topic Re: Closing Capital One Accounts in Credit Cards

Closing Capital One Accounts

Boribori — Fri, 24 Feb 2023 09:28:18 GMT

I've been doing some reading here on the forums and watching videos on YouTube about bucketed cards with capital one. I know this topic has been exhausted and there's multiple threads on it. I would just like to see if there's been any recent info or some fresh DP's about this topic. Wondering if it's worth it to keep the accounts open for years and get some super small cli's. Or... cancel both wait a year or two and get a card with a bigger limit. Or just simply not be bucketed. I know the whole well.. it's no AF so it's not hurting to keep them open etc. I know they report for 10 years after closing. Just looking for fresh DP's or potentially new info. Thanks

Re: Closing Capital One Accounts

FireMedic1 — Fri, 24 Feb 2023 10:23:35 GMT

Before anything. Ignore YT. Many of us have/had a bucket card. Majority once they grew their files. Closed out the accounts. I closed both buckets after obtaining the 3 below. With $24,900 total credit line out of all the cards in your siggy. I'd hold on to them for padding. Once CLI's and better SL's appear as your file grows. Then shut them down. If it isnt broken dont fix it.

Re: Closing Capital One Accounts

Hut1 — Fri, 24 Feb 2023 12:13:56 GMT

Agree with @FireMedic1

It took me about 4 yrs of growing my credit and responsible usage for companies to begin giving me significant increases and starting lines. It's hard to be patient when you're a myFICO member, but.. be patient. 😆

Re: Closing Capital One Accounts

NoMoreE46 — Sat, 25 Feb 2023 03:12:26 GMT

IMHO, if you were to close a card it should be the Open Sky.

Re: Closing Capital One Accounts

Boribori — Sat, 25 Feb 2023 06:24:36 GMT

@NoMoreE46 Yeah I've been thinking about it. The only reason I haven't is because they've waived the AF for the last two years. Although it's not giving me rewards, it provides little padding, and reports age and payment history. I told myself if they do try and change me an AF this year I will close it. If they don't, well..I'm not sure.

Re: Closing Capital One Accounts

SweetCreditObsession — Sat, 25 Feb 2023 06:35:42 GMT

I've got a couple of bucketed Cap1 cards that are about to turn 7 in a couple of months. They've only reached $2400 but I've received larger SLs for each subsequent card.

They are two of my oldest cards so I've kept them opened. I don't plan to ever apply with Cap1 again so I'm ok as things are.

Re: Closing Capital One Accounts

Adkins — Sat, 25 Feb 2023 12:20:22 GMT

My quicksilver started at $2K and I've only ever gotten the promised $500 increase on it after I had it six months. There's no annual fee, and the 1.5% cash back isn't the greatest reward but I keep it around due to age and no FTF. If the limit was lower I would close it though.

Re: Closing Capital One Accounts

AzCreditGuy — Sat, 25 Feb 2023 19:09:02 GMT

I’ve had my Cap 1 for 8 years now and its been a bucket card from $500 to $3000 and was like that for a while....Until I started to use their own Balance Transfer option without paying a transfer fee for my business when I needed cash for the month and would pay off the balance on the due date. I also did this a couple of times just to see what they would do with my credit line increase and I am now at $8.5k for CL. Cap 1 frowns on this and they could have closed my account for doing this and other might not agree with this, but I noticed this when my business was in a cash crunch….Cap 1 likes when you take big balances and pay them off every month and that’s the only reason why my CL is at $8.5k, now is that good for 8 years? Hell No, My US Bank CC is at $32k and Ive only had the card for 3 years, but I will take anything I can with Cap 1

Re: Closing Capital One Accounts

Rebuild2019 — Sat, 25 Feb 2023 19:40:39 GMT

I just closed my CAP1 card. It was a QS1 and only made it to $700. You will hear all kinds of advise, but in the end you have to decide what's ok with you.

I tried paying it off every month. Running the card up then paying it off. Not using it for a few months... which really upset me because once I used it CP1 would send in an off cycle balance update to the credit bureau for $20. 🤔

I thought about it and although I was thankful for their approval when I did my rebuild it was not worth it for me. I felt for me I did not want someone to do a manual review and find a $700 CAP1 card on my credit report. After Chase approved me I moved on.

I am glad I did. CAP1 always gave me some crazy reason for denial and always from EQ. Other Cards getting approved or CLI from an EQ pull.

Like I said this is your call. It will stay on your report for like10-years. Good Luck whatever you decide.

Re: Closing Capital One Accounts

Kforce — Sun, 26 Feb 2023 19:42:27 GMT

I do not believe in waisting my time every month with a credit card

that has poor rewards, an AF or "bucketed".

In ten years keeping both the Quick Silver and your oldest card the "Open Sky"

would mean 2 months average age of account difference from closing both tomorrow.

The reason accounts stay for 10 years is that it is enough time to let your current and new

cards age. My time playing with a card every month for 10 years is worth more than 1 month

average age of accounts, per card.

Current Card in 10 years:

Without QS and Open Sky

Re: Closing Capital One Accounts

shawnkp73 — Sun, 26 Feb 2023 22:17:37 GMT

I believe that if a card isnt serving your needs, its probably time to close it. I had a QuickSilver, Capital One Platinum and Savor cards for years....the quick silver and platinum had $900 limits and they would never grant and increase. I held on the the cards for about 6 years before I made the decision to close. Best choice I have made. I held on to the SavorOne card becuase for some reason Cap One had no issues giving me CLI on that one.

I would suggest that you make sure that your credit file is thick enough to handle the closure. Also understand that closed accounts still report positive on your report for at least 7 years. Just make sure your accouts are paid in full and have no negative dings before making the choice to close. Hope this helps!

Re: Closing Capital One Accounts

Zoostation1 — Mon, 27 Feb 2023 00:42:53 GMT

@Rebuild2019 wrote:

I thought about it and although I was thankful for their approval when I did my rebuild it was not worth it for me. I felt for me I did not want someone to do a manual review and find a $700 CAP1 card on my credit report. After Chase approved me I moved on.

I agree with closing them if they are not providing you value but why worry about anyone doing a manual review and seeing a card with a $700 limit? You've got other cards and assuming that card was in good standing it wasn't going to have any negative impact on credit decisions.

Re: Closing Capital One Accounts

Rebuild2019 — Mon, 27 Feb 2023 03:28:48 GMT

@Zoostation1 I guess I looked at the CAP1 card as having done its job and time to move on. It had a yearly fee. I did not have a product change for the card. I called and checked.

If I was doing the manual review I would wonder why the person held onto it. It was not my oldest card. I saw it the way people see some of the other starter cards on here. It served its purpose.

Re: Closing Capital One Accounts

Zoostation1 — Mon, 27 Feb 2023 03:57:56 GMT

I was just referring mainly to the manual review, since they won't know whether the card has an AF or not. Sure they'll see the all the functional data (payment history, reported balances, high balances, CL, etc) but it won't be identifiable by the flavor of card it is (QS1, Platinum, Savor etc). That being I don't disagree with closing it esp since it had an AF.

Re: Closing Capital One Accounts

Boribori — Mon, 27 Feb 2023 05:48:56 GMT

@Kforce Thank you for that analysis of all my accounts. That was awesome to see it laid out like that. I agree that it has served its purpose. I was early in my rebuilding phase. It was platinum MC, then product change. I'm very sure it's bucketed. Like some people have stated here. I don't want to waste years of my time getting small CLI's for it to finally be in the multiple thousand dollar range or higher. My credit file in that time along with all other will have drastically improved and would've let that cap one account in the dust. I dont carry balances so closing it will not hurt my UTI. It's not even that big of a buffer even if I were to carry a balance. Like I stated, I was only keeping it to help out my age payment history etc. But like you stated the 2 month difference of my accounts isn't a massive deal. I believe I'll be better off closing it and waiting a couple years and see if I can get a card from cap one with probaly a 5k -10k+ limit i.e. Venture or VentureX if they'll even still use those products. Thank you again and for everyone shedding some light on this issue that me and im sure hundreds or thousands are dealing with this "bucketing" nonsense.

Re: Closing Capital One Accounts

Kforce — Mon, 27 Feb 2023 17:28:04 GMT

@Boribori wrote:
@Kforce Thank you for that analysis of all my accounts. That was awesome to see it laid out like that. I agree that it has served its purpose. I was early in my rebuilding phase. It was platinum MC, then product change. I'm very sure it's bucketed. Like some people have stated here. I don't want to waste years of my time getting small CLI's for it to finally be in the multiple thousand dollar range or higher. My credit file in that time along with all other will have drastically improved and would've let that cap one account in the dust. I dont carry balances so closing it will not hurt my UTI. It's not even that big of a buffer even if I were to carry a balance. Like I stated, I was only keeping it to help out my age payment history etc. But like you stated the 2 month difference of my accounts isn't a massive deal. I believe I'll be better off closing it and waiting a couple years and see if I can get a card from cap one with probaly a 5k -10k+ limit i.e. Venture or VentureX if they'll even still use those products. Thank you again and for everyone shedding some light on this issue that me and im sure hundreds or thousands are dealing with this "bucketing" nonsense.

I believe you did the right move getting rid of the Open Sky.

You have other Capital One cards so you spend very little extra time keeping the QS.

You will know when to give up, maybe you will be one of the lucky few

Re: Closing Capital One Accounts

Horseshoez — Mon, 27 Feb 2023 18:53:46 GMT

@Boribori, just one datapoint here; in April of 2020 I opened a CapOne Platinum card without doing my homework first, shortly thereafter I discovered my card was most likely bucketed and wouldn't grow for years, if ever. I closed that card after less than 7 weeks and figured CapOne would hate me forever. Yeah, about that, almost six months to the day after I closed the card they sent me a preapproval for a Quicksilver card, I applied and was instantly approved for a $3,000 SL; that card has since grown to a $6,300 limit.

Re: Closing Capital One Accounts

Boribori — Mon, 27 Feb 2023 19:30:57 GMT

@Horseshoez wow yeah thank you for that DP. I've thought about doing just that. Closing it and just waiting for another offer or preapproval and apply in hopes on getting a higher limit or just not getting a buckted card id be happy with. So I was readin on the forums last night and I came across something interesting regarding buckets and card numbers. In theory, now, not fact, but if your card number starts with 5178 its a bucketed card also platinum MC. If it's 5153 its a world MC. If it's 5156 it's a World Elite MC. I kept my Cap one platinum secured card from 2013 and it starts as 5178. My friend has a QS WEMC that is 5156 and he got a $3,000 limit on it. My savorone is the student version and is 5156, that had a $500 limit and is now $600. So I'm wondering if those starting number have anything to possibly do with it actually giving some insight as to what cards are bucketed or not.