Need advice on CapOne card...

[Anonymous]

Hello all, I would like to hear your thoughts on my predicament.

I have a Gap card opened 11/2008 ($2000 CL), a Target card opened 11/2008 ($1000 CL), BofA Amex opened 12/2008 ($4000 CL), Capital One visa opened 10/2007 ($2500 CL) and an auto loan that's a year old (started at $19,626 and owe $14,900 as of May 2010).

I'd like to get rid of my Capital One card because of its  22% interest rate and a $5 monthly fee that they refuse to waive, but it's also my oldest active tradeline. I'm tempted to call them and threaten to close my account unless they waive the fees. CapOne has never gotten a cent off me from interest charges (I pay in full), but they have gotten $5 every month since 10/2007 in "monthly member fees."

Anyone have a CapOne experience they care to share? I wonder if they will call my bluff if I call up. I'm worried about losing a card that I could use in case of emergency. Unfortunately, I am still rebuilding my credit and have been turned down by Discover, Citi, and Barclays in the last five months so opening a new card is not an option in the near future. 

[Anonymous]

Those are very good limits for rebuilding phase.    If you close your Cap1 account you have no Visa or MC?  I would try to convert it, but I would not cancel it at this time.

[Anonymous]

Thanks for the reply, Wolf. I still have three charge-offs on my reports that won't fall off till 2012. I knew I had to start applying for credit before the market got worse, so I was lucky to get an "in" with Gap, Target, and BofA before the market got worse in 2009.

Unfortunately Cap One wont covert the account. I've tried the backdoors a number of times but no luck. 

[Anonymous]

The only time I'd ever tell a credit card company that "I'll close this account"  is if I'd really close that account and not look back.   Sometimes, if you say that you'll cancel, they'll make that decision for you, on the spot.

(BTW, $60 in fees vs. no backup card for emergencies...seems like a fairly cheap insurance premium, for those times when you may really need that extra CL).

[BungalowMo]

I'd hang on to that Cap 1 card for now.  I agree...$60 really isn't much.

But...on another topic...those CO's that you have, are they PIF?

[Anonymous]

don't forget to check for offers every often now you check online from the modify your features section of cap one online services

[Anonymous]

Thanks everyone. I was going on the phone ready to cancel and decided that, as other folks said, $60 isn't much for a $2500 emergency CL. Unfortunately, those CO's are PIF and there's no chance of PFD. I've sent tons of GW letters, but no luck. Those CO's are from Verizon and Cap One--GWing them is no easy task.