Capital One - Considering Cancellation.

[spritezero1017]

Hello. I have 4 Cap One cards. I recently made a very large leap from building cards to premium cards. I have a new Venture card with a 5K limit and 3 CapOne cards from my early days. Their annual fees are not really in line with their credit limits for me anymore. They are:

1.  $750 Limit - $39 AF

2.  $750 Limit - $19 AF

3.  $300 Limit - $60 AF (!!!)

Concerning that last one, I just chatted with a CapOne rep who said they could not waive the annual fee. I asked about a soft pull increase request. He directed me to their website and assured me their increases are not hard pulls. So I did that to see if I could get an increase that made the AF make more sense for me. They offered a whopping $500 increase. So the line would be $800 with the $60 annual fee. Still really awful so I decline the increase with the intention of probably closing that account. 

My recent cards are Citi AAdvantage, AMEX Blue, Discover, CSP, Barcaly's Arrival, Venture, DCU & Wells Fargo. Total new credit lines = $45,000K.

I'm assuming it makes sense to cacnel this stupid $300 CapOne and perhaps the others?

(BTW - also definitely going away is my Credit One with it's $96 AF on a $1200 line). Tired of paying and babysittiing piddling $5 and $8 a month fees.)

Any insight would be appreciated. Thanks.

[Skye12329]

Well considering your other cards are quite better than your current Cap1 cards i would suggest closing those ones(The AF Cap1 Cards) . Your AAOA would take a hit depending on how old your other cards are compared to the ones your thinking about closing. 

[yudeology101]

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@spritezero1017 wrote:

Hello. I have 4 Cap One cards. I recently made a very large leap from building cards to premium cards. I have a new Venture card with a 5K limit and 3 CapOne cards from my early days. Their annual fees are not really in line with their credit limits for me anymore. They are:

1.  $750 Limit - $39 AF 

2.  $750 Limit - $19 AF

3.  $300 Limit - $60 AF (!!!)

Contact Cap1 EO and see if you can get the AF removed for all above accounts. 

Concerning that last one, I just chatted with a CapOne rep who said they could not waive the annual fee (Contact EO via FB or Email and they'll call you back) I asked about a soft pull increase request. He directed me to their website and assured me their increases are not hard pulls. So I did that to see if I could get an increase that made the AF make more sense for me. They offered a whopping $500 increase. So the line would be $800 with the $60 annual fee. Still really awful so I decline the increase with the intention of probably closing that account. 

My recent cards are Citi AAdvantage, AMEX Blue, Discover, CSP, Barcaly's Arrival, Venture, DCU & Wells Fargo. Total new credit lines = $45,000K.

I'm assuming it makes sense to cacnel this stupid $300 CapOne and perhaps the others?

(BTW - also definitely going away is my Credit One with it's $96 AF on a $1200 line). Tired of paying and babysittiing piddling $5 and $8 a month fees.)

Any insight would be appreciated. Thanks.

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You have some good cards under your belt, and i'm sure unless Cap1 gives you the CLI on your $300, there's no use.  Contact the EO and see if you can get CLIs on all your cards and also have them waive the AFs. 

If you decide to close them, those closed accounts will still stay on your CR for 10yrs and still will be factored in, so you don't have to worry about your AAoA. 

[celluloid17]

Are any of the three Cap1 cards Quicksilver cards?  I would think the card with the $39 AF is the QuicksilverOne because the AF amount is the same?

If not, perhaps you can attempt to PC one of those Cap1 cards to a Quicksilver and see if you can move the balances (or the majority of each) from the other two cards and then close them?

At least the QS card will get you 1.5% back on all spend.  They do have two variants: QuicksilverOne, which is likely a MasterCard and comes with a $39 AF (for average credit) and the Quicksilver, which is likely a Visa and has no AF (for excellent credit).  

[Eyisila]

I don't have near the nice cards that you have and I am going to cancel my secured Cap 1.  I have done the same thing, contacted EO and they didn't want to waive the AF, raise the limit or anything.  They did offer to add the perks of rewards, like on the Quicksilver cards to the card, but it would still be secured and such.  I respectfully declined, and just got the balance to 0.  I have a NFCU goRewards with 4k and my DH has a cashRewards he just got approved for for $3000 (i'm AU).

SO I think it's time to close this out even though it is my oldest.  Just no use for it.  I'd say go for it, close it out.

[spritezero1017]

The $39 AF card is a QS1. I know it has the 1.5% back but right now I'm really churning my new prime cards for their miles and travel reward which is going really well. I don't actually forsee using the Cap1 cards (except my new Venture card) much at all. So I'm weighing their small credit lines vs. their fees and no seeing much benefit considering my new 45K in much better cards is plenty for my utilization to be very low and for me spending needs. 

So regarding AAoA. If I cancel card(s) does it not affect the AAoA As its till reports as a good trade line despite being closed? Because they're my oldest cards. 

All of them, btw, have zero balances.

[Eyisila]

Not to put my very limited experience.  But when my DH closed his, he actually went up in score.  Now his scores were lower but still.  And he didn't take any hit to AAoA. 

Again this is from our limited experience.

[Lilalota]

Those fees are crazy for such low limits! You should try again with another csr.. some are more lenient than others. Its worth a try. Good luck. Update us on that

[longtimelurker]

I really wouldn't bother wasting time with the EO or another CSR, just close the cards.  You have enough new credit, the fees are far too high for the CLs and benefits.  Just close and move on with your better cards.

[axledobe]

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@longtimelurker wrote:

I really wouldn't bother wasting time with the EO or another CSR, just close the cards.  You have enough new credit, the fees are far too high for the CLs and benefits.  Just close and move on with your better cards.

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+1,000