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Looking for advice

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Valued Member

Looking for advice

I have two cap1 cards that I believe to be in a very tiny bucket(plat PC to qs with 950cl and qs1 with 500cl, steps over). Considering SD both, close both and app for new card(s) or combine and SD it and app. What are the pros and cons for these options? Other options?

I've read somewhere cap1 will only let you have two cards. Also, I'm at 5/24, so do closed accounts count or would that open chase back up to me?

FAKOs were in the 500 range when I got the cap1 cards. Was checking FICO back then. You guys have taught me better now. Since then, removed 3 collections obtained Disco and CF with cls 3-4x higher. Current FICOs 650-660.

Not planning to app for at least a few months, if at all, while scores continue to build.

So, what do you think I should do with cap1?

Thanks for the help.
Message 1 of 7
6 REPLIES 6
Moderator

Re: Looking for advice

Going to send this to the main CC forum for better coverage for you.
"If there's a lack of money in your life, understand that feeling worried, envious, jealous, disappointed, discouraged, doubtful or fearful about money can never bring more money to you, because those feelings come from a lack of gratitude for the money you have."

"Reactions are powerful creators because they contain every element needed to manifest—they're a combination of thought, belief, and feeling in action. Positive reactions create more positive things, and negative reactions create more negative things. If you can respond to negative situations calmly and lightly, instead of with emotional turbulence, what happens next in your life will be so much better."

- Rhonda Byrne

Message 2 of 7
Established Contributor

Re: Looking for advice

closing them won't do anything to 5/24, so Chase is still out of question.

 

if you don't use those card, at least consider closing qs1, since it does have a AF and won't impact your uti much with a tiny cl.

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Message 3 of 7
Community Leader
Senior Contributor

Re: Looking for advice

Don't ever sock-drawer a QS1. It should be used, combined, or closed. In your case, I'd combine into the QS and feel free to SD the combined card.

 

Applications for the Secured Mastercard, Platinum, Platinum Preferred, Journey, and QuicksilverOne will be denied if you have two or more Capital One cards.

 

Applications for the Savor, SavorOne, Venture, VentureOne, Quicksilver, and Spark cards will be denied if you have five or more Capital One cards.

Message 4 of 7
Valued Contributor

Re: Looking for advice


@CommanderCody wrote:
I have two cap1 cards that I believe to be in a very tiny bucket(plat PC to qs with 950cl and qs1 with 500cl, steps over). Considering SD both, close both and app for new card(s) or combine and SD it and app. What are the pros and cons for these options? Other options?

I've read somewhere cap1 will only let you have two cards. Also, I'm at 5/24, so do closed accounts count or would that open chase back up to me?

FAKOs were in the 500 range when I got the cap1 cards. Was checking FICO back then. You guys have taught me better now. Since then, removed 3 collections obtained Disco and CF with cls 3-4x higher. Current FICOs 650-660.

Not planning to app for at least a few months, if at all, while scores continue to build.

So, what do you think I should do with cap1?

Thanks for the help.

Option 4 - Combine, SD and don't app. You should choose keeper CCs based on matching rewards with your spending, none of Cap One cards offer anything special, especially for 3 HPs, there are better options out there at every level of their offering.

Message 5 of 7
Valued Member

Re: Looking for advice

I think I kinda like this option better. It will leave room for another cap1 later, although I'm not sure I want another one and would probably just be a slightly higher bucket.

Am I understanding it right, chase counts a closed account in the 5/24 if it opened in less than 24 months?
Message 6 of 7
Community Leader
Mega Contributor

Re: Looking for advice


@CommanderCody wrote:
I think I kinda like this option better. It will leave room for another cap1 later, although I'm not sure I want another one and would probably just be a slightly higher bucket.

Am I understanding it right, chase counts a closed account in the 5/24 if it opened in less than 24 months?

Yes, any revolving account opened in the past 24 months. 

EX 754 EQ 774 TU 752


Message 7 of 7
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