@JNA1 wrote:
Not to hijack the thread, but is there a difference in score changes if you close out a card vs the bank doing it? Also, how does long a bank typically leave an unused card open before closing them?
Sorry for the ignorance, I’m trying to learn!
No worries, we're all here to learn and trade helpful information. 
HOW a card is closed has no bearing on credit score. It is reflected in the notations about the account, "closed by grantor" or "closed by consumer". While it doesn't affect your score, it probably looks better to have accounts the consumer closed over accounts closed by the lender, which could indicate some further issue at play. When I close an account, I write to the bank and indicate I want the account "closed by consumer."
The answer on time is that it just depends! Retail store cards are notorious for being closed fairly quickly if not used, a year or two perhaps. I have had major cards with big banks or credit unions not closed after a few years of non-use. In some cases, though, I had deposit accounts or other credit accounts with that lender. Other major banks are more picky if a card is not used regularly. If you don't have deposit accounts or other relationship with a lender, it's probably best to use a card every six months to a year if you don't want it closed or a credit line decrease, which sometimes happens before closure.
SDing (sock-drawering) a card is always an option for a card you have no interest in and plan to close eventually. Sometimes, the bank will just close it for you but you benefit from not having to manage it while also getting the credit line for utilization and average credit age.
Thanks for the reply!
Since I’m just starting out on this, I’m going to try my best to be selective and only get cards I will use and ones that will continue to grow. I feel like so far my Discover card is one I will always use as long as they keep the 5% CB program. My Summit card was my first ever card that I got just to build credit, but I am a car guy who spends money at Summit, and they have some bonuses every now and then that basically equals 20% cash back, so I’ll probably always keep it around.
Since I’m just starting out on this, I’m going to try my best to be selective and only get cards I will use and ones that will continue to grow. I feel like so far my Discover card is one I will always use as long as they keep the 5% CB program. My Summit card was my first ever card that I got just to build credit, but I am a car guy who spends money at Summit, and they have some bonuses every now and then that basically equals 20% cash back, so I’ll probably always keep it around.
@afijunkie wrote:
I just got the CSP because of the higher sub compared to the CSR. We are planning to do a lot of traveling next year but will probably upgrade eventually to the CSR.
I want to downgrade or maybe close the Venture but it's under a year with 80000 miles. Would Capitol One downgrade and transfer the rewards?
That's a common misunderstanding.
Unless you're redeeming for pure cash which is not the best use of Ultimate Rewards, the CSP is not a higher SUB than CSR; it's actually the exact same.
The confusion is in the magnificaton factor. CSP adds 25% value when redeemed for travel. CSR adds 50% when redeemed for travel. So the 60K UR on CSP is worth $600 in cash. The 50K UR on CSR is worth $500 in cash. But redeemed for travel, they are both worth exactly $750. (50Kx1.5 and 60Kx1.25 both equal $750 in travel redemption on UR portal.)
Many people get the CSP first since it is easier to qualify for with the minimum CL of $5K for CSP/Visa Signature versus $10K for CSR/Visa Infinite.
From my understanding, Capital One may allow you to keep the accrued rewards if you downgrade to a Venture One. However, if you close the account, you will likely forfeit any unused rewards. I would clarify with customer service about options before any change.
@Aim_High wrote:
@afijunkie wrote:
I just got the CSP because of the higher sub compared to the CSR. We are planning to do a lot of traveling next year but will probably upgrade eventually to the CSR.
I want to downgrade or maybe close the Venture but it's under a year with 80000 miles. Would Capitol One downgrade and transfer the rewards?That's a common misunderstanding.
Unless you're redeeming for pure cash which is not the best use of Ultimate Rewards, the CSP is not a higher SUB than CSR; it's actually the exact same.
The confusion is in the magnificaton factor. CSP adds 25% value when redeemed for travel. CSR adds 50% when redeemed for travel. So the 60K UR on CSP is worth $600 in cash. The 50K UR on CSR is worth $500 in cash. But redeemed for travel, they are both worth exactly $750. (50Kx1.5 and 60Kx1.25 both equal $750 in travel redemption on UR portal.)
Many people get the CSP first since it is easier to qualify for with the minimum CL of $5K for CSP/Visa Signature versus $10K for CSR/Visa Infinite.
From my understanding, Capital One may allow you to keep the accrued rewards if you downgrade to a Venture One. However, if you close the account, you will likely forfeit any unused rewards. I would clarify with customer service about options before any change.
My understanding is the 1.5 and 1.25 factors from CSR, CSP and CIP are only for redeeming using the portal. When transferring to partners’ miles they are all at the same rate. Is that true?
And to OP, based on your use case the suggestions in this thread are all spot on. Specifically, I would close Citi BestBuy, combine the 2 Discovers and downgrade Venture to QuickSilver.
@FieryDance wrote:My understanding is the 1.5 and 1.25 factors from CSR, CSP and CIP are only for redeeming using the portal. When transferring to partners’ miles they are all at the same rate. Is that true?
And to OP, based on your use case the suggestions in this thread are all spot on. Specifically, I would close Citi BestBuy, combine the 2 Discovers and downgrade Venture to QuickSilver.
That's a good point, @FieryDance
The 1.25 and 1.50 bonus are only when redeeming on the Chase UR portal. This is the way I normally redeem, at least at the moment.
The points, if transferred, go out at a 1:1 ratio. However, the valuations to all partners is not at the same "rate", since the exact "value" you would get from any travel partner may vary, even with the particular way you apply them.
You may get better value by transfer versus directly through the UR portal but YMMV.
@Aim_High wrote:
@FieryDance wrote:My understanding is the 1.5 and 1.25 factors from CSR, CSP and CIP are only for redeeming using the portal. When transferring to partners’ miles they are all at the same rate. Is that true?
And to OP, based on your use case the suggestions in this thread are all spot on. Specifically, I would close Citi BestBuy, combine the 2 Discovers and downgrade Venture to QuickSilver.
That's a good point, @FieryDance
The 1.25 and 1.50 bonus are only when redeeming on the Chase UR portal. This is the way I normally redeem, at least at the moment.
The points, if transferred, go out at a 1:1 ratio. However, the valuations to all partners is not at the same "rate", since the exact "value" you would get from any travel partner may vary, even with the particular way you apply them.
You may get better value by transfer versus directly through the UR portal but YMMV.
Yep, that’s my understanding as well. I was talking about the transfer ratio, not valuation of miles. Miles valuation would be a whole other topic.
@afijunkie wrote:
I just got the CSP because of the higher sub compared to the CSR. We are planning to do a lot of traveling next year but will probably upgrade eventually to the CSR.
I want to downgrade or maybe close the Venture but it's under a year with 80000 miles. Would Capitol One downgrade and transfer the rewards?
I have read data points that if you downgrade Venture to VentureOne you WILL retain the miles and airline transfer partners. I have not read any affirmative data points indicating QS will do the same. It’s just the lack of negative data suggests to me QS is probably safe too.
So I would say to be 100% safe, downgrade your Venture to VentureOne first and use up your points and then either cancel or change it to QS.
We are actually in the same boat. Acquired a Venture last month and will use the miles for one specific trip and next year will downgrade.