Should i cancel my quicksilverone card

[accjohn1990]

I have the following cards with no annual fee.  Walmart cc 800 ebay cc 1000 amex everyday 1000 amex blue cash 500 discover chrome student 750.  My quicksilver one has a cl of 750 and an annual fee of $39.  The 1.5% cashback is good, but only .5% higher than the walmart cc.  I would have to charge almost $6,000 a year to the card to cover the cost of the annual fee and i just dont see that happening.  But, i am concerned about adverse credit effects from cancelling.  The annual fee is due in december and i am leaning towards cancelling the card before that.  I appreciate any advice you all have regarding this decision.  The QS1 is my oldest card and it will be 1 year old in December

[Anonymous]

I would call and see if you could convert it over to a regular quicksilver card....doesn't happen all the time but I have heard people say it sometimes works. worth a try.

[Anonymous]

Another thing you can do instead of converting it to a regular Quicksilver card.  It worked for both my husband and I (both of us rebuilding our credit scores):

After we both each had our quicksilver one card for about 6 months (700 limit), I applied for for the quicksilver (Platinum, i believe) card.  We were both approved for 750 CL.  Once I got the cards in, I went to the capital one website and they have a "combine card" option.  So I "merged" the cards and they closed the quicksilver one cards, but applied the CL to the platinum card giving us each a 1450 limit.  Better than just closing the quicksilver One in my opinion.

[accjohn1990]

Thank you both for your input.  I do not believe i will be eligible for another capital one card though.  I have applied occasionally for the unsecured platinum card and i always get a rejection due to too many recent inquiries.  I do have a lot of inquiries on my report, but i was surprised to be rejected when i hadnt had any inquiries within the last month of my application.

[DaveInAZ]

There's a thread in the Credit Cards forum with a link to Capital One to see if your card is eligible for an upgrade:

http://ficoforums.myfico.com/t5/Credit-Cards/Capital-One-check-for-upgrade-link/td-p/4934733

[accjohn1990]

Thank you for the link.  That will be a good tool for me to use in the following months.  However right now i am ineligible for an upgrade according to the tool and a chat i had online with an agent.  I am not surprised that i am ineligible because the card requires excellent credit and my scores are 677/684/688 according to credittotal.  I am now regretting cancelling my 500cl secured platinum that only had a $50 deposit on.  I cant even get approved for that card again because of cap1 inquiry policy.  I only closed it because cap1 only allows two cards and all the agents told me i would be accepted for the unsecured platinum card once my qs1 was 6 months old.  cap1 sucks

[Anonymous]

I guess it just goes to show, there is definitely more to CC approval than credit scores.  I just got the Cap One Platinum last week and my credit scores are 620/632/642 and I have 14 inquiries in the past year (9 in the past 6 months).

[accjohn1990]

I have 29 inquiries in the last 6 months, but 9 of those are between 5/25 and 5/30.  Other cards have been accepting me even with having so many inquiries, but cap1 is not inquiry tolerant

[RobertEG]

You cant "cancel" the card.  You can close it.

Closing means you will no longer have use of the card, and its former credit limit will thus no longer be included in your % util scoring.

However, unless they choose to voluntarily report deletion to the CRA, the account will continue of record with a closed status, and still continue to be included in your length of credit history scoring for approx 10 years from date closed.

[UncleB]

Before my QS1 was upgraded to a QS I was often able to get the AF either waived or half-waived, but YMMV.

You have to let the AF post before you request the waiver, though... I tried being proactive a couple of times and was told (both times) they could only adjust it once it hit the statement.

From what I can tell the half-waivers (where they credit back half the AF) are more common now; I know that's not ideal but it might make it worth hanging on to a little bit longer.

Just a heads-up... if you decide to close the account they might offer to waive the AF as well, but it's not guaranteed.  The last time I tried that tactic with Capital One I was astonished with how proficient they were in closing the card (LOL); there was no asking me to reconsider or anything - it was simply closed (which I was OK with).  The data point here is only tell them you want to close the account if you really mean it, since there's a chance they'll quickly do it before you can tell them you want to think about it a little more.  

Good luck with whatever you decide!