Considering closing Cap One

[bichonmom]

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@LS2982 wrote:

Don't close it!!!!!!!!

You'll make Peggy sad.........................................

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Peggy is one of the reasons why I WANT to close it!

[Anonymous]

I would close it for 2 reasons. First of all, you won't have to hear the scripted "you're great, but..". Second, you won't have to play the additcive game "clicking the modify your features button". Just my thought.

[Anonymous]

Hi,

Closed mine, never looked back and it did not impact my scores.

[Anonymous]

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@bichonmom wrote:
One concern I have is that none of my cards have gone over a year yet. I closed my other cap one before the AF hit, and my Old Navy just upgraded to a visa at 1 year. So, this would be my only card to have history longer than one year. Maybe that will help my FICO? Is that a factor? Someone did post about the history, which I don't have with my Amex.

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This can be translated into one of two ways, but I get the feeling you meant both ways.  First, you are afraid that your AAoA will drop.  That is not true, you will still get the benefit of a closed Cap1 for 10 years, until it drops off of your credit report.  Second, that you are concerned something will happen with your new cards and you want to keep Cap1 in the SD just in case.  That could be a valid argument/reason for keeping it until your new cards are one year old.  Until you feel comfortable with your new cards, keep the old card just in case... 

[bichonmom]

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@Anonymous wrote:

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@bichonmom wrote:
One concern I have is that none of my cards have gone over a year yet. I closed my other cap one before the AF hit, and my Old Navy just upgraded to a visa at 1 year. So, this would be my only card to have history longer than one year. Maybe that will help my FICO? Is that a factor? Someone did post about the history, which I don't have with my Amex.

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This can be translated into one of two ways, but I get the feeling you meant both ways.  First, you are afraid that your AAoA will drop.  That is not true, you will still get the benefit of a closed Cap1 for 10 years, until it drops off of your credit report.  Second, that you are concerned something will happen with your new cards and you want to keep Cap1 in the SD just in case.  That could be a valid argument/reason for keeping it until your new cards are one year old.  Until you feel comfortable with your new cards, keep the old card just in case... 

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Actually, neither of those. My concern is the history of the accts that reports. My longest history for any one acct is this Cap One card. If I close it now, all of my open accts w/have LESS than 1 year history. I know that one thing that creditors look at is how long your accounts have been open. I don't think it's a good thing that none have been open longer than a year, which is solely due to my rebuilding. (Note history is different than AAoA.)

I'm not worried about AAoA, and I have enough other cards that if anyone got upset w/me, I would still have others to fall back on.

[LS2982]

IMO I would SD it, Cap1 wasn't too good for you when you were down, so they shouldn't be when your up. Let it keep gaining history and charge a little something to it once a month.

[CreditCrusader]

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@LS2982 wrote:

IMO I would SD it, Cap1 wasn't too good for you when you were down, so they shouldn't be when your up. Let it keep gaining history and charge a little something to it once a month.

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+1...Frankly, I have never understood the virtue of closing a no AF card of ANY sort unless there was some extremely mitigating reason (HORRIBLE customer service, unjustified CLD, random spike in interest rate, etc.).

My vote would be to SD it...then set bi-annual anniversary dates for use to keep them from closing it down. Mine for this card are July 4th and January 1st...both holidays, both about 180 days apart

[RockinRay]

Throw it in the SD. You need it for AAoA.

[bichonmom]

I think I'm going to keep in SD'd for another year. Maybe put something on it occasionally, but not worry about their closing it.

[bettercreditguy1]

I use mine for internet purchases. Can not get hurt too bad should the account be compromised. Remainder of the time it is in the sock drawer.