cancel
Showing results for 
Search instead for 
Did you mean: 

So should I even be thinking about closing my Cap1 Card?

Contributor

So should I even be thinking about closing my Cap1 Card?

I started my credit recovery about 2 and a half years ago and start PFD process and got myself a Cap1 secured card with 3k deposit that's reached 3.3k over the years. Always paid on time, Never late. Use about 20% of its limit.

 

I have recently gotten approved for a Chase Freedom (1k limit to start & plan to use it for a long time as chase custie) and Amex Green (just wanna get a foot in amex door).

 

My question is at which point would it be a good idea to close that Cap1 card to get my 3k deposit back because that's a lot of money to me, yet I don't want my credit to take a step back in terms of my average credit history since I will have two new cards on my report.

 

Also my freedom card will only have 1k limit to start, do you think it's possible to ask them to raise it at activation to at least 3k if I tell them I plan to close my cap1 card in the near future and I need more credit line? 

 

If none of it is a good idea and I have to wait for my new cards to mature, should i wait 2 years before even thinking about closing my Cap1 card when my Chase card will be 2 years old?

 

I'd really like some good advice on what i should do while hopefully not getting too much of a hit on my fico score when i decide to close the cap1 card.

 

Jonathan

Message 1 of 14
13 REPLIES
Valued Contributor

Re: So should I even be thinking about closing my Cap1 Card?

Closing your Cap one is not going to hurt your score from the AAoA because it is still going to report for probably the next 10 years.

Where it might hurt you is your amount of available credit.

So, if you only have the Chase card with $1k and want to charge or carry a hefty balance then you should keep your Cap One open.

If I were you I would call Chase Recon number and tell them your plan, ask them to raise the limit to $3k.

Hope this helps.

*8/10/13
Message 2 of 14
Contributor

Re: So should I even be thinking about closing my Cap1 Card?


dodfire wrote:

Closing your Cap one is not going to hurt your score from the AAoA because it is still going to report for probably the next 10 years.

Where it might hurt you is your amount of available credit.

So, if you only have the Chase card with $1k and want to charge or carry a hefty balance then you should keep your Cap One open.

If I were you I would call Chase Recon number and tell them your plan, ask them to raise the limit to $3k.

Hope this helps.



Oh interesting.. I'm a little bit slow on AAoA thing.. so all i have to worry about is to increase the limit on that freedom card and all is swell? no big hit on my fico even though  then all my active account will be like 1-2 months old? If so, then that's cool Smiley Happy

Message 3 of 14
Valued Contributor

Re: So should I even be thinking about closing my Cap1 Card?

That is correct...if you close the cap one account....its age will still be figured into your AAoA

*8/10/13
Message 4 of 14
Super Contributor

Re: So should I even be thinking about closing my Cap1 Card?

I would keep it open until you get the card or cards you want to increase your available credit then close it if you like. IMO

Right now your talking about going from 4k down to 1k 

I do understand you wanting to get your deposit back but this may not be the best time and this is just IMO

Before you app think...
Have you done your research of the CC?
Does it fit your spending?
Do you have a plan for the bonus w/o going into debt?
Can you afford the AF?
Do you know the cards benefits? Is it worth the HP?
Message 5 of 14
Contributor

Re: So should I even be thinking about closing my Cap1 Card?


dodfire wrote:

That is correct...if you close the cap one account....its age will still be figured into your AAoA


Thanks for the tip.

 

The more i think about it though, i think i will keep it around until i really need the money.

 

One more question, does Chase Freedom and Amex Green report to all 3 Credit Bureaus?

Message 6 of 14
Contributor

Re: So should I even be thinking about closing my Cap1 Card?


myjourney wrote:

I would keep it open until you get the card or cards you want to increase your available credit then close it if you like. IMO

Right now your talking about going from 4k down to 1k 

I do understand you wanting to get your deposit back but this may not be the best time and this is just IMO



thanks.

 

does Chase Freedom and Amex Green report to all 3 Credit Bureaus?

Message 7 of 14
Super Contributor

Re: So should I even be thinking about closing my Cap1 Card?


kchui1028 wrote:

myjourney wrote:

I would keep it open until you get the card or cards you want to increase your available credit then close it if you like. IMO

Right now your talking about going from 4k down to 1k 

I do understand you wanting to get your deposit back but this may not be the best time and this is just IMO



thanks.

 

does Chase Freedom and Amex Green report to all 3 Credit Bureaus?


Yes they do...Smiley Happy

Before you app think...
Have you done your research of the CC?
Does it fit your spending?
Do you have a plan for the bonus w/o going into debt?
Can you afford the AF?
Do you know the cards benefits? Is it worth the HP?
Message 8 of 14
New Contributor

Re: So should I even be thinking about closing my Cap1 Card?

I wanted to close my Cap 1 card as well but had the exact worries as Jonathan. I chose not to because I had thought FICO scoring calculated open and closed AAoA differently?

I have a short AAoA now and do NOT need another drop, but would like to close Cap1. Its only a $451 CL but it did just reach a year old. I thought that would be
a plus versus closing it, but really I dunno. .

Message 9 of 14
Highlighted
Regular Contributor

Re: So should I even be thinking about closing my Cap1 Card?

It wasn't secured, but closing my capital one account was the best thing I ever did.  It was a crappy card that had no chance of growing with me at all.  Since then, I have gotten a couple GE cards (Paypal Extras, Lowes) and they have grown a ton!  Paypal went from $1500 to $4500, Lowes went from $500 to $4600.  If you don't mind taking an inquiry hit, I highly recommend a GE card if you want something to make up for the lack of available credit from the Cap1 card that you want to close.  The Walmart card is nice, because of the availibility of seeing your TU score each month.

Last Hard Pull 05/24/2013

Starting Score: MyFico TU: 621 EQ: 610
Current Score: AmEx EX: 700 Walmart TU: 711 EQ: 699
Goal Score: 700's baby! (made it 4/10/2013!)
New Goal: 740!!


Take the FICO Fitness Challenge
Message 10 of 14