topic Re: Should i cancel my quicksilverone card in General Credit Topics

Should i cancel my quicksilverone card

accjohn1990 — Thu, 21 Sep 2017 16:39:02 GMT

I have the following cards with no annual fee. Walmart cc 800 ebay cc 1000 amex everyday 1000 amex blue cash 500 discover chrome student 750. My quicksilver one has a cl of 750 and an annual fee of $39. The 1.5% cashback is good, but only .5% higher than the walmart cc. I would have to charge almost $6,000 a year to the card to cover the cost of the annual fee and i just dont see that happening. But, i am concerned about adverse credit effects from cancelling. The annual fee is due in december and i am leaning towards cancelling the card before that. I appreciate any advice you all have regarding this decision. The QS1 is my oldest card and it will be 1 year old in December

Re: Should i cancel my quicksilverone card

Anonymous — Thu, 21 Sep 2017 16:44:15 GMT

I would call and see if you could convert it over to a regular quicksilver card....doesn't happen all the time but I have heard people say it sometimes works. worth a try.

Re: Should i cancel my quicksilverone card

Anonymous — Thu, 21 Sep 2017 20:32:33 GMT

Another thing you can do instead of converting it to a regular Quicksilver card. It worked for both my husband and I (both of us rebuilding our credit scores):

After we both each had our quicksilver one card for about 6 months (700 limit), I applied for for the quicksilver (Platinum, i believe) card. We were both approved for 750 CL. Once I got the cards in, I went to the capital one website and they have a "combine card" option. So I "merged" the cards and they closed the quicksilver one cards, but applied the CL to the platinum card giving us each a 1450 limit. Better than just closing the quicksilver One in my opinion.

Re: Should i cancel my quicksilverone card

accjohn1990 — Thu, 21 Sep 2017 20:35:29 GMT

Thank you both for your input. I do not believe i will be eligible for another capital one card though. I have applied occasionally for the unsecured platinum card and i always get a rejection due to too many recent inquiries. I do have a lot of inquiries on my report, but i was surprised to be rejected when i hadnt had any inquiries within the last month of my application.

Re: Should i cancel my quicksilverone card

DaveInAZ — Thu, 21 Sep 2017 20:38:39 GMT

There's a thread in the Credit Cards forum with a link to Capital One to see if your card is eligible for an upgrade:

http://ficoforums.myfico.com/t5/Credit-Cards/Capital-One-check-for-upgrade-link/td-p/4934733

Re: Should i cancel my quicksilverone card

accjohn1990 — Fri, 22 Sep 2017 00:08:36 GMT

Thank you for the link. That will be a good tool for me to use in the following months. However right now i am ineligible for an upgrade according to the tool and a chat i had online with an agent. I am not surprised that i am ineligible because the card requires excellent credit and my scores are 677/684/688 according to credittotal. I am now regretting cancelling my 500cl secured platinum that only had a $50 deposit on. I cant even get approved for that card again because of cap1 inquiry policy. I only closed it because cap1 only allows two cards and all the agents told me i would be accepted for the unsecured platinum card once my qs1 was 6 months old. cap1 sucks

Re: Should i cancel my quicksilverone card

Anonymous — Fri, 22 Sep 2017 12:52:57 GMT

I guess it just goes to show, there is definitely more to CC approval than credit scores. I just got the Cap One Platinum last week and my credit scores are 620/632/642 and I have 14 inquiries in the past year (9 in the past 6 months).

Re: Should i cancel my quicksilverone card

accjohn1990 — Sat, 23 Sep 2017 22:53:34 GMT

I have 29 inquiries in the last 6 months, but 9 of those are between 5/25 and 5/30. Other cards have been accepting me even with having so many inquiries, but cap1 is not inquiry tolerant

Re: Should i cancel my quicksilverone card

RobertEG — Mon, 25 Sep 2017 00:44:13 GMT

You cant "cancel" the card. You can close it.

Closing means you will no longer have use of the card, and its former credit limit will thus no longer be included in your % util scoring.

However, unless they choose to voluntarily report deletion to the CRA, the account will continue of record with a closed status, and still continue to be included in your length of credit history scoring for approx 10 years from date closed.

Re: Should i cancel my quicksilverone card

UncleB — Mon, 25 Sep 2017 09:11:19 GMT

Before my QS1 was upgraded to a QS I was often able to get the AF either waived or half-waived, but YMMV.

You have to let the AF post before you request the waiver, though... I tried being proactive a couple of times and was told (both times) they could only adjust it once it hit the statement.

From what I can tell the half-waivers (where they credit back half the AF) are more common now; I know that's not ideal but it might make it worth hanging on to a little bit longer.

Just a heads-up... if you decide to close the account they might offer to waive the AF as well, but it's not guaranteed. The last time I tried that tactic with Capital One I was astonished with how proficient they were in closing the card (LOL); there was no asking me to reconsider or anything - it was simply closed (which I was OK with). The data point here is only tell them you want to close the account if you really mean it, since there's a chance they'll quickly do it before you can tell them you want to think about it a little more.

Good luck with whatever you decide!

Re: Should i cancel my quicksilverone card

HeavenOhio — Mon, 25 Sep 2017 13:26:30 GMT

My math says that you'd have to charge $2,600 on the QS1 to break even on the annual fee. Someone please correct me if I'm missing something.

The QS1 definitely isn't a keeper card. If one keeps utilization in check and pays on time, better cards will become available relatively soon. Within a year or two of obtaining one, it should be product-changed into a QS, combined into another Capital One card, or closed.

QS1s are notoriously hard to upgrade. My gut says that you'll probably have to absorb at least one annual fee before Capital One will offer one. I can't guarantee that there's a connection, but I was offered upgrades on my two QS1s after approximately twelve consecutive months of usage. If you're hoping to upgrade, I'd suggest using the card each and every month and calling in each month to check for offers.

That said, go ahead and close if you'd like. Given that all of your cards are new, nothing's going to change much once the card eventually drops off of your report. The concern would come in if the QS1 were several years older than your next oldest card.

Re: Should i cancel my quicksilverone card

LavishSpending — Fri, 29 Sep 2017 02:33:36 GMT

What RobertEG said and consider that your QS1 is only 1 year old. Close it now and it still contributes or 10 years. Keep applying and send up a more cards now, so your future AAoA is anchored with your then old cards. Basically your oldest and AAoA is so low it almost doesn't matter. When you have a bunch of cards seasoned at 5 years old, it won't drop your AAoA so much when you apply for some new cards.

Re: Should i cancel my quicksilverone card

LavishSpending — Fri, 29 Sep 2017 02:36:17 GMT

... of course only close after you try getting the fee waived or converting QS1 to regular QS. I had sort of the same scenario and couldn't PC, so I ended up closing the QS1 only 1 year old after I got approved for regular QS with no AF. It would be a way different story if my QS1 was say 8 years old, oldest card, and contributing a lot to AAoA, but it wasn't.

Re: Should i cancel my quicksilverone card

joltdude — Fri, 29 Sep 2017 13:20:30 GMT

@accjohn1990 wrote:
I have the following cards with no annual fee. Walmart cc 800 ebay cc 1000 amex everyday 1000 amex blue cash 500 discover chrome student 750. My quicksilver one has a cl of 750 and an annual fee of $39. The 1.5% cashback is good, but only .5% higher than the walmart cc. I would have to charge almost $6,000 a year to the card to cover the cost of the annual fee and i just dont see that happening. But, i am concerned about adverse credit effects from cancelling. The annual fee is due in december and i am leaning towards cancelling the card before that. I appreciate any advice you all have regarding this decision. The QS1 is my oldest card and it will be 1 year old in December

If it were me. id try for a fee waiver or half fee waiver but not untill after i try again next month and the month after to upgrade it to a QS....

QS 1 is a pay to play card... but many folks seem to be able to get upgraded in the first year... Its not a card thats designed to cover its AF. it realy is an alternative to build and rebuild credit vs the subprime and more predatory lenders and high fees and deposits... Seriously id give this card a little more time.. .. Think this card has room to convert and grow a little bit if you work with it..

Re: Should i cancel my quicksilverone card

NaaryalHead — Sat, 11 Aug 2018 05:19:41 GMT

Does the credit score or AAoA get affected when you ask to merge the QS1 with another card?

Re: Should i cancel my quicksilverone card

Anonymous — Sat, 11 Aug 2018 06:32:17 GMT

@HeavenOhio wrote:
My math says that you'd have to charge $2,600 on the QS1 to break even on the annual fee. Someone please correct me if I'm missing something.

Both of you are off (don't know where OP got "almost $6k"), you have to account for opportunity cost of using another card with no AF, since most reward cards has a base reward of 1%, you have to use .5% instead of 1.5% in your calculation, $2600 is only correct if this is your only card.

X = amount to break even

X * .005 = $39

X = $39/.005

X = $7800

Furthermore, this is the most conservative estimate assuming all spending are general spending that do not fall into special categories, if enough fall into those categories or if you have a 2% card, you would never break even on the QS1 AF no matter how much you spend.

Re: Should i cancel my quicksilverone card

Medic981 — Sat, 11 Aug 2018 12:01:54 GMT

@Anonymous wrote:
@HeavenOhio wrote:
My math says that you'd have to charge $2,600 on the QS1 to break even on the annual fee. Someone please correct me if I'm missing something.
Both of you are off (don't know where OP got "almost $6k"), you have to account for opportunity cost of using another card with no AF, since most reward cards has a base reward of 1%, you have to use .5% instead of 1.5% in your calculation, $2600 is only correct if this is your only card.

X = amount to break even
X * .005 = $39
X = $39/.005
X = $7800

Furthermore, this is the most conservative estimate assuming all spending are general spending that do not fall into special categories, if enough fall into those categories or if you have a 2% card, you would never break even on the QS1 AF no matter how much you spend.

This nails it! I have been wanting to PC my limited credit bucket QS1 for a while now. If Cap1 doesn't waive my AF on my QS1 this November I am going to cancel. If Cap1 ever charges me an AF I am going to cancel. I have a significant enough total CL that I don't need Cap1 any longer. I want to PC to a no AF QS but Cap1 would rather keep me in the limited credit bucket and potentially lose me as a customer than PC me. The only other option I see is to apply for a QS when I get out of the garden then transfer my QS1 CL to the QS and close the QS1, however, I would be closing my oldest TL. Fartnugget! I thought I had this figured out.

Re: Should i cancel my quicksilverone card

LavishSpending — Tue, 16 Oct 2018 12:11:26 GMT

The new card is a completely separate account, so AAoA is affected like normal by both accounts. The credit limit merged from the one card to another is simply transferring your credit limit to make the one card higher limit. If you close the old account, it will stay on your credit report for up to 10 years. Therefore, it can still contribute to AAoA and provide positive history for some time.

Re: Should i cancel my quicksilverone card

FireMedic1 — Wed, 17 Oct 2018 09:27:33 GMT

There's only 1 thing the QS1 is good for. And the Plat for that matter. Rebuilding. It was my 2nd card out of BK. BK wasn't even a year old. CLI after a month. Fast growth. I didnt combine. Wasn't educated enough back then. I just wanted that sucker out of my life. 8 months was long enough. Kept it long enough to get the QS WEMC and closed it. It was Prime Time now. There were no 6 month app or cli restrictions then and they were more generous back then too compared to nowadays. $2000 CLI in 30 days now? Unheard of. I was thankful for the jump start. But I wont say they suck. It is what it is. Rebuilder card.

Re: Should i cancel my quicksilverone card

MakingProgress — Wed, 17 Oct 2018 17:08:52 GMT

@accjohn1990 wrote:
I have 29 inquiries in the last 6 months, but 9 of those are between 5/25 and 5/30. Other cards have been accepting me even with having so many inquiries, but cap1 is not inquiry tolerant

29 Inq means you need to stop applying for a while. If you are getting cards with that many Inqs they are most likely cards you don't want. Are any of these inqs from mortgates or car loans that might be lumped together? Let these age to at least year before you apply again.

As to the QS1 I was able to PC mine to a QS after 6 months of usage, I did initially pay the $39 AF so not sure if that had anyting to do with being able to PC . I used it and PTZ several times a month. I agree with others if you can't PC or get the AF waived I would close it.