topic Re: Should I transfer and close my Cap 1 Quicksilver One? in Rebuilding Your Credit

Should I transfer and close my Cap 1 Quicksilver One?

Anonymous — Tue, 28 Feb 2017 15:54:05 GMT

With Capital 1 I currently have a Cap 1 Platinum w/rewards, $2700 limit and a $0 balance and I also have a Cap 1 Quicksilver One that I originally opened up about 1.5 years ago to help me along in my rebuilding process. The quicksilver one has a annual fee of $39 and a $2000 limit with a $0 balance. Now that my score is in the 680-690 area I don't really want to keep paying the annual fee on the quicksilver one any longer but I also don't want to hurt my score by closing it if it will indeed drop my points. My question is would it be best to try and upgrade the card or transfer the limit to my platinum and then close the quicksilver one? Trying to see what my best options are here. Thanks!

Re: Should I transfer and close my Cap 1 Quicksilver One?

Gidgetmom — Tue, 28 Feb 2017 16:19:41 GMT

Depends...either way, you save the credit line. I'm thinking about combining my QS1 into my QS, as the QS has a lower interest rate. If I PC the QS1 to another QS, it will keep the higher interest rate that the QS1 has now. Trying to get rid of my subprime cards.

Your choice! Seems six of one....half dozen of another.

Re: Should I transfer and close my Cap 1 Quicksilver One?

Anonymous — Tue, 28 Feb 2017 16:24:44 GMT

Exactly what I am trying to do. I started out with a Credit One card and when I outgrew it I closed it. Just trying to figure out now with the QS1 if it will hurt me more then benefit me by combining them and closing it.

Re: Should I transfer and close my Cap 1 Quicksilver One?

Anonymous — Tue, 28 Feb 2017 16:54:33 GMT

@Anonymous wrote:
With Capital 1 I currently have a Cap 1 Platinum w/rewards, $2700 limit and a $0 balance and I also have a Cap 1 Quicksilver One that I originally opened up about 1.5 years ago to help me along in my rebuilding process. The quicksilver one has a annual fee of $39 and a $2000 limit with a $0 balance. Now that my score is in the 680-690 area I don't really want to keep paying the annual fee on the quicksilver one any longer but I also don't want to hurt my score by closing it if it will indeed drop my points. My question is would it be best to try and upgrade the card or transfer the limit to my platinum and then close the quicksilver one? Trying to see what my best options are here. Thanks!

See if you can combine the QS1 onto your Platinum Rewards card that you have.

Closing a credit card with not hurt your score in itself. They only way closing a credit card could decrease your score is if your utilization went up due to losing available credit.

Re: Should I transfer and close my Cap 1 Quicksilver One?

Anonymous — Tue, 28 Feb 2017 16:56:14 GMT

Combine + close imo! Best of luck!

Re: Should I transfer and close my Cap 1 Quicksilver One?

Anonymous — Tue, 28 Feb 2017 17:04:14 GMT

Awesome, thanks for the knowledge!

Re: Should I transfer and close my Cap 1 Quicksilver One?

Gidgetmom — Tue, 28 Feb 2017 19:46:46 GMT

If you combine it, you then have the opportunity to get another Cap One card like the QS or V1. I believe, with few exceptions, Cap One allow you 2 cards at a time. Not sure if you would have to wait six months after combining to apply. Just a thought.

iwhichever you do, please update the thread...I'm interested in how it turns out. If I pull the trigger on it, I'll do the same!

Re: Should I transfer and close my Cap 1 Quicksilver One?

Anonymous — Tue, 28 Feb 2017 19:49:06 GMT

@Gidgetmom wrote:
If you combine it, you then have the opportunity to get another Cap One card like the QS or V1. I believe, with few exceptions, Cap One allow you 2 cards at a time. Not sure if you would have to wait six months after combining to apply. Just a thought.

iwhichever you do, please update the thread...I'm interested in how it turns out. If I pull the trigger on it, I'll do the same!

6 months in between applications.

Re: Should I transfer and close my Cap 1 Quicksilver One?

Gidgetmom — Tue, 28 Feb 2017 19:59:30 GMT

Is combining two cards considered an application, or CLI, in their 6 mo timeframe? Or just actual applications and CLI requests every six months?

Re: Should I transfer and close my Cap 1 Quicksilver One?

Anonymous — Tue, 28 Feb 2017 20:12:11 GMT

@Gidgetmom wrote:
Is combining two cards considered an application, or CLI, in their 6 mo timeframe? Or just actual applications and CLI requests every six months?

Capical One will consider the card that is getting combined a CLI. So that card will not be eligible for a CLI for 6 months from the date you combine. Combining is not an application.

Obtaining new credit cards if approved also require 6 months before applying for another.

Re: Should I transfer and close my Cap 1 Quicksilver One?

Gidgetmom — Tue, 28 Feb 2017 20:14:43 GMT

Thanks, donny10! Wasn't sure if they counted PC and/or combining in the 6 mo limit.

Re: Should I transfer and close my Cap 1 Quicksilver One?

stargazer25 — Tue, 28 Feb 2017 20:19:37 GMT

When I did my combine, I did the CLI first then I did the combine with a QS.

Re: Should I transfer and close my Cap 1 Quicksilver One?

Anonymous — Wed, 01 Mar 2017 07:05:21 GMT

I ended up combining them today. You can actually do it all by logging into your account online with them. Took literally 2 mins. My plan is to possibly open a better Cap 1 card now for my 2nd card with them since my QS1 is now closed.

Re: Should I transfer and close my Cap 1 Quicksilver One?

Anonymous — Wed, 01 Mar 2017 07:40:31 GMT

Greetings.

Did you see any major decrease in your credit score when you applied for your 2nd Cap1 card? if you don't mind me asking.

Re: Should I transfer and close my Cap 1 Quicksilver One?

Anonymous — Wed, 01 Mar 2017 15:53:09 GMT

@Anonymous wrote:
Greetings.
Did you see any major decrease in your credit score when you applied for your 2nd Cap1 card? if you don't mind me asking.

What the causes would be for score decrease opening a new Capital One credit

card account:

3 bureau HP would could cost a few points on each file.

Lower the AAOA's.

Could also increase your score depending on SL and lower your utilization.

Re: Should I transfer and close my Cap 1 Quicksilver One?

Anonymous — Wed, 01 Mar 2017 21:54:17 GMT

@Anonymous wrote:
@Anonymous wrote:
Greetings.
Did you see any major decrease in your credit score when you applied for your 2nd Cap1 card? if you don't mind me asking.
What the causes would be for score decrease opening a new Capital One credit
card account:

3 bureau HP would could cost a few points on each file.

Lower the AAOA's.

Could also increase your score depending on SL and lower your utilization.

The only time I've had inq cause my score to go down is if I went over a threshold (ie I dropped 1-2 across the board when I hit 10)

Re: Should I transfer and close my Cap 1 Quicksilver One?

Anonymous — Wed, 01 Mar 2017 22:11:43 GMT

@Anonymous wrote:
@Anonymous wrote:
@Anonymous wrote:
Greetings.
Did you see any major decrease in your credit score when you applied for your 2nd Cap1 card? if you don't mind me asking.
What the causes would be for score decrease opening a new Capital One credit
card account:

3 bureau HP would could cost a few points on each file.

Lower the AAOA's.

Could also increase your score depending on SL and lower your utilization.

The only time I've had inq cause my score to go down is if I went over a threshold (ie I dropped 1-2 across the board when I hit 10)

Very true. I was just being generic.

After 12 inquries I had no score loss after a HP.