived.   Then ask for a product change post graduation 

 

Capital One has 2 benefits that I think make it work keeping and which most CC don't offer.

1.  No Exchange fee on international purchases.    Most charge 3 to 4%.  They actually eat the 1% fee that the VISA network charges.  

2.  Auto Rental Insurance coverage (at not cost) that is primary rather than secondary.   If you wreck the rental, they pay it all,   Secondary coverage which most offer, only pays what your personal auto insurance doesn't , like the deductible.    You don't want that on your insurance record.


I agree with Wolf3.   I'd keep that card, even if they refuse to waive the fee.

 

You're 20.  Things will be dramatically different at age 21 and post graduation. 

 

Cap One has both crap cards (useful for some purposes, nonetheless) and ones that are truly gems.   $29 isn't a lot of money to hang in with CapOne for a while, worst case scenario. 

 

Keep that card, and reevaluate in a year or two.

 

BTW...you're doin' good!  Congrats!!  Smiley Happy

Message 15 of 18
Valued Contributor

Re: Should I close capital one card?

I also tend to agree with Wolf.  I would really try to hang on to that card for another bit, and hope that with a good score and a new job, they could convert to a much nicer AF free card.

BofA Cash Rewards VS - $25k | Citi Double Cash World MC - $18.9k | Amex BCE - $50k | Discover it - $50k | Chase Freedom Unlimited VS- $10k | Barclay Ring $5k |
Message 16 of 18
Senior Contributor

Re: Should I close capital one card?

I also agree with keeping the card for now.

 

What I really wanted to add is this....You are doing extremely well for a young person in school.  3 cards, nearly 8k in credit & all with 0 balances.

 

You deserve a huge pat on the back!!!!  Smiley Wink



Starting Score: 02/2015 TU 709 - EQ 676 - EX 729
Current Score: 04/2017 TU 754 - EQ 757 - EX 747
Goal Score: 850

Bury me in the garden...last app 08.09.15

Message 17 of 18
Valued Member

Re: Should I close capital one card?

Thanks for all the support and help guys!Smiley Happy  I guess in the bigger picture $29 isn't too much to pay to  develop my credit history.  Thanks for all the help again!

Message 18 of 18