To close a 10 year old card?

[Goat14]

Hello, First - I would like to say that I have a 10 year old capital one platinum mastercard that has an APR of 19.99% and a limit of $4,500. It is an old orchad bank card. Im thinking of combining it to my newer venture one visa with an APR of 15.9% and a limit of $3,000. This card is just shy of 1 year old and never had a CLI - not even enrolled in steps sadly. For many reasons capital one wont give me an increase on either card. I know I should keep the older one and combine the newer one, but I feel the older one will never grow because it is a starter card, and its taken 10 years and hair pulling to get it to its limit. My fico score has  only gone up and collections in the past have fallen off. I am still at about 650 fico across the board until sometime in january when a massive baddie comes off my report. Until then I just cant get a lender to see past - the past. Never did a bankruptcy or anything. Just had a problem in 2008/2009 when the world went to hell.

What I really want is a low APR card with a larger limit (5k+). Ideally, I would like to get a CLI on both cards before combing, but captial one says no go. My only option is to just combine and be done with it. It will never be a $30,000 limit card and I would never want to pay 19-24% APR on that size of a loan either. I do have a chase freedom card that is less than one year old and has had two auto CLI's up to its current limit of $4,200. Making it my second highest limit card compared to my first at over 10 years old with perfect payments. 

What are some of your opionions on closing this ten year old card and combining it to the visa? I dont think I can handle another chat with capital one about my low limits. 

[Anonymous]

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@Goat14 wrote:

Hello, First - I would like to say that I have a 10 year old capital one platinum mastercard that has an APR of 19.99% and a limit of $4,500. It is an old orchad bank card. Im thinking of combining it to my newer venture one visa with an APR of 15.9% and a limit of $3,000. This card is just shy of 1 year old and never had a CLI - not even enrolled in steps sadly. For many reasons capital one wont give me an increase on either card. I know I should keep the older one and combine the newer one, but I feel the older one will never grow because it is a starter card, and its taken 10 years and hair pulling to get it to its limit. My fico score has  only gone up and collections in the past have fallen off. I am still at about 650 fico across the board until sometime in january when a massive baddie comes off my report. Until then I just cant get a lender to see past - the past. Never did a bankruptcy or anything. Just had a problem in 2008/2009 when the world went to hell.

What I really want is a low APR card with a larger limit (5k+). Ideally, I would like to get a CLI on both cards before combing, but captial one says no go. My only option is to just combine and be done with it. It will never be a $30,000 limit card and I would never want to pay 19-24% APR on that size of a loan either. I do have a chase freedom card that is less than one year old and has had two auto CLI's up to its current limit of $4,200. Making it my second highest limit card compared to my first at over 10 years old with perfect payments. 

What are some of your opionions on closing this ten year old card and combining it to the visa? I dont think I can handle another chat with capital one about my low limits. 

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If you aren't going to use it, it is worth closing. However, as an alternative, you could try to move the Venture limit to the old card, then PCing the old card to a Venture One (or a QS, if you can swing it). That would keep your oldest card with the combined limits and give you a useful card. As a separate aside, the Venture One is not a very good card. You could probably get a regular venture, which has an AF but better rewards, or possibly a QS or QS1.

[Anonymous]

i personally think you're too worried about high limits for not much apparent reason based on your post. $4,500 is good for 650 scores and baddies.... i understand you think having the card for 10 years makes you feel you deserve more but your profile may not support it. and if you don't spend much on the card then it's hard to justify a CLI.

[SouthJamaica]

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@Goat14 wrote:

Hello, First - I would like to say that I have a 10 year old capital one platinum mastercard that has an APR of 19.99% and a limit of $4,500. It is an old orchad bank card. Im thinking of combining it to my newer venture one visa with an APR of 15.9% and a limit of $3,000. This card is just shy of 1 year old and never had a CLI - not even enrolled in steps sadly. For many reasons capital one wont give me an increase on either card. I know I should keep the older one and combine the newer one, but I feel the older one will never grow because it is a starter card, and its taken 10 years and hair pulling to get it to its limit. My fico score has  only gone up and collections in the past have fallen off. I am still at about 650 fico across the board until sometime in january when a massive baddie comes off my report. Until then I just cant get a lender to see past - the past. Never did a bankruptcy or anything. Just had a problem in 2008/2009 when the world went to hell.

What I really want is a low APR card with a larger limit (5k+). Ideally, I would like to get a CLI on both cards before combing, but captial one says no go. My only option is to just combine and be done with it. It will never be a $30,000 limit card and I would never want to pay 19-24% APR on that size of a loan either. I do have a chase freedom card that is less than one year old and has had two auto CLI's up to its current limit of $4,200. Making it my second highest limit card compared to my first at over 10 years old with perfect payments. 

What are some of your opionions on closing this ten year old card and combining it to the visa? I dont think I can handle another chat with capital one about my low limits. 

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Don't do it. That 10-year old account is gold in your AAoA factor. Just keep it, and let it be.

My oldest card with Cap One was the same kind of card. One day I called up and asked if there were any upgrade offers on the account, and they said yes and upgraded it to a Quicksilver with no annual fee.

[Goat14]

I have like 1 baddie left that is falling off. Im not worried about having a high limit. Im more concerned with UTL% and bringing it down. I forgot to add that part. The older card has recivied a bunch of use. The newer one has been charged up then paid down over time to show usage. I paid it off only once so far because its not very old. I want to cut some cards out of my life really. Would like to get to 2 or 3 total. 

[woodyman100]

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@Anonymous wrote:

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@Goat14 wrote:

Hello, First - I would like to say that I have a 10 year old capital one platinum mastercard that has an APR of 19.99% and a limit of $4,500. It is an old orchad bank card. Im thinking of combining it to my newer venture one visa with an APR of 15.9% and a limit of $3,000. This card is just shy of 1 year old and never had a CLI - not even enrolled in steps sadly. For many reasons capital one wont give me an increase on either card. I know I should keep the older one and combine the newer one, but I feel the older one will never grow because it is a starter card, and its taken 10 years and hair pulling to get it to its limit. My fico score has  only gone up and collections in the past have fallen off. I am still at about 650 fico across the board until sometime in january when a massive baddie comes off my report. Until then I just cant get a lender to see past - the past. Never did a bankruptcy or anything. Just had a problem in 2008/2009 when the world went to hell.

What I really want is a low APR card with a larger limit (5k+). Ideally, I would like to get a CLI on both cards before combing, but captial one says no go. My only option is to just combine and be done with it. It will never be a $30,000 limit card and I would never want to pay 19-24% APR on that size of a loan either. I do have a chase freedom card that is less than one year old and has had two auto CLI's up to its current limit of $4,200. Making it my second highest limit card compared to my first at over 10 years old with perfect payments. 

What are some of your opionions on closing this ten year old card and combining it to the visa? I dont think I can handle another chat with capital one about my low limits. 

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If you aren't going to use it, it is worth closing. However, as an alternative, you could try to move the Venture limit to the old card, then PCing the old card to a Venture One (or a QS, if you can swing it). That would keep your oldest card with the combined limits and give you a useful card. As a separate aside, the Venture One is not a very good card. You could probably get a regular venture, which has an AF but better rewards, or possibly a QS or QS1.

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^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^This is a great suggestion! It will take a little time, but worth doing if you can be patient.

[B335is]

If there's no AF, I personally wouldn't close a 10 year old account because my credit profile needs as many old accts as possible. OP you may have different needs or objectives as me though, so do what you feel is best in your situation.

[Anonymous]

Do you have other accounts around the same age, or is this the only one? Unless your AAoA is rock-solid from other old accounts, I don't see why you'd even consider closing it. It won't hurt you for 10 years, sure, but I imagine you kicking yourself in 10 years when that account falls off your reports and your score dips accordingly.

If a big baddie is dropping off your reports in January, that's practically around the corner. Why not wait until that drops off, then try again with Cap One to get your current accounts closer to what you want? If your goal is a >$5000 limit with a low APR, there are a ton of ways to accomplish that without closing anything.

[Anonymous]

yeah i mean you've had it 10 years. what's 2 more months

[SunriseEarth]

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@Goat14 wrote:

Hello, First - I would like to say that I have a 10 year old capital one platinum mastercard that has an APR of 19.99% and a limit of $4,500. It is an old orchad bank card. Im thinking of combining it to my newer venture one visa with an APR of 15.9% and a limit of $3,000. This card is just shy of 1 year old and never had a CLI - not even enrolled in steps sadly. For many reasons capital one wont give me an increase on either card. I know I should keep the older one and combine the newer one, but I feel the older one will never grow because it is a starter card, and its taken 10 years and hair pulling to get it to its limit. My fico score has  only gone up and collections in the past have fallen off. I am still at about 650 fico across the board until sometime in january when a massive baddie comes off my report. Until then I just cant get a lender to see past - the past. Never did a bankruptcy or anything. Just had a problem in 2008/2009 when the world went to hell.

What I really want is a low APR card with a larger limit (5k+). Ideally, I would like to get a CLI on both cards before combing, but captial one says no go. My only option is to just combine and be done with it. It will never be a $30,000 limit card and I would never want to pay 19-24% APR on that size of a loan either. I do have a chase freedom card that is less than one year old and has had two auto CLI's up to its current limit of $4,200. Making it my second highest limit card compared to my first at over 10 years old with perfect payments. 

What are some of your opionions on closing this ten year old card and combining it to the visa? I dont think I can handle another chat with capital one about my low limits. 

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I'd definitely recommend PCing the older card to something more useful to you.   You can call in or chat to see if you have any upgrade offers.   if not, you can always reach out to the EO.   I'd also agree with other commentators that your CLs are appropriate for your scores and profile.   I wasn't able to get a major bankcard over $5K until my scores were upper 600s, and that was due to AMEX being generous.   

Anyway, I'd recommend seeing what you can do to improve the older card before making any decisions to close it.