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Should I Close My Capital One QS Visa in June or September 2020?

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Established Member

Should I Close My Capital One QS Visa in June or September 2020?

Hi, all.  I've been using this site since last fall to supplement my credit education.  I got 4 cards in Decmeber 2020, so I currently have 3 cards--noted with asterisks--that I'll be requesting CLIs on next month.  I'll also be hoping for an auto increase from 1 of them (since I'm gardening all of 2020 and won't be taking on any hard inquiries). 

 

When I started this credit rebuild, all of only my TU score was above 600 (617 to be exact).  I started with a Cap 1 auto loan in September 2018, then got a platinum MC in November 2018 and thru credit steps went from $500 to $3.5k in just 5 months. November 2019 I got a CLI of $500 and product changed the MC plat to QS.  Unfortunately, I jumped the gun on a September 2019 mailer for a QS Visa and took the dreaded triple pull for a measly $500 limit (5 month credit stepped to current limit), no signup bonus, and 9 months 0% APR.  Since the 0% is the only difference between the 2 QS cards, and it ends next month, I'm definitely going to close it.  My question is:  Should I close the QS Visa once the 0% ends or wait until the card reaches 1 year this September?

 

Based on my spend, PIF, and AZEO protocols, I should be eligible for:  3 times CLI on Amex (yes I know about the 61 days but made a conscious decision to wait), 2-3.5k on Discover, and 2-3k on Citi.  OBVIOUSLY, none of that is guaranteed.  Still, my thinking is that even if I gain just $10k in CLIs, then losing $2.5k won't be a big deal.  Plus, both QS cards are starter cards that arent likely to grow much going forward (without max effort).  Only the age of the MC is worth keeping AND I think I'll be able to get up to a respectable $5k limit by EOY.  Thoughts?  

 

LINE-UP

Chase Freedom - $0 of 7.6k*

Amex Everyday - $720 of $8k*

Discover it Cash - $0 of $7k*

Citi Costco AWV - $0 of $6k*

Capital 1 QS MC - $0 of $4k

Capital 1 QS Visa - $0 of 2.5k

 

F8s:  EP - 749, EF - 751, TU - 760

 

AoOA - 2.5 years, AAoA - 1 year, AoYA - 5.5 months

Message 1 of 13
12 REPLIES 12
Highlighted
Established Contributor

Re: Should I Close My Capital One QS Visa in June or September 2020?

I'd keep it opened until you've got the increases. In the credit climate over shadowed by COVID-19, nothing's a given anymore.


Current Scores & Increase since May 2020:

EX: 718 (+55)| TU: 692 (+32)| EQ: 681 (+36)| TU Fico 9: 704

Next Goal: Min. 700 w/all CRAs

Subsequent Goal: Chase FU

Gardening Until: 06/01/2021| App: 5/22/2020
Message 2 of 13
Highlighted
Frequent Contributor

Re: Should I Close My Capital One QS Visa in June or September 2020?

Welcome to myFico, with capital one I would suggest you to check the pre-qualification page before you submit any application, its a SP and it will give you more choices to choose from if you're pre-qualified.






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Message 3 of 13
Highlighted
Senior Contributor

Re: Should I Close My Capital One QS Visa in June or September 2020?

@SunOfChappelle There is no harm to keeping it or getting rid. If you don't need it, cut it loose!

 

@jazmar The Capital One prequalified only works for the QuicksilverOne, Platinum and Secured Mastercard now. No more prime cards. 

Currently: Gardening since 04/2020




Message 4 of 13
Highlighted
Established Member

Re: Should I Close My Capital One QS Visa in June or September 2020?

@jazmar, huh?  Did you read my post?  Thanks for the welcome.

Message 5 of 13
Highlighted
Frequent Contributor

Re: Should I Close My Capital One QS Visa in June or September 2020?


@SunOfChappelle wrote:

Hi, all.  I've been using this site since last fall to supplement my credit education.  I got 4 cards in Decmeber 2020, so I currently have 3 cards--noted with asterisks--that I'll be requesting CLIs on next month.  I'll also be hoping for an auto increase from 1 of them (since I'm gardening all of 2020 and won't be taking on any hard inquiries). 

 

When I started this credit rebuild, all of only my TU score was above 600 (617 to be exact).  I started with a Cap 1 auto loan in September 2018, then got a platinum MC in November 2018 and thru credit steps went from $500 to $3.5k in just 5 months. November 2019 I got a CLI of $500 and product changed the MC plat to QS.  Unfortunately, I jumped the gun on a September 2019 mailer for a QS Visa and took the dreaded triple pull for a measly $500 limit (5 month credit stepped to current limit), no signup bonus, and 9 months 0% APR.  Since the 0% is the only difference between the 2 QS cards, and it ends next month, I'm definitely going to close it.  My question is:  Should I close the QS Visa once the 0% ends or wait until the card reaches 1 year this September?

 

Based on my spend, PIF, and AZEO protocols, I should be eligible for:  3 times CLI on Amex (yes I know about the 61 days but made a conscious decision to wait), 2-3.5k on Discover, and 2-3k on Citi.  OBVIOUSLY, none of that is guaranteed.  Still, my thinking is that even if I gain just $10k in CLIs, then losing $2.5k won't be a big deal.  Plus, both QS cards are starter cards that arent likely to grow much going forward (without max effort).  Only the age of the MC is worth keeping AND I think I'll be able to get up to a respectable $5k limit by EOY.  Thoughts?  

 

LINE-UP

Chase Freedom - $0 of 7.6k*

Amex Everyday - $720 of $8k*

Discover it Cash - $0 of $7k*

Citi Costco AWV - $0 of $6k*

Capital 1 QS MC - $0 of $4k

Capital 1 QS Visa - $0 of 2.5k

 

F8s:  EP - 749, EF - 751, TU - 760

 

AoOA - 2.5 years, AAoA - 1 year, AoYA - 5.5 months


Yes I did read your post, but I am just responding to what's in red.






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Message 6 of 13
Highlighted
Established Member

Re: Should I Close My Capital One QS Visa in June or September 2020?

@jazmar, BUT that wasn't my question (it was a clear statement).  So...agree to disagree...I guess.  

Message 7 of 13
Highlighted
Frequent Contributor

Re: Should I Close My Capital One QS Visa in June or September 2020?


@SunOfChappelle wrote:

Hi, all.  I've been using this site since last fall to supplement my credit education.  I got 4 cards in Decmeber 2020, so I currently have 3 cards--noted with asterisks--that I'll be requesting CLIs on next month.  I'll also be hoping for an auto increase from 1 of them (since I'm gardening all of 2020 and won't be taking on any hard inquiries). 

 

When I started this credit rebuild, all of only my TU score was above 600 (617 to be exact).  I started with a Cap 1 auto loan in September 2018, then got a platinum MC in November 2018 and thru credit steps went from $500 to $3.5k in just 5 months. November 2019 I got a CLI of $500 and product changed the MC plat to QS.  Unfortunately, I jumped the gun on a September 2019 mailer for a QS Visa and took the dreaded triple pull for a measly $500 limit (5 month credit stepped to current limit), no signup bonus, and 9 months 0% APR.  Since the 0% is the only difference between the 2 QS cards, and it ends next month, I'm definitely going to close it My question is:  Should I close the QS Visa once the 0% ends or wait until the card reaches 1 year this September?

 

Based on my spend, PIF, and AZEO protocols, I should be eligible for:  3 times CLI on Amex (yes I know about the 61 days but made a conscious decision to wait), 2-3.5k on Discover, and 2-3k on Citi.  OBVIOUSLY, none of that is guaranteed.  Still, my thinking is that even if I gain just $10k in CLIs, then losing $2.5k won't be a big deal.  Plus, both QS cards are starter cards that arent likely to grow much going forward (without max effort).  Only the age of the MC is worth keeping AND I think I'll be able to get up to a respectable $5k limit by EOY.  Thoughts?  

 

LINE-UP

Chase Freedom - $0 of 7.6k*

Amex Everyday - $720 of $8k*

Discover it Cash - $0 of $7k*

Citi Costco AWV - $0 of $6k*

Capital 1 QS MC - $0 of $4k

Capital 1 QS Visa - $0 of 2.5k

 

F8s:  EP - 749, EF - 751, TU - 760

 

AoOA - 2.5 years, AAoA - 1 year, AoYA - 5.5 months


To me,  and according to your statement your question is answered, it is just a matter of when, which no one can make that decision on your behalf. My previous post wat pointing out the fact that you can check for prequalifications without taking any blind decision. At the end the choice is yours and this it's my opinion.






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Message 8 of 13
Highlighted
Frequent Contributor

Re: Should I Close My Capital One QS Visa in June or September 2020?


@SunOfChappelle wrote:

Hi, all.  I've been using this site since last fall to supplement my credit education.  I got 4 cards in Decmeber 2020, so I currently have 3 cards--noted with asterisks--that I'll be requesting CLIs on next month.  I'll also be hoping for an auto increase from 1 of them (since I'm gardening all of 2020 and won't be taking on any hard inquiries). 

 

When I started this credit rebuild, all of only my TU score was above 600 (617 to be exact).  I started with a Cap 1 auto loan in September 2018, then got a platinum MC in November 2018 and thru credit steps went from $500 to $3.5k in just 5 months. November 2019 I got a CLI of $500 and product changed the MC plat to QS.  Unfortunately, I jumped the gun on a September 2019 mailer for a QS Visa and took the dreaded triple pull for a measly $500 limit (5 month credit stepped to current limit), no signup bonus, and 9 months 0% APR.  Since the 0% is the only difference between the 2 QS cards, and it ends next month, I'm definitely going to close it My question is:  Should I close the QS Visa once the 0% ends or wait until the card reaches 1 year this September?

 

Based on my spend, PIF, and AZEO protocols, I should be eligible for:  3 times CLI on Amex (yes I know about the 61 days but made a conscious decision to wait), 2-3.5k on Discover, and 2-3k on Citi.  OBVIOUSLY, none of that is guaranteed.  Still, my thinking is that even if I gain just $10k in CLIs, then losing $2.5k won't be a big deal.  Plus, both QS cards are starter cards that arent likely to grow much going forward (without max effort).  Only the age of the MC is worth keeping AND I think I'll be able to get up to a respectable $5k limit by EOY.  Thoughts?  

 

LINE-UP

Chase Freedom - $0 of 7.6k*

Amex Everyday - $720 of $8k*

Discover it Cash - $0 of $7k*

Citi Costco AWV - $0 of $6k*

Capital 1 QS MC - $0 of $4k

Capital 1 QS Visa - $0 of 2.5k

 

F8s:  EP - 749, EF - 751, TU - 760

 

AoOA - 2.5 years, AAoA - 1 year, AoYA - 5.5 months


If I read your statement correctly I think your question is answered, its just a matter of when witch no one can answer on your behalf. But in my previous post, I was just pointing out for the future the fact that you can check for prequalifications before applying blindly. At the end, it's your decision and this is my opinion.






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Message 9 of 13
Highlighted
Moderator

Re: Should I Close My Capital One QS Visa in June or September 2020?

@jazmar  your posts have been restored. Filter will at times flag posts by newer members when edits are present, because it makes it mistake them for spam. 

Message 10 of 13
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