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Frequent Contributor
Posts: 362
Registered: ‎07-31-2007
0

Should I dump my oldest line of credit?

[ Edited ]

I'm thinking about dumping my oldest line of credit. I know it's considered a bad thing to do, but it's Cap1. I get no rewards, though I did recently get a CLI from them, which was a nice surprise. 

 

I'm also thinking about applying for Zync, because I pulled my EQ score and though it wasn't great, I noticed I haven't had any inquires in more than a year. The last one was 2/2010 when I applied for a Best Buy card. I'm not sure what Amex pulls or how hard it is to get into the "club"

 

Any thoughts? 

6/9/2008-TransUnion-703
6/9/2008-Equifax-712
6/9/2008 Experian-635

2/16/2011 Transunion - 675
3/11/2011 Equifax - 688
5/13/2011 Equifax - 704
5/28/2011 Equifax - 704
5/28/2011 Transunion - 724
Frequent Contributor
Posts: 474
Registered: ‎09-12-2010
0

Re: Should I dump my oldest line of credit?

if you dont have an af on your capital one card dont close it just use it once every couple months and buy something small and pay it off to keep it active because its going to lower your average age of accounts. If you dont have any baddies you should be good for zync with your scores

FICO scores - 727 TU(Walmart)/ 727 EX(Amex app)/ 721 EQ(Discover app)
In My Wallet: BankAmericard Cash Rewards($2,000), Discover More($3,000), Chase Freedom($2,000), Fidelity Amex($1,000), Sam's Club Discover($4,400), SallieMae 5% Mastercard($5,000), Amex BCE($2,000) ,Citi Simplicity($2,000), Paypal SmartConnect($3,100), Walmart Store Card($2,350), Chase Amazon Visa($700), Target RedCard($500), Capital One Cash Rewards($750), Best Buy Store Card($1,900), HHGregg($2,000), Amazon Store Card($1,250),Newegg Preferred Account($2,000), Park West($2,000), BankAmericard Travel Rewards($5,000)
Senior Contributor
Posts: 3,876
Registered: ‎01-10-2008
0

Re: Should I dump my oldest line of credit?

 


tsquad131 wrote:

if you dont have an af on your capital one card dont close it just use it once every couple months and buy something small and pay it off to keep it active because its going to lower your average age of accounts. If you dont have any baddies you should be good for zync with your scores


It will not impact AAoA until it falls of cbr in approx. 10 years.

 

DCU EQ 5.0, Citi EQ 08 Bankcard, PenFed EX NG2
EX 08: AFCU, Amex, Chase, PSECU EX 98(?)
TU 08: Barclays, Discover
Contributor
Posts: 96
Registered: ‎05-10-2008
0

Re: Should I dump my oldest line of credit?

Is there a fee? What are your other TL? Do you have a clean file?

 

I applied for an Amex Zync on Oct 2010, and I was approved. I'm not sure what my EX score was, but my file was thin but clean. I had many new accounts (mostly store cards). Four months later, I applied for the Amex Blue Sky, and I was approved. 

 

I say give it a shot. I was quite surprised when I got the approval for Zync. 

Senior Contributor
Posts: 3,197
Registered: ‎01-24-2010
0

Re: Should I dump my oldest line of credit?

Keep Cap 1.

Valued Contributor
Posts: 2,487
Registered: ‎02-18-2010
0

Re: Should I dump my oldest line of credit?

You got a magical CLI from Capital One and you're kicking them to the curb?  They'll NEVER give out CLIs again if the people they give them to then dump the card!  j/k.  I'm keeping mine because it's my oldest and has no AF. 


Starting Score: EQ 583 TU04 619 EX 592 (lender pull) 2010
Previous High Score: EQ 700 TU04 712 EX 726
Current Score: EQ 740 TU(Discover) 750 EX(AMEX) 747
Goal Score: 740+ all around


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Senior Contributor
Posts: 3,876
Registered: ‎01-10-2008
0

Re: Should I dump my oldest line of credit?

 


kc12286 wrote:

I'm thinking about dumping my oldest line of credit. I know it's considered a bad thing to do, but it's Cap1. I get no rewards, though I did recently get a CLI from them, which was a nice surprise. 

 

I'm also thinking about applying for Zync, because I pulled my EQ score and though it wasn't great, I noticed I haven't had any inquires in more than a year. The last one was 2/2010 when I applied for a Best Buy card. I'm not sure what Amex pulls or how hard it is to get into the "club"

 

Any thoughts? 


Remember to check your cap1 account online periodically for the ability to upgrade it to a rewards card.

 

Amex pulls EX and has reportedly approved rather liberally for the Zync and other charge products recently.  If credit history is in decent shape on EX, probably have a good shot at it.  GL!

 

DCU EQ 5.0, Citi EQ 08 Bankcard, PenFed EX NG2
EX 08: AFCU, Amex, Chase, PSECU EX 98(?)
TU 08: Barclays, Discover
Frequent Contributor
Posts: 362
Registered: ‎07-31-2007
0

Re: Should I dump my oldest line of credit?

[ Edited ]

They are my oldest card as well, it was first card. CL started off at 400 and stayed there forever and then I got bumped to 650 and stayed there for what seemed like forever. Finally got a bump to 1250 around Xmas.

 

I doubt I'll dump them, because it has a decent credit history.  I had two things counting as negative from the report, lates on a Old Navy which was closed and 1 late on a Chase card.

 

I'm not in any rush, it was a just a thought because I know the Zync supposedly offers early access to 'entertainment events' and I've noticed that some concerts offer presales to Amex holders.  I was just considering it.  I haven't pulled my EQ score or a Fako EX score, so I don't know where the others stand. But the TU was kind of low. I think it's in my sig.

6/9/2008-TransUnion-703
6/9/2008-Equifax-712
6/9/2008 Experian-635

2/16/2011 Transunion - 675
3/11/2011 Equifax - 688
5/13/2011 Equifax - 704
5/28/2011 Equifax - 704
5/28/2011 Transunion - 724
Valued Contributor
Posts: 1,986
Registered: ‎08-17-2007
0

Re: Should I dump my oldest line of credit?

I have had my cap 1 since 2002.  300CL with a/f and

security.  Now over 5000CL, no a/f and although I haven't

had a CLI, they did make me a cash back rewards card.  I

actually make money on this card.

 

I got most of this by calling back door number.  Try this.

 

Super Contributor
Posts: 5,759
Registered: ‎01-28-2008
0

Re: Should I dump my oldest line of credit?

i had my Cap One card since 1/2001.  Two weeks ago,  I closed the account.  I didn't want any dealings with Cap One anymore.  Fortunately, my Target Visa was opened 10/2000 and its my oldest card. 

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