topic Re: Should I close my Cap1 credit card? in Credit Cards

Should I close my Cap1 credit card?

Anonymous — Thu, 09 Mar 2017 22:33:43 GMT

Sorry about the double post! I'm just a little new to credit and need some advice.

I'm only two years out of college and got my first credit card, the Capital One Quicksilver one, about a year ago now. I had decent credit because of my student loans that had all been paid off on time, but I was nervous about applying for a better card.

Over the past year I have applied (and been approved) for the chase freedom (2500 cl) chase sapphire preferred (5000 cl), Amex PRG, and Amex blue cash everyday. (4000 cl). My QS1 has been bumped up to 2700 cl from the original 1500. All of my payments have been on time and I've kept my utilization low.

My FICO score is around 736, but I know that it will decrease a tiny bit once the new American Express cards are considered (as I've opened all five card accounts in the last year). I can't see myself needing the Quicksilver one anymore, but don't know if I should take more of a hit to my credit score.

What is the best option for me?

Re: Should I close my Cap1 credit card?

Anonymous — Thu, 09 Mar 2017 22:35:29 GMT

I'd see if they'll change it to a regular QS (No AF) before closing it.

Re: Should I close my Cap1 credit card?

MB2714 — Thu, 09 Mar 2017 23:35:03 GMT

Probably the question is does it have an annual fee? if it does try utilizing the executive office route to waive it, or as the other poster stated seek an upgrade to something better. Since you have, based on your post only had it for two years the impact on your score should be minimal versus if you had it for like five years then closed it. But what is the time period that you opened the other accounts? The reason I ask is if they were all opened during a short time period, then you close capital one that could adversely affect your score via AAOA but the decision is ultimately up to you.

Re: Should I close my Cap1 credit card?

Anonymous — Fri, 10 Mar 2017 00:01:14 GMT

I agree with Nixon. Hop on chat and see if they will upgrade to the regular QS. I would keep that one. If not, they may waive (reimburse) the AF

Re: Should I close my Cap1 credit card?

Dalmus — Fri, 10 Mar 2017 01:14:10 GMT

Keep in mind that dining closing the card won't have an effect on your credit score unless you're carrying balances. The "increased" utilization percentage could throw you into another scoring bucket.

But that's the only thing... You're AAoA won't be impacted because the trade line will continue to report for 10 years.

Re: Should I close my Cap1 credit card?

Anonymous — Fri, 10 Mar 2017 02:51:08 GMT

Could you please elaborate? I'm sorry, I don't know what AAoA means

Re: Should I close my Cap1 credit card?

Anonymous — Fri, 10 Mar 2017 02:59:46 GMT

Average Age of Accounts; small part of your Fico score

Re: Should I close my Cap1 credit card?

Anonymous — Fri, 10 Mar 2017 03:35:37 GMT

If you carry balances keep it for better scoring. If you pay in full then it doesn't matter. I would product change it to the Quicksilver without the fee and sockdrawer it for buffer purposes.

Re: Should I close my Cap1 credit card?

UncleB — Fri, 10 Mar 2017 03:43:04 GMT

@Anonymous wrote:
Could you please elaborate? I'm sorry, I don't know what AAoA means

Welcome to myFICO!

Here's a link to a thread that lists common abbreviations used on myFICO: http://ficoforums.myfico.com/t5/User-Guidelines-General/Common-Abbreviations/td-p/88458

Re: Should I close my Cap1 credit card?

Anonymous — Fri, 10 Mar 2017 22:08:12 GMT

Only reason it helps is utilization. If you PIF each month or keep your Utilization under 10% all the time... close that sucker if it has an AF or if you just don't use it and it is a pain to remember to use. I'm of the mind that if you don't use them, close them. But... I also never have a balance on any cards so the Utilization doesn't matter to me.

Re: Should I close my Cap1 credit card?

SouthJamaica — Fri, 10 Mar 2017 22:58:32 GMT

@Anonymous wrote:
Sorry about the double post! I'm just a little new to credit and need some advice.

I'm only two years out of college and got my first credit card, the Capital One Quicksilver one, about a year ago now. I had decent credit because of my student loans that had all been paid off on time, but I was nervous about applying for a better card.

Over the past year I have applied (and been approved) for the chase freedom (2500 cl) chase sapphire preferred (5000 cl), Amex PRG, and Amex blue cash everyday. (4000 cl). My QS1 has been bumped up to 2700 cl from the original 1500. All of my payments have been on time and I've kept my utilization low.

My FICO score is around 736, but I know that it will decrease a tiny bit once the new American Express cards are considered (as I've opened all five card accounts in the last year). I can't see myself needing the Quicksilver one anymore, but don't know if I should take more of a hit to my credit score.

What is the best option for me?

My vote would be to keep it.

I think it complements the other cards in your portfolio.

If it's that version with an annual fee, you can call up and ask if it's eligible for an upgrade; they'll probably upgrade you to the no-fee version.