topic When should I close Credit One? in Credit Cards

When should I close Credit One?

Bandit5160 — Wed, 19 Jul 2017 03:33:40 GMT

With my credit score improving from 600 to 750 in the last couple of years, I have closed quite a few credit cards with AFs and high APRs and gotten some better ones. The lone holdout from the old days are QS1 and Credit One. QS1 is still worth keeping and using but not Credit One. I got Credit One to waive their monthly fees for the remainder of 2017 in lieu of closing them a month ago but I still feel dirty having them in my wallet. Should I just go ahead and close them...or wait it out until the end of 2017? Credit One is my oldest open account so I'm a bit reluctant though. QS1, my second oldest that's still open, is about a year older.

Re: When should I close Credit One?

Anonymous — Wed, 19 Jul 2017 03:46:18 GMT

Have you check the Capital One upgrade link to see if you can upgrade your QS1 to QS, where there is no annual fee?

Re: When should I close Credit One?

Anonymous — Wed, 19 Jul 2017 03:49:00 GMT

@Bandit5160 wrote:
With my credit score improving from 600 to 750 in the last couple of years, I have closed quite a few credit cards with AFs and high APRs and gotten some better ones. The lone holdout from the old days are QS1 and Credit One. QS1 is still worth keeping and using but not Credit One. I got Credit One to waive their monthly fees for the remainder of 2017 in lieu of closing them a month ago but I still feel dirty having them in my wallet. Should I just go ahead and close them...or wait it out until the end of 2017? Credit One is my oldest open account so I'm a bit reluctant though. QS1, my second oldest that's still open, is about a year older.

As I faced this dilemma earlier today in regards to closing my oldest cc, I bit the bullet. Turns out closing your oldest cc won't affect your AAoA because it will remain on your credit report for 7-10 years and by then all of your other cards would have aged a too.

If the card serves no purpose (apart from utilization cushion) then go ahead and close it.

Re: When should I close Credit One?

Bandit5160 — Wed, 19 Jul 2017 03:53:47 GMT

@Anonymous wrote:
Have you check the Capital One upgrade link to see if you can upgrade your QS1 to QS, where there is no annual fee?

I don't have an upgrade link. But I might call them one day and ask for that upgrade. They did approve me for a 10K Dining Rewards Card with no AF recently so maybe they"ll let me change the QS1 to the QS too.

Re: When should I close Credit One?

Anonymous — Wed, 19 Jul 2017 05:04:44 GMT

I say close the Credit One card. It won't impact your score today and won't impact your score 10 years from now. What you will accomplish though is getting a crappy preditory lender with an AF card out of your wallet. Never look back. Those are my feelings, anyway.

Re: When should I close Credit One?

Anonymous — Wed, 19 Jul 2017 05:15:47 GMT

every day you leave Credit One open, is another day too long

Re: When should I close Credit One?

AverageJoesCredit — Wed, 19 Jul 2017 16:59:54 GMT

Close them and take a shower Youll feel better in the morning

Re: When should I close Credit One?

Anonymous — Wed, 19 Jul 2017 17:31:45 GMT

I think a better question could be, when shouldn't you close credit one...but that would make for an awfully short tread.

Re: When should I close Credit One?

Anonymous — Wed, 19 Jul 2017 17:40:38 GMT

@Bandit5160 wrote:
@Anonymous wrote:
Have you check the Capital One upgrade link to see if you can upgrade your QS1 to QS, where there is no annual fee?

I don't have an upgrade link. But I might call them one day and ask for that upgrade. They did approve me for a 10K Dining Rewards Card with no AF recently so maybe they"ll let me change the QS1 to the QS too.

Here it's the link: https://verified.capitalone.com/sic-ui/#/esignin?Product=Card&Action=ProductUpgrade

Re: When should I close Credit One?

pipeguy — Wed, 19 Jul 2017 19:32:41 GMT

@Anonymous wrote:
I say close the Credit One card. It won't impact your score today and won't impact your score 10 years from now. What you will accomplish though is getting a crappy preditory lender with an AF card out of your wallet. Never look back. Those are my feelings, anyway.

+100 - exactly this !!

Re: When should I close Credit One?

Bandit5160 — Wed, 16 Aug 2017 17:11:30 GMT

I no longer want this card as I have absolutely zero need for it. It is a holdover from when I was in rebuild mode from some financial hard times which lead to some poor credit card usage and a bankruptcy. I have recovered now and have been approved for a lot of great cards! I called these guys to close this account and told them I wanted to close it due to their monthly fees. They agreed to waive all fees for the remainder of 2017. So I will close this card in December. In the meantime, it will remain in my bureau unused! I don't think I should close it until it starts costing me something to keep it...let in help my total available credit and my average open account age.

Re: When should I close Credit One?

Anonymous — Wed, 16 Aug 2017 18:23:35 GMT

When should I get rid of my hemorrhoids?

Re: When should I close Credit One?

AverageJoesCredit — Wed, 16 Aug 2017 20:20:22 GMT

Best time to close a credit one is before you open one

You will continue to fall in their traps by waiving fees and such but at the end of the day, if you have been approved by better cards or majors, you dont need them anymore, they need you. Food for thought

Re: When should I close Credit One?

Anonymous — Wed, 16 Aug 2017 21:01:19 GMT

@Anonymous wrote:
When should I get rid of my hemorrhoids?

Don't close those out yet, they're offering double bonus if you hold tight for a few more weeks!

Re: When should I close Credit One?

Chickenpotpie — Wed, 16 Aug 2017 21:40:38 GMT

You're pretty safe to close it, especially if you're only holding on to it for nostalgic reasons.

Re: When should I close Credit One?

Gregory1776 — Thu, 17 Aug 2017 00:12:27 GMT

Back in march i got a preapproval for a credit one card and applied like an idiot. Thank goodness i was denied lmao! 😉

Close Credit one and try and do a PC with Capital One.

Re: When should I close Credit One?

Anonymous — Thu, 17 Aug 2017 00:53:00 GMT

@gunsnlucas wrote:
@Bandit5160 wrote:
@Anonymous wrote:
Have you check the Capital One upgrade link to see if you can upgrade your QS1 to QS, where there is no annual fee?

I don't have an upgrade link. But I might call them one day and ask for that upgrade. They did approve me for a 10K Dining Rewards Card with no AF recently so maybe they"ll let me change the QS1 to the QS too.
Here it's the link: https://verified.capitalone.com/sic-ui/#/esignin?Product=Card&Action=ProductUpgrade

wow, thank you! I clicked that link and it turns out i had an upgrade available from my normal platnium card to a QS with 1.5% cash back. Currently i was recieving no cashback/points at all. I would have never known. This is awesome!

Re: When should I close Credit One?

Anonymous — Tue, 22 Aug 2017 22:17:24 GMT

Lmao I got this card but I want to get rid of it. I only had it for 3 months now. But just put a better card in my wallet.

Re: When should I close Credit One?

wasCB14 — Tue, 22 Aug 2017 22:27:10 GMT

Why do you think companies like Credit One exist?

I see four possible reasons:

1. People don't know about no-credit-check, low/no fee secured cards available to the general public, like SDFCU offers.

2. People don't want to jump through the hoops of joining a CU.

3. People want to avoid any sort of stigma they associate with having a secured card, even if it's financially the most prudent thing.

4. People can and are willing to pay a $100-ish AF, but genuinely can't afford a $300 security deposit.

I think it's mostly #1 and #3.