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Closing CapOne...Need Your Advice

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FabulousDtheBruin
New Contributor

Closing CapOne...Need Your Advice

So this partially-secured card of $300 was opened April 2012.  It has a $29 AF.  I do not want to pay it.  

 

When should I close the card?  It looks like my statement will cut relatively soon...(since a payment was due 05/04).  Thanks!

 

 

 

AmEx BCE - 2K, Clear from AmEx - 2K, Bank of America Travel Rewards - 10K, Chase Freedom - 4.3K, U.S. Bank College Visa - $600, Discover More Card - 7K, Citi Dividend Card for Students - 2.1K, Barclay Rewards MC-2.5K, Macys Red Card-1.8K, Bank of America AmEx-15K, Banana Republic Visa-2.5K, Chase CSP-10K, Chase Saphire-5K,
Message 1 of 11
10 REPLIES 10
BrokaToe
Established Contributor

Re: Closing CapOne...Need Your Advice

A lot of folks have had luck getting the AF waived by calling or e-mailing the executive office. That's always an option, at least you'd get another years history reporting for it.


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Message 2 of 11
beb86
Valued Contributor

Re: Closing CapOne...Need Your Advice

It all depends on your CC profile...if you have 25k in other lines than you probably dont need this card...however if this is your only card or you only have a few cards with low limits than I would have to think its worth the AF

Message 3 of 11
nicholasyud
Valued Contributor

Re: Closing CapOne...Need Your Advice

seem like you have enough credit on your credit file if they all belong to you.

I said just go ahead and go for it. Remmeber closed credit account stay on your credit report up to 10 years.

You should be fine.

Starting Score: 560
Current Score: ?
Goal Score: 800
Message 4 of 11
BrokaToe
Established Contributor

Re: Closing CapOne...Need Your Advice

Oh wow, yah I didn't even notice the cards in your sig when I posted. Like said already, if those are all yours, then I would close it for sure before going though EO trouble for a secured line.


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Message 5 of 11
indiolatino61
Valued Contributor

Re: Closing CapOne...Need Your Advice


@FabulousDtheBruin wrote:

So this partially-secured card of $300 was opened April 2012.  It has a $29 AF.  I do not want to pay it.  

 

When should I close the card?  It looks like my statement will cut relatively soon...(since a payment was due 05/04).  Thanks!

 

 

 


Email the EO before you close it. Ask for the AF to be waived. Many here, including myself, have had success going this route. I had my AF waived ($39), had my CL go from $750 (credit steps) to $1,500, and a rewards program (1%) was also added. This was all done with one email to the EO, and a call from them within 24 hours. Good luck!

 photo Logo - Credit Card Collection - Data Inclusive_zpskiw5xfjj.jpg photo emerald_zpsfitcxbh5.jpg
Message 6 of 11
FabulousDtheBruin
New Contributor

Re: Closing CapOne...Need Your Advice

What is the E.O.'s email??

AmEx BCE - 2K, Clear from AmEx - 2K, Bank of America Travel Rewards - 10K, Chase Freedom - 4.3K, U.S. Bank College Visa - $600, Discover More Card - 7K, Citi Dividend Card for Students - 2.1K, Barclay Rewards MC-2.5K, Macys Red Card-1.8K, Bank of America AmEx-15K, Banana Republic Visa-2.5K, Chase CSP-10K, Chase Saphire-5K,
Message 7 of 11
dabolts_619
Regular Contributor

Re: Closing CapOne...Need Your Advice

@Indio they do that for secured cards??? if so can I also get that email address??
Message 8 of 11
inthewoods
New Contributor

Re: Closing CapOne...Need Your Advice

CapOne was my first card. I had it for a couple of years, but then I was added as authorized user on a couple of my wife’s cards so I figured I didn’t need the CapOne, but I was still using it regularly, had some bills going to it for example. When the fee hit, I called their customer support to ask to have it waived. Despite having pushed thousands of dollars a year through the card, always paying in full, the rep surprisingly refused to waive the fee (even after saying that he could probably waive it the system said no). That is to say unless I cancelled the card. So that’s what I did. Their loss, I thought.

 

Fast forward five months. I’m applying for a mortgage together with my wife. Wells Fargo mortgage underwriters say that they could not approve me and my wife for a mortgage because I had no open consumer credit lines (they did not count authorized user accounts). This was despite the fact that I could show an annual income of several hundred thousand dollars, had closed the CapOne card voluntarily, and had an 800+ credit score. They just couldn’t do it.

 

Fortunately, Chase were willing to work with me in the underwriting process, even though it was delayed for lack of consumer credit.

 

So although I don’t miss my CapOne card, I wouldn’t have closed it if I knew what I know now. If you have other open credit lines that work better for you, then I think you should be willing to close it. In either case, try asking them to waive the fee—who knows, maybe you’ll have more luck than I did.

Message 9 of 11
LS2982
Mega Contributor

Re: Closing CapOne...Need Your Advice


@FabulousDtheBruin wrote:

What is the E.O.'s email??


PM sent

 

Since it is secured the EO AFAIK won't be too much a help on it.




EQ FICO 548 3/3/16
Message 10 of 11
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