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@visorboy1974 wrote:That's what they did to me. I had 2 platinum MCs. They upgraded one to a VentureOne card and left the other one alone. I called to cancel the one they left alone and mentioned the VentureOne rewards as the reason for closing.
Did they just upgrade you out of the blue? Or did you request an upgrade? Did they do any HP? They told me that I'd need to app w/3 HP to get a diff CC. I'm thinking you need to qualify first. Maybe your history w/your CC prompted them to give you the upgrade?
Capital One has the lowest AFs of any rebuilding card and they don't charge an international transaction fee. I am keeping mine for at least another year, just for that reason.
@bichonmom wrote:
@visorboy1974 wrote:That's what they did to me. I had 2 platinum MCs. They upgraded one to a VentureOne card and left the other one alone. I called to cancel the one they left alone and mentioned the VentureOne rewards as the reason for closing.
Did they just upgrade you out of the blue? Or did you request an upgrade? Did they do any HP? They told me that I'd need to app w/3 HP to get a diff CC. I'm thinking you need to qualify first. Maybe your history w/your CC prompted them to give you the upgrade?
Out of the blue with no HP at the 4 year anniversary. It was a pleasant surprise, but I still don't use the card all that much LOL.
@crazysxycool wrote:So after my recently little app spree I've decided to axe a few of the cards with AFs - this being one of them. Has anyone had any experience with Capital One waiving the fee for good to keep them as a customer? This is the month where I'm rebilled and want to cancel before it they do. I've had this account since 1999 and only one measly $50 CLI.
Unless you are overly concerned about your AAoA, go ahead and close it. I worked for Capital One, and I know that we were permitted to "occasionally" waive an annual fee at one point to keep a fussy customer, then this was made an item that only Retention had to offer as a last resort. It has not been an option to remove it entirely, ever, to my knowledge. If you happen to be in the Centurion/Visa Black Card crowd, you may be able to twist the arms of certain execs (I knew this to happen as well), but for everyone else, including the average "high roller" the answer will be a resounding NO. I have a single Capital One card that I am sending to the sock drawer since I have moved into prime territory recently. I will probably keep it for a bit in case I go to Canada this summer (no foreign conversion fee) but will replace with a no fee alternative soon after that. Best of luck to you!
If you close it, it should report for another 10 years anyway (unless it falls off early, which can happen with EQ especially.)
As long as it's on your reports, whether open or closed, it counts toward your history. 10 years from now, it might not be a big deal.
Well I just looked at my EQ report from November and it looks like this is my oldest account. My AAoA is 6 years. How do I figure out how much this will stain my credit?
@crazysxycool wrote:Well I just looked at my EQ report from November and it looks like this is my oldest account. My AAoA is 6 years. How do I figure out how much this will stain my credit?
Have you read fused's "Closing Credit Cards"? (linked below in my siggy)
If you don't owe anything on the card when you close it, it's pretty straightforward: yes, you will lost whatever the CL was on that card, which is added into your total CL. But no, your AAoA will not change as long as the account reports (generally up to 10 years), and if it's your oldest account and keeps reporting for 10 years, it will continue to be your oldest account, and your overall history will be dated per that card.
@haulingthescoreup wrote:
@crazysxycool wrote:Well I just looked at my EQ report from November and it looks like this is my oldest account. My AAoA is 6 years. How do I figure out how much this will stain my credit?
Have you read fused's "Closing Credit Cards"? (linked below in my siggy)
If you don't owe anything on the card when you close it, it's pretty straightforward: yes, you will lost whatever the CL was on that card, which is added into your total CL. But no, your AAoA will not change as long as the account reports (generally up to 10 years), and if it's your oldest account and keeps reporting for 10 years, it will continue to be your oldest account, and your overall history will be dated per that card.
Thanks hauling! I just paid the small balance off today and will call them Monday to see what they say. Don't think I'll get anywhere with them so I'm looking to close the account. Doing the same the HSBC too.
Here's my experience with Cap1 and their AF's..........
I called two weeks before my AF was due to hit, I asked what date the AF would be posted to my acct (I asked because I only let ONE CC report a bal on my CR's every month and I wanted to make sure I would have time to pay it, my due date is the 11th and statement date is the 15th) I was told it would be posted to my account on the 30th of the month.
Well guess what, I get an Email alert on the 15th (statement date) that I had a high balance (the 39 AF) so this meant the 39 would be reported to the CRA's, (I paid the AF that day) I was pissed, so I called Cap1 and spoke to several different reps, managers, etc...and I explained my concerns and I asked them to re-report that I had a 0 balance, and within 5 days I refreshed my CR and Cap1 had sent in updated info to the CRA's and the account reflected a 0 balance rather than the 39 balance it had reported a few days before. (My score dropped by like 9 points when the Cap1 card reported the 39 bal, because I then had two CC's reporting a bal, but after Cap1 re-reported to the CRA's the 0 bal, my scores went right back up)
Then three months later second Cap1 card was due for it's AF, so I called them again 2 weeks before the AF was supposed to hit and was given the same info (due date on this card is the 19th, statement date 25th) I was told again it would hit on the 30th, on the 25th I get an Email Alert on the 25th, high balance alert, 39AF, this time I called in super pissed and explained what happened with my first card's AF and the inaccurate info I was given by the Cap1 reps, managers, ect... I really let the CSR have it this time, I explained that I only allow one CC to report a balance and the two times Cap1's AF came up, it was posted to my account on the statement date, WHY would Cap1 post a charge to an account on the statement date??????? I said don't you people realize alot of people only allow one CC to report a balance every month, and when you guys post a charge to my account on the statement date, it screws up our patterns and drops our scores.
She put me on hold and came back and said I have a solution for you, we will waive the AF and next month when we report it will reflect a 0 balance, I said that's NOT a solution, I want this card to report a 0 balance NOW, not next month, so she put me on with her supervisor, who said they would gladly waive the AF and it will report a 0 balance next month when they update, I said that's not acceptable, I want the card reporting a 0 bal now!!!! (yes again I lost 9 points because of a second card reporting a bal).
The manager said I can either pay the AF today and we will re-report that this card has a 0 bal, I told him I don't care about the 39 AF I will pay that, it's peanuts to me, I want my CR's reflecting only one card reporting a bal, so I paid the AF on the phone with him and he told me that my account will reflect a 0 bal next month when they update, I said, THAT'S NOT WHAT YOU TOLD ME BEFORE I JUST PAID THE AF!!!! I want the account to be mid cycle re-reported, I explained to him about the previous situation I had with my other card, he pulled up that account and said, "oh I now see what you are wanting us to do, ok no problem I will take care of that now".
I had been refreshing my reports every day for the first 7 days, still no change that 39 was still being reported, I ended up making at least 9 more calls to Crap1 until I finally got someone who knew what they were doing and what I was requesting, and within 3 days of that last phone call, I refreshed my reports and the Cap1 account reflected a 0 bal.
In summary, I may be a bit anal about how I want my reports to look, but that is MY choice and it's the way I want it!!!
Why would a CCC post an AF to your account on the closing/statement date is beyond me, but if you are not as anal as me (and don't care if a second CC reports a bal)
you can probably call Crap1 on the day your AF hits your account (which should be the statement date, I don't see why I would be the only one who gets their AF on the statement date) and you can complain about it being posted to your account on the statement date as it screws up your CR's for a month and lowers your score, and that you were planning on apping for a car loan or something and the lowered scores might hinder your chances for the best terms, and just maybe they will offer to waive the AF because of their stupid policy to put the AF on your account on the closing date.
I am sorry for the long post, I guess I just needed to vent.
EDIT: just to clarify, my scores dropped because of a second card reporting a balance, not because of util, my util was still at 1% with the Crap1 card reporting the 39 balance.