Currently have Capital one Quicksilver One, want capital one Quicksilver. Need advice

[Anonymous]

So i Have a Credit scores in the 770s.  The Captial One Quisilver One was my 1st card, however I barely get any CLI as it feels like its capped at about 1100, and I am tired of the yearly fee.

I have three other cards ( Amex with $16,000 CL / Chase Freedom $6,000 CL / Citi doubleCash $4000 CL )

I have contacted Capital one monthy for close to a year now asking If i can be upgraded to the no annual fee card and have been told no every single time. My credit history is only of 3 yeards, I am 21 and im scared that closing the capital one card will tank my score since it was my first card.

Any advice? Should I just apply to the quicksilver , merge my credit limits and then close the account? Or are there any other reccomendations? Thanks

[HeavenOhio]

Welcome, @Anonymous.

If you close the card, nothing's going to tank. One less open account might cost you a couple of points. And figure that the closed account will likely remain on your report for years. When the card finally drops, any decrease in score for lowering your AoOA (age of oldest account) will be minimal, or possibly nothing at all.

Having said that, are you using the card every month? That seems to be part of the key to getting a PC (product change) offer on the QuicksilverOne. I was able to PC two QS1 cards after 12 or 13 consecutive months of usage. I didn't necessarily use them a lot, and I didn't bother to let positive statement balances report. Definitely keep calling in every month.

[Anonymous]

Thanks for the warm welcome! and thanks for the advice . 

admittedly I don't use the card every single month as my other cards offer me much better rewards, but I do use it every 2 ish months twice or three times in that month. Its pretty relieving that it wont kill mt score if I cancel it! that was my main concern. 

If I were to do what I detailed in my original post ( apply for QS --> merge balance from QS1 to QS --> Close QS1) How would that affect my score? 

Obviously not specific numbers but in terms of what the bureaus would see, would they still see my oldest account as the QS1 since it got merged? or would it be the same as applying for any new card and closing the QS1.

Thanks for the help !

[Anonymous]

If you are sure your scores are Fico 8 scores you are in good shape to close the QS1.

You can afford the tiny bit it helps your credit utilization. Whether you donate the QS1 credit line to a new QS and then close or close without moving the credit line, the card would be closed either way.

[ChargedUp]

Your QS1 will still be on your report and show as "closed by consumer" for 10 years. It will still help you in relation to your average age of accounts for that period, so the effect on your score should be minimal, if anything. Having this card replaced by one with a much higher limit will help you out as far as utilization percentages, should you allow a balance to report, which is a plus. You will take a new hard pull, but that shouldn't have much of an effect (if any) as long as you don't have a bunch of them.

There are posts all over myFICO about how Capital One "buckets" it's low starting accounts and makes it nearly impossible get any meaningful CLI's or ditching the annual fee. Starting a new account with better scores and supporting income is the only break out.  This is the reason that I always recommend getting the no AF "platinum" card for beginners. They can always be product changed to QS within a few months. Starting with an annual fee usually means you'll always have an annual fee.

[Anonymous]

Hi there,

You should also check to see if you have an offer online. Sometimes, users have seen an online offer for an upgrade even when the phone rep says there is none available.

[HeavenOhio]

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@Anonymous wrote:

Hi there,

You should also check to see if you have an offer online. Sometimes, users have seen an online offer for an upgrade even when the phone rep says there is none available.

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More often than not, it's been the other way around. That was particularly true when Capital One was handing out Savor PCs like candy. Savor PCs were never available online. (Currently, Capital One isn't offering Savor or SavorOne PCs at all.)

[HeavenOhio]

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@Anonymous wrote:

If I were to do what I detailed in my original post ( apply for QS --> merge balance from QS1 to QS --> Close QS1) How would that affect my score? 

Obviously not specific numbers but in terms of what the bureaus would see, would they still see my oldest account as the QS1 since it got merged? or would it be the same as applying for any new card and closing the QS1.

You'd take the typical new account dings.

Your AoYA (age of youngest account) would be reset to zero. The amount of the ding depends on the age of your youngest account right now. If it's over a year, the ding might be up to 20 points. If your newest account is recent, the ding will be very little. But new accounts work against applicants. How old are your current cards?

You'd also be dinged for one inquiry per bureau. Figure zero to five points on average.

Also your AAoA (average age of accounts) will decrease. Whether or not you're dinged for that depends on whether you drop below a threshold. AAoA thresholds aren't well known, so the best we can do is hazard a guess if we know your account ages. A ding won't be a lot, though.

As mentioned, the closed or combined card will continue to contribute to your AAoA and AoOA (age of oldest account) for the foreseeable future.

[Anonymous]

I would just close out the QuicksilverOne and not apply for the Quicksilver. If you barely use the QS1 because you have better cards, the QS is the same card and reward without the AF. There are a lot of other better options out there. 

[Anonymous]

I have a much older credit profile than yours, and scores in the 800's.  Had the same issue with a couple C1 cards with annual fees.  They refused to take off the AF.  So I axed them.  No regrets, less crap to worry about.  Funny thing is my Spark they just removed the annual fee a few days ago for me, but it gets a lot of volume.