Bye bye Capital One

[Howaboutthat]

I have 4 Capital One cards all with unacceptable APRs. Two have low balances (under $100) that I'll just pay off and close even though they have no fee. The other two are QS1s with a yearly fee and the APRs are 22% with balances of $1200 and $800. Ive just received 0% B/T offers from PenFed for my PCR and newly acquired Platinum. I don't need any of these Cap1 cards now as they represent such a small part of utilization and they are all bucketed. 

So once again I come to seek the My Fico gods opinions, yay or nay!!!

[Rebuild2019]

I am thinking about doing the same thing so I say yay...just my two cents. Good luck whatever you decide.

[Brian_Earl_Spilner]

If they don't make sense anymore, close them.

Unless one is your oldest card by a stretch. Keep that one.

[Slabenstein]

The QS1's I would close once the balances are off of them.  There are plenty of 1.5%+ cb no-AF cards out there, so even if you weren't carrying balances they'd still be money losers.  With regards to the other two, whether or not it makes sense to close probably depends on your overall profile.  How old are they compared to your other cards?  How many bankcards do you have?  Are their reward structures useful if you PIF?  Since they have no AF, there's no real harm in keeping them open, other than whatever time and attention it takes to put maintenance charges on them and monitor them for fraud, so whether you want to is really just a matter of preference and what purposes, if any, they can still serve in your profile.

[sxa001]

If one of the cards is your oldest then of course keep it open (and if it is a QS1 that is your oldest try to PC to a non AF card if you can).  Otherwise if you aren't using them go ahead and close them.  Having cards that you don't need for util padding/credit history and you don't think you will need later is just too much work to remember to put spend on them.

[WarthogWrangler]

I've never cared about APR since I pay in full.  Annual fees are annoying but my Venture card more than pays for itself.  

[Anonymous]

Good for you. If I don't use it, I close it.

[Anonymous]

Killing mine once I have replacement Visa AU cards for my kids. They're AUs on my QS as a backup to their AU Amex cards. I'd like them to have a Visa before I shut this down, either on my FNBO or Navy card.

[Howaboutthat]

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@Slabenstein wrote:

The QS1's I would close once the balances are off of them.  There are plenty of 1.5%+ cb no-AF cards out there, so even if you weren't carrying balances they'd still be money losers.  With regards to the other two, whether or not it makes sense to close probably depends on your overall profile.  How old are they compared to your other cards?  How many bankcards do you have?  Are their reward structures useful if you PIF?  Since they have no AF, there's no real harm in keeping them open, other than whatever time and attention it takes to put maintenance charges on them and monitor them for fraud, so whether you want to is really just a matter of preference and what purposes, if any, they can still serve in your profile.

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My one QS is 5yrs and the other is 6yrs. If I'm correct even if I close them they stay on my account and report for 10yrs. As stated I'm going to transfer the balances of both to 0% balance transfer cards then close them.

I've never missed a payment in 6 years on any of these accounts and don't want to do any business with them again. 

[FinStar]

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@Howaboutthat wrote:

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@Slabenstein wrote:

The QS1's I would close once the balances are off of them.  There are plenty of 1.5%+ cb no-AF cards out there, so even if you weren't carrying balances they'd still be money losers.  With regards to the other two, whether or not it makes sense to close probably depends on your overall profile.  How old are they compared to your other cards?  How many bankcards do you have?  Are their reward structures useful if you PIF?  Since they have no AF, there's no real harm in keeping them open, other than whatever time and attention it takes to put maintenance charges on them and monitor them for fraud, so whether you want to is really just a matter of preference and what purposes, if any, they can still serve in your profile.

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My one QS is 5yrs and the other is 6yrs. If I'm correct even if I close them they stay on my account and report for 10yrs. As stated I'm going to transfer the balances of both to 0% balance transfer cards then close them.

I've never missed a payment in 6 years on any of these accounts and don't want to do any business with them again. 

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If you decide to close them, yes.  They can remain on your CRs for up to ~10 years and will still be reported and factored into your AAoA until they drop off.