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New Member
scooter133
Posts: 7
Registered: ‎10-05-2009
0

Should I let Cap One close my account?

I've seen that a lot of people on here have been able to get help with their personal credit situations, so I thought I'd get help with mine. Here are the cards I have:

 

Orchard Bank Secured MC - $200 limit - Opened 8/06 - Closed 6/08

Capital One MC - $500 opening limit, CLI to $750 & $1250 - Opened 12/06

Chase Freedom Visa - $2500 limit - Opened 4/07

Belk store card - $200 opening limit, CLI to $300 & $400 - Opened 11/07

Hilton AmEx - $2500 limit - Opened 6/09

 

My question revolves around the Capital One card. I haven't used it for anything since June 2008, so I'm surprised they haven't closed it yet. I'm thinking part of the reason may be that I check the account online a couple of times a month to make sure there's no charge on it. Should I charge something on it every once in a while, or let it lapse? I should be able to use the Visa and AmEx for anything I need while keeping an eye on some other cards I want to get in the future. Any help would be appreciated.

Frequent Contributor
charliebrown1370
Posts: 313
Registered: ‎06-26-2009
0

Re: Should I let Cap One close my account?


scooter133 wrote:

I've seen that a lot of people on here have been able to get help with their personal credit situations, so I thought I'd get help with mine. Here are the cards I have:

 

Orchard Bank Secured MC - $200 limit - Opened 8/06 - Closed 6/08

Capital One MC - $500 opening limit, CLI to $750 & $1250 - Opened 12/06

Chase Freedom Visa - $2500 limit - Opened 4/07

Belk store card - $200 opening limit, CLI to $300 & $400 - Opened 11/07

Hilton AmEx - $2500 limit - Opened 6/09

 

My question revolves around the Capital One card. I haven't used it for anything since June 2008, so I'm surprised they haven't closed it yet. I'm thinking part of the reason may be that I check the account online a couple of times a month to make sure there's no charge on it. Should I charge something on it every once in a while, or let it lapse? I should be able to use the Visa and AmEx for anything I need while keeping an eye on some other cards I want to get in the future. Any help would be appreciated.


Hi Scooter,

 

If it was me, I would keep the card open and reporting. It has 4 years of history helping your AAoA and the CL is helping your util. Do you have a small recuring payment that you could set up for auto-pay to this card monthly and then pay it off when the charge hits? I keep one of mine alive and kicking that way (CCT monthly fee). It keeps the card reporting and does not cost a penny since you pay the monthly payment any way.

 

Just MHO. Others may have a different angle.

 

CB


Starting Score: EQ 618 TU 585
Current Score: EQ 680 TU 698 EX 681 (lender pull 04/2010)
Goal Score: EQ 720 TU 720


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Senior Contributor
score_building
Posts: 3,578
Registered: ‎01-10-2008
0

Re: Should I let Cap One close my account?


charliebrown1370 wrote:

scooter133 wrote:

I've seen that a lot of people on here have been able to get help with their personal credit situations, so I thought I'd get help with mine. Here are the cards I have:

 

Orchard Bank Secured MC - $200 limit - Opened 8/06 - Closed 6/08

Capital One MC - $500 opening limit, CLI to $750 & $1250 - Opened 12/06

Chase Freedom Visa - $2500 limit - Opened 4/07

Belk store card - $200 opening limit, CLI to $300 & $400 - Opened 11/07

Hilton AmEx - $2500 limit - Opened 6/09

 

My question revolves around the Capital One card. I haven't used it for anything since June 2008, so I'm surprised they haven't closed it yet. I'm thinking part of the reason may be that I check the account online a couple of times a month to make sure there's no charge on it. Should I charge something on it every once in a while, or let it lapse? I should be able to use the Visa and AmEx for anything I need while keeping an eye on some other cards I want to get in the future. Any help would be appreciated.


Hi Scooter,

 

If it was me, I would keep the card open and reporting. It has 4 years of history helping your AAoA and the CL is helping your util. Do you have a small recuring payment that you could set up for auto-pay to this card monthly and then pay it off when the charge hits? I keep one of mine alive and kicking that way (CCT monthly fee). It keeps the card reporting and does not cost a penny since you pay the monthly payment any way.

 

Just MHO. Others may have a different angle.

 

CB


+1

FICOS:
06/13 EX 765 (PSECU) EQ 771 (DCU) TU 779 (Barclays)
Valued Contributor
Uborrow-Upay
Posts: 2,708
Registered: ‎10-16-2008
0

Re: Should I let Cap One close my account?

+1

 

Right on, charliebrown1370!  That's what I'd do, too!

 

It's almost 20% of your total revolving tradelines.  Besides, now you've got a group of cards (MC/Visa/Amex) that's well-rounded!  :smileyhappy: 


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