topic Re: Capital One Card in Credit Cards

Capital One Card

RJCE — Sat, 21 May 2022 15:14:22 GMT

Looking for a little advise, please.

I've had a Quicksilver One card since 2014. It only has a credit limit of $1,100. They have declined every CLI request I've made. Standard lame excuse is that I don't use enough of the balance. I want to cancel this useless card. Since it's my oldest card, how much damage might it do to my scores?

I have 10 other cards with limits ranging from $4K (BOA) to $21,700 (Discover). All the of my FICO scores are in upper 770's.

Re: Capital One Card

PNWRambler — Sat, 21 May 2022 17:48:40 GMT

You probably won't notice any change to your credit score in the near future. The card history will stay on your account for 7 years after it's closed so it won't affect your AAoA. What it will affect is overall utilization and number of cards reporting a balance, but I doubt you'll notice anything major there either.

Re: Capital One Card

FireMedic1 — Sun, 22 May 2022 09:00:00 GMT

The lame card helped you get to the prime cards you have now. You moved up just like I did and closed it out. And I'm thankful it did what it was suppose to do. Build credit. Close it.

Re: Capital One Card

SouthJamaica — Sun, 22 May 2022 15:13:32 GMT

@RJCE wrote:
Looking for a little advise, please.
I've had a Quicksilver One card since 2014. It only has a credit limit of $1,100. They have declined every CLI request I've made. Standard lame excuse is that I don't use enough of the balance. I want to cancel this useless card. Since it's my oldest card, how much damage might it do to my scores?
I have 10 other cards with limits ranging from $4K (BOA) to $21,700 (Discover). All the of my FICO scores are in upper 770's.

1. After it's closed, it won't affect your age factors until it falls off your reports, which is typically -- but not always -- 10 years.

2. That being said, if there's no annual fee I would consider sockdrawering the card rather than closing it, and using it now and then.

3. This thread probably belongs under "Credit Cards", so you might want to ask a moderator to move it.

Re: Capital One Card

GatorGuy — Sun, 22 May 2022 17:49:56 GMT

If this is your oldest card, I would suggest keeping it open.

Re: Capital One Card

OmarGB9 — Tue, 24 May 2022 03:31:35 GMT

@PNWRambler wrote:
You probably won't notice any change to your credit score in the near future. The card history will stay on your account for 7 years after it's closed so it won't affect your AAoA. What it will affect is overall utilization and number of cards reporting a balance, but I doubt you'll notice anything major there either.

*Up to 10 years. Sometimes more. 7 years is for derogatory items.