topic Re: Close Low Limit Cards? in Credit Cards

Close Low Limit Cards?

Anonymous — Wed, 07 Nov 2018 16:10:11 GMT

I was just approved the other day for a $15k NFCU CashRewards card so was thinking about closing my lower limit cards to shake that low limit stigma.

I had a $700 Credit One that had an AF, so that was a no brainer and I cancelled that this morning. They tried to keep it open by waiving AF until 2/19 and a $15 credit, not sure how many people fall for that.

I have two lower limit Capital One cards as well that Im not sure about. One is a Platinum MC, $750 limit. The other is a Quicksilver One with a $500 limit. The Quicksilver does have a $39 AF. Since these cards are likely bucketed with no real chance of growing, would it make sense to close them? I only have a year or less with both cards.

I also have a $1500 Discover IT card which I was thinking was best to keep.

Re: Close Low Limit Cards?

Noximus03 — Wed, 07 Nov 2018 16:22:28 GMT

I made my last Cap1 payments monday, they posted this am for a zero balance. I got off the phone with them about 20 minutes ago and had them shut my QS and QS1 cards down for use, but not yet cancelled. I'm going to give it 10 days to make sure nothing pushes through before I pull the trigger on a full cancellation.

The day after I got that approval for the NFCU $15k limit, I got approval for a $1500 Discover that I'll for sure be keeping, but Firemedic made a good point of why keep lower tier cards when I have two top tier cards now. Especially since the utility wont really be affected, and the AAoA is less than a year on both Cap1's. Bye Bye bucket cards.

Re: Close Low Limit Cards?

Anonymous — Wed, 07 Nov 2018 16:52:15 GMT

I'd say look at the Venture cards and see if either of them works for you. If so, call and find out if either of your cards can be product changed to the Venture. then ask about combining your existing CL into that card and closing the other card, then product change your card to the Venture.

If you want to open more strong accounts, its probably not gonna look great if half of the cards you've ever opened were closed in less than a year. So you should at least try to find a way to get some utility out of one of your capital one cards, or at least to not cost you anything then just sock drawer it until you've established more strong accounts.

Re: Close Low Limit Cards?

Anonymous — Wed, 07 Nov 2018 16:54:03 GMT

Instead of closing why not just do CLI's?

I dont see the point of closing cards, unless you want to kill an AF.

Re: Close Low Limit Cards?

FinStar — Wed, 07 Nov 2018 17:07:16 GMT

OP, totally up to you.

I wouldn't PC them to Venture, though. Why incur a higher AF if you don't foresee the need to use it in that regard?

What you could potentially try, if this route is suitable or successful, see whether they grow CLI-wise and/or combine them down the road. You can try to see if the QS PC would be available.

However, if you feel that you have outgrown them, regardless how long you've had them, closure is perfectly ok.

Re: Close Low Limit Cards?

Anonymous — Wed, 07 Nov 2018 17:08:52 GMT

I have tried to CLI both cards but they were credit steps and I feel like they are bucketed as low limits.

Re: Close Low Limit Cards?

Noximus03 — Wed, 07 Nov 2018 17:27:21 GMT

@Anonymous wrote:
I have tried to CLI both cards but they were credit steps and I feel like they are bucketed as low limits.

Same

Re: Close Low Limit Cards?

HeavenOhio — Wed, 07 Nov 2018 17:34:07 GMT

You can close the Capital One cards if you'd like. But scoring likes three cards. That's not mission critical, but you already have the cards to accomplish that until you eventually find a replacement.

I'd see if the Platinum can be product-changed into a Quicksilver, and I'd look to combine the QuicksilverOne into the no-fee card.

Re: Close Low Limit Cards?

Anonymous — Wed, 07 Nov 2018 18:01:59 GMT

Get rid of that low limit card with the AF. It makes no sense to have that.

Re: Close Low Limit Cards?

Anonymous — Wed, 07 Nov 2018 18:21:46 GMT

@FinStar Venture One has no fee, venture is waived year one. If he's gonna close the card ultimately anyway it doesn't really matter but my point is he should keep it open at least long enough to establish stronger cards and hey if he can product change it to a card that will give him some utility then that's even better still.

I almost suggested the Quicksilver instead of the Venture but considering that the Navy Federal card he just open is a 1.5% cash back on all purchases card it's redundant for him to get the no annual fee Quicksilver card. I'm not strongly familiar with capital one's offerings but offhand The Venture Card is the only other thing I could think of that is notable

Re: Close Low Limit Cards?

NRB525 — Wed, 07 Nov 2018 18:27:25 GMT

If a PC from Platinum or QS to Venture, doesn’t that pay the $95 AF today? If so not a good deal.

A new app for Venture may get a better limit, SUB, and 2% earnings for the year. After 12 months decide whether to keep it. Options include combining the Venture limit to the Platinum, and PC the Platinum to QS with no fee. Close the AF QS and combine the limit to the Platinum.

Re: Close Low Limit Cards?

Anonymous — Wed, 07 Nov 2018 18:41:32 GMT

Huh? I reiterate: Venture One has no fee, Venture waives the fee year one. While opening a new Venture may get him a SUB, it's a paltry trade-off in the bigger picture. The whole point is to extract himself from capital one efficiently: without making it appear to other (more lucrative) creditors that he's gonna close a bunch of cards in less than a year, and while trying to get some value out of it in the process, all without paying any more annual fees to capital one. One thing that he should not do is open more accounts with cap one, but find more lucrative cards from other issuers (like his Discover It)

Re: Close Low Limit Cards?

HeavenOhio — Wed, 07 Nov 2018 20:13:11 GMT

The important thing to find out is whether the first-year annual fee waiver is avaiable when one PCs. The sign-up bonus certainly isn't.

I think the discussion is kind of moot anyway. I don't think the OP's current limits will coax a Venture offer.

Re: Close Low Limit Cards?

Noximus03 — Wed, 07 Nov 2018 20:59:47 GMT

@HeavenOhio wrote:
I think the discussion is kind of moot anyway. I don't think the OP's current limits will coax a Venture offer.

I dont think so either. I got a call from Cap 1 around 1 EST and the guy said he was doing a "wellness" follow up? Never heard of that before, and I thought it was a possible scam call until he provided details to my call to them earlier in the day. He asked why I shut my cards down for spending and if there was anything he could do to help. I told him, and we went on. Long story short, he wanted me to reconsider and I told him a Venture upgrade was the only thing that would. Didnt get an insta-no, but he did say he couldnt do it himself bcause the option just wasnt there, I'd have to apply for it fresh same as the Savor. He combined my QS1 and the Plat to a QS and waived the AF for a year, rolled my CL over, and asked me to think about it. Conversation over.

I still stand with my original statement to the OP. I still plan to axe Cap 1, but the only difference now is that I might wait and see what happens at my next CLI (Jan 2019).

Re: Close Low Limit Cards?

Anonymous — Wed, 07 Nov 2018 21:10:47 GMT

It's not moot, the conversation applies to any cap one card with no af. But we're looking for a card that could benefit the op most, off hand I said venture but anything that doesn't cost anything really. The cake is keeping the card open and in good standing for now so he looks like a responsible card holder who doesn't close his accounts - getting use out of the card is just the icing on the cake. I think combining the limits and closing one is justifiable cuz that's very simple to explain you were consolidating your credit limit into one card that was more useful.