In 2000, I applied and received a Capital One VISA. Everything was hunkidory until 2011 when I went through a devastating foreclosure. All the major credit cards immediately closed my credit cards but Capital One. I had rewards and an no annual fee on this card and they removed the rewards and added a $5 monthly fee. They kept the 9.9% APR as a positive note. I needed this credit card for obvious reasons.
Fast forward to today. My FICO score is 824 (all bureaus are reporting between 819 to 842 as of today). I wanted to consolidate this card to a Venture Card so I went into my profile and looked for that link. I have no link on my profile. It disappeared. I had it on there last month. I also have a Quicksilver with a $10k CLI and a 18.9% APR.
Because of how Capital One is treating me, I began using my NFCU Visa Cash Rewards card exclusively since October 2018 spending some $10,000 on it through December. Of course, I paid that card off every pay day. I sock drawered the Capital One cards.
Here is my qestion. Please tell me if it makes sense.
Capital One Platinum is my oldest credit card at 20 years. 0% utilization so i want to close it but am afraid of the big FICO score hit I will be taking. I then want to acquire a Hawaiian Airlines, American Airlines and perhaps a Delta AMEX card. If I am going to pay an annual fee, I rather pay it and reap rewards right? I fly to Hawaii about 10 times a year so Hawaiian Airlines is a given but the latter two cards I am seriously thinking about my options verses the benefits.
Will my FICO score be it hard for closing my two Capital One accounts and how long will the FICO score hit last?
Here's the direct URL for upgrade:
It may be classified as a starter/bucket card from then like they do now. If its 20 y/o. What would the next oldest be?
What is it about your credit profile that would trigger a large drop in your FICO scores if you closed a card?
I feel your pain as Capital One is my only card currently ater rebuilding my credit. I am using it to pay my cellphone bill every month and to keep showing payment history. I would personally keep it as it is 20 years and just use it for a small amount
Only way I would close a 20 year old card is if there was a AF and I no longer used/needed it.