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Should I close a CapitalOne Healthcare financing once paid off?

Visitor

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!
Message 1 of 6
5 REPLIES
Valued Member

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?
Message 2 of 6
Moderator Emeritus

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.
Message 3 of 6
Visitor

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.
Message 4 of 6
Super Contributor

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  Smiley Very 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
Message 5 of 6
Moderator Emeritus

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.
Message 6 of 6