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Close Low Limit Cards?

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Super Contributor

Re: Close Low Limit Cards?

If a PC from Platinum or QS to Venture, doesn’t that pay the $95 AF today? If so not a good deal.

A new app for Venture may get a better limit, SUB, and 2% earnings for the year. After 12 months decide whether to keep it. Options include combining the Venture limit to the Platinum, and PC the Platinum to QS with no fee. Close the AF QS and combine the limit to the Platinum.
High Bal Jan 2009 $116k on $146k limits 80% Util.
Oct 2014 $46k on $127k 36% util EQ 722 TU 727 EX 727
April 2018 $18k on $344k 5% util EQ 806 TU 810 EX 812
Jan 2019 $7.6k on $360k EQ 832 TU 839 EX 831
Message 11 of 15
Established Contributor

Re: Close Low Limit Cards?

Huh? I reiterate: Venture One has no fee, Venture waives the fee year one. While opening a new Venture may get him a SUB, it's a paltry trade-off in the bigger picture. The whole point is to extract himself from capital one efficiently: without making it appear to other (more lucrative) creditors that he's gonna close a bunch of cards in less than a year, and while trying to get some value out of it in the process, all without paying any more annual fees to capital one. One thing that he should not do is open more accounts with cap one, but find more lucrative cards from other issuers (like his Discover It)
Chase UR: Amex MR:Citi TY:
Cash back:Travel:
Debit: + DCU savings acct for 5.12% APY for $1k
Message 12 of 15
Community Leader
Senior Contributor

Re: Close Low Limit Cards?

The important thing to find out is whether the first-year annual fee waiver is avaiable when one PCs. The sign-up bonus certainly isn't.

 

I think the discussion is kind of moot anyway. I don't think the OP's current limits will coax a Venture offer.

Message 13 of 15
New Contributor

Re: Close Low Limit Cards?


@HeavenOhio wrote:

I think the discussion is kind of moot anyway. I don't think the OP's current limits will coax a Venture offer.

 

 

I dont think so either. I got a call from Cap 1 around 1 EST and the guy said he was doing a "wellness" follow up? Never heard of that before, and I thought it was a possible scam call until he provided details to my call to them earlier in the day. He asked why I shut my cards down for spending and if there was anything he could do to help. I told him, and we went on. Long story short, he wanted me to reconsider and I told him a Venture upgrade was the only thing that would. Didnt get an insta-no, but he did say he couldnt do it himself bcause the option just wasnt there, I'd have to apply for it fresh same as the Savor. He combined my QS1 and the Plat to a QS and waived the AF for a year, rolled my CL over,  and asked me to think about it. Conversation over.

 

I still stand with my original statement to the OP. I still plan to axe Cap 1, but the only difference now is that I might wait and see what happens at my next CLI (Jan 2019). 


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 14 of 15
Established Contributor

Re: Close Low Limit Cards?

It's not moot, the conversation applies to any cap one card with no af. But we're looking for a card that could benefit the op most, off hand I said venture but anything that doesn't cost anything really. The cake is keeping the card open and in good standing for now so he looks like a responsible card holder who doesn't close his accounts - getting use out of the card is just the icing on the cake. I think combining the limits and closing one is justifiable cuz that's very simple to explain you were consolidating your credit limit into one card that was more useful.
Chase UR: Amex MR:Citi TY:
Cash back:Travel:
Debit: + DCU savings acct for 5.12% APY for $1k
Message 15 of 15
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