Hello,
I'm looking for suggestions of whether I should close my QS1. It's one of my three cards with the longest history, and I know I shouldn't close it unless I absolutely have to. But my experience with C1 has been nothing but bad.
My initial approved CL was $300, and I saw suggestions to run through a lot $ on the card in order to get a decent CLI. However, every time I make frequent payments to my card, they restrict my account and force me to call them to verify the ownership of my checking account that I used to make the payments. My account has been restricted 3 times in 4 months.
And I also have DoubleCash, so I see no reason paying $39/year for 1.5% cash back on a card with $400 CL.
I would appreciate any suggestions of what should I do.
EDIT:
I currently only have four cards. 3 are ~2yo, 1 ~1yo.
Sounds like it's more trouble than it's worth to you. I'd close it. It'll remain on your reports for up to 10 years. Assuming you have low overall utilization on your other card(s), the loss of a paltry $400 in credit limits shouldn't matter.
@TomWB wrote:Hello,
I'm looking for suggestions of whether I should close my QS1. It's one of my three cards with the longest history, and I know I shouldn't close it unless I absolutely have to. But my experience with C1 has been nothing but bad.
My initial approved CL was $300, and I saw suggestions to run through a lot $ on the card in order to get a decent CLI. However, every time I make frequent payments to my card, they restrict my account and force me to call them to verify the ownership of my checking account that I used to make the payments. My account has been restricted 3 times in 4 months.
And I also have DoubleCash, so I see no reason paying $39/year for 1.5% cash back on a card with $400 CL.
I would appreciate any suggestions of what should I do.
With only the limited info you've provided, my gut instinct is.... drum roll please... CLOSE IT! 
Seriously, a $39 AF for a $400 limit, 1.5% CB, and little else? The hassles alone that you've had with Cap1 would be enough to make me want to close the card, to say nothing of how bad the card itself is.
How long have you had this card? What about your other cards?
Honestly, I don't think any of that even matters. I'd close it and be done with it. Yes, it may cause a slight dip in your credit score, i.e., your average age of accounts, but probably not much and you should bounce back pretty quickly. In the long run, I think you'd be glad to be rid of it.
@SoCalGardener wrote:
@TomWB wrote:Hello,
I'm looking for suggestions of whether I should close my QS1. It's one of my three cards with the longest history, and I know I shouldn't close it unless I absolutely have to. But my experience with C1 has been nothing but bad.
My initial approved CL was $300, and I saw suggestions to run through a lot $ on the card in order to get a decent CLI. However, every time I make frequent payments to my card, they restrict my account and force me to call them to verify the ownership of my checking account that I used to make the payments. My account has been restricted 3 times in 4 months.
And I also have DoubleCash, so I see no reason paying $39/year for 1.5% cash back on a card with $400 CL.
I would appreciate any suggestions of what should I do.
With only the limited info you've provided, my gut instinct is.... drum roll please... CLOSE IT!
Seriously, a $39 AF for a $400 limit, 1.5% CB, and little else? The hassles alone that you've had with Cap1 would be enough to make me want to close the card, to say nothing of how bad the card itself is.
How long have you had this card? What about your other cards?
Honestly, I don't think any of that even matters. I'd close it and be done with it. Yes, it may cause a slight dip in your credit score, i.e., your average age of accounts, but probably not much and you should bounce back pretty quickly. In the long run, I think you'd be glad to be rid of it.
I have had it for 2 years, along with DoubleCash and Discover it. I also have had a Amex Gold for 1 year.
@TomWB wrote:
@SoCalGardener wrote:
@TomWB wrote:Hello,
I'm looking for suggestions of whether I should close my QS1. It's one of my three cards with the longest history, and I know I shouldn't close it unless I absolutely have to. But my experience with C1 has been nothing but bad.
My initial approved CL was $300, and I saw suggestions to run through a lot $ on the card in order to get a decent CLI. However, every time I make frequent payments to my card, they restrict my account and force me to call them to verify the ownership of my checking account that I used to make the payments. My account has been restricted 3 times in 4 months.
And I also have DoubleCash, so I see no reason paying $39/year for 1.5% cash back on a card with $400 CL.
I would appreciate any suggestions of what should I do.
With only the limited info you've provided, my gut instinct is.... drum roll please... CLOSE IT!
Seriously, a $39 AF for a $400 limit, 1.5% CB, and little else? The hassles alone that you've had with Cap1 would be enough to make me want to close the card, to say nothing of how bad the card itself is.
How long have you had this card? What about your other cards?
Honestly, I don't think any of that even matters. I'd close it and be done with it. Yes, it may cause a slight dip in your credit score, i.e., your average age of accounts, but probably not much and you should bounce back pretty quickly. In the long run, I think you'd be glad to be rid of it.
I have had it for 2 years, along with DoubleCash and Discover it. I also have had a Amex Gold for 1 year.
Thanks for the extra info. Now I'm REALLY sure: close it! 
It's only two years old. Its limit is only $400. Neither its age nor its limit is a big enough factor to push the scale to the side of keeping it.
Before you close it, I believe it's suggested that you pay off any balance first. I think there's something about closed cards showing a $0 credit limit, and if you have any balance the math works out very badly for usage. Other than that caveat, I can't think of a single reason not to close it ASAP.
@SoCalGardener wrote:
@TomWB wrote:Hello,
I'm looking for suggestions of whether I should close my QS1. It's one of my three cards with the longest history, and I know I shouldn't close it unless I absolutely have to. But my experience with C1 has been nothing but bad.
My initial approved CL was $300, and I saw suggestions to run through a lot $ on the card in order to get a decent CLI. However, every time I make frequent payments to my card, they restrict my account and force me to call them to verify the ownership of my checking account that I used to make the payments. My account has been restricted 3 times in 4 months.
And I also have DoubleCash, so I see no reason paying $39/year for 1.5% cash back on a card with $400 CL.
I would appreciate any suggestions of what should I do.
With only the limited info you've provided, my gut instinct is.... drum roll please... CLOSE IT!
Seriously, a $39 AF for a $400 limit, 1.5% CB, and little else? The hassles alone that you've had with Cap1 would be enough to make me want to close the card, to say nothing of how bad the card itself is.
How long have you had this card? What about your other cards?
Honestly, I don't think any of that even matters. I'd close it and be done with it. Yes, it may cause a slight dip in your credit score, i.e., your average age of accounts, but probably not much and you should bounce back pretty quickly. In the long run, I think you'd be glad to be rid of it.
Just to calrify the bolded piece since it tends to be a misconception or misunderstood in a lot of cases. There will be no "slight dip" in an individual's credit score due to AAoA as a result of an account closure. AAoA is not impacted until the account is fully removed from any credit reports. In most cases, closed accounts in good standing remain for up to ~10 years. The only loss will be the avaiable credit, so the only potential impacts (if any) would be any increase in aggregate utilization (depending on an individual's credit profile) as a result of the loss of available credit, but not because of AAoA.
@FinStar wrote:
@SoCalGardener wrote:
@TomWB wrote:Hello,
I'm looking for suggestions of whether I should close my QS1. It's one of my three cards with the longest history, and I know I shouldn't close it unless I absolutely have to. But my experience with C1 has been nothing but bad.
My initial approved CL was $300, and I saw suggestions to run through a lot $ on the card in order to get a decent CLI. However, every time I make frequent payments to my card, they restrict my account and force me to call them to verify the ownership of my checking account that I used to make the payments. My account has been restricted 3 times in 4 months.
And I also have DoubleCash, so I see no reason paying $39/year for 1.5% cash back on a card with $400 CL.
I would appreciate any suggestions of what should I do.
With only the limited info you've provided, my gut instinct is.... drum roll please... CLOSE IT!
Seriously, a $39 AF for a $400 limit, 1.5% CB, and little else? The hassles alone that you've had with Cap1 would be enough to make me want to close the card, to say nothing of how bad the card itself is.
How long have you had this card? What about your other cards?
Honestly, I don't think any of that even matters. I'd close it and be done with it. Yes, it may cause a slight dip in your credit score, i.e., your average age of accounts, but probably not much and you should bounce back pretty quickly. In the long run, I think you'd be glad to be rid of it.
Just to calrify the bolded piece since it tends to be a misconception or misunderstood in a lot of cases. There will be no "slight dip" in an individual's credit score due to AAoA as a result of an account closure. AAoA is not impacted until the account is fully removed from any credit reports. In most cases, closed accounts in good standing remain for up to ~10 years. The only loss will be the avaiable credit, so the only potential impacts (if any) would be any increase in aggregate utilization (depending on an individual's credit profile) as a result of the loss of available credit, but not because of AAoA.
This.
With such a low-limit card, the impact will be negligible, if anything at all.
Plus, with a $39 AF, you have to spend $2,600/year to break even relative to rewards...and there are much better cards out there with no AF that can serve this purpose.
If the card had no AF, I'd say chuck it in the sock drawer. If they won't waive the AF, I'd lose it.
Sidebar: I recently moved all of my business away from Cap 1 save a no AF card that gets used twice a year. Their business model just doesn't match my goals as a credit user...and that's perfectly OK.
Credit is one of those worlds where you should never try to put a square peg in a round hole. Folks should remember that before entertaining thoughts like "Why can't <insert CCC here> offer <insert perk(s) here>?". Find the cards that work for you, when you need them, but always be ready to move to a better, more suitable options when the time inevitably arrives.
@TomWB wrote:Hello,
I'm looking for suggestions of whether I should close my QS1. It's one of my three cards with the longest history, and I know I shouldn't close it unless I absolutely have to. But my experience with C1 has been nothing but bad.
My initial approved CL was $300, and I saw suggestions to run through a lot $ on the card in order to get a decent CLI. However, every time I make frequent payments to my card, they restrict my account and force me to call them to verify the ownership of my checking account that I used to make the payments. My account has been restricted 3 times in 4 months.
And I also have DoubleCash, so I see no reason paying $39/year for 1.5% cash back on a card with $400 CL.
I would appreciate any suggestions of what should I do.
EDIT:
I currently only have four cards. 3 are ~2yo, 1 ~1yo.
Yes you should close it.
It will continue contributing to your average age of accounts so long as it continues to be in your credit reports, which is typically (but not always) 10 years or so.
