Cap 1 Question

[Anonymous]

My oldest line of credit is a Capital One Platinum card I got in college with an initial limit of $500 and a $3 monthly fee. Over the years they've raised the limit up to $1750, but it still has the fee. I've tried many times to get Cap1 to do a product change to the no-fee Quicksilver, but have had no luck. However, they are constantly reminding me that I'm pre-approved for the card.

My question is: if I play it their way and just apply for the Quicksilver, is there any way I can be assured that I can then convert my old Platinum card over to the new Quicksilver?  I don't want to lose my 12+ years of history with that Platinum card, but I'm tired of the fee and the low limit.  I have several other cards with no fees and much higher limits (CSP $9,000 and Citi Double Cash $4,200).

[ddemari]

go online, open the chat window and ask them if your card can be converted to quicksilver rewards no annual fee. they will definitely add rewards onto it, the annual fee removal 50/50. but you will retain the card history. 

[kdm31091]

Keep in mind you won't really "lose" any history. My question to you is: do you really want to keep the card forever and ever just because it's old? Don't fall into that trap.

Closing an old card will do absolutely nothing in terms of your AAOA for a decade, at which point the account will fall off. However, your existing accounts will also be 10 years older by that point. While I won't tell you "your score won't be affected", the point is that the impact may well be unimportant. The account and its history will exist on your report for a full 10 years from the closure date, so what are you losing?

It's a low tier card with a low limit and a fee. While you could get rewards added, the fee being waived is less likely, and you still will have a very hard time ever getting a decent limit due to the "bucket" Capital One places those cards in. Is it really worth it? I'd just move on and apply for a new Quicksilver.

[morgacj2004]

Dump the card. You should have no problems getting a much better CO product with no AF as you have decent scores and some great cards.

[Anonymous]

Kdm31091 I'm not sure if I agree. I once closed an old account and it lowered my score sginficantly. Before I closed that account my utilization was at 4 percent. Definitely lowers your scores when you close account. Yes the account is still there but it hurts the AAOA

[Anonymous]

If you decided to take Cap1 up on the pre-approval for a Quicksilver (wihich is almost alway a sure thing) you could use it for 6 months then combine the credit lines from both cards together.

just a thought!

[Anonymous]

Definitely lowers your scores when you close account. Yes the account is still there but it hurts the AAOA - No, it does not. Either your util went up as a result of closing, you closed the only card you had or something else in your report triggered the decrease. Ive closed about 5 since last July, including the oldest two I started my journey with, and my scores have not taken one point hit based on closing a card.

[kdm31091]

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@Anonymous wrote:
Kdm31091 I'm not sure if I agree. I once closed an old account and it lowered my score sginficantly. Before I closed that account my utilization was at 4 percent. Definitely lowers your scores when you close account. Yes the account is still there but it hurts the AAOA

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Um, no, it doesn't. These aren't opinions, they are facts. AAOA is unaffected by account closures, until 10 years later when the account falls off of your reports.

[SunriseEarth]

I see no problem with trying to work the existing card into a practical one.   I'd recommend going on chat or calling to see if you can PC the card.   If you don't get any offers, then reach out to the EO.   You could also request a manual review of you CL through the EO.   It seems like once their UWs do a manual review, it unsticks the account growth.