topic Re: I'm thinking about cancelling my Cap1 Platinum Card in Credit Cards

I'm thinking about cancelling my Cap1 Platinum Card

Bmac66 — Mon, 31 Aug 2015 15:48:27 GMT

So I went on an app spree last month and my one regret is falling for the Cap1 preapproval for $3k at 25%! Ugh. I seriously hate this card and have no plans or incentive to use it. At the same time I opened USAA MC at $13k, USAA CLI on my AmEx from $5k to $14k, AmEx ED at 10k, Chase Freedom $4.5k, Wells Fargo Visa at $3k and Lowe's at $3k. Thus far only the USAA, Lowe's and WF have reported to the bureau's. My scores have gone up on average 12 points so far. How much of a hit would I take if I close the Cap1 card out now? Or am I better off just leaving it alone and charging some little thing a couple times per year?

Re: I'm thinking about cancelling my Cap1 Platinum Card

Anonymous — Mon, 31 Aug 2015 15:51:19 GMT

With your scores, I'd apply for Venture and Quicksilver Visa, as long as you have a decent AaoA and no recent negatives.

Then, after 6 months, roll your platinum CL into one of the other two.

You can also ask to PC your plat to QS.

Re: I'm thinking about cancelling my Cap1 Platinum Card

Anonymous — Mon, 31 Aug 2015 15:53:17 GMT

@Anonymous wrote:
With your scores, I'd apply for Venture and Quicksilver Visa, as long as you have a decent AaoA and no recent negatives.

Then, after 6 months, roll your platinum CL into one of the other two.

You can also ask to PC your plat to QS.

Agree ^^

Re: I'm thinking about cancelling my Cap1 Platinum Card

Bmac66 — Mon, 31 Aug 2015 15:53:38 GMT

What is the time period before you can request to combine?

Re: I'm thinking about cancelling my Cap1 Platinum Card

Bmac66 — Mon, 31 Aug 2015 15:54:15 GMT

Never mind. I see you already answered it--6 months. Sorry!

Re: I'm thinking about cancelling my Cap1 Platinum Card

Anonymous — Mon, 31 Aug 2015 15:56:01 GMT

If your util is low and the limit loss doesnt affect you much then no score harm in closing it now.
But if you want to explore options to make it useful before closing you could ask for a PC to QS and see if that works.
We've all made a couple snafoos here and there I couldnt stand my Platinum card either but at least your limit isnt $300!

Re: I'm thinking about cancelling my Cap1 Platinum Card

Bmac66 — Mon, 31 Aug 2015 16:06:32 GMT

What's the benefit of QS over the platinum?

Re: I'm thinking about cancelling my Cap1 Platinum Card

DantGwyrdd — Mon, 31 Aug 2015 16:11:05 GMT

QS has 1.5% cash back on all purchases.

Re: I'm thinking about cancelling my Cap1 Platinum Card

Bmac66 — Mon, 31 Aug 2015 16:14:49 GMT

I've had card only 30 days. Can I request to convert now?

Re: I'm thinking about cancelling my Cap1 Platinum Card

Anonymous — Mon, 31 Aug 2015 16:21:59 GMT

Yep

Re: I'm thinking about cancelling my Cap1 Platinum Card

9CLINE — Mon, 31 Aug 2015 16:35:48 GMT

Try pc to QS,,best and simplest option plus keeps age of account.... I don't think you should throw away the 3K if other options are available,but I get what you're saying about the APR is very steep with ur scores and if it's not going to change w/pc to QS, then I would app for new card as others have stated and combine limit to close the plat.
Too much rambling I'm out....
Good Luck...Keep us posted !!!!!!

Re: I'm thinking about cancelling my Cap1 Platinum Card

Bmac66 — Mon, 31 Aug 2015 16:39:17 GMT

I'm in chat with Cap1 right now and I am able to PC to the QS card! Thank you all for the wonderful advise! I love this forum!!!

Re: I'm thinking about cancelling my Cap1 Platinum Card

Bmac66 — Mon, 31 Aug 2015 16:52:25 GMT

All done! Should receive new card in 7-10 days. Thank you all for the great advise!

Re: I'm thinking about cancelling my Cap1 Platinum Card

Anonymous — Mon, 31 Aug 2015 17:07:09 GMT

An awesome guy in the executive office added the cash back on my Platunum card when I experienced some issues with fraud a few months ago. I've only had it 8 months mow.