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Regular Contributor
Posts: 199
Registered: ‎05-23-2007
0

What should I do with my Capital One accounts?

[ Edited ]

Hey All,

I recently got approved for some pretty good cards and now I really have no need for my Cap One cards. My only issue with getting rid of them is that I've had one card for 5 years (my oldest revolver) and another for two years. Will closing these adversely impact my AAoA? The limits are $500 and $750 with annual fees of $39 each (both due in December). They really have been great cards that helped me to rebuild, but I just don't have a use for them at this point. Thanks for your feedback.

 

 

-------------------------------------------------------------------------------------------------
Starting Score - 575 (4/10)
Current Score - EQ - 750, TU - 752, EX - 728 11/4/12

Current Cards:
AMEX SPG ($7.5k), Amazon.com Visa ($3k), Discover More ($2k) all since 11/4/12

Fighting the good fight!
Regular Contributor
Posts: 202
Registered: ‎11-04-2012
0

Re: What should I do with my Capital One accounts?

It will be tough but why don't you try for a PC and a CLI on the cards? Both will stay on your report for 10 years so it would affect your scores to much. But keeping them open and in good standing will certainly be more advantagous for you. 

Amex Everyday 6k || Chase Sapphire 5k || Buypower Card 5k || USAA Wounded Warrior Mastercard 4k || Citi TYP 4.9k|| Citi Forward 5.5k || Discover It 2k || Chase Freedom 5.5k || Walmart 1k || Chase Amazon 1k
Business: Chase ink cash 5k || AMEX Simply Cash 3.8k
Total CLs: 48.7k
Valued Contributor
Posts: 1,738
Registered: ‎08-13-2012
0

Re: What should I do with my Capital One accounts?

http://ficoforums.myfico.com/t5/Credit-Cards/Closing-Credit-Cards/td-p/347190

 

Check this out.......


Starting Score: 560
Current Score: 748 Wishlist: CSP, Simply Cash, SPG, BOLD, INK, United MP,
Goal Score: 800


Walmart: 10k |Usaa: 8k|BCE: 13k| Amex: NSPL|Dis: 9.4k|Cap: 5.5k|CAP: 2k|CSP: 13.4k| Pen:4.5k

Valued Member
Posts: 43
Registered: ‎09-09-2012
0

Re: What should I do with my Capital One accounts?

Call the executive office and request they drop the AF. Otherwise I would close the account. Remember a closed account will stay on your CR for 10 years, and will contribute to your AAoA during that time. When the TL finally fall off, the impact should be minimal provided you were responsible with your credit during that time.

Established Contributor
Posts: 720
Registered: ‎09-12-2011
0

Re: What should I do with my Capital One accounts?

Before closing them, why not try to get a CLI and/or PC to different products?  I had my cap one plat visa since March 2004 and it was stalled at a $1300 limit.  I called the Exec Offices last month and asked to have the CL bumped up to $8,000.  The gal that took my call was very nice and she just asked me a few questions (income, mortgage, investments) and also asked what was the minimum limit I would accept and I said $6500.  The call was on a Friday and on the following Tuesday, I logged into my Cap One online account and saw that my limit was now $8000.  I was pretty happy.  It's worth a shot!  And, definitely ask them to waive the AF if you call.

 

Good luck on whatever you decide to do!  Smiley Happy

FICOs: TU08 841 2/9/15 per Barclay; TU98 800 4/8/14; EQ04 769 6/8/14; EQ08 809 3/4/15; EX08 812 3/8/15 per MyFICO

My Wallet: Amex Gold NPSL; Amex Optima Platinum $25K; Amex Costco TE $19.3K; Amex BCE $12K; BofA Visa $10.1K; Cap1 Quicksilver Visa Sig $10K; CSP $28.2K; Chase Freedom $13K; Citi Double Cash $11.6K; Citi Simplicity Visa $23.3K; Discover IT $26.5K; Fidelity Amex $25K; PenFed Plat Rewards Visa Sig $20K; Sallie Mae WMC $17.5K; US Bank Cash+ Visa Sig $24.5K; Walmart Discover $10K; Wells Fargo Rewards Visa Sig $14K
Regular Contributor
Posts: 199
Registered: ‎05-23-2007
0

Re: What should I do with my Capital One accounts?

Thanks everyone for the feedback! It's good to know that a closed account will still contribute to my AAoA for 10 more years. The reason I'm against PCing or asking for CLI is that I really don't need more credit. Right now, I have $7500 in credit and that is more than enough to cover any emergency I may have. I think I'm going to let them go. They have definitely served their purpose. Smiley Happy

-------------------------------------------------------------------------------------------------
Starting Score - 575 (4/10)
Current Score - EQ - 750, TU - 752, EX - 728 11/4/12

Current Cards:
AMEX SPG ($7.5k), Amazon.com Visa ($3k), Discover More ($2k) all since 11/4/12

Fighting the good fight!
Highlighted
Valued Contributor
Posts: 1,738
Registered: ‎08-13-2012
0

Re: What should I do with my Capital One accounts?


getmycreditright wrote:

Thanks everyone for the feedback! It's good to know that a closed account will still contribute to my AAoA for 10 more years. The reason I'm against PCing or asking for CLI is that I really don't need more credit. Right now, I have $7500 in credit and that is more than enough to cover any emergency I may have. I think I'm going to let them go. They have definitely served their purpose. Smiley Happy


Sometime its not good to closed and open credit because its affect so many thing on your credit report. When you PC your card they would going to change to another product like cash reward back, mile, restaurent....etc......Its not hurt to try........The longer you keep your account stay on your report would help a lot for their purpose like :

  • Uti
  • Credit Limit increase in future
  • AAoa
  • Years in relationship with company

Since you had thin credit file, i recommend keep everything for at least 2 year then closed them. It;s not hurt to try just call their EXEC Office........They might increase, Pc.......the bad case is closed them. But never closed credit that doesnt had AF. Its help a lot for your credit history in the long run. 

 

 


Starting Score: 560
Current Score: 748 Wishlist: CSP, Simply Cash, SPG, BOLD, INK, United MP,
Goal Score: 800


Walmart: 10k |Usaa: 8k|BCE: 13k| Amex: NSPL|Dis: 9.4k|Cap: 5.5k|CAP: 2k|CSP: 13.4k| Pen:4.5k

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