topic Re: CLOSE MY SECOND OLDEST TRADELINE? PULL TRIGGER? in Credit Cards

CLOSE MY SECOND OLDEST TRADELINE? PULL TRIGGER?

percy81 — Fri, 11 May 2012 13:55:27 GMT

Good day everyone!

Okay, based on the current credit cards on my signature, do you think I should cancel my Capital one platinum?

My oldest TL is 5 years and some change (different card that is closed now). I've had the capital one since 12/10 and they rarely give cli even though having excellent paying history with them.

I've recently sock drawered the card and I'm contemplating closing them out since they charge a $3.00 members or maintenance fee whichever one it was that they seem to charge RIGHT ON THE DATE OF STATEMENT CLOSING giving me not much time if any to pay so they can report $0 balance . My current utilization is at 2% right now, I'm also hating lenders seeing the card on my file ( although, thanks for giving me a chance to build when other lenders stuck there nose to me ) I hate seeing $3 bucks x's 12 = $36 going to waste just to sit and nest for years.

Advice would be greatly appreciated!!

P.S Just got the lenscrafters last month, so i'm in gardening mode if that info helps!

Re: CLOSE MY SECOND OLDEST TRADELINE? PULL TRIGGER?

Anonymous — Fri, 11 May 2012 14:07:28 GMT

What's your AAoA? Oldest TL?

Re: CLOSE MY SECOND OLDEST TRADELINE? PULL TRIGGER?

percy81 — Fri, 11 May 2012 14:15:14 GMT

AAoA is 1 year 10 months and oldest tradeline as mentioned is 5 years and few months.

Re: CLOSE MY SECOND OLDEST TRADELINE? PULL TRIGGER?

Anonymous — Fri, 11 May 2012 14:19:05 GMT

If you don't agree with the charge, close it.

Don't keep something open that you're not happy with.

Re: CLOSE MY SECOND OLDEST TRADELINE? PULL TRIGGER?

Revelate — Fri, 11 May 2012 14:21:09 GMT

Unless you need the money that's being charged for your annual fee (I didn't think there was a monthly maintnenance fee?) personally i'd just leave it open. Then again I fall into the minority of posters here who don't quibble about an AF: $35 or even $59 a year is trivial for a good tradeline... and a 5 year revolving tradeline with solid payment history is an *excellent* tradeline.

Cap One isn't a great lender, and you don't need the card with your scores and other cards now... if there's something you find fustruating about the card (like PIFing before the statement date, which I don't worry about except in the except when I'm trying to boost my FICO pre-application) then close it, but personally I wish I had your problem .

Re: CLOSE MY SECOND OLDEST TRADELINE? PULL TRIGGER?

percy81 — Fri, 11 May 2012 14:31:18 GMT

I understand what you're saying revelate, but I just hate having to keep on top of a statement date for a card I will NEVER use based on the $3 a month fee they charge. I like to only let one statement post a small balance and the others to post $0 and this capital one card is holding up the slot for my favorite chase freedom card

Re: CLOSE MY SECOND OLDEST TRADELINE? PULL TRIGGER?

ajh5408 — Fri, 11 May 2012 16:02:06 GMT

I guess I'm fortunate that my stuck-in-the-ditch CapitalOne Platinum is the old no-AF version... IMHO, while nearly impossible, I would fight your way up the CSR tree until you find someone who can PC the card to something without an annual fee. Given your situation with AAoA, it may be worth the money to keep it open, but it may also be worth the fight to get to a place where you can keep it in the sock drawer without cost...

One other thing: Has your income or employment situation changed since you got the card five years ago? I found that one reason they refused to change just about anything with my card was that, because it was my first, they had outdated info on me. They were soft-pulling my credit, but still using the old income info and whatnot to make their decisions... They can update this for you (if they understand what you're asking for) using the magic words "credit profile," much like AMEX allows you to update online.

Re: CLOSE MY SECOND OLDEST TRADELINE? PULL TRIGGER?

Anonymous — Fri, 11 May 2012 16:11:09 GMT

Cap1 is nailing you monthly? I thought that was Orchard that did that? I have two Cap1 cards and can attest at what a pain they can be. They do not seem to want to grow with you. You are over 700, so.... Call them up and ask for an upgrade from a senior credit analysis, if they refuse tell them you want to close the card. It maybe your oldest card, but even when you close it the account will still stay on your credit for up to ten years and continue to age. My oldest account is a car loan I paid off 6 or 7 years ago and it says my oldest is 11 years and X months old. So closing the account will affect your AAoA, about 10 years from now.

Re: CLOSE MY SECOND OLDEST TRADELINE? PULL TRIGGER?

Anonymous — Fri, 11 May 2012 16:16:57 GMT

Yeah see if they can waive AF or go to no AF. Also, prepay 30 dollars to cover AF for a while if you sock drawer it. Personally, I think you need one more credit card if you are going to cancel the Cap One. What are your scores right now?

Re: CLOSE MY SECOND OLDEST TRADELINE? PULL TRIGGER?

percy81 — Fri, 11 May 2012 17:25:30 GMT

I have called the senior analyst and they give me the same " your account is not scheduled for an increase just yet, but we will be doing customer reviews soon" spiel so, backdoor numbers haven't helped.

I think i'm just going to wait a couple more months to see if they hold true to what they said about the cli reviews. Lol, I even asked for them to lower my apr - "sorry can't" how about upgrading to your prime cards? -"sorry can't" Well capital 1, I hope you're not afraid of the dark and the friction of my husbands overly torn emergency socks, because that is your fate for now!

Re: CLOSE MY SECOND OLDEST TRADELINE? PULL TRIGGER?

Anonymous — Fri, 11 May 2012 17:36:08 GMT

Can you possibley push a payment to your bank account say 10 days from statement date that way you have the monthly chg paid for before it posts

Re: CLOSE MY SECOND OLDEST TRADELINE? PULL TRIGGER?

percy81 — Fri, 11 May 2012 18:05:39 GMT

The more and more I think about it the more I want to CLOSE the account!I mean if they're willing to risk losing a great customer that can be very profitable to them ( especially around the holidays) than to humour me with even just a mere 300 increase to show i made some effort with them then fine!!I'll take my cards that offer 5% cash back on gas, grocery and spend while their card goes into the shredder.

Wow, that vent felt kina good!

Re: CLOSE MY SECOND OLDEST TRADELINE? PULL TRIGGER?

percy81 — Fri, 11 May 2012 18:18:29 GMT

@lisamar81 wrote:
The more and more I think about it the more I want to CLOSE the account!I mean if they're willing to risk losing a great customer that can be very profitable to them ( especially around the holidays) than to humour me with even just a mere 300 increase to show i made some effort with them then fine!!I'll take my cards that offer 5% cash back on gas, grocery and spend while their card goes into the shredder.

Wow, that vent felt kina good!

Okay, maybe I'll sleep on it first The adrenaline of confidence wore off then my indecisive self took over and told me to think longer on it.

Re: CLOSE MY SECOND OLDEST TRADELINE? PULL TRIGGER?

Anonymous — Fri, 11 May 2012 18:17:50 GMT

I had similar conversations with HSBC Sears MC CSRs. My CL was stagnant at $300, one year they told me that they would be increasing limits over the next year and they could offer me 50% off the AF of $59. I took it, one year later the CL is still 300 and I called when the AF came due. I got the same speech! "Sorry, I was told the same thing last year, close the account!" They then lectured me on how it would hurt my credit score... **bleep**? So I gave them an ultimatum, 3k CL or close the account. They kept trying to not let me close the account. Finally I told them I am done with them, close the account or I will report this to the proper regulatory agency. "Sorry sir, I will close the account." It felt good to get rid of that $300 card.

Let us know if Cap1 treats you any better when you call back

Re: CLOSE MY SECOND OLDEST TRADELINE? PULL TRIGGER?

percy81 — Fri, 11 May 2012 18:23:32 GMT

@Anonymous wrote:
I had similar conversations with HSBC Sears MC CSRs. My CL was stagnant at $300, one year they told me that they would be increasing limits over the next year and they could offer me 50% off the AF of $59. I took it, one year later the CL is still 300 and I called when the AF came due. I got the same speech! "Sorry, I was told the same thing last year, close the account!" They then lectured me on how it would hurt my credit score... **bleep**? So I gave them an ultimatum, 3k CL or close the account. They kept trying to not let me close the account. Finally I told them I am done with them, close the account or I will report this to the proper regulatory agency. "Sorry sir, I will close the account." It felt good to get rid of that $300 card.

Let us know if Cap1 treats you any better when you call back

I will be calling them when I get off of work tomorrow and sleeping on it for tonight. I hate jumping quick without thinking on what kind of impact the fall might make. I will definitely keep everyone posted. I'll also be looking out for any responses from people that have been there and done that with capital one. I doubt threatening to cancel will get an increase I wanted, so letting them know I don't WANT them will feel nice.

Re: CLOSE MY SECOND OLDEST TRADELINE? PULL TRIGGER?

TNTransplant — Fri, 11 May 2012 18:41:23 GMT

Just close it. It will not grow with you, so why worry with the hassle of the monthly fee? I guarantee if you forgot about paying this even one time there would be no goodwill gesture on their part, and your credit score would suffer for the next 7 years.

Even after closing, you will benefit from another 10 years of positive history reported. You should notice no issues secondary to closing this unless it increases your overall utilization.

Also, you already have prime cards with Chase and Discover - I say you're ready to make Cap One walk the plank...

Re: CLOSE MY SECOND OLDEST TRADELINE? PULL TRIGGER?

Anonymous — Fri, 11 May 2012 18:55:32 GMT

@TNTransplant wrote:
I say you're ready to make Cap One walk the plank...

I like the sound of that! Especially since Captain Morgan usually makes me walk the plank, I know how it feels

Re: CLOSE MY SECOND OLDEST TRADELINE? PULL TRIGGER?

kjm79 — Fri, 11 May 2012 19:21:47 GMT

I hate cards that charge a monthly "maintenance" or "service fee". And on top of that, you're not using it. I would say to close it. It will still continue to report for you. ONLY thing you lose is the lovely credit limit it offers you. I say keep cards if there's no AF.

I've had a Target card since 2009 with a $200 limit that NEVER moves. ONLY reason it's still open is that there is no AF or other charges. Every now and then I go use it and save 5%. I say every card has it's time and serves it's purpose. If you're not using it and they won't waive the fees, what is it's purpose?

Re: CLOSE MY SECOND OLDEST TRADELINE? PULL TRIGGER?

Revelate — Fri, 11 May 2012 20:33:10 GMT

@Anonymous wrote:
Cap1 is nailing you monthly? I thought that was Orchard that did that? I have two Cap1 cards and can attest at what a pain they can be. They do not seem to want to grow with you. You are over 700, so.... Call them up and ask for an upgrade from a senior credit analysis, if they refuse tell them you want to close the card. It maybe your oldest card, but even when you close it the account will still stay on your credit for up to ten years and continue to age. My oldest account is a car loan I paid off 6 or 7 years ago and it says my oldest is 11 years and X months old. So closing the account will affect your AAoA, about 10 years from now.

Orchard (at least current cards) is just an AF like most others. FP and CreditOne have monthly fees.

To the OP: you could ask to be swapped to a card that has an AF instead of the monthly one as well, I'm not certain when Cap One issued montly fee cards but AFAIK they've stopped that (as it makes tons more financial sense for subprime lenders to hit you with the AF right up front...)

Re: CLOSE MY SECOND OLDEST TRADELINE? PULL TRIGGER?

Anonymous — Mon, 26 Nov 2012 01:30:55 GMT

Dont think twice and close the capital1 asap.Open a prime card. With your score you could get a good prime credit card with 8000 limit