Credit Cards

[Objectivist]

After miscalibrating my creditworthiness and getting denied 4 or 5 times...I've finally been accepted for a credit card without needing a cosigner! It's the Cap1 Cash Rewards Mastercard. The only problem is that it has an annual fee. I would rather trade it for the Cap1 Platinum which has no fee, but a higher APR. I haven't activated the card yet. Any chance they will just let me trade? Fee card is better than nothing, but I'm afraid in the long run I will one day wish to cancel this card. 

[nisargshah12]

IT depends, what is your score? How old are your baddies? But even then, capital one is NOT very friendly when it comes to switching cards. Chances are they won't do it.

[Objectivist]

Score is 650-700. My baddies (credit pulls) are recent. Will it hurt my credit 3 years from now when I might cancel the card?

[SnackTrader]

I think you might misunderstand the term "baddies". These would mean late payments reporting to the bureaus (30+ days), collections, judgments, bankruptcy, etc.

But regardless, having a card with an annual fee won't hurt your credit, if that's what you are asking.

[Objectivist]

Thank you. I have zero baddies. However, I'm asking if closing this account down the road will hurt my credit. I'm not always going to want this fee. Otherwise, I'd rather tell Cap1 I want a different card instead. What would you do?

[jsucool76]

A) The plat has an AF (one of them has a 19$ and the other has a 39$ AF, the one with no AF is plat prestige which is a prime card) 

B) They will not let you change your card, they rarely do that to anyone. 

C) the $39 AF isn't really that much, you get 1% in rewards plus a 50% bonus (so effectively you get 1.5% on everything) and you dont have to spend that much to break even. 

Edit: Well you already opened it, you might as well keep it open for now. Closing an account down the road won't affect anything but your utilization. The account will continue to report for 10 years so your AAoA won't really be affected. 

[Objectivist]

I'm sold. 

[jamesdwi]

There is a no AF capitalone card, that is a rebulder/starter card, my son just got it, he had zero cards, only 2x AU'd capone cards on his report for 4 months.   I also have a no fee CapOne card that was part of the steps program its 40 months old back then it was two steps, a 2k limit and no increases in years and CLI are declined. 

[jsucool76]

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jamesdwi wrote:

There is a no AF capitalone card, that is a rebulder/starter card, my son just got it, he had zero cards, only 2x AU'd capone cards on his report for 4 months.   I also have a no fee CapOne card that was part of the steps program its 40 months old back then it was two steps, a 2k limit and no increases in years and CLI are declined. 

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The only way to get a no AF starter/rebuilder card from cap1 is through a mailed special offer. That is what I did. I got a plat MC with no AF and PCd it to a cash rewards. 

Otherwise, the only no AF cards cap1 offers are their prime cards, and their partner cards (I think orbitz and playstation have no AF)