topic Re: To cancel or not to cancel in Credit Cards

To cancel or not to cancel

Anonymous — Thu, 19 Nov 2015 20:11:10 GMT

Hello all,

My oldest card, since I turned 18 (currently 19) is the Quicksilver with the $39 a year fee. I'd very much like to get rid of it and upgrade to a better card. I was looking at the Wells Fargo Sig. Visa cards as a replacement. Also, since I rarely use the quicksilver anymore anyway, it seems silly to pay the $39 a year for nothing. Although, what has stopped me is that it is the oldest card I have had.

Below are the cards I have/had:

Quicksilver - $5,000

Target $1,000 - closed two months ago

J. Crew - $10,000 limit

Best Buy, not the Citi one - $10,000 limit

PayPal Credit - $4,000 -

Amex everyday - forget the limit - closed two months ago (don't need with gold)

Amex blue cash - $15,000 - closed two months ago (don't need with gold)

Amex Gold - no pre set - current main card

I'm very much into my credit (more than I should be...some see it as a bit insane, but I'm sure everyone here understands our obession ) so I'm worried cancelling it will harm me as it is my oldest. According to credit karma I have a 767 with TU and a 743 with EQ. All cards closed above have zero balance. I spend around $1,500-$2,000 on my Amex as its my go to card. I don't like use the QS as much as I would perfer not to put effort in it.

4% utilization rate, never missed a payment, etc. Hope that is enough information.

Thank you to any and all for the guidence. Learning as I go!

Re: To cancel or not to cancel

taxi818 — Thu, 19 Nov 2015 20:18:01 GMT

@Anonymous wrote:
Hello all,

My oldest card, since I turned 18 (currently 19) is the Quicksilver with the $39 a year fee. I'd very much like to get rid of it and upgrade to a better card. I was looking at the Wells Fargo Sig. Visa cards as a replacement. Also, since I rarely use the quicksilver anymore anyway, it seems silly to pay the $39 a year for nothing. Although, what has stopped me is that it is the oldest card I have had.

Below are the cards I have/had:
Quicksilver - $5,000
Target $1,000 - closed two months ago
J. Crew - $10,000 limit
Best Buy, not the Citi one - $10,000 limit
PayPal Credit - $4,000 -
Amex everyday - forget the limit - closed two months ago (don't need with gold)
Amex blue cash - $15,000 - closed two months ago (don't need with gold)
Amex Gold - no pre set - current main card

I'm very much into my credit (more than I should be...some see it as a bit insane, but I'm sure everyone here understands our obession ) so I'm worried cancelling it will harm me as it is my oldest. According to credit karma I have a 767 with TU and a 743 with EQ. All cards closed above have zero balance. I spend around $1,500-$2,000 on my Amex as its my go to card. I don't like use the QS as much as I would perfer not to put effort in it.

4% utilization rate, never missed a payment, etc. Hope that is enough information.

Thank you to any and all for the guidence. Learning as I go!

So your oldest card is 1 year old and you want to close it because of $39 bucks? really. come on now. If it is one year just upgrade to no AF as cap one is great with that. Something to be said about having age whether you need it or not. It will not doing anything but help your credit. Close it if it bothers you but either way not a big deal. Citi is the only issuer of Best Buy. nice limit. Gold is charge Card so not the same as revolving. But you look to be doing well in any case. llooking at credit karmas Vantage scores says nothing about your real credit scores. Fico'. This would be more interesting. Im guessing you are earning MR points which are okay as well.

Re: To cancel or not to cancel

Anonymous — Thu, 19 Nov 2015 20:23:38 GMT

@taxi818 wrote:
@Anonymous wrote:
Hello all,

My oldest card, since I turned 18 (currently 19) is the Quicksilver with the $39 a year fee. I'd very much like to get rid of it and upgrade to a better card. I was looking at the Wells Fargo Sig. Visa cards as a replacement. Also, since I rarely use the quicksilver anymore anyway, it seems silly to pay the $39 a year for nothing. Although, what has stopped me is that it is the oldest card I have had.

Below are the cards I have/had:
Quicksilver - $5,000
Target $1,000 - closed two months ago
J. Crew - $10,000 limit
Best Buy, not the Citi one - $10,000 limit
PayPal Credit - $4,000 -
Amex everyday - forget the limit - closed two months ago (don't need with gold)
Amex blue cash - $15,000 - closed two months ago (don't need with gold)
Amex Gold - no pre set - current main card

I'm very much into my credit (more than I should be...some see it as a bit insane, but I'm sure everyone here understands our obession ) so I'm worried cancelling it will harm me as it is my oldest. According to credit karma I have a 767 with TU and a 743 with EQ. All cards closed above have zero balance. I spend around $1,500-$2,000 on my Amex as its my go to card. I don't like use the QS as much as I would perfer not to put effort in it.

4% utilization rate, never missed a payment, etc. Hope that is enough information.

Thank you to any and all for the guidence. Learning as I go!
So your oldest card is 1 year old and you want to close it because of $39 bucks? really. come on now. If it is one year just upgrade to no AF as cap one is great with that. Something to be said about having age whether you need it or not. It will not doing anything but help your credit. Close it if it bothers you but either way not a big deal. Citi is the only issuer of Best Buy. nice limit. Gold is charge Card so not the same as revolving. But you look to be doing well in any case. llooking at credit karmas Vantage scores says nothing about your real credit scores. Fico'. This would be more interesting. Im guessing you are earning MR points which are okay as well.

Thank you! Glad to know that. Although, what I put in red, a rep flat out told me know that would not be possible to do hence why I'm here. Was that not correct?

Re: To cancel or not to cancel

taxi818 — Thu, 19 Nov 2015 20:27:29 GMT

@Anonymous wrote:
@taxi818 wrote:
@Anonymous wrote:
Hello all,

My oldest card, since I turned 18 (currently 19) is the Quicksilver with the $39 a year fee. I'd very much like to get rid of it and upgrade to a better card. I was looking at the Wells Fargo Sig. Visa cards as a replacement. Also, since I rarely use the quicksilver anymore anyway, it seems silly to pay the $39 a year for nothing. Although, what has stopped me is that it is the oldest card I have had.

Below are the cards I have/had:
Quicksilver - $5,000
Target $1,000 - closed two months ago
J. Crew - $10,000 limit
Best Buy, not the Citi one - $10,000 limit
PayPal Credit - $4,000 -
Amex everyday - forget the limit - closed two months ago (don't need with gold)
Amex blue cash - $15,000 - closed two months ago (don't need with gold)
Amex Gold - no pre set - current main card

I'm very much into my credit (more than I should be...some see it as a bit insane, but I'm sure everyone here understands our obession ) so I'm worried cancelling it will harm me as it is my oldest. According to credit karma I have a 767 with TU and a 743 with EQ. All cards closed above have zero balance. I spend around $1,500-$2,000 on my Amex as its my go to card. I don't like use the QS as much as I would perfer not to put effort in it.

4% utilization rate, never missed a payment, etc. Hope that is enough information.

Thank you to any and all for the guidence. Learning as I go!
So your oldest card is 1 year old and you want to close it because of $39 bucks? really. come on now. If it is one year just upgrade to no AF as cap one is great with that. Something to be said about having age whether you need it or not. It will not doing anything but help your credit. Close it if it bothers you but either way not a big deal. Citi is the only issuer of Best Buy. nice limit. Gold is charge Card so not the same as revolving. But you look to be doing well in any case. llooking at credit karmas Vantage scores says nothing about your real credit scores. Fico'. This would be more interesting. Im guessing you are earning MR points which are okay as well.
Thank you! Glad to know that. Although, what I put in red, a rep flat out told me know that would not be possible to do hence why I'm here. Was that not correct?

Yes. since the card is over 6 months old and it has a AF that means its the QS1 actually. They will gladly upgrade the card. mine is currently a world mastercard. started like yours with 39 AF. after 6months the fee was gone. I actually did it via online chat no problem. just ask if there are any upgrade offers via chat for your QS1. They will let you know. if not try again before AF. Many reps at cap one are clueless. so if not escalate the issue and explain you want to keep it and not pay for keeping it.

Re: To cancel or not to cancel

Erusidhion — Thu, 19 Nov 2015 21:06:45 GMT

I just product changed my $4,000 limit QS One about a day or two ago. It now has no annual fee and they're mailing me out a new card sometime in the next 7-10 days. Weird that they have to mail out a new card though. Just ask through their online chat if you can get it changed into a regular Quicksilver and see what they say. It is possible to do. Good luck!

Re: To cancel or not to cancel

Anonymous — Thu, 19 Nov 2015 23:38:46 GMT

Thank you all. Just chatted them again and said sorry, can't do it there are no offers. So it's best to close it? Would rather not waste $40 a year for nothing. Just more concerned with it hurting me since it was my first card, and is the oldest.

Re: To cancel or not to cancel

Anonymous — Thu, 19 Nov 2015 23:41:53 GMT

If you close the card it will report for the next 10 years so technically it won't "hurt you" until 10 years from now.

Also, I'd take the CK scores with a grain of salt, they're not always entirely accurate.

Re: To cancel or not to cancel

Anonymous — Thu, 19 Nov 2015 23:46:18 GMT

But by then I'll have a 10 year (really 9 I guess if it falls off) credit history, which 9 vs 10 wouldn't kill me, just hit my score for a little bit correct?

Would you recommend signing up for myFICO for the most accurate?

Re: To cancel or not to cancel

Anonymous — Thu, 19 Nov 2015 23:50:12 GMT

Kill it. Why pay $40.

Re: To cancel or not to cancel

DeeBee78 — Thu, 19 Nov 2015 23:55:43 GMT

@Anonymous wrote:
Hello all,

My oldest card, since I turned 18 (currently 19) is the Quicksilver with the $39 a year fee. I'd very much like to get rid of it and upgrade to a better card. I was looking at the Wells Fargo Sig. Visa cards as a replacement. Also, since I rarely use the quicksilver anymore anyway, it seems silly to pay the $39 a year for nothing. Although, what has stopped me is that it is the oldest card I have had.

Below are the cards I have/had:
Quicksilver - $5,000
Target $1,000 - closed two months ago
J. Crew - $10,000 limit
Best Buy, not the Citi one - $10,000 limit
PayPal Credit - $4,000 -
Amex everyday - forget the limit - closed two months ago (don't need with gold)
Amex blue cash - $15,000 - closed two months ago (don't need with gold)
Amex Gold - no pre set - current main card

I'm very much into my credit (more than I should be...some see it as a bit insane, but I'm sure everyone here understands our obession ) so I'm worried cancelling it will harm me as it is my oldest. According to credit karma I have a 767 with TU and a 743 with EQ. All cards closed above have zero balance. I spend around $1,500-$2,000 on my Amex as its my go to card. I don't like use the QS as much as I would perfer not to put effort in it.

4% utilization rate, never missed a payment, etc. Hope that is enough information.

Thank you to any and all for the guidence. Learning as I go!

You'll never get your CSP if you keep opening cards.

Re: To cancel or not to cancel

Anonymous — Thu, 19 Nov 2015 23:57:22 GMT

A 5k cl should qualify you for a QS Visa Signature. Don't chat....call the phone number and tell them that you know a $5k limit is Visa Signature and request a product change to it. I wouldn't even tell them you are motivated by the annual fee, just that you feel you should be upgraded to the Visa Signature with your CL.

Re: To cancel or not to cancel

Anonymous — Thu, 19 Nov 2015 23:57:38 GMT

Ya know

@DeeBee78 wrote:
@Anonymous wrote:
Hello all,

My oldest card, since I turned 18 (currently 19) is the Quicksilver with the $39 a year fee. I'd very much like to get rid of it and upgrade to a better card. I was looking at the Wells Fargo Sig. Visa cards as a replacement. Also, since I rarely use the quicksilver anymore anyway, it seems silly to pay the $39 a year for nothing. Although, what has stopped me is that it is the oldest card I have had.

Below are the cards I have/had:
Quicksilver - $5,000
Target $1,000 - closed two months ago
J. Crew - $10,000 limit
Best Buy, not the Citi one - $10,000 limit
PayPal Credit - $4,000 -
Amex everyday - forget the limit - closed two months ago (don't need with gold)
Amex blue cash - $15,000 - closed two months ago (don't need with gold)
Amex Gold - no pre set - current main card

I'm very much into my credit (more than I should be...some see it as a bit insane, but I'm sure everyone here understands our obession ) so I'm worried cancelling it will harm me as it is my oldest. According to credit karma I have a 767 with TU and a 743 with EQ. All cards closed above have zero balance. I spend around $1,500-$2,000 on my Amex as its my go to card. I don't like use the QS as much as I would perfer not to put effort in it.

4% utilization rate, never missed a payment, etc. Hope that is enough information.

Thank you to any and all for the guidence. Learning as I go!
You'll never get your CSP if you keep opening cards.

That's true - but if they don't want my business I don't want to give it to them. So, I've been looking for alternatives. Noticed the Wells Fargo Visa Sig and kinda have my eye on that one.

Re: To cancel or not to cancel

Anonymous — Thu, 19 Nov 2015 23:58:06 GMT

@Anonymous wrote:
Kill it. Why pay $40.

That was my thought too. Just didn't want my thoughts to hurt me in the end.

Re: To cancel or not to cancel

Anonymous — Fri, 20 Nov 2015 00:11:44 GMT

I'd have gone for PRG instead of Gold, and kept the no-AF Amex cards open for offers.

I don't know your other cards well. Do you have a Visa or MC other than QS1?

When you've opened several cards within a short-ish period of time (as have I) no one card is terribly critical for AAoA in the long run.

Re: To cancel or not to cancel

SunriseEarth — Fri, 20 Nov 2015 01:51:37 GMT

So the $39 AF on your QS1 is an issue, but the $160 AF on your AMEX Gold isn't?

IMHO, hold onto your QS1 and PC to QS. Going through Chat is the simplest way; I'd go on now and ask if they have any product change offers for you. BTW, if you have a QS1 MC, they won't PC it to a Visa, but a MC version of the card.

Re: To cancel or not to cancel

vanillabean — Fri, 20 Nov 2015 02:01:20 GMT

@Anonymous wrote:

@DeeBee78 wrote:

You'll never get your CSP if you keep opening cards.
That's true - but if they don't want my business I don't want to give it to them. So, I've been looking for alternatives. Noticed the Wells Fargo Visa Sig and kinda have my eye on that one.

Hahahaha. What does that even mean?

Re: To cancel or not to cancel

Anonymous — Fri, 20 Nov 2015 19:35:13 GMT

@SunriseEarth wrote:
So the $39 AF on your QS1 is an issue, but the $160 AF on your AMEX Gold isn't?

IMHO, hold onto your QS1 and PC to QS. Going through Chat is the simplest way; I'd go on now and ask if they have any product change offers for you. BTW, if you have a QS1 MC, they won't PC it to a Visa, but a MC version of the card.

I see the value and get much more out of Amex so yes it is worth it to me. Wasting $40 a year just to keep the card isn't. I've chatted twice and they said I have no offers. :/