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

Frequent Contributor

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

I'm closing 2 of the 3 in the next 12 months first I'm getting one of them to 5k limit which I'm hoping they'll match my csp limit via eo. Then getting the 600 limit to 3k. Then just convert one that gets to a true cash rewards one without an annual fee. I'm not asking until fall after conversion of orchard. One feature I do like is the ability to redeem cash rewards after transaction has posted. I'm trying to get my limits up overall. By the time fall rolls around all new accounts will be 6 month old should be in 700. I want to get down to 4 or 5 bank cc & 3& 4 store cards.
Cards: CSP $5k, Capital One Cash Rewards VS $3100, Discover it $3k Capital One MasterCard $600, Orchard Bank $3k, Barclays Rewards MC $1250 Gapcard $900, BR $300, Neiman Marcus $1k, Macys $1200 Walmart $500
In the garden until I can get a BCP

Starting Score: 534
Current Score: 682 EQ SW 660 TU 636 EX 3/26/13
Goal Score: 720


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Message 11 of 14
Valued Contributor

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

If you don't need the cash right now hang onto it until you get your other limits up.  You certainly have a chance with Chase increasing the limit.  They are recon friendly.  I'd also give a thought about picking up a Discover card.

Message 12 of 14
Valued Contributor

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

Closing your cap1 card will affect your utilization even if you don't charge a big balance to it. Right now you have $4300 in credit limit. After Cap1 is closed, you will have $1000. That means, if you charge $200 on your chase card, you will have 20% Util instead of 4.7% Util (if Cap1 was kept open). Utilization can have a big impact on your scores.

I think it is a little premature to close your secured card. Keep in mind that Chase based their decision on your open secured card. If you don't get an increase on recon and ask for the increase down the road, Chase may decline if your secured card is closed or they may give a lower credit increase as they have nothing to match it to. Chase usually HPs for CLIs, so they will most likely look at more than just your history with them.

I know if the card had $200 of your money versus $3000, you would be more patient in waiting so I do understand the urgency but you should consider the points I made above in your decision. If you can stand it a little while longer, it will pay off.
Cards: Orchard Bank ($1100) | Cap1 Cash Rewards ($2500) | Chase Freedom ($1000) | Best Buy ($2500) | Discover It ($1000) | Barclay Rewards ($2500) | Current scores: EX FAKO: 684, CK TU: 649, FICO EQ: 680, FICO TU: 698, FICO EX: 658 Happy Homeowner Since 2/6/13! Smiley Happy Last App: 4/5/13 Gardening until July 2014
Message 13 of 14
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Senior Contributor

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

If you apply for a Cap 1 unsecured card, you can likely get a rewards card with high CL from them.    I suggest try the prequalifier and apply for the best one they offer. 

 

I'd would not close it until you have 3 other major CC's.  Then it is time to close it.

Message 14 of 14