Capital One has been good to you. They were good to me in similar ways.
Had my CO Platinum since about 2003. 10.9% fixed APR. Always been $10k Limit. During my high balance days I didn’t miss any payments on any cards, but got balance chased, rate jacked and accounts closed, in varying mixes, by BofA, Chase and Citi, but no AA from CapOne.
Asked for CLI several times in 2014-2015 but no dice.
So I apped Venture in 2015 and got $30k Limit. Closed that one in 2018, then in early 2019 apped Savor and got a $30k Limit.
With your long history with them, and excellent scores, you might do well to app a Venture or Savor. It won’t have the age, but will have a good limit. Even if you close the old CapOne it won’t immediately lower your AAoA and will be factored into your account age for scoring for perhaps another ten years.
Had my CO Platinum since about 2003. 10.9% fixed APR. Always been $10k Limit. During my high balance days I didn’t miss any payments on any cards, but got balance chased, rate jacked and accounts closed, in varying mixes, by BofA, Chase and Citi, but no AA from CapOne.
Asked for CLI several times in 2014-2015 but no dice.
So I apped Venture in 2015 and got $30k Limit. Closed that one in 2018, then in early 2019 apped Savor and got a $30k Limit.
With your long history with them, and excellent scores, you might do well to app a Venture or Savor. It won’t have the age, but will have a good limit. Even if you close the old CapOne it won’t immediately lower your AAoA and will be factored into your account age for scoring for perhaps another ten years.
Your AAoA won't drop to 7 years. Cap1 tends to leave them on your report for the full 10 years after you close the account. You can always just throw it in the sock drawer if you want it to continue to age. Don't take credit personal, it's just business. Loyalty rarely means anything to anyone.
It’s the card not the company.
Replacing it with a 20k card should be childs play if you have Navy. I assume you have good income since i know there's no way you make what i make lol and with your scores, finding new credit cards with good limits should be no problem. Me, if i had the disposible income, paying $60 a year for a 20 year old card would be ok but i know most people font want to pay sn af if you arent using the benefits. Lol, 20 years is plenty for me haha. At least they stuck with you in tuff times, so they cant be that bad
When I recovered from my Chapter 13 the first card I had was from Capital One. I paid in full each month. I couldn't make any progress on that card. Period. After joining this forum I read about how some cards are "set" into credit lines and interest rates. I also applied for another Capital One card with a 25k CL and reasonable interest rate. I cancelled the old card and never looked back. Good information and advice in this post. Best of luck to you.
I also agree with others that credit unions are great. 
@Brian_Earl_Spilner wrote:Your AAoA won't drop to 7 years. Cap1 tends to leave them on your report for the full 10 years after you close the account. You can always just throw it in the sock drawer if you want it to continue to age. Don't take credit personal, it's just business. Loyalty rarely means anything to anyone.
Cap-1 isnt responsible for exclusion of an item at the expiration of the 10 year period the CRAs are. Cap-1 can remove their TL at anytime if they choose but once they report it closed thats it as far as they are concerned.
@CA4Closure wrote:FICO Scores:
Equifax: 830
Transunion: 806Experian:: 842
I have had a Capital One Platinum since 2000. In 2010-11 I had a financial downturn and had a foreclosure. All of the major credit cards asked me to cut their cards in half and my accounts were closed. None were in arears. Capital One changed the terms on me. I lost the rewards and they initiated a $5 monthly fee on this card but kept the APR at 9.9% and CL at $2,000. They deny this but it is true. I complained back in 2010 when they did this but it was like too bad so sorry! I had no choice because it was my only credit card. I maxed this out in 2012 but paid $200 every month until it was paid off. Then they started to give me CLI but I have been stuck at $6500 for the last 4 years.
Fast forward to today. I now have most of the major credit cards like Citi Costco, Chase Freedom Unlimited, NFCU VISA and two Capital One cards (Platinum and Quicksilver). I asked Capital One to remove that $5 Monthly fee or upgrade me to Venture keeping the 9.9 APR. They responded NO CAN DO!
So effective immediately, I am looking for two new credit cards covering $6,500 and $10,000 or one credit card if I get a minimum $20,000 SL. I will be closing both accounts as soon as I acquire another credit card to replace both Capital One cards I have. The first card will be a NFCU Flagship due to low interest and I might pick up a travel card like Discover It Miles or Hawaiian Airlines Mastercard.
Sad but I will lose that 20 year Average Age of Account because that Capital One Platinum was my oldest card. When I close this account my AAofA will be lowered to about 7 years. DIscover was the first card I got after rebuilding my credit in 2012.
If I were you I would just drop the card with the fee, and in the process try to move some or all of the limit to the Quicksilver. I wouldn't close the Quicksilver.
