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Close Low Limit Cards?

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Contributor

Close Low Limit Cards?

I was just approved the other day for a $15k NFCU CashRewards card so was thinking about closing my lower limit cards to shake that low limit stigma.

I had a $700 Credit One that had an AF, so that was a no brainer and I cancelled that this morning. They tried to keep it open by waiving AF until 2/19 and a $15 credit, not sure how many people fall for that.

I have two lower limit Capital One cards as well that Im not sure about. One is a Platinum MC, $750 limit. The other is a Quicksilver One with a $500 limit. The Quicksilver does have a $39 AF. Since these cards are likely bucketed with no real chance of growing, would it make sense to close them? I only have a year or less with both cards.

I also have a $1500 Discover IT card which I was thinking was best to keep.
Message 1 of 15
14 REPLIES 14
New Contributor

Re: Close Low Limit Cards?

I made my last Cap1 payments monday, they posted this am for a zero balance. I got off the phone with them about 20 minutes ago and had them shut my QS and QS1 cards down for use, but not yet cancelled. I'm going to give it 10 days to make sure nothing pushes through before I pull the trigger on a full cancellation. 

 

The day after I got that approval for the NFCU $15k limit, I got approval for a $1500 Discover that I'll for sure be keeping, but Firemedic made a good point of why keep lower tier cards when I have two top tier cards now. Especially since the utility wont really be affected, and the AAoA is less than a year on both Cap1's. Bye Bye bucket cards. 


Starting Score: 1/2018 EQ- 534, TU- 541, EX- 512
Current Score: 11/2018 EQ- 639, TU- 654, EX- 604
Goal Score: 700+ across the board by 1/2020


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By no means a FICO expert, all I can share are the facts of my own experiences and hope they help
Message 2 of 15
Established Contributor

Re: Close Low Limit Cards?

I'd say look at the Venture cards and see if either of them works for you. If so, call and find out if either of your cards can be product changed to the Venture. then ask about combining your existing CL into that card and closing the other card, then product change your card to the Venture.

If you want to open more strong accounts, its probably not gonna look great if half of the cards you've ever opened were closed in less than a year. So you should at least try to find a way to get some utility out of one of your capital one cards, or at least to not cost you anything then just sock drawer it until you've established more strong accounts.
Chase UR: Amex MR:Citi TY:
Cash back:Travel:
Debit: + DCU savings acct for 5.12% APY for $1k
Message 3 of 15
Contributor

Re: Close Low Limit Cards?

Instead of closing why not just do CLI's?

 

I dont see the point of closing cards, unless you want to kill an AF. 

Message 4 of 15
Moderator

Re: Close Low Limit Cards?

OP, totally up to you.

I wouldn't PC them to Venture, though. Why incur a higher AF if you don't foresee the need to use it in that regard?

What you could potentially try, if this route is suitable or successful, see whether they grow CLI-wise and/or combine them down the road. You can try to see if the QS PC would be available.

However, if you feel that you have outgrown them, regardless how long you've had them, closure is perfectly ok.
Message 5 of 15
Contributor

Re: Close Low Limit Cards?

I have tried to CLI both cards but they were credit steps and I feel like they are bucketed as low limits.
Message 6 of 15
New Contributor

Re: Close Low Limit Cards?


@dtaild wrote:
I have tried to CLI both cards but they were credit steps and I feel like they are bucketed as low limits.

Same


Starting Score: 1/2018 EQ- 534, TU- 541, EX- 512
Current Score: 11/2018 EQ- 639, TU- 654, EX- 604
Goal Score: 700+ across the board by 1/2020


Take the myFICO Fitness Challenge




By no means a FICO expert, all I can share are the facts of my own experiences and hope they help
Message 7 of 15
Community Leader
Senior Contributor

Re: Close Low Limit Cards?

You can close the Capital One cards if you'd like. But scoring likes three cards. That's not mission critical, but you already have the cards to accomplish that until you eventually find a replacement.

 

I'd see if the Platinum can be product-changed into a Quicksilver, and I'd look to combine the QuicksilverOne into the no-fee card.

Message 8 of 15
Valued Contributor

Re: Close Low Limit Cards?

Get rid of that low limit card with the AF. It makes no sense to have that.
Message 9 of 15
Established Contributor

Re: Close Low Limit Cards?

@FinStar Venture One has no fee, venture is waived year one. If he's gonna close the card ultimately anyway it doesn't really matter but my point is he should keep it open at least long enough to establish stronger cards and hey if he can product change it to a card that will give him some utility then that's even better still.

I almost suggested the Quicksilver instead of the Venture but considering that the Navy Federal card he just open is a 1.5% cash back on all purchases card it's redundant for him to get the no annual fee Quicksilver card. I'm not strongly familiar with capital one's offerings but offhand The Venture Card is the only other thing I could think of that is notable
Chase UR: Amex MR:Citi TY:
Cash back:Travel:
Debit: + DCU savings acct for 5.12% APY for $1k
Message 10 of 15
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