Want to close both cap1 cards, BT Question.

[Juan123]

i currently have 2 capital one cards... they suck. open 4 years and neither have gotten a CLI. one is $500 other is $750..

Both cards have around $980. my question is; is it worth it to eat the about $35 fee for the BT to go ahead and close both cards, or should i do one at a time or maybe just pay them off gradually then close them?

I've requested CLI's every 3 months.. always declined.

[wollepopolle]

If you already have other, better cards that will take on their job, then go ahead and close them before the AF hits. If not, I'd apply for a better card before you close them. If you don't have any prime cards, I'd keep them open until you qualify for a prime card, then close them.

[Juan123]

what's considered a prime card?

[wollepopolle]

A card with a major bank like Discover, Chase, Amex, Citi etc. But also a good card from a reliable credit union. The important thing is you want a card that has a decent starting limit of at least $2k or more.You should also wait till you qualify for a good balance transfer option (like x months at 0%). First and foremost, though, you should pay off the balance as soon as possible, no matter if you close your Cap One cards now or later.

[Juan123]

i have a discover and citi card... neither are $2000... my discover card is stuck at $500 for the last 3 years also. i think its cuz its an old student card but i dont qualify for anything better i should close that one too

i wont be able to pay them all off until probably febuary >_<

[wollepopolle]

Oh, I saw in your other thread that you have better cards now. If they come with a good BT option, I'd take advantage of this. What's the interest on your Cap ONe cards?

The key is, though, not to move debt around but to pay it off. Small steps, big steps, whatever helps.

[wollepopolle]

February 2012 sounds great to me. If you can do it by then, do it by all means! You'll be glad you did.

[wollepopolle]

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@Juan123 wrote:

i have a discover and citi card... neither are $2000...

Wait, didn't you say in the other thread that you got approved for a $2k Citi card?

[Juan123]

its actually 1000. barclays is 2000 but isnt a prime card >_< well 1990.

neither have any good BT offers.. citi is 19%. 3% fee.

the rates on my cap1 cards are i think 15.99 and 16.99

[my25reasons]

Capital one was also one of my first cards, lowest limits and highest int. You're also right that they suck with CLI's. I couldn't wait to give them the boot.

BUT - from my experience, closing the card hurts more than it helps. IMO, your best bet would be to pay them off (in whatever fashion you choose) and keep the account open, but cut up the cards and forget they exist.