topic Re: Closed my CapitalOne Quicksilver Account today, here's my review in Credit Cards

Closed my CapitalOne Quicksilver Account today, here's my review

Anonymous — Sat, 26 Aug 2017 17:43:30 GMT

Greetings MyFico fam,

Today, I closed my Capital One Quicksilver card, it was bittersweet but it served it's purpose in helping me build my credit up substantially. I opened the card in 2014 with a FICO of 615 and an SL of $3k. I was dilligent in ensuring that the utilization was always 30% or less, and made my payments in full, on time, everytime. A few months later I noticed on my statement that my credit limit had been increased to $5,000. I continued to use it heavily and watched my score go up and was slowly able to open up additional lines of credit. Fast forward to January of 2017, I received my final CLI up to $7,000. I had enough credit cards that had outstanding rewards that topped what Capital One had to offer. But for the time being, Capital One was great. The web interface and app were excellent, I had no issues with customer service and the rewards... well... I was just glad to have a credit card WITH rewards to start off.

To anyone looking to rebuild credit, in my opinion this card fits the bill. If you use it responsibly, and make payments on time, they will grace you with Auto CLI's and a pleasant experience. Thank You, Capital One!

Btw, my Experian FICO is now 729

Re: Closed my CapitalOne Quicksilver Account today, here's my review

credit_endurance — Sat, 26 Aug 2017 17:59:25 GMT

Congratulations on the success with them and closure. I will be closing mine very soon as well. Approved with a $500 SL and now it is up to $9600. APR I s very high and really don't want to app for another product to combine just to get a lower APR. It's served its purpose during rebuilding now it's time to move on. Again congrats!

Re: Closed my CapitalOne Quicksilver Account today, here's my review

Anonymous — Sat, 26 Aug 2017 18:07:04 GMT

@credit_endurance wrote:
Congratulations on the success with them and closure. I will be closing mine very soon as well. Approved with a $500 SL and now it is up to $9600. APR I s very high and really don't want to app for another product to combine just to get a lower APR. It's served its purpose during rebuilding now it's time to move on. Again congrats!

Congrats to you too! Sounds like the card served it's purpose for you too!

Re: Closed my CapitalOne Quicksilver Account today, here's my review

Anonymous — Sat, 26 Aug 2017 18:39:38 GMT

@credit_endurance wrote:
Congratulations on the success with them and closure. I will be closing mine very soon as well. Approved with a $500 SL and now it is up to $9600. APR I s very high and really don't want to app for another product to combine just to get a lower APR. It's served its purpose during rebuilding now it's time to move on. Again congrats!

Why close it? Do you carry balances? If you don't, why do you care what the APR is? Does it have an annual fee?

Re: Closed my CapitalOne Quicksilver Account today, here's my review

Anonymous — Sat, 26 Aug 2017 18:45:58 GMT

@Anonymous wrote:
Greetings MyFico fam,

Today, I closed my Capital One Quicksilver card, it was bittersweet but it served it's purpose in helping me build my credit up substantially. I opened the card in 2014 with a FICO of 615 and an SL of $3k. I was dilligent in ensuring that the utilization was always 30% or less, and made my payments in full, on time, everytime. A few months later I noticed on my statement that my credit limit had been increased to $5,000. I continued to use it heavily and watched my score go up and was slowly able to open up additional lines of credit. Fast forward to January of 2017, I received my final CLI up to $7,000. I had enough credit cards that had outstanding rewards that topped what Capital One had to offer. But for the time being, Capital One was great. The web interface and app were excellent, I had no issues with customer service and the rewards... well... I was just glad to have a credit card WITH rewards to start off.

To anyone looking to rebuild credit, in my opinion this card fits the bill. If you use it responsibly, and make payments on time, they will grace you with Auto CLI's and a pleasant experience. Thank You, Capital One!

Btw, my Experian FICO is now 729

Is your Chase Slate better than your Quicksilver Card? Your Quicksilver had a better credit line than your Slate Card. Your Slate Card will mean nothing if you don't have BT offer on it. Or you transfer the limit to your Freedom Card. Other than that, the Slate is worthless.

Re: Closed my CapitalOne Quicksilver Account today, here's my review

Anonymous — Sat, 26 Aug 2017 19:22:58 GMT

@Anonymous wrote:
@Anonymous wrote:
Greetings MyFico fam,

Today, I closed my Capital One Quicksilver card, it was bittersweet but it served it's purpose in helping me build my credit up substantially. I opened the card in 2014 with a FICO of 615 and an SL of $3k. I was dilligent in ensuring that the utilization was always 30% or less, and made my payments in full, on time, everytime. A few months later I noticed on my statement that my credit limit had been increased to $5,000. I continued to use it heavily and watched my score go up and was slowly able to open up additional lines of credit. Fast forward to January of 2017, I received my final CLI up to $7,000. I had enough credit cards that had outstanding rewards that topped what Capital One had to offer. But for the time being, Capital One was great. The web interface and app were excellent, I had no issues with customer service and the rewards... well... I was just glad to have a credit card WITH rewards to start off.

To anyone looking to rebuild credit, in my opinion this card fits the bill. If you use it responsibly, and make payments on time, they will grace you with Auto CLI's and a pleasant experience. Thank You, Capital One!

Btw, my Experian FICO is now 729
Is your Chase Slate better than your Quicksilver Card? Your Quicksilver had a better credit line than your Slate Card. Your Slate Card will mean nothing if you don't have BT offer on it. Or you transfer the limit to your Freedom Card. Other than that, the Slate is worthless.

Donny, Yes, the maximum balance that can be transferred off my Slate card to my freedom card is the ideal plan. After thats complete, you're right, the Slate has no use and will be cut off. I believe the minimum you have to leave on a Chase Credit Card is $500... so that card would then be rendered useless.

Re: Closed my CapitalOne Quicksilver Account today, here's my review

Anonymous — Sat, 26 Aug 2017 20:50:08 GMT

its a no-annual fee card with a good credit history and helps your average age of accounts. Why not just sock drawer it and turn on alerts if its ever used? Also, its a pretty decent card for travel, as it has no foreign transaction fees (yeah, I think there might be a couple options that have 2% with no FTF, but they are hard to find).

Re: Closed my CapitalOne Quicksilver Account today, here's my review

Anonymous — Sun, 27 Aug 2017 02:38:03 GMT

Congrats mgarnes on the build to better credit!!

Re: Closed my CapitalOne Quicksilver Account today, here's my review

Anonymous — Sun, 27 Aug 2017 02:41:56 GMT

@credit_endurance wrote:
Congratulations on the success with them and closure. I will be closing mine very soon as well. Approved with a $500 SL and now it is up to $9600. APR I s very high and really don't want to app for another product to combine just to get a lower APR. It's served its purpose during rebuilding now it's time to move on. Again congrats!

The OP already closed his card so what is done is done. But any particular reason you're closing your QS? You appear to have a great deal of CLs and a nice score so it may not be a big deal to you, but just wanted to know!

Re: Closed my CapitalOne Quicksilver Account today, here's my review

credit_endurance — Sun, 27 Aug 2017 03:27:53 GMT

@Anonymous wrote:
@credit_endurance wrote:
Congratulations on the success with them and closure. I will be closing mine very soon as well. Approved with a $500 SL and now it is up to $9600. APR I s very high and really don't want to app for another product to combine just to get a lower APR. It's served its purpose during rebuilding now it's time to move on. Again congrats!

Why close it? Do you carry balances? If you don't, why do you care what the APR is? Does it have an annual fee?

I sometimes carry a balance and actually had my APR reduced to 19.49 from 23.99 but only temporary it will go back up in December.Pc'ed the QS1 to QS NF Via the link that's going around. I have obtained some better cards over time and just don't see the need for them anymore. The Penfed PC is one of the best cash back cards going especially if you have a checking account set up 2%'cash back with lower Apr opposed to 1.5 % cas back with higher Apr cap one.

Re: Closed my CapitalOne Quicksilver Account today, here's my review

credit_endurance — Sun, 27 Aug 2017 03:26:23 GMT

@Anonymous wrote:
@credit_endurance wrote:
Congratulations on the success with them and closure. I will be closing mine very soon as well. Approved with a $500 SL and now it is up to $9600. APR I s very high and really don't want to app for another product to combine just to get a lower APR. It's served its purpose during rebuilding now it's time to move on. Again congrats!

The OP already closed his card so what is done is done. But any particular reason you're closing your QS? You appear to have a great deal of CLs and a nice score so it may not be a big deal to you, but just wanted to know!

Yeah. I have reached a point in my rebuild where I'm fine tuning my portfolio and eliminating some of my higher APR cards. My goals where to never have a card over 20% APR. SO I still have some trimming to do. I must let go of a few cards that are near and dear to me Cap one being one of them.

Re: Closed my CapitalOne Quicksilver Account today, here's my review

Total80sKid — Sun, 27 Aug 2017 05:45:29 GMT

Congrats on getting rid of my current, weakest link, though mine is a QS1.

It's sad when you are treated better by CreditOne.

That's really saying something.

Re: Closed my CapitalOne Quicksilver Account today, here's my review

Anonymous — Sun, 27 Aug 2017 06:41:35 GMT

Congrats! I did the same thing with my QS. Whomever asked about why close it with no AF? I don’t believe in sock drawing cards. Closed Card and open Age the same way. If you don’t need it for utilization purposes.... and aren’t going to use it... close it! I don’t have any sock drawer cards except maybe my Best Buy Card since i only have to for promotional financing and have never used it yet. I have 7 cards and I use them all but Best Buy. I will probably combine my 2 Disco Cards after the year is up on the second one and I get my match. I also will probably combine my 2 USBank cards. Then I will have 5 which to me is about perfect.

Just my 2 cents on closing cards with no AF.

If you need the card for your utilization don’t close it. That’s about the only reason to keep it open tho. Closed cards age the same. Bad misconception about closing cards on forums.

Re: Closed my CapitalOne Quicksilver Account today, here's my review

Gmood1 — Sun, 27 Aug 2017 09:59:06 GMT

Actually closed cards do not age the same. There's no guarantee the card will remain on your reports for 10 years. While a live/open TL will report indefinitely. As said earlier...what's done is done. I made the choice of closing my Slate. I had both as well.
In hindsight I wish I'd left it open. It and the QS were my oldest TLs. Leave at least one anchor for the team. If I closed cards because of APRs in the 20% range, I'd lose over $200k in TLs. Lol
As long as you don't carry a balance, they're all 0%.😉
Congrats on improving your credit OP.

Re: Closed my CapitalOne Quicksilver Account today, here's my review

Anonymous — Sun, 27 Aug 2017 17:14:40 GMT

@Anonymous wrote:
Closed cards age the same. Bad misconception about closing cards on forums.

This is false, they do not age the same at all. Keeping a card open will lengthen your average age of accounts further, as the account is aging (once you close an account, its impact on your average age is now fixed, it can no longer increase) -- additionally it increases the age of your oldest account. These two factors help your credit scores. If this is the OP's oldest card, its especially bad to close it. Lastly, I'm not sure what the obsession with APR is. APR should not be a factor at all. If you're keeping balances on your cards, then you probably shouldn't use credit imo, as you're costing yourself a lot of money.

Re: Closed my CapitalOne Quicksilver Account today, here's my review

mitchblue — Sun, 27 Aug 2017 17:25:46 GMT

I love my QS I'm never closing that bad boy.. I understand closing cards but you basically said it was a favorite. And that you use it?

But if you have a goal you have a goal. So congrats.

Re: Closed my CapitalOne Quicksilver Account today, here's my review

FireMedic1 — Sun, 27 Aug 2017 18:16:47 GMT

I'll be doing the same tomorrow once it posts. It was my first card as a Plat upgraded to QS after BK 12/15. From 2k to 6.5k it grew. Its my oldest card by only 3 months. It served its purpose. Once my new WMC Suntrust Cash Rewards statement cuts I'll still be at 5 cards. I have the QS WEMC at 7k. Dont need 2 QS's. I like to stay at 50% or below available CL's and income. Im at 15 to 21 years length, and AAoA from 4-6yrs. So with Disco, 1 WMC, 2 WEMC, and a VS. 5 cards is fine with me.

Most of us I've read started with secured or rebuilders to get to the next level. Then cancelled the newb after rebuild. I'm there now. I'm covered for rotating 5% cats, travel, gas, grocery, and dining. At almost 62 y/o. Long term mean less than if I was 30-40 yrs old. I'll keep the card as a reminder of where i came from after BK. Thanks Cap1 for starting it all! JMHO.

Re: Closed my CapitalOne Quicksilver Account today, here's my review

Anonymous — Sun, 27 Aug 2017 21:57:53 GMT

@Anonymous wrote:
@Anonymous wrote:
Closed cards age the same. Bad misconception about closing cards on forums.
This is false, they do not age the same at all. Keeping a card open will lengthen your average age of accounts further, as the account is aging (once you close an account, its impact on your average age is now fixed, it can no longer increase) -- additionally it increases the age of your oldest account. These two factors help your credit scores. If this is the OP's oldest card, its especially bad to close it. Lastly, I'm not sure what the obsession with APR is. APR should not be a factor at all. If you're keeping balances on your cards, then you probably shouldn't use credit imo, as you're costing yourself a lot of money.

I'm not sure what you mean by (once you close an account, its impact on your average age is now fixed, it can no longer increase)

AFAIK, from the AAoA perspective, the only difference between open and closed is once the closed card falls off (which can be well before 10 years, and sometimes more than 10 years, but no guarantee). While it is on the report, it ages every month just like an open one.

Re: Closed my CapitalOne Quicksilver Account today, here's my review

Anonymous — Sun, 27 Aug 2017 22:14:05 GMT

@Anonymous wrote:
@Anonymous wrote:
@Anonymous wrote:
Closed cards age the same. Bad misconception about closing cards on forums.
This is false, they do not age the same at all. Keeping a card open will lengthen your average age of accounts further, as the account is aging (once you close an account, its impact on your average age is now fixed, it can no longer increase) -- additionally it increases the age of your oldest account. These two factors help your credit scores. If this is the OP's oldest card, its especially bad to close it. Lastly, I'm not sure what the obsession with APR is. APR should not be a factor at all. If you're keeping balances on your cards, then you probably shouldn't use credit imo, as you're costing yourself a lot of money.
I'm not sure what you mean by (once you close an account, its impact on your average age is now fixed, it can no longer increase)

AFAIK, from the AAoA perspective, the only difference between open and closed is once the closed card falls off (which can be well before 10 years, and sometimes more than 10 years, but no guarantee). While it is on the report, it ages every month just like an open one.

I think it depends on the scoring model. But some models look at average age of accounts by how long they were open for, not from the date the account was open to current date. Note: I had a longer detailed reply, but somehow it was deleted, not sure why.

Re: Closed my CapitalOne Quicksilver Account today, here's my review

AverageJoesCredit — Sun, 27 Aug 2017 22:14:31 GMT

Congrats on doing whats best for you. Ill only add looking at your cards on full, i see the ubiquitous Navy card lol. I have no idea if that influenced your decision or not but man do they spoil us