Solve My Cap 1 QS (with AF) Problem

[rbentley]

I would like some guidance/reassurance on what to do with my Cap 1 QS (with AF).  It is my oldest card at 8 years.  My next oldest card is 4 years.  My AAoA is 2 years.  This card started out as a secured card with Orchard Bank and was unsecured by Cap 1 many years ago but is likely bucketed.  It now has a CL of $2, 500.  The loss of that CL will not effect my UTL at all.   The AF of $39 will come due in February.  I have never asked for or received a waiver or partial reduction.  I have not been able to PC the card.  A final complication is that there is a 30 day late on the card which will finally drop off in May of this year.

So what should I do with it:

1.  Keep the card and try to get a fee waiver or significant reduction for the year?  If that is not granted, then what?

2.  Keep the card and just swallow the AF because it is so old on my profile?

3.  Close it knowing that its history will continue to report for 10 years and negative complications from loss of history will not occur until way down the road.  I am assuming that the May late will drop off a closed account just the same as it would an open account, right? Cap 1's Creditwise simulator absurdly claims that I will gain 6 points by closing my oldest card.

4.  Some fourth option I haven't even considered yet?

I would keep the card open despite its low CL and bucket status just because it is signficantly my oldest card, but the AF is a major consideration.  I have never earned enough in cash back rewards to completely offset the cost of the AF.  I have much better cards now and if kept, it would largely be sock drawered.

What say you MyFicoians?

[Remedios]

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@rbentley wrote:

I would like some guidance/reassurance on what to do with my Cap 1 QS (with AF).  It is my oldest card at 8 years.  My next oldest card is 4 years.  My AAoA is 2 years.  This card started out as a secured card with Orchard Bank and was unsecured by Cap 1 many years ago but is likely bucketed.  It now has a CL of $2, 500.  The loss of that CL will not effect my UTL at all.   The AF of $39 will come due in February.  I have never asked for or received a waiver or partial reduction.  I have not been able to PC the card.  A final complication is that there is a 30 day late on the card which will finally drop off in May of this year.

So what should I do with it:

1.  Keep the card and try to get a fee waiver or significant reduction for the year?  If that is not granted, then what?

2.  Keep the card and just swallow the AF because it is so old on my profile?

3.  Close it knowing that its history will continue to report for 10 years and negative complications from loss of history will not occur until way down the road.  I am assuming that the May late will drop off a closed account just the same as it would an open account, right? Cap 1's Creditwise simulator absurdly claims that I will gain 6 points by closing my oldest card.

I would keep the card open despite its low CL and bucket status just because it is signficantly my oldest card, but the AF is a major consideration.  I have never earned enough in cash back rewards to completely offset the cost of the AF.  I have much better cards now and if kept, it would largely be sock drawered.

What say you MyFicoians?

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Go with 1, and if they dont bite, 3. 

There is really no good reason to keep paying AF on it. By the time it drops off your CR, other cards will be well aged. 

[FinStar]

Close it. Problem solved.

Honestly, based on its legacy status and predecessor, it is unlikely to be unbucketed. If there was no AF (or if it was waived annually) I could see keeping it open. How often do you use it?

[Anonymous]

I would suggest closing it. Thats the logical thing to do.

However, I know it has sentimental value to you. I'm lucky my oldest account is a QS with no AF, if I am in your shoes, I may actually pony up 39, lol.

[Eagered2succeed]

Have you checked the pc link on here to see if you're eligibile to pc to the regular QS? I would check that first as it only requires you to log in. You may be surprised and see that you have an offer just waiting for you to click it. Let me know if you need the link.

[Anonymous]

Check here and see if you get offered VentureOne since it has no AF and would be a logical PC from a QS type card and make it suitable for SD - 

https://verified.capitalone.com/sic-ui/#/esignin?Product=Card&Action=ProductUpgrade

If not, I would call them and ask for them to waive the AF. Barring that, I would close it. 

Your late will age off the same open or closed. 

[Anonymous]

If they won't waive the AF or PC, close it, what you gonna do pay the AF forever?

In 10 years, your AoOA will drop from 18 to 14, you will take a little hit for that but nothing major.

[rbentley]

Thank you everyone for the excellent advice.  I guess I was mostly looking for reassurance on what I had already decided to do.  It is funny how I wouldn't have hesitated to advise someone else on here with the exact same issue, but you get a little more uncertain when it is your skin in the game.

I am going to wait until my AF hits in February and see if I can get a waiver.  I would probably keep it open for another year if they even gave me a reduction to $20.  I find it curious that they make you wait for the AF to hit before asking for waiver/reduction.  Most other subscriptions I have (Sirus Radio, I am talking about you) are notorious for being inflexible about any adjustment after their AF has hit but will do large reductions if negotiated in advance.

Many gave great advice to see if I could PC or upgrade out of this bucketed card.  Unfortunately, that is a no go.  I have tried numerous times over the past couple years with the upgrade link, calling CSR, asking for supervisor and even writing the EO.  No one will use the "bucketed" word and no one will flat out say that I wont ever be able to upgrade.  Instead I am invited to call monthly and see if there are any offers on my account.  There never are any.

I am very grateful to Cap 1.  They gave me unsecured credit when no one else would.  Their AF was well worth it to me at the time.  My profile has since matured and I have outgrown this card.  Its only real value to me is being my significantly oldest card.  I am probably the poster boy and a cautionary tale for holding on to a bucketed AF card for too long.  I got dependent on this card, not because of its CL or help on UTL, but due to its age.  I would have been well advised to move out of this card years ago.  I do wonder if Cap 1 flags that it is your oldest card and are therefore even more unlikely to let you PC, because you are more likely to hold on to the card even with a AF.  It kind of becomes a Hotel California card.  You can close it anytime you like, but you can't ever really leave, if it is your oldest card.

In any event, I am coming to the end with my QS.  Without a AF waiver of significant reduction I will close it and move on.   I probably would stay no more than another year, in order to let my new cards age a little more, then even then I will be closing, without ongoing waivers.  I won't really lose the history I have built up and as Oldman wisely says "What you gonna do, pay the AF forever?"