Advice Please :)

[jprice]

This is my first post. I have read these discussions A LOT! It has helped through the worst financial times of my life! I never realized how clueless I was about credit until I came here.

A little background:

Discharged BK7 in November 2012.

Navy Federal nRewards opened November 2012: $7,500

Navy Federal cashRewards opened May 2013: $5,000

USAA Secured Platinum opened November 2012: $500

Capital One Platinum opened December 2012: $500

Capital One Cash Rewards opened February 2013: $500

Car Loan Honda Financial Services opened January 2013 (Just refinanced through NFCU today)

Various Comenity Store Cards

All cards have a 0 balance and I PIF every month.

Now that I have higher limits through Navy Federal, should I close my Capital One accounts? My concern is the AAOA but I don't want to have to pay an annual fee either! Any advice?? Thank you all!

[codimom]

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@jprice wrote:

This is my first post. I have read these discussions A LOT! It has helped through the worst financial times of my life! I never realized how clueless I was about credit until I came here.

A little background:

Discharged BK7 in November 2012.

Navy Federal nRewards opened November 2012: $7,500

Navy Federal cashRewards opened May 2013: $5,000

USAA Secured Platinum opened November 2012: $500

Capital One Platinum opened December 2012: $500

Capital One Cash Rewards opened February 2013: $500

Car Loan Honda Financial Services opened January 2013 (Just refinanced through NFCU today)

Various Comenity Store Cards

All cards have a 0 balance and I PIF every month.

Now that I have higher limits through Navy Federal, should I close my Capital One accounts? My concern is the AAOA but I don't want to have to pay an annual fee either! Any advice?? Thank you all!

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By 'accounts' do you mean both the Platinum AND the Award card? 
I would probably first call cap one and see if they'd waive the af for the upcoming year.  Then put the cards in the drawer until AF time rolls around again.
Then I would close the cards that have an AF.  It will report on your CR for 10 years, so it won't hurt your AAoA, but it will decrease your available credit, thereby changing /raising your utilization.

[ElCamino]

Never be afraid to close cards that are costing you money if you can't get their AFs waived.

Those accounts will continue to report and age for the next 10 years, so if your Util is at 0% you really won't see an impact on your credit score for another 10 years.

[Creditaddict]

I would send the capital one ceo an email asking him to up the limits and waive the AF of both cards to make them useful like your navy cards or you will have to take your business fully to navy. which you should probably do anyway by the looks of it!

[jprice]

Thank you all! I never thought to ask for the fee waived. If they won't then I will likely close them since it won't hurt my utilization or AAOA (:

[Creditaddict]

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@jprice wrote:

Thank you all! I never thought to ask for the fee waived. If they won't then I will likely close them since it won't hurt my utilization or AAOA (:

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This HAS to be done through e-mail to the president... you don't just call Capital One and ask for any of this... different center, different country!

[MovingForward_2012]

With such a recent BK, you need all of the positive history you can get since a BK negatively affects your credit by a lot. All of your lines are relatively new and are post BK lines. So I would keep all current trade lines open until your BK ages.

[myjourney]

Before closing try to have AF waived through EO

[LS2982]

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@jprice wrote:

This is my first post. I have read these discussions A LOT! It has helped through the worst financial times of my life! I never realized how clueless I was about credit until I came here.

A little background:

Discharged BK7 in November 2012.

Navy Federal nRewards opened November 2012: $7,500

Navy Federal cashRewards opened May 2013: $5,000

USAA Secured Platinum opened November 2012: $500

Capital One Platinum opened December 2012: $500

Capital One Cash Rewards opened February 2013: $500

Car Loan Honda Financial Services opened January 2013 (Just refinanced through NFCU today)

Various Comenity Store Cards

All cards have a 0 balance and I PIF every month.

Now that I have higher limits through Navy Federal, should I close my Capital One accounts? My concern is the AAOA but I don't want to have to pay an annual fee either! Any advice?? Thank you all!

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Welcome to the forums!!

I agree with others you should go the EO route for CLIs.