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WHAT WOULD YOU DO? Need Credit Card Advice for Cap 1 cards

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Derrick1977
Frequent Contributor

WHAT WOULD YOU DO? Need Credit Card Advice for Cap 1 cards

Hi MyFico Family-

 

I need some advice.   I currently have 4 Capital one cards and I am considering combining them at the end of July or no later than the middle of August.  How would you combine and when would you combine?  Here is the structure as of today.

 

 Venture-------      Opened 1/20/2016          23.24%  APR                                                CL  $10000 (tried several times for an increase, no go)


Quicksilver One--Opened 8/26/2015          23.15%  APR                                                CL  $2000 (starting limit was $500)

Quicksilver---       Opened  7/28/2015        25.15% APR                                                 CL   $1300 (starting limit was $300)

Venture One---    Opened 1/20/2016          0% o. until 2/2017 then 22.24% APR           CL   $3000 (tried several times for an increase, no go)

Message 1 of 22
21 REPLIES 21
Anonymous
Not applicable

Re: WHAT WOULD YOU DO? Need Credit Card Advice for Cap 1 cards

If I were in your shoes, I'd move everything to the Venture one.  The reason being, it has the lowest APR and no annual fee.

Message 2 of 22
Derrick1977
Frequent Contributor

Re: WHAT WOULD YOU DO? Need Credit Card Advice for Cap 1 cards


@Anonymous wrote:

If I were in your shoes, I'd move everything to the Venture one.  The reason being, it has the lowest APR and no annual fee.


I am actually considering that but I was looking at me taking a hit on my credit because the Quicksilver and Quicksilver Once are the oldest credit cards I have on my credit report.  With that being the case, I know I would take an AAOA hit. 

Message 3 of 22
Anonymous
Not applicable

Re: WHAT WOULD YOU DO? Need Credit Card Advice for Cap 1 cards

Big dog QS

Message 4 of 22
kdm31091
Super Contributor

Re: WHAT WOULD YOU DO? Need Credit Card Advice for Cap 1 cards


@Derrick1977 wrote:

@Anonymous wrote:

If I were in your shoes, I'd move everything to the Venture one.  The reason being, it has the lowest APR and no annual fee.


I am actually considering that but I was looking at me taking a hit on my credit because the Quicksilver and Quicksilver Once are the oldest credit cards I have on my credit report.  With that being the case, I know I would take an AAOA hit. 


People get really scared about closing old accounts, but the truth is you won't take any AAOA hit for the next 10 years. The accounts will remain on your report just the same as if they were open.

 

Now, when they drop off 10 years from now, your AAOA will potentially decrease, but it will be insulated by the fact that your other accounts will also be ten years older. So while I won't say your score won't change at all, it's not likely to be a huge issue.

Message 5 of 22
Anonymous
Not applicable

Re: WHAT WOULD YOU DO? Need Credit Card Advice for Cap 1 cards


@Derrick1977 wrote:

@Anonymous wrote:

If I were in your shoes, I'd move everything to the Venture one.  The reason being, it has the lowest APR and no annual fee.


I am actually considering that but I was looking at me taking a hit on my credit because the Quicksilver and Quicksilver Once are the oldest credit cards I have on my credit report.  With that being the case, I know I would take an AAOA hit. 


Since it is only a few months older.  I wouldn't worry to much about the age.  

Message 6 of 22
Derrick1977
Frequent Contributor

Re: WHAT WOULD YOU DO? Need Credit Card Advice for Cap 1 cards


@Anonymous wrote:

Big dog QS


i was really thinking about keeping this one because of the age but also because it has a cash rewards.

 

 

However the Venture one, I was thinking because I can probably pc that one to a quick silver since it has the lower interest rate.

Message 7 of 22
Derrick1977
Frequent Contributor

Re: WHAT WOULD YOU DO? Need Credit Card Advice for Cap 1 cards


@kdm31091 wrote:

@Derrick1977 wrote:

@Anonymous wrote:

If I were in your shoes, I'd move everything to the Venture one.  The reason being, it has the lowest APR and no annual fee.


I am actually considering that but I was looking at me taking a hit on my credit because the Quicksilver and Quicksilver Once are the oldest credit cards I have on my credit report.  With that being the case, I know I would take an AAOA hit. 


People get really scared about closing old accounts, but the truth is you won't take any AAOA hit for the next 10 years. The accounts will remain on your report just the same as if they were open.

 

Now, when they drop off 10 years from now, your AAOA will potentially decrease, but it will be insulated by the fact that your other accounts will also be ten years older. So while I won't say your score won't change at all, it's not likely to be a huge issue.


Never looked at it that way.  Nice, so which one do you think I should keep?   Also, I am thinking of keeping them all open until I get a CLI on all 4 since the QS's are coming up on a year in August and the Ventures will be 6 months on the 20th of this month.  What do you think?

Message 8 of 22
Derrick1977
Frequent Contributor

Re: WHAT WOULD YOU DO? Need Credit Card Advice for Cap 1 cards


@Anonymous wrote:

@Derrick1977 wrote:

@Anonymous wrote:

If I were in your shoes, I'd move everything to the Venture one.  The reason being, it has the lowest APR and no annual fee.


I am actually considering that but I was looking at me taking a hit on my credit because the Quicksilver and Quicksilver Once are the oldest credit cards I have on my credit report.  With that being the case, I know I would take an AAOA hit. 


Since it is only a few months older.  I wouldn't worry to much about the age.  


Cool, that makes much since.  So which would you keep and when would you combine?

Message 9 of 22
JamP
Valued Contributor

Re: WHAT WOULD YOU DO? Need Credit Card Advice for Cap 1 cards


@Derrick1977 wrote:

@Anonymous wrote:

@Derrick1977 wrote:

@Anonymous wrote:

If I were in your shoes, I'd move everything to the Venture one.  The reason being, it has the lowest APR and no annual fee.


I am actually considering that but I was looking at me taking a hit on my credit because the Quicksilver and Quicksilver Once are the oldest credit cards I have on my credit report.  With that being the case, I know I would take an AAOA hit. 


Since it is only a few months older.  I wouldn't worry to much about the age.  


Cool, that makes much since.  So which would you keep and when would you combine?


PC the VentureOne and Venture to QS and move everything into the New VentureOne/QS, everything will become cash at this point.

 

Just did some of this myself but went with my oldest card and the AF was only 1% more, but still my oldest card.

 

 

 

250k+ CL and climbing.
Message 10 of 22
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