Cancelled two First Premier cards, Cancelled Merrick Bank...should I cancel CapOne as well?

[ShinBeats]

In terms of credit growth this has been an above average year. I was approved for Barclay Apple 1.3k, Discover IT 1.4k, NFCU 4k (now at 7.5k), Chase Freedom 2k, Amazon $700 (now at 1k,) and AMEX Delta Gold (1k).

I've had my Capital One cards since 2010. Just this year they got credit limit increases to 1,000 and 1,250 respectively. I recently had them changed from the old Capital One standard cards to QuicksilverOne (which have a $40 and not as high of a CL.) They haven't really been budging on the numerous times I've asked to be changed to a non annual fee card. As minimal as the fee is, I just feel I deserve something a little better from them since I've been with them for so long and have paid on time for my entire relationship with them.
I even called to the executive office and they told me, 'no available promotion at this time.'

The FPB and Merrick cards combined equaled up to about $1600 in credit. Would it even hurt me to get rid of the Capital One cards? Or should I keep them and hope they eventually change their minds?

[mongstradamus]

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@ShinBeats wrote:

In terms of credit growth this has been an above average year. I was approved for Barclay Apple 1.3k, Discover IT 1.4k, NFCU 4k (now at 7.5k), Chase Freedom 2k, Amazon $700 (now at 1k,) and AMEX Delta Gold (1k).

I've had my Capital One cards since 2010. Just this year they got credit limit increases to 1,000 and 1,250 respectively. I recently had them changed from the old Capital One standard cards to QuicksilverOne (which have a $40 and not as high of a CL.) They haven't really been budging on the numerous times I've asked to be changed to a non annual fee card. As minimal as the fee is, I just feel I deserve something a little better from them since I've been with them for so long and have paid on time for my entire relationship with them.
I even called to the executive office and they told me, 'no available promotion at this time.'

The FPB and Merrick cards combined equaled up to about $1600 in credit. Would it even hurt me to get rid of the Capital One cards? Or should I keep them and hope they eventually change their minds?

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Well there are differing therories on what to do with cap one card, First question i would ask does it have AF? If it doesn't have AF i would keep it for util reason. Other people argue that if you don't use card why not just close it out. 

What was their reasoning for not letting your pc to quicksilver. QS is one of the better cashback cards out there very under rated on these boards because there is an lot of hate for cap one.

[ShinBeats]

There wasn't really a 'reason' just 'there is no promtional offer on your account at this time.'

Both cards have an AF of $39.

[Anonymous]

Don't cancel any cards. I just cancelled my CapOne Secured card that had been open for 3+ years, (in order to regain my $600 deposit) and was simultaniously approved for a CapOne Quicksilver w/ $2000 limit. I just checked my FICO Equifax and it dropped from 692 to 567. The cancellation and new inquiry were the only thing to change on my report. Closing cards, especially if you only have 1-5 revolving credits accounts, is a credit score killer, apparently. You want all account to be open for as long as possible so you appear to be a consistent and predictable source of income for the creditor.

[mongstradamus]

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@ShinBeats wrote:

There wasn't really a 'reason' just 'there is no promtional offer on your account at this time.'

Both cards have an AF of $39.

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Well i would contemplate closing it then. I don't like paying an AF on cards that i don't use an lot. Sounds like it to me you won't be using cap one all that much?

[waters]

First premier will waive all fees if you ask them.

[chalupaman]

Unless you can get an upgrade or at least  have that AF removed on the CapOne, I don't see any issue with closing it.

[Anonymous]

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@Anonymous wrote:

Don't cancel any cards. I just cancelled my CapOne Secured card that had been open for 3+ years, (in order to regain my $600 deposit) and was simultaniously approved for a CapOne Quicksilver w/ $2000 limit. I just checked my FICO Equifax and it dropped from 692 to 567. The cancellation and new inquiry were the only thing to change on my report. Closing cards, especially if you only have 1-5 revolving credits accounts, is a credit score killer, apparently. You want all account to be open for as long as possible so you appear to be a consistent and predictable source of income for the creditor.

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The closing of an account won't have a huge impact until years down the line, so I doubt it was that. Even the inquiry shouldn't have pushed your score down but a few points. Even a new card in conjunction with a 3+ year-old card shouldn't have that much of an affect.

[ShinBeats]

Yeah I was always scared of the whole utilization/AAOA thing since if I closed the CapOne cards now that Merrick and FPB have been closed, I'd only have the newer accounts listed as active on my report. The Delta, chase, and NFCU CLI didn't show up on my report yet, so I'm hoping when they do, they'll offset the FBP and Merrick cancellation.

FPB did not seem interested in waiving ANY fees for me.

[mongstradamus]

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@ShinBeats wrote:

Yeah I was always scared of the whole utilization/AAOA thing since if I closed the CapOne cards now that Merrick and FPB have been closed, I'd only have the newer accounts listed as active on my report. The Delta, chase, and NFCU CLI didn't show up on my report yet, so I'm hoping when they do, they'll offset the FBP and Merrick cancellation.

FPB did not seem interested in waiving ANY fees for me.

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just so you are clear when you close your credit cards they remain on your credit report for up to 10 years so your aaoa isn't effected, its util that would be effected could potentially skyrocket.