Wanting to give my Capital One the axe.

[cs91]

Hey everyone, so I want to close my Capital One Rewards for Newcombers account because of its high APR , low CL, and that with other Prime Cards I have recently opened I cant see myself ever using this card. I know that it will affect my AAoA and I just wanted to get some good advice.

Here are my cards:

SeaWest Coast Guard FCU Classic CC: Opened April 2009, $1250 CL with no balance.

Best Buy Store Card: Opened October 2009, $1400 CL with no balance.

Capital One Rewards for Newcombers: Opened September 2010, $1750 CL with  no balance

USAA World Mastercard: Opened December 2011, $9000 CL with no balance

TrueEarning Amex: Opened February 2012, $4500 CL with no balance.

AAoA: 1.5 years  Oldest : 2.9 years.

Cards I Already Closed

American Eagle Store Card: Opened October 2009, Initial CL $400, lowered to $124 for inactivity. Closed January 2012.

Zales Store Card: Opened Dec 2010, CL $2950. Closed January 2012.

[pizzadude]

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@cs91 wrote:

Hey everyone, so I want to close my Capital One Rewards for Newcombers account because of its high APR , low CL, and that with other Prime Cards I have recently opened I cant see myself ever using this card. I know that it will affect my AAoA and I just wanted to get some good advice.

Here are my cards:

SeaWest Coast Guard FCU Classic CC: Opened April 2009, $1250 CL with no balance.

Best Buy Store Card: Opened October 2009, $1400 CL with no balance.

Capital One Rewards for Newcombers: Opened September 2010, $1750 CL with  no balance

USAA World Mastercard: Opened December 2011, $9000 CL with no balance

TrueEarning Amex: Opened February 2012, $4500 CL with no balance.

AAoA: 1.5 years  Oldest : 2.9 years.

Cards I Already Closed

American Eagle Store Card: Opened October 2009, Initial CL $400, lowered to $124 for inactivity. Closed January 2012.

Zales Store Card: Opened Dec 2010, CL $2950. Closed January 2012.

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Not true ~ your AAoA includes all accounts, both open and closed.    The only time that closing an account can hurt your score is if your utilization increases as a result of losing the credit limit, or if the number of cards with balances increases significantly.

[cs91]

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@pizzadude wrote:

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@cs91 wrote:

Hey everyone, so I want to close my Capital One Rewards for Newcombers account because of its high APR , low CL, and that with other Prime Cards I have recently opened I cant see myself ever using this card. I know that it will affect my AAoA and I just wanted to get some good advice.

Here are my cards:

SeaWest Coast Guard FCU Classic CC: Opened April 2009, $1250 CL with no balance.

Best Buy Store Card: Opened October 2009, $1400 CL with no balance.

Capital One Rewards for Newcombers: Opened September 2010, $1750 CL with  no balance

USAA World Mastercard: Opened December 2011, $9000 CL with no balance

TrueEarning Amex: Opened February 2012, $4500 CL with no balance.

AAoA: 1.5 years  Oldest : 2.9 years.

Cards I Already Closed

American Eagle Store Card: Opened October 2009, Initial CL $400, lowered to $124 for inactivity. Closed January 2012.

Zales Store Card: Opened Dec 2010, CL $2950. Closed January 2012.

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Not true ~ your AAoA includes all accounts, both open and closed.    The only time that closing an account can hurt your score is if your utilization increases as a result of losing the credit limit, or if the number of cards with balances increases significantly.

Really? I wasn't aware of that, thanks pizzadude!

[pizzadude]

Yeah, if you never carry a balance on your cards then there would be no downside at all to closing the account.   Creditors sometimes will tell you that it is detrimental to your credit score to close their card, but in your case it should have no effect at all.

[Anonymous]

Like pointed out above, it won't affect your AAOA immediately. It'll stay on your reports (in theory anyway) up to 10 years after closing. Your AAOA would take a ding then, but chances are you'll probably replace it with something else by then anyway.

The util% thing is the only other issue, since it'll reduce your available credit, so your utilization might climb up.

Otherwise, no real damage done. Then again, you could just leave it open since it has no AF. Shred the card, remove it from all your online accounts (Amazon or wherever else it might be linked) and forget about it.

[LS2982]

I would go ahead and close it OP.

[xboxrunner]

Join the END the CAP ONE movement.

[espnjunkie]

Why would you really want to close it? I have the same card and it has no annual fee. Plus all capital one cards have no foreign transaction fees and they eat the visa/mastercard foreign fee for you. If you travel at all it is worth keeping open just for that I would say.