topic Re: Should I close Capital One? in Credit Cards

Should I close Capital One?

Anonymous — Fri, 17 Dec 2010 16:00:01 GMT

Hi everybody,

I love this forum - it's an addiction

Anyways, I finally got my hands on two "quality" credit cards: Amex Zync and Citi Forward.
The Citi Forward was instant approval for $4k CLI, I was very surprised given my scores.

Anyways, my scores are EQUI 701, TU 696.
I also have two Capital One credit Cards (both with $750 limits ... with AFs of $19 and $39 ...).
I don't use them (in matter of fact my % util has been 0% or %1 tops ... even with $750 CL ... ) and I now that I have Citi, I rather charge through it only (or AMX).

But (here's the caveat), both of my Capital One accounts are my oldest =(
So what should I do? Can I safely cancel them? Should I cancel only one? None?
Leave them open and simply never use it?
Thank you for all your help.

OBS: I'm not worried about util going up ... it's at 0%. It is likely to stay that way for now (hopefully)

Thank you very much in advance!

Re: Should I close Capital One?

Anonymous — Fri, 17 Dec 2010 16:26:00 GMT

I would keep one. Cap1 has zero foreign transaction fee. IMO, Keeping your oldest card open for now, would be worth 1 AF.

Re: Should I close Capital One?

android01 — Fri, 17 Dec 2010 16:49:25 GMT

My vote would be for closing none of them. Aging open TL's in good standing are a good thing. You don't have to use them, or use them occasionally just to show activity. I would consider closing them if perhaps you were thinking of a mortgage or some other type of credit where the lender may not like to see that you have too much available credit.

Re: Should I close Capital One?

Anonymous — Fri, 17 Dec 2010 16:50:50 GMT

I would call the backdoor number and ask

if you can combine cards and if they can waive

annual fees and can I get cli. If they won't then you can always close.

Re: Should I close Capital One?

Creditaddict — Fri, 17 Dec 2010 16:55:42 GMT

at this point with your credit portfolio and scores, if they won't waive the annual fee, I would close.

Re: Should I close Capital One?

Tazman81 — Fri, 17 Dec 2010 16:57:01 GMT

How much older are your Cap 1 cards then your other credit cards?

Here is a good article: http://ficoforums.myfico.com/t5/Credit-Cards/Closing-Credit-Cards/td-p/347190

Re: Should I close Capital One?

clocktick — Fri, 17 Dec 2010 17:30:51 GMT

@Anonymous wrote:
I would call the backdoor number and ask
if you can combine cards and if they can waive
annual fees and can I get cli. If they won't then you can always close.

Recent posts suggest they don't let you combine anymore. I like your idea but asking Cap One for even ONE favor, let alone three, is basically a lost cause.

OP, I'm closing my newer one right before the annual fee is due if they decide not to waive it. It still should stay on your CR for 10 years and I figure, by then, I'll have some nicer 9-10 y/o cards (that I'm opening now/next year) that are much better with no annual fee.

Re: Should I close Capital One?

Anonymous — Fri, 17 Dec 2010 18:58:25 GMT

Hi, My first capital one was opened august 2009. The second one was opened may 2010. The Amex And Citi were opened last week. I really want to dump the second Capital one (2010). I think keeping the oldest one open should be OK, as I can benefit From the 0% international transaction fee. But I'll focus on maintaining a healthy usage with both Citi and Amx first. So veredict is: ask for waiving one AF for one capital one. In case they deny, I should go ahead an cancel that one. Sounds good? Thanks much again.

Re: Should I close Capital One?

Anonymous — Sat, 18 Dec 2010 15:05:03 GMT

Once again, calling the back door number will

get you some info as to how far they will go with

you

I started with starter card and now cash back rewards

card. Credit line is over $5000. All through back door number.

Re: Should I close Capital One?

Anonymous — Sat, 18 Dec 2010 15:55:06 GMT

Ill try the back door number, and I'll keep you posted.
Thanks!

Re: Should I close Capital One?

Anonymous — Sat, 18 Dec 2010 16:26:01 GMT

I called the backdoor # and spoke with an account specialist.
He was very polite and he did his best to get me a CLI or Waive the annual fee.

Both CLIs were declined (he said I'd get the reasons over mail) and I got one of my fees waived.
He also mentioned that he posted a comment saying that I'd like a CLI on my account.

It looks like I'll stick with them for a little bit more ...
I can't seem to form a concrete opinion against Capital One.
I sort of understand them, and sort of not ... oh well.

Thanks for all the help!

Re: Should I close Capital One?

Anonymous — Mon, 20 Dec 2010 13:53:02 GMT

They are tough!!!!!

What did he say about combining them?

Re: Should I close Capital One?

JayRizzo — Mon, 20 Dec 2010 14:56:46 GMT

I can answer that question about combining... they don't do it anymore. I think all of us multiple Cap-1'ers tried it.

Re: Should I close Capital One?

Anonymous — Mon, 20 Dec 2010 23:55:22 GMT

I would keep them. You even said yourself that they are your oldest accounts. Capital One doesn't charge foreign trans. fees, has a large self-service option (set travel dates, request auth. user, change due date, etc). Also 0% balance transfer fee. It may come in handy.