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aten1701
Posts: 8
Registered: ‎08-07-2007
0

Should I close a CapitalOne Healthcare financing once paid off?

I will be applying for CapitalOne Healthcare financing, since I'll be getting Lasik surgery within the month.  They are offering 18 month interest free.  Should I close this account once it is fully paid off within 18 months?  I am hearing mix reviews about CapitalOne, and just want to be sure I am will be doing the best thing for my FICO.
 
Currently, my FICO stands around 750s - 770s.
 
Also, below are the TLs that I currently have, and should I be considering opening any more to improve my FICO.  I have always been current and tend to pay off all outstanding balance every month/billing cycle.
 
(1) Visa - CL $7,500 - since 2004 (about 30% or more usage)
(2) Mastercard - CL $21,000 - since 1998 (little to no usage)
(3) Circuit City Chase Card - $4,000 - since 2006 (paying off my Plasma and will be done Nov. 2007)
(4) Chase Mtg (1st)
(5) Chase Mtg (2nd) - HELOC
(6) Wachovia - car payment
 
Thanks!
Valued Member
crazynurse123
Posts: 39
Registered: ‎04-29-2007
0

Re: Should I close a CapitalOne Healthcare financing once paid off?

I always thought you were to keep credit lines open because length of history is calculated as well, hoever my score isn't nearly as good as yours, so what do i know?
Moderator Emeritus
fused
Posts: 16,378
Registered: ‎03-12-2007
0

Re: Should I close a CapitalOne Healthcare financing once paid off?



aten1701 wrote:
I will be applying for CapitalOne Healthcare financing, since I'll be getting Lasik surgery within the month.  They are offering 18 month interest free.  Should I close this account once it is fully paid off within 18 months?  I am hearing mix reviews about CapitalOne, and just want to be sure I am will be doing the best thing for my FICO.
 
Currently, my FICO stands around 750s - 770s.
 
Also, below are the TLs that I currently have, and should I be considering opening any more to improve my FICO.  I have always been current and tend to pay off all outstanding balance every month/billing cycle.
 
(1) Visa - CL $7,500 - since 2004 (about 30% or more usage)
(2) Mastercard - CL $21,000 - since 1998 (little to no usage)
(3) Circuit City Chase Card - $4,000 - since 2006 (paying off my Plasma and will be done Nov. 2007)
(4) Chase Mtg (1st)
(5) Chase Mtg (2nd) - HELOC
(6) Wachovia - car payment
 
Thanks!


With your scores you should be approved with VERY favorable terms.
Credit Profile -
FICO 08 Scores (09-16-2014): EQ 824, EX 817, TU 822
All three scores were 850. Lost points for not having an open installment TL. So, BE WARNED!!!!!
Credit History: 26+ years ~ AAoA: 12 years ~ Util: 1% ~ Inqs: EX 1 (Amex 07-15-2014)

Visitor
aten1701
Posts: 8
Registered: ‎08-07-2007
0

Re: Should I close a CapitalOne Healthcare financing once paid off?

Thanks fused111.  Do you think it would be prudent to close that account once everything is paid off?  I am just wondering if CapitalOne is worth it after the financing is all done and paid off.
Super Contributor
MidnightVoice
Posts: 8,161
Registered: ‎03-25-2007
0

Re: Should I close a CapitalOne Healthcare financing once paid off?

If there is no annual fee, why bother?  DW has a GE heathcare card for $5,000, hasn't been used for over a year, and keeps her Utilization lower than mine  :smileyvery-happy:
The slide from grace is really more like gliding
And I've found the trick is not to stop the sliding
But to find a graceful way of staying slid
Moderator Emeritus
fused
Posts: 16,378
Registered: ‎03-12-2007
0

Re: Should I close a CapitalOne Healthcare financing once paid off?



aten1701 wrote:
Thanks fused111.  Do you think it would be prudent to close that account once everything is paid off?  I am just wondering if CapitalOne is worth it after the financing is all done and paid off.



I agree with Midnight but for other reasons. With your excellent scores, I wouldn't mess around and do unnecessary things. You are not likely to see much improvement in your scores.
Credit Profile -
FICO 08 Scores (09-16-2014): EQ 824, EX 817, TU 822
All three scores were 850. Lost points for not having an open installment TL. So, BE WARNED!!!!!
Credit History: 26+ years ~ AAoA: 12 years ~ Util: 1% ~ Inqs: EX 1 (Amex 07-15-2014)


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