topic Re: WHAT WOULD YOU DO? Need Credit Card Advice for Cap 1 cards in Credit Cards

WHAT WOULD YOU DO? Need Credit Card Advice for Cap 1 cards

Derrick1977 — Thu, 07 Jul 2016 23:15:44 GMT

Hi MyFico Family-

I need some advice. I currently have 4 Capital one cards and I am considering combining them at the end of July or no later than the middle of August. How would you combine and when would you combine? Here is the structure as of today.

Venture------- Opened 1/20/2016 23.24% APR CL $10000 (tried several times for an increase, no go)

Quicksilver One--Opened 8/26/2015 23.15% APR CL $2000 (starting limit was $500)

Quicksilver--- Opened 7/28/2015 25.15% APR CL $1300 (starting limit was $300)

Venture One--- Opened 1/20/2016 0% o. until 2/2017 then 22.24% APR CL $3000 (tried several times for an increase, no go)

Re: WHAT WOULD YOU DO? Need Credit Card Advice for Cap 1 cards

Anonymous — Thu, 07 Jul 2016 23:52:54 GMT

If I were in your shoes, I'd move everything to the Venture one. The reason being, it has the lowest APR and no annual fee.

Re: WHAT WOULD YOU DO? Need Credit Card Advice for Cap 1 cards

Derrick1977 — Fri, 08 Jul 2016 00:00:52 GMT

@Anonymous wrote:
If I were in your shoes, I'd move everything to the Venture one. The reason being, it has the lowest APR and no annual fee.

I am actually considering that but I was looking at me taking a hit on my credit because the Quicksilver and Quicksilver Once are the oldest credit cards I have on my credit report. With that being the case, I know I would take an AAOA hit.

Re: WHAT WOULD YOU DO? Need Credit Card Advice for Cap 1 cards

Anonymous — Fri, 08 Jul 2016 01:16:29 GMT

Big dog QS

Re: WHAT WOULD YOU DO? Need Credit Card Advice for Cap 1 cards

kdm31091 — Fri, 08 Jul 2016 01:19:04 GMT

@Derrick1977 wrote:
@Anonymous wrote:
If I were in your shoes, I'd move everything to the Venture one. The reason being, it has the lowest APR and no annual fee.
I am actually considering that but I was looking at me taking a hit on my credit because the Quicksilver and Quicksilver Once are the oldest credit cards I have on my credit report. With that being the case, I know I would take an AAOA hit.

People get really scared about closing old accounts, but the truth is you won't take any AAOA hit for the next 10 years. The accounts will remain on your report just the same as if they were open.

Now, when they drop off 10 years from now, your AAOA will potentially decrease, but it will be insulated by the fact that your other accounts will also be ten years older. So while I won't say your score won't change at all, it's not likely to be a huge issue.

Re: WHAT WOULD YOU DO? Need Credit Card Advice for Cap 1 cards

Anonymous — Fri, 08 Jul 2016 01:21:04 GMT

@Derrick1977 wrote:
@Anonymous wrote:
If I were in your shoes, I'd move everything to the Venture one. The reason being, it has the lowest APR and no annual fee.
I am actually considering that but I was looking at me taking a hit on my credit because the Quicksilver and Quicksilver Once are the oldest credit cards I have on my credit report. With that being the case, I know I would take an AAOA hit.

Since it is only a few months older. I wouldn't worry to much about the age.

Re: WHAT WOULD YOU DO? Need Credit Card Advice for Cap 1 cards

Derrick1977 — Fri, 08 Jul 2016 01:40:05 GMT

@Anonymous wrote:
Big dog QS

i was really thinking about keeping this one because of the age but also because it has a cash rewards.

However the Venture one, I was thinking because I can probably pc that one to a quick silver since it has the lower interest rate.

Re: WHAT WOULD YOU DO? Need Credit Card Advice for Cap 1 cards

Derrick1977 — Fri, 08 Jul 2016 01:41:38 GMT

@kdm31091 wrote:
@Derrick1977 wrote:
@Anonymous wrote:
If I were in your shoes, I'd move everything to the Venture one. The reason being, it has the lowest APR and no annual fee.
I am actually considering that but I was looking at me taking a hit on my credit because the Quicksilver and Quicksilver Once are the oldest credit cards I have on my credit report. With that being the case, I know I would take an AAOA hit.
People get really scared about closing old accounts, but the truth is you won't take any AAOA hit for the next 10 years. The accounts will remain on your report just the same as if they were open.

Now, when they drop off 10 years from now, your AAOA will potentially decrease, but it will be insulated by the fact that your other accounts will also be ten years older. So while I won't say your score won't change at all, it's not likely to be a huge issue.

Never looked at it that way. Nice, so which one do you think I should keep? Also, I am thinking of keeping them all open until I get a CLI on all 4 since the QS's are coming up on a year in August and the Ventures will be 6 months on the 20th of this month. What do you think?

Re: WHAT WOULD YOU DO? Need Credit Card Advice for Cap 1 cards

Derrick1977 — Fri, 08 Jul 2016 01:42:12 GMT

@Anonymous wrote:
@Derrick1977 wrote:
@Anonymous wrote:
If I were in your shoes, I'd move everything to the Venture one. The reason being, it has the lowest APR and no annual fee.
I am actually considering that but I was looking at me taking a hit on my credit because the Quicksilver and Quicksilver Once are the oldest credit cards I have on my credit report. With that being the case, I know I would take an AAOA hit.
Since it is only a few months older. I wouldn't worry to much about the age.

Cool, that makes much since. So which would you keep and when would you combine?

Re: WHAT WOULD YOU DO? Need Credit Card Advice for Cap 1 cards

JamP — Fri, 08 Jul 2016 01:50:20 GMT

@Derrick1977 wrote:
@Anonymous wrote:
@Derrick1977 wrote:
@Anonymous wrote:
If I were in your shoes, I'd move everything to the Venture one. The reason being, it has the lowest APR and no annual fee.
I am actually considering that but I was looking at me taking a hit on my credit because the Quicksilver and Quicksilver Once are the oldest credit cards I have on my credit report. With that being the case, I know I would take an AAOA hit.
Since it is only a few months older. I wouldn't worry to much about the age.
Cool, that makes much since. So which would you keep and when would you combine?

PC the VentureOne and Venture to QS and move everything into the New VentureOne/QS, everything will become cash at this point.

Just did some of this myself but went with my oldest card and the AF was only 1% more, but still my oldest card.

Re: WHAT WOULD YOU DO? Need Credit Card Advice for Cap 1 cards

Derrick1977 — Fri, 08 Jul 2016 01:58:09 GMT

@JamP wrote:
@Derrick1977 wrote:
@Anonymous wrote:
@Derrick1977 wrote:
@Anonymous wrote:
If I were in your shoes, I'd move everything to the Venture one. The reason being, it has the lowest APR and no annual fee.
I am actually considering that but I was looking at me taking a hit on my credit because the Quicksilver and Quicksilver Once are the oldest credit cards I have on my credit report. With that being the case, I know I would take an AAOA hit.
Since it is only a few months older. I wouldn't worry to much about the age.
Cool, that makes much since. So which would you keep and when would you combine?
PC the VentureOne and Venture to QS and move everything into the New VentureOne/QS, everything will become cash at this point.

Just did some of this myself but went with my oldest card and the AF was only 1% more, but still my oldest card.

Ok, so let me make sure I am understanding correctly. Request to PC both my VentureOne and Venture into one quicksilver or two QuickSilves? Then if you are saying one, then move all of my limits to the VentureOne/QS where I will only hae one credit card with all of the limits combined, correct? Should I do this after I receive the CLI on all of them?

Re: WHAT WOULD YOU DO? Need Credit Card Advice for Cap 1 cards

Anonymous — Fri, 08 Jul 2016 02:17:27 GMT

Why did you apply for 4 Capital One cards from the get go?

Re: WHAT WOULD YOU DO? Need Credit Card Advice for Cap 1 cards

Derrick1977 — Fri, 08 Jul 2016 02:22:22 GMT

@Anonymous wrote:
Why did you apply for 4 Capital One cards from the get go?

#1 to establish credit #2 to get a decent credit limit and # 3 because I knew eventually I was going to combine them. Beautiful thing is I've accomplished all but one of the things I just outlined and about to accomplish the third one.

Re: WHAT WOULD YOU DO? Need Credit Card Advice for Cap 1 cards

JamP — Fri, 08 Jul 2016 02:24:07 GMT

Ok I had a minute to think about this more indepth.

Here is what I would do.

Chat to find out if you can PC your VentureOne into a QuickSilver.

Move all your Venture rewards into the VentureOne before they PC it. At this point after the PC, the rewards will be converted to cash, Make sure they CONVERT THEM INTO CASH so you do not lose any rewards.

Combine all limits into your newly PC'd VentureOne\Quicksilver VS. To be able to combine I would make sure all cards have a 0 Balance/pending transactions.

If you have CLI coming up then wait for those.

I did mine before my Venture Annual Fee hit.

@Derrick1977 wrote:
@JamP wrote:
@Derrick1977 wrote:
@Anonymous wrote:
@Derrick1977 wrote:
@Anonymous wrote:
If I were in your shoes, I'd move everything to the Venture one. The reason being, it has the lowest APR and no annual fee.
I am actually considering that but I was looking at me taking a hit on my credit because the Quicksilver and Quicksilver Once are the oldest credit cards I have on my credit report. With that being the case, I know I would take an AAOA hit.
Since it is only a few months older. I wouldn't worry to much about the age.
Cool, that makes much since. So which would you keep and when would you combine?
PC the VentureOne and Venture to QS and move everything into the New VentureOne/QS, everything will become cash at this point.

Just did some of this myself but went with my oldest card and the AF was only 1% more, but still my oldest card.

Ok, so let me make sure I am understanding correctly. Request to PC both my VentureOne and Venture into one quicksilver or two QuickSilves? Then if you are saying one, then move all of my limits to the VentureOne/QS where I will only hae one credit card with all of the limits combined, correct? Should I do this after I receive the CLI on all of them?

Re: WHAT WOULD YOU DO? Need Credit Card Advice for Cap 1 cards

JamP — Fri, 08 Jul 2016 02:35:03 GMT

@Anonymous wrote:
Why did you apply for 4 Capital One cards from the get go?

Many people apply for multiple cards so they can eventually combine them into one or two larger limit cards. Also many people apply for multiple cards for the great sign up bonus.

Cap1 is known to give better limits on new cards and not let old cards grow.

Re: WHAT WOULD YOU DO? Need Credit Card Advice for Cap 1 cards

Derrick1977 — Fri, 08 Jul 2016 02:33:53 GMT

@JamP wrote:

Ok I had a minute to think about this more indepth.

Here is what I would do.

Chat to find out if you can PC your VentureOne into a QuickSilver.

Move all your Venture rewards into the VentureOne before they PC it. At this point after the PC, the rewards will be converted to cash, Make sure they CONVERT THEM INTO CASH so you do not lose any rewards.

Combine all limits into your newly PC'd VentureOne\Quicksilver VS. To be able to combine I would make sure all cards have a 0 Balance/pending transactions.

If you have CLI coming up then wait for those.

I did mine before my Venture Annual Fee hit.

@Derrick1977 wrote:
@JamP wrote:
@Derrick1977 wrote:
@Anonymous wrote:
@Derrick1977 wrote:
@Anonymous wrote:
If I were in your shoes, I'd move everything to the Venture one. The reason being, it has the lowest APR and no annual fee.
I am actually considering that but I was looking at me taking a hit on my credit because the Quicksilver and Quicksilver Once are the oldest credit cards I have on my credit report. With that being the case, I know I would take an AAOA hit.
Since it is only a few months older. I wouldn't worry to much about the age.
Cool, that makes much since. So which would you keep and when would you combine?
PC the VentureOne and Venture to QS and move everything into the New VentureOne/QS, everything will become cash at this point.

Just did some of this myself but went with my oldest card and the AF was only 1% more, but still my oldest card.

Ok, so let me make sure I am understanding correctly. Request to PC both my VentureOne and Venture into one quicksilver or two QuickSilves? Then if you are saying one, then move all of my limits to the VentureOne/QS where I will only hae one credit card with all of the limits combined, correct? Should I do this after I receive the CLI on all of them?

I like this idea. Hmmm, I think I am going to go with this. Hopefully I get the Venture One and Venture CLI on the 6 month mark this month. Then, I will have to wait till the end of August for the last CLI because it will be up for one by that time.

Re: WHAT WOULD YOU DO? Need Credit Card Advice for Cap 1 cards

RonM21 — Fri, 08 Jul 2016 20:06:50 GMT

Update on what happens with this please. I'm wondering if it will all work as planned with them.

Re: WHAT WOULD YOU DO? Need Credit Card Advice for Cap 1 cards

Derrick1977 — Fri, 08 Jul 2016 21:56:52 GMT

@RM21 wrote:
Update on what happens with this please. I'm wondering if it will all work as planned with them.

Will do.

Re: WHAT WOULD YOU DO? Need Credit Card Advice for Cap 1 cards

SouthJamaica — Fri, 08 Jul 2016 21:59:03 GMT

@Derrick1977 wrote:
Hi MyFico Family-

I need some advice. I currently have 4 Capital one cards and I am considering combining them at the end of July or no later than the middle of August. How would you combine and when would you combine? Here is the structure as of today.

Venture------- Opened 1/20/2016 23.24% APR CL $10000 (tried several times for an increase, no go)

Quicksilver One--Opened 8/26/2015 23.15% APR CL $2000 (starting limit was $500)

Quicksilver--- Opened 7/28/2015 25.15% APR CL $1300 (starting limit was $300)

Venture One--- Opened 1/20/2016 0% o. until 2/2017 then 22.24% APR CL $3000 (tried several times for an increase, no go)

I would combine things into my oldest account, the Quicksilver.

But before you do, ask yourself: why combine them? Are you just doing it because you can? That's why I did it, and I've been asking myself why ever since.

Re: WHAT WOULD YOU DO? Need Credit Card Advice for Cap 1 cards

Anonymous — Fri, 08 Jul 2016 22:17:01 GMT

My question is like @So-Jam's

Are you sure, you wanna have just one card?

Think about if one Big Venture series &
one Big. QS series card might be of interest.

You'll have a nice size cash-back card and
a nice size travel card ...that you could always
Combo later if you still wanted to.

But going from 4 to 2 isn't bad, they can still
grow a bit separately and you can revisit going to just one card after more seasoning...there all very young accounts now anyway.

You can thin the herd now, fatten 2 good cards and make a more informed decision next year, what's the rush?