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Hello all - in the last two years I have undergone a major financial makeover. I had a crappy Cap 1 card with a $750 limit and a Nordstrom card with a limit of $2400 and scores in the low 600s due to a couple mistakes I had made in the past. I now have scores in the mid 700s, just bought a house in September and then went on a successful app spree that landed me the Chase Southwest card with $12.5k limit, Chase Slate with $8k limit, Costco Amex card with $8.5k limit, local CU card with $5k limit, Citibank Best Buy card with $5k limit and was able to get my Nordstrom card bumped to $6k limit. Obviously my credit profile has changed quite a bit in the last several months, but I still have that lowly Cap 1 card - though they bumped my limit to $1,250 lol. My question - is it time to close down my Cap 1 card? The ONLY reason I've hesitated is that it's my oldest charge card in my file from around 2006, though my Nordstrom card is from 2006 as well. I know that average age of account is part of the score equation, but I will literally never use that card again for anything. It's had a zero balance for a year and they took away my annual fee, but I just don't want it any longer. I tried to get a higher limit about 6 months ago, but $1,250 was as high as they'd go. I went from about $3k in total credit lines to $45k in the last year, so I just don't see a point in keeping this card UNLESS it will have a significant impact on my score. I am thinking I'll just close down the card and waiting for the new lines to age before doing anything else with my credit. I don't have a need for any large purchases for quite some time, so I'm not too concerned with a temporary dip in my score (6-12 months). Any advice is appreciated!
Even closed it will still be factored into your AAoA for up to 10 years from date closed. You would lose the CL being factored into your utilization.
If you didnt try the EO on the CLI you can try that avenue prior to closing. If they wont accomodate then I would get rid of it.
@gdale6 wrote:If you didnt try the EO on the CLI you can try that avenue prior to closing. If they wont accomodate then I would get rid of it.
This would be my first option as well because it works and I think you'll be pleasantly surprised at the results
Have you thought about upgrading the Cap1 card to a more desirable one?
I definitely have thought about going the EO route and probably will before I close it. I was just thinking with all the other good cards I have it wouldn't help that much to add another one if I don't intend to use it. It can't hurt to try however!
MTSN wrote: Any advice is appreciated!
I would ask for a CLI every six months, and push until you get it upgraded to a World MC or Signature Visa. Why not? CLI requests don't cost a hard pull, and give you a free score. Plus, once you max out the 5% categories on other cards, it's nice to have a flat 1.5%.
And you may never need to use it overseas, but it's smart to have a no-FTF fee card in your lineup. I was glad to have mine on a recent trip to Europe...
For me it made sense to keep pushing until this card became something I wanted to have. You can too.
@MMB85 wrote:Have you thought about upgrading the Cap1 card to a more desirable one?
+1 see if you can upgrade to Quicksilver.
I think I would got the EO route and simply tell them the card is 6 years old and you have much better cards. I would say to them that you want it upgraded to the Signature Quicksilver and a minimum limit of something like $10,000.
I pushed them to recon my app for the Signature card, at the time it was a No Hassles card, and asked for a CLI on my Quicksilver without an AF. I clearly told them that if they were only going to grant me one or the other than I wanted the new card! That's what they gave me. I think they realized that I was tired of playing games with them and they read all the notes on my account which clearly stated things pertinent to their poor business model. I did call all the time in the past and point out my usage of the card and the fact that I did not really want to make multiple payments each month. Now on one card of theirs I have a limit that is 10 x what my limit was stuck at for over two years with thier non-prime card. When I call up I get pretty good customer service on my Signature card, but I do still get poor customer service on my other card.
I was about to reach out to the EO reluctantly because I have just hated dealing with the whole company in the past and simply didn't care to continue my relationship with them even with a better card. The good thing is I have good rewards cards for airlines with Chase SW (no FTF) and shopping with Costco Amex. Yesterday I got a preapproval on the Chase Freedom with 5% bonuses for different categories and $200 credit after I spend $500 in 90 days (and 0% interest for 15 months), so I went and app'd for that and was instantly approved for $7.5k. I feel covered and well rounded now, so I went ahead and just shut down my Cap 1 account all together. I've had a truly great experience with Chase for checking, savings, credit cards and in branch service so I'm much happier throwing them more biz instead of trying to keep my Cap 1 relationship going where I just shudder to think of dealing with them. Thanks for the advice though guys I've learned a ton here!