Should I Merge Capital One Cards

[Anonymous]

UPDATE: I changed all cards to have the the 1.5% cash back. I asked them to waive the fee on both of my old cards. They waived the fee off one but not the other.  Now I am combing the Quicksilver card into the old card that don't have a fee. The one I think they didn't waive the fee for was the card that was converted over from Washington Mutual. I will keep calling them every month to see if I can get the fee waived.

Thanks to everyone for their advice. I would have never known I could ask for a fee waiver if it wasn't for you guys.

I have three Capital One cards. Should I merge the oldest two together or should I merge all three to the Quicksilver but I will be losing my years I had the other two for?

Quicksilver date opened Aug 2014 CL$3400 no annual fee

Capital One date opened Feb 2006 CL$2250 $59 annual fee

Capital One date opened Jun 2004 CL$3300 $39 annual fee

This is my first time posting so apologizing in advance if I get something wrong.

[CH-7-Mission-Accomplished]

Merge the new Quicksilver into one of the two older Cap 1 cards.  (Close Quicksilver, keep the two old ones)

Do not close these two Cap 1 cards. They are both right at 10 years+ and they can keep helping your average age of accounts indefinitely.

At some point you should apply for the Venture and Venture One cards for high limits and after six months move those limits over to one of the old Cap 1 cards.

You can get rid of the annual fee on both of those Cap 1 cards.  Go into chat and ask for a permanent waiver of the annual fee.  Also ask for 1.5% cash back rewards (same as Quicksilver).  They will say yes.  So then your old cards are no annual fee 1.5% cash back cards..

[AvadaKedavra]

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@CH-7-Mission-Accomplished wrote:

Merge the new Quicksilver into one of the two older Cap 1 cards.  (Close Quicksilver, keep the two old ones)

Do not close these two Cap 1 cards. They are both right at 10 years+ and they can keep helping your average age of accounts indefinitely.

At some point you should apply for the Venture and Venture One cards for high limits and after six months move those limits over to one of the old Cap 1 cards.

You can get rid of the annual fee on both of those Cap 1 cards.  Go into chat and ask for a permanent waiver of the annual fee.  Also ask for 1.5% cash back rewards (same as Quicksilver).  They will say yes.  So then your old cards are no annual fee 1.5% cash back cards..

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How can asking for a permanent waiver of the AF be that easy? You make it sound like just anyone can do it. Unless there's something I don't know...

[CH-7-Mission-Accomplished]

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@AvadaKedavra wrote:

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@CH-7-Mission-Accomplished wrote:

Merge the new Quicksilver into one of the two older Cap 1 cards.  (Close Quicksilver, keep the two old ones)

Do not close these two Cap 1 cards. They are both right at 10 years+ and they can keep helping your average age of accounts indefinitely.

At some point you should apply for the Venture and Venture One cards for high limits and after six months move those limits over to one of the old Cap 1 cards.

You can get rid of the annual fee on both of those Cap 1 cards.  Go into chat and ask for a permanent waiver of the annual fee.  Also ask for 1.5% cash back rewards (same as Quicksilver).  They will say yes.  So then your old cards are no annual fee 1.5% cash back cards..

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How can asking for a permanent waiver of the AF be that easy? You make it sound like just anyone can do it. Unless there's something I don't know...

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It is that easy.  All you have to do is ask.  If chat won't do it, the EO will.

[Simply827]

I would advise you to do the opposite and merge your old cards into the Quicksilver. If your cards are subprime products (the AF leads me to believe so), you want to get out of that class of product. It's also not guaranteed to get the AF waived on your card permanently, I was told no multiple times. Don't worry about losing years on your AAoA. The closed accounts will continue to factor into your AAoA for up to another 10 years.

[CH-7-Mission-Accomplished]

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@Simply827 wrote:

I would advise you to do the opposite and merge your old cards into the Quicksilver. If your cards are subprime products (the AF leads me to believe so), you want to get out of that class of product. It's also not guaranteed to get the AF waived on your card permanently, I was told no multiple times. Don't worry about losing years on your AAoA. The closed accounts will continue to factor into your AAoA for up to another 10 years.

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Do not follow this advice.  You can turn your 10-plus year old accounts into no annual fee 1.5% cash back cards.  That way these old accounts will get to be 20 years, 30 years old.  That is the way to an 850 credit score.

Honestly, I don't know how anybody could advise this, especially before you have  gone into chat and asked for a fee waiver and rewards.  

The only place "subprime' exists is on these boards.  You can create a prybar to other large accounts by adding to these old ones with new Venture cards.

Suit yoursself, but closing two 10 year old cards is a very bad idea in my opinion.

[kdm31091]

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@CH-7-Mission-Accomplished wrote:

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@Simply827 wrote:

I would advise you to do the opposite and merge your old cards into the Quicksilver. If your cards are subprime products (the AF leads me to believe so), you want to get out of that class of product. It's also not guaranteed to get the AF waived on your card permanently, I was told no multiple times. Don't worry about losing years on your AAoA. The closed accounts will continue to factor into your AAoA for up to another 10 years.

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Do not follow this advice.  You can turn your 10-plus year old accounts into no annual fee 1.5% cash back cards.  That way these old accounts will get to be 20 years, 30 years old.  That is the way to an 850 credit score.

Honestly, I don't know how anybody could advise this, especially before you have  gone into chat and asked for a fee waiver and rewards.  

The only place "subprime' exists is on these boards.  You can create a prybar to other large accounts by adding to these old ones with new Venture cards.

Suit yoursself, but closing two 10 year old cards is a very bad idea in my opinion.

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I'd argue that the advice to apply for a Venture and Venture One simultaneously just for high limits isn't great advice either. The thought of "applying just for the sake of applying" is rampant here. OP said nothing about even wanting a new card. In fact they are trying to consolidate.

As far as closing the old cards, I see no big deal. They will not hurt OP's AAOA until 10 years from now, at which point his existing cards will have aged significantly. The only card worth keeping is the new Quicksilver. What's the point of getting the fees waived on the old cards? Yes, they may be able to (not guaranteed), but they will just have 3 no AF 1.5% cards...redundant, considering there's no cap on QS anyway.

I don't agonize over closing cards because we have no idea what scoring models will even be like in 10 years. They can change over time. If the card is no longer useful, just close it. In this case, merge the two into the best card you have - the QS. There is no need to apply for a Venture, or anything like that, IMO. OP does not "lose" anything by closing the cards. The history will remain for 10 years.

[CH-7-Mission-Accomplished]

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kdm31091 wrote:

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CH-7-Rebuilding wrote:

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Simply827 wrote:

I would advise you to do the opposite and merge your old cards into the Quicksilver. If your cards are subprime products (the AF leads me to believe so), you want to get out of that class of product. It's also not guaranteed to get the AF waived on your card permanently, I was told no multiple times. Don't worry about losing years on your AAoA. The closed accounts will continue to factor into your AAoA for up to another 10 years.

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Do not follow this advice.  You can turn your 10-plus year old accounts into no annual fee 1.5% cash back cards.  That way these old accounts will get to be 20 years, 30 years old.  That is the way to an 850 credit score.

Honestly, I don't know how anybody could advise this, especially before you have  gone into chat and asked for a fee waiver and rewards.  

The only place "subprime' exists is on these boards.  You can create a prybar to other large accounts by adding to these old ones with new Venture cards.

Suit yoursself, but closing two 10 year old cards is a very bad idea in my opinion.

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I'd argue that the advice to apply for a Venture and Venture One simultaneously just for high limits isn't great advice either. The thought of "applying just for the sake of applying" is rampant here. OP said nothing about even wanting a new card. In fact they are trying to consolidate.

As far as closing the old cards, I see no big deal. They will not hurt OP's AAOA until 10 years from now, at which point his existing cards will have aged significantly. The only card worth keeping is the new Quicksilver. What's the point of getting the fees waived on the old cards? Yes, they may be able to (not guaranteed), but they will just have 3 no AF 1.5% cards...redundant, considering there's no cap on QS anyway.

I don't agonize over closing cards because we have no idea what scoring models will even be like in 10 years. They can change over time. If the card is no longer useful, just close it. In this case, merge the two into the best card you have - the QS. There is no need to apply for a Venture, or anything like that, IMO. OP does not "lose" anything by closing the cards. The history will remain for 10 years.

Well I would rather have two 10 year old cards with the same no annual fee and the same 1.5% cashback as the Quicksilver.  Quicksilver is just a name.  I did EXACTLY what I am advising just recently with my ex.  He has a 25 year old Capital 1 platinum with a 30K limit.  He always paid the annual fee, never got rewards, never thought about it.  Not into the credit game.  In one day with only two bureau pulls he got a 15K and a 5K Venture/Venture One cards.  The account is now at 50K limit, same fees/rewards as Quicksilver and shows up as a World mastercard.    I would never close an old account and move it to a brand new account if they are in fact the very same account!

[Anonymous]

Since the OP has not mentioned wanting to open any new cards heres my two cents.
Dont agree with the strategy of keeping three products with the same uncapped rewards bc it just doesnt make much sense to me.
As someone else stated you wouldnt lose anything by consolidating since the closed cards will remain on your report for up to 10 years.
Not sure how its a good idea to keep three of the same card in the hopes of getting more cards from the same lender down the line, which doesnt seem to be the goal here, when that will take either 3 or likely 6 inquiries to open plus affect AAoA immediately once the new cards report.
OP if AAoA is a concern my advice is to ask for the AF to be permanently waived on your oldest card + a PC to QS and consolidate the others into that card.
I dont think thats actually necessary if it were me Id just consolidate into the QS but its an option.

[Anonymous]

Different strokes for different folks. No way would I merge my Venture or Venture 1 Visa Signature cards onto my rebuilder cards. I'm going the other way, when the time comes. I will fancy a single card with a $45k CL, once my upcoming CLIs are completed. As stated, they continue to report for 10 years and won't harm my AAoA.