cancel
Showing results for 
Search instead for 
Did you mean: 

Capital One - What to do with 2 old cards?

Jeffrey93
Valued Member

Capital One - What to do with 2 old cards?

Hi, 

I am debating on what to do with my old Capital One accounts.

I have 2 cards with them one is the platinum the other is the quicksilver one. I have had both for a little over 3-4 years and they are my oldest credit card accounts. The limits have stayed consitantly at 300 for the platinum and 950 for the quicksilver one.

I recently opened:

Discover It: 4k December 2020

Amex Gold: NPSL March 2021

Apple Card: 4.5k April 2021

Amex Platinum: NPSL May 2021

I really have no use out of the cards especially since I can use the apple card if AMEX is not accepted, plus the quicksilver one account has an anual fee of 35$ as well. I have repeatedly tried to get a line increase on them but they kept saying no for low usage, but I do not feel like using the limits and paying them off 15 times a month as well. I wonder how big of a hit would this be if i closed both of the accounts and I am trying to get the CSP for the 100k bonus if available once im done with the spend for the platinum card. Let me know what you guys think

 


Message 1 of 8
7 REPLIES 7
blindambition
Community Leader
Senior Contributor

Re: Capital One - What to do with 2 old cards?

The credit history will help your age up to ten years, but then you'll lose 4 years on oldest card and average.

You might want to keep oldest, and throw a pity purchase every couple months.

Message 2 of 8
RickFox
Member

Re: Capital One - What to do with 2 old cards?

 

I would never recommend anyone to close an old credit card.  Regardless if you use them or not, they still add to your overall available credit limit.  Furthermore, it is best to keep them to establish a longer credit age.  Try to keep the average of your open accounts around 7 to 8 years.  I have 2 Capital One credit cards myself.  My Quicksilver card I have had for 6.5 years, and my Venture card I’ve had for 7.5 years.  However, my Venture card was upgraded recently from Platinum Mastercard with no rewards.  I do not use them often, but I will randomly charge something on them to keep them active.  If you are trying to get a CLI, you will have to generally use 30% to 40% of the limit and pay them off each month.  Moral of the story, it doesn’t hurt to keep them as long as you are using them wisely… but it will hurt you more to close the accounts.

Starting Score: 719
Current Score: 719
Goal Score: 800


Take the myFICO Fitness Challenge

*Current Credit Cards
Amazon Store Card - $6,000 CL
Citi Costco Visa- $2,200 CL
Citi Best Buy Visa - $8,000 CL
Discover It Cash Back - $7,000 CL
USAA Signature Visa - $2,500 CL
Capital One Venture - $4,750 CL
Capital One Quicksilver - $5,450 CL
Lowes Advantage Store Card - $5,000 CL
US Bank Rewards Visa - $1,000 CL
Verizon Signature Visa - $5,000 CL
Amex Delta Skymiles Gold - $10,000 CL
Amex Hilton Honors - $2,000 CL

Message 3 of 8
Ficoproblems247
Valued Contributor

Re: Capital One - What to do with 2 old cards?

See if you can PC that Platinum to a QS, and then the QS1 to anything other than what it is now with no AF. For me, I would never keep a card open that has an AF that I am not turning at least a net annual profit with. Closing the cards will not effect your score negatively in any way until they drop off of your reports in probably 10 or more years from now. The closed accounts contribute to your FICO aging metrics in the same manner they do when they're open. From the other cards you stated you had it looks like they're not doing much of anything to contribute to utilization padding. If you don't have to pay the annual fee, I agree with blindambition that throwing a charge every six months or so to keep them open is not a bad idea as long as you don't mind keeping an eye on them, but I'm a fan of dropping the dead weight, especially if you can't ditch that AF on the QS1. Cap1 is a great lender to build with, but for the long haul there are better fish in the sea. 


FICO 8: June '21 EX 751 EQ 746 TU 744
Message 4 of 8
ficosuave
New Contributor

Re: Capital One - What to do with 2 old cards?

If you haven't, I'd see about product changing either of them.

 

In the case of the Quicksilver One, take whatever they offer just to lose the annual fee.

 

If there's no PC offer I might just dump it.

 

The Platinum will probably be easier to PC. Either way, with no annual fee it's a little bit easier to justify hanging on to, despite the lousy limit, just for its age.



Message 5 of 8
MrDisco99
Valued Contributor

Re: Capital One - What to do with 2 old cards?

I generally agree with the advice to keep old accounts to help with report age.  But that only applies to cards with no annual fee.  If you're paying for the card and it's not giving you any benefit, get rid of it.

Message 6 of 8
AzCreditGuy
Frequent Contributor

Re: Capital One - What to do with 2 old cards?


@Jeffrey93 wrote:

Hi, 

I am debating on what to do with my old Capital One accounts.

I have 2 cards with them one is the platinum the other is the quicksilver one. I have had both for a little over 3-4 years and they are my oldest credit card accounts. The limits have stayed consitantly at 300 for the platinum and 950 for the quicksilver one.

I recently opened:

Discover It: 4k December 2020

Amex Gold: NPSL March 2021

Apple Card: 4.5k April 2021

Amex Platinum: NPSL May 2021

I really have no use out of the cards especially since I can use the apple card if AMEX is not accepted, plus the quicksilver one account has an anual fee of 35$ as well. I have repeatedly tried to get a line increase on them but they kept saying no for low usage, but I do not feel like using the limits and paying them off 15 times a month as well. I wonder how big of a hit would this be if i closed both of the accounts and I am trying to get the CSP for the 100k bonus if available once im done with the spend for the platinum card. Let me know what you guys think

 


I feel for you man I have a Cap 1 thats 6 years old and I want to close it but I just cant since its my oldest account and I just want to keep it going till another 4 to to 5 years. I thought I would never get out of the bucket of $300 to $1K. But here it is at $7k. I dislike Cap 1 for what they have done to me on disputes and CLIs, but they helped me get other cards that where better. 

Message 7 of 8
Jeffrey93
Valued Member

Re: Capital One - What to do with 2 old cards?

I tried to product change the quicksilver and they said nothing available and also no ability to waive the fee. I think it's just holding someone hostage knowing they can't cancel. It's overall a stupid rule that closing accounts will impact the score. Should have opened with a discover secured card. 


@AzCreditGuy wrote:

@Jeffrey93 wrote:

Hi, 

I am debating on what to do with my old Capital One accounts.

I have 2 cards with them one is the platinum the other is the quicksilver one. I have had both for a little over 3-4 years and they are my oldest credit card accounts. The limits have stayed consitantly at 300 for the platinum and 950 for the quicksilver one.

I recently opened:

Discover It: 4k December 2020

Amex Gold: NPSL March 2021

Apple Card: 4.5k April 2021

Amex Platinum: NPSL May 2021

I really have no use out of the cards especially since I can use the apple card if AMEX is not accepted, plus the quicksilver one account has an anual fee of 35$ as well. I have repeatedly tried to get a line increase on them but they kept saying no for low usage, but I do not feel like using the limits and paying them off 15 times a month as well. I wonder how big of a hit would this be if i closed both of the accounts and I am trying to get the CSP for the 100k bonus if available once im done with the spend for the platinum card. Let me know what you guys think

 


I feel for you man I have a Cap 1 thats 6 years old and I want to close it but I just cant since its my oldest account and I just want to keep it going till another 4 to to 5 years. I thought I would never get out of the bucket of $300 to $1K. But here it is at $7k. I dislike Cap 1 for what they have done to me on disputes and CLIs, but they helped me get other cards that where better. 


 


Message 8 of 8
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.