Closed 4 accounts today left with 1.

[Anonymous]

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@lg8302ch wrote:

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@Anonymous wrote:

I don't know why so many people hate Capital One here. Couple years ago Barclay closed my Apple card due to too many inquires. I don't trust them anymore. Capital One never closed my account.

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+1  the only thing I would have done is keep a 2nd card with a different lender. Cap1 is somethimes a bit strange with their fraud detection  and even with travel settings the card gets blocked. The positive is that they are quick in unblocking but I would not want to travel overseas just with 1 card 😉. As I am hardly ever ready to pay cash ..lol

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I'm jelly of your interest rates, lg8302ch...except the Freedeom haha.  I think I got you beat on that one.

[Anonymous]

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@lg8302ch wrote:

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@Anonymous wrote:

I don't know why so many people hate Capital One here. Couple years ago Barclay closed my Apple card due to too many inquires. I don't trust them anymore. Capital One never closed my account.

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+1  the only thing I would have done is keep a 2nd card with a different lender. Cap1 is somethimes a bit strange with their fraud detection  and even with travel settings the card gets blocked. The positive is that they are quick in unblocking but I would not want to travel overseas just with 1 card 😉. As I am hardly ever ready to pay cash ..lol

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I agree. Me and my wife travel together all the time. She has 6 cards so I don't have to worry in that kind of situation.

[NRB525]

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@CH-7-Mission-Accomplished wrote:

I sure respect your decision.  It keeps life simple.  But your logic is bizarre.

You have mentioned "interest rate" as your driving force.  Nobody keeps Cap 1 for low interest rate.  And You don't sound like the kind of person who would ever carry a balance.  Lots of credit unions (like mine - BECU in Seattle) offer high lines of credit at 6% interest rate for those with high scores. No annual fee.  As someone else said, Barclay Ring is a fixed 8% for those who want the ability to carry a balance.  If you are willing to take a 30 to 50 point FICO hit for the "convenience" of one card that's great.  And it's good your spouse has extra cards  At some point you will be out to dinner with a client and your card will get declined due to some bank error -- or you will be on vacation in another country and find they do not accept visa or mastercard (I had this happen in Costa Rica).    Or you get pickpocketed on the subway and you don't have an extra card in the safe at the hotel.  Or you run the card through the washer and dryer as you are racing out the door for your vacation.

Having one credit card in your credit card portfiolio is like owning one company's stock in your retirement account.  Not very smart.  I sure hope you bought Apple or Google for your one stock!  

But hey, you're a big boy (or girl).  It takes guts to take this kind of risk!

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I have 10.9% on my $10k CapOne card. It would be one of my likely choices for Nixon's "Pick One" challenge, based on cards I currently have. My BofA AMEX is lower interest rate, but it's an AMEX and that can't be my only card. CapOne has low fees, no FTF, will be EMV soon. As a workhorse card, it fits the bill.

I am also looking into the BECU, but cannot get that because... I have too many cards!!!

[lg8302ch]

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@Anonymous wrote:

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@lg8302ch wrote:

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@Anonymous wrote:

I don't know why so many people hate Capital One here. Couple years ago Barclay closed my Apple card due to too many inquires. I don't trust them anymore. Capital One never closed my account.

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+1  the only thing I would have done is keep a 2nd card with a different lender. Cap1 is somethimes a bit strange with their fraud detection  and even with travel settings the card gets blocked. The positive is that they are quick in unblocking but I would not want to travel overseas just with 1 card 😉. As I am hardly ever ready to pay cash ..lol

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I agree. Me and my wife travel together all the time. She has 6 cards so I don't have to worry in that kind of situation.

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Oh I see...then this is no issue.  😃

[core]

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@Anonymous wrote:

I don't know why so many people hate Capital One here.

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Patience, my friend.  Give them time to earn your hate.

I can only answer why I hate them:

1. They lied to me, and a lot of other people (or at the _very_ least "misled" people) about whether the secured card would graduate.  I sunk several thousand dollars into that card in 2010 as a result.  I ended up having to close it as my oldest account just recently and I will never forgive them for those lies.

2. ~20 years ago they were the company that would hand anybody a card if the person could fog a mirror.  Toy limits, and they wouldn't even report those limits to the CRAs, wrecking your util.  A card for the truly desperate.  Now in 2015 some folks are talking about them like they are "prime"?  Gimmie a break.  I realize this item isn't Cap One's fault now.  This leopard is trying to change its spots, and I guess the public perception (or a small percentage thereof) is what is really irritating to me.  Unless you're a 20something, this is and always has been a junk company with junk cards and I think they might have done better if they changed their name when they decided they didn't want to be in the junk business anymore.

[lg8302ch]

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@Anonymous wrote:

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@lg8302ch wrote:

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@Anonymous wrote:

I don't know why so many people hate Capital One here. Couple years ago Barclay closed my Apple card due to too many inquires. I don't trust them anymore. Capital One never closed my account.

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+1  the only thing I would have done is keep a 2nd card with a different lender. Cap1 is somethimes a bit strange with their fraud detection  and even with travel settings the card gets blocked. The positive is that they are quick in unblocking but I would not want to travel overseas just with 1 card 😉. As I am hardly ever ready to pay cash ..lol

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I'm jelly of your interest rates, lg8302ch...except the Freedeom haha.  I think I got you beat on that one.

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in the meantime I love this figure and it is keeping me a nice smile ...lol ...curious if Chase will ever decide to lower it ??  I guess it is my special card...lowest limit and highest APR...Chase  will never get a dime in interest like this 😀  ..just perfect with me.

[go_FICO_self]

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@Anonymous wrote:

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@go_FICO_self wrote:

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@Anonymous wrote:

I already have a mortgage, car loan, student loan, so I don't need anything else. To answer your question, FICO's don't really matter to me but I think all these should help me with them. My plan is when ever Amex lets me back in I will get their card and backdate it to 2004.

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why do you care about backdating, if you don't care about FICO?

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I stated whenever Amex lets me and that won't be for another 3 years or so.  If I don't care about FICO's today that doesn't mean it needs to remain same forever. That is a plan for future not today.

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I don't want to overstate the obvious, but closing cards is not a very future-oriented move. 

As you stated, you want to position yourself in the best possible way. so when your needs change in the future, you want to be in a prime position. Closing those cards only limits your options.

[Anonymous]

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@lg8302ch wrote:

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@Anonymous wrote:

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@lg8302ch wrote:

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@Anonymous wrote:

I don't know why so many people hate Capital One here. Couple years ago Barclay closed my Apple card due to too many inquires. I don't trust them anymore. Capital One never closed my account.

---

+1  the only thing I would have done is keep a 2nd card with a different lender. Cap1 is somethimes a bit strange with their fraud detection  and even with travel settings the card gets blocked. The positive is that they are quick in unblocking but I would not want to travel overseas just with 1 card 😉. As I am hardly ever ready to pay cash ..lol

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I'm jelly of your interest rates, lg8302ch...except the Freedeom haha.  I think I got you beat on that one.

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in the meantime I love this figure and it is keeping me a nice smile ...lol ...curious if Chase will ever decide to lower it ??  I guess it is my special card...lowest limit and highest APR...Chase  will never get a dime in interest like this 😀  ..just perfect with me.

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Are you European?

How has that Marriott card worked for you over there?

[Imperfectfuture]

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@CH-7-Mission-Accomplished wrote:

I sure respect your decision.  It keeps life simple.  But your logic is bizarre.

You have mentioned "interest rate" as your driving force.  Nobody keeps Cap 1 for low interest rate.  And You don't sound like the kind of person who would ever carry a balance.  Lots of credit unions (like mine - BECU in Seattle) offer high lines of credit at 6% interest rate for those with high scores. No annual fee.  As someone else said, Barclay Ring is a fixed 8% for those who want the ability to carry a balance.  If you are willing to take a 30 to 50 point FICO hit for the "convenience" of one card that's great.  And it's good your spouse has extra cards  At some point you will be out to dinner with a client and your card will get declined due to some bank error -- or you will be on vacation in another country and find they do not accept visa or mastercard (I had this happen in Costa Rica).    Or you get pickpocketed on the subway and you don't have an extra card in the safe at the hotel.  Or you run the card through the washer and dryer as you are racing out the door for your vacation.

Having one credit card in your credit card portfiolio is like owning one company's stock in your retirement account.  Not very smart.  I sure hope you bought Apple or Google for your one stock!  

But hey, you're a big boy (or girl).  It takes guts to take this kind of risk!

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Google not so much.

[Anonymous]

OK, I just threw up a little. You gave up free fico scores from citi (Equifax) and Barclaycard (trans union) with no AF. I would have just sock drawer those cards.

Obviously, there is more to this story, but it's a public forum.