cancel
Showing results for 
Search instead for 
Did you mean: 

Should I close my 2 bucketed cap1 QS & QS1 ?

Highlighted
New Member

Should I close my 2 bucketed cap1 QS & QS1 ?

Have both a Cap 1 QS & QS1 

 

Got them when I 1st started out rebuilding my credit, starting limit on both  $400?

 

Opened about 3 years ago,  they have sat at a $700 CL on both for over a year and a half. Never get any CLI love on those accounts. 

 

So honestly have stopped even using them as they don't meet me credit needs. I mean its hard to utilize with those limits when I have other limits much higher and alot better interest rate, even tho I PIF each month 

 

So I am not sure, should I just put them in sock drawer and let them die off, or should I keep them open to help my Credit Age Grow ?

 

Any advice would be great thank you to all

Message 1 of 6
5 REPLIES 5
Highlighted
Super Contributor

Re: Should I close my 2 bucketed cap1 QS & QS1 ?

Do you have other revolving accounts?

 

Perhaps, when QS1 annual fee is approaching, if you are not able to do a product upgrade, think about closing it before the annual fee hits.

Message 2 of 6
Highlighted
Valued Contributor

Re: Should I close my 2 bucketed cap1 QS & QS1 ?

I can't stand "hostage" cards. Bucketed cards, subprime cards,  fingerhut, etc.

 

If at all possible,  close them and get them off your report (in 10 years). You don't want to hurt your credit report, but if you have several other decent cards that you plan to keep for a long time, I'd rid myself of those cards in a ❤ beat.

Scores, HPs/24 mos. (updated 10/09/20):
    Experian FICO Score 8 = 825, 1/24
    Experian FICO Score 9 = 813, 1/24
   TransUnion = 815, 1/24
    Equifax = 819, 0/24

Total 2019 rewards, incl. offers/deals = $1,709.07
Avg. rewards rate, incl. offers/deals = 3.92%

Total CL: $247,000

Cards (hover over for CL | interest rate | Date Opened):
Message 3 of 6
Highlighted
Frequent Contributor

Re: Should I close my 2 bucketed cap1 QS & QS1 ?

I don't see any reason not to close them, as long as:

1) clipping $1400 from TCL isn't going to push you over a util threshold

2) you have other cards close to them in age and

3) you would still have three bank cards.

DNA's add the hassle of having to watch them for fraud & remember to do maintenance swipes, so for me it wouldn't be worth it for two bucketed cards.  The QS1 I'd close before the AF comes due, regardless.  No reason to pay for something you could get w/ higher cl from any major issuer for free.

Wallet: Chase FU & Disco IT CB
Sock Drawer: Chase Amazon, State Farm GN
TU 817, EX 817, EQ 826
Message 4 of 6
Highlighted
Regular Contributor

Re: Should I close my 2 bucketed cap1 QS & QS1 ?

I have the same question.  I plan on getting 2 cards in December.  That would put me at 5 total revolving lines.  I have fingerhut and a Quicksilver which is bucketed at $600.  I put heavy spend on it for 6 months $1400/month just to get a $100 CLI and that is not acceptable.  I had to make some pretty big purchases during that time like car repairs that costed over $2000 and I could've gotten so much more cashback if I had a decent credit limit with them.  I'm done with it but I just need to know at what point I should close it.  Should it be right after I get my 2 new cards in December and let them report?  That would keep me over 3 revolving lines of credit.







Revolving history: 1 year 2 months across the board
AAoA:
TU: 5yrs 10months
EX: 2yrs 1 month
EQ: ~6yrs

Inquiries: Ex: 2/12. EQ: 5/12 Tu: 1/12
As of 10-5-2020


Fingerhut $500
Quicksilver $600
Discover It Miles $9,500
Message 5 of 6
Highlighted
Valued Contributor

Re: Should I close my 2 bucketed cap1 QS & QS1 ?


@Knight82 wrote:

Have both a Cap 1 QS & QS1 

 

Got them when I 1st started out rebuilding my credit, starting limit on both  $400?

 

Opened about 3 years ago,  they have sat at a $700 CL on both for over a year and a half. Never get any CLI love on those accounts. 

 

So honestly have stopped even using them as they don't meet me credit needs. I mean its hard to utilize with those limits when I have other limits much higher and alot better interest rate, even tho I PIF each month 

 

So I am not sure, should I just put them in sock drawer and let them die off, or should I keep them open to help my Credit Age Grow ?

 

Any advice would be great thank you to all


Without knowing anything about your profile it is impossible to say if you should close them or not at this point in your credit journey. 

Scores hover around 800
Haven't been AZEO in over a year
Rome was not built in a day, neither is a good credit profile
Message 6 of 6
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.