Should I Merge Capital One Cards

SunriseEarth · ‎09-11-2015

@Anonymous wrote:
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.

There's a few factors to consider. If you're goal is to preserve AAoA, then your best option would be to consolidate into the oldest card. However, you might also consider that your newer QS may have better terms. Do you every carry a balance or otherwise have concerns on APR? If so, you may want to roll everything into the card with the lowest APR, as Cap One doesn't lower APR easily. AAoA is only 10% of your scores, and your closed accounts factor into your AAoA for as long as they remain on your reports (Cap One typically remains ~10 years after DOLA for accounts closed in good standing).

I would try seeing if you are eligible to PC either of the older cards to QS, as well.

kdm31091 · ‎09-11-2015

Sunrise has a good point. There is very little need to agonize over something that has 10% impact on your score (AAOA), yet we spend hours worrying about it and deciding whether to close an account, etc.

Life's too short. If the card doesn't suit you anymore, just close it. Any effects are either minimal or easily reversed -- if closing the card makes your util spike, you pay down your other cards, and voila, it's fixed. If it hurts your AAOA (ten years from now), you're talking about a 10 percent score ding basically if that. The point is that there are no huge consequences, unlike the way it is sometimes portrayed.

Anonymous · ‎09-11-2015

Bottom line boss lady try to get the af waived. If they do which they definitely will than close the quick silver to merge it to the old cards. After that do not apply for a venture just to get a high cl because they triple pull which is pointless in my opinion. Keep your oldest accounts and try contacting the EO for a high credit line increase on your current old cards so my advice avoid applying,avoid closing old accounts, merge the quicksilver and request annual fee to be wavied.

Anonymous · ‎09-14-2015

Thanks everyone for the advice. No, I am not looking for another card so I will not need the Venture card for the sake of just getting it and having a high limit. I like to stay conservative with having so many cards and big limits. Besides I already have one card NFCU that has a high limits and earns me points with a good interest rate. I rarely keep a balance on my Capital One cards, as a matter of fact I have a small credit on my statement.

I think I will first try to see if they will do a permanent fee waiver and go from there.

Thanks everyone I will report what happens.

SouthJamaica · ‎09-14-2015

@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..

Excellent advice. That's exactly what I was going to suggest, but you said it even more succinctly than I would have.