topic Re: Closing one card and opening another? in Credit Cards

Closing one card and opening another?

forceedge99 — Tue, 28 May 2013 17:47:52 GMT

How would this effect me?
I have zero delinquencies on the account I'd be closing.
It's the capital one journey card. I've had it for 9 months.
I want to close it and open up a capital one cash rewards card with no annual fee. Plus, the 100 dollar bonus isn't to bad.

How would this effect me In The short, and long run?

I figure it wouldn't be to bad because when that card drops after ten years..the cash card I'd be applying for would have grown.

Re: Closing one card and opening another?

nicholasyud — Tue, 28 May 2013 17:53:10 GMT

Call Cap to product change to Cash Reward or
Apply then cancel because you don't know if its approved or not. You don't wanna end up having no credit at all.

Re: Closing one card and opening another?

forceedge99 — Tue, 28 May 2013 18:13:29 GMT

-Forgot to mention I have a platinum card from them also. Year and a half age
-Chase freedom 5 months age
-Citi dividend 4 months age
-Amex blue cash everyday 1 month age

It's in my sig

Sorry about that

Re: Closing one card and opening another?

myjourney — Tue, 28 May 2013 23:47:22 GMT

@nicholasyud wrote:
Call Cap to product change to Cash Reward or
Apply then cancel because you don't know if its approved or not. You don't wanna end up having no credit at all.

+1 always follow this rule of thumb and I'll just add so as not to hurt total available credit limits

Re: Closing one card and opening another?

forceedge99 — Sun, 02 Jun 2013 17:22:56 GMT

How does it look to lenders? Are they able to see I closed a credit card with a zero balance?

Re: Closing one card and opening another?

jamesdwi — Sun, 02 Jun 2013 17:40:15 GMT

It's not the account closing that is going to give lenders pause, its the fact you have 3 new cards in the last 6 months, and then you are going to add in a tripple pull to your reports for the card, personally i would try for a product change, if denied close the card if it has an AF, or SD it for at least 6 months before you AP again for anything.

Re: Closing one card and opening another?

forceedge99 — Sun, 02 Jun 2013 17:47:21 GMT

I was denied for a product change. I was told they can't and I'd have to just apply for the new card. (From EO representative)

I've had my capital one platinum for a year and a half.
Journey for 9 months now
Chase 5 monts
Citi 4 months
Amex 1 month.

So you suggest I wait another 6 months before I apply for the cash card (which I should do FIRST) then close the journey card after 6 months?

Re: Closing one card and opening another?

Odiseous — Sun, 02 Jun 2013 17:50:40 GMT

@forceedge99 wrote:
-Forgot to mention I have a platinum card from them also. Year and a half age
-Chase freedom 5 months age
-Citi dividend 4 months age
-Amex blue cash everyday 1 month age

It's in my sig

Sorry about that

I'd hold off for awhile.

The Cap One Cash Rewards card w/o AF is for "excellent" credit. Cap One defines what they think that means on their webpage as:

Do BOTHof these describe you?

I have never declared bankruptcy or defaulted on a loan. I have not been more than 60 days late on any credit card, medical bill, or loan in the last year.

- AND -
I have had a loan or credit card for 3 years or more with a credit limit above $5,000

Re: Closing one card and opening another?

parakleet — Sun, 02 Jun 2013 17:52:30 GMT

I think because of your new accounts, if you were to have an issue getting approved for the cap1 cash, it would be for that. So in order to avoid that possibility, you could wait 6m, then app for new card, then close the journey. Or you could just app for the cash, then if you don't get instant approval, you can always recon, then close journey.

Re: Closing one card and opening another?

forceedge99 — Sun, 02 Jun 2013 17:55:52 GMT

I feel the 6 month wait would be the best option.

Only reason I was going to do it now was so that the journey card doesn't build up any more history so if wont effect me more when it drops off in ten years.

Re: Closing one card and opening another?

Anonymous — Sun, 02 Jun 2013 18:00:46 GMT

Does the Journey have an AF? If it is your oldest card, it would be a bad move to cancel it, IMO. Especially since it is your oldest one.

Re: Closing one card and opening another?

forceedge99 — Sun, 02 Jun 2013 19:03:06 GMT

No it's not my oldest card. It's my second oldest.

-My journey card is nine months (one I wanted to close )

-My capital one platinum is 18 months