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Thinking about cancelling Cap1 to get Cap1...Need advice

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alexgold9393
New Contributor

Thinking about cancelling Cap1 to get Cap1...Need advice

Hello Team, 

 

I have 3 capital one accounts and im thinking about closing 2 of them in favor of upgrading to big boy cards. 

 

Secured platinum opened in 01/2016 with 651 limit >> kill >> apply for venture

secured platinum opened in 01/2017 with 452 limit >> kill >> apply for savor

 

I haven't used the cards in years and mainly have them for the Age, they helped me when I was rebuilding but now I have some decent cards for good rewards and don't need them. 

 

Q1: What's more important the age that they bring to the table or the rewards that I would benefit from the new cards. 

Q2: Will my score drop when I close 2 accounts?


Open Accounts:


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2 REPLIES 2
Anonymous
Not applicable

Re: Thinking about cancelling Cap1 to get Cap1...Need advice

Q1 - age is scorable / rewards are not

Q2 - probably but, not much if you don't have much utilization on the other cards

 

I would cull the herd and concentrate on CLI's vs new cards since most of your cards are currently sub 1K

 

Do a personal inventory of what works, what gets used, and what's worth keeping.  Kill off the others and work on the CLI's.  Once you hit 5K CL's on a couple of cards then it's time to actually start looking at adding another 1-2 cards to the mix as you'll likely get better terms and limits.

Message 2 of 3
devilnic
Contributor

Re: Thinking about cancelling Cap1 to get Cap1...Need advice


@Anonymous wrote:

Q1 - age is scorable / rewards are not

Q2 - probably but, not much if you don't have much utilization on the other cards

 

I would cull the heard and concentrate on CLI's vs new cards since most of your cards are currently sub 1K

 

Do a personal inventory of what works, what gets used, and what's worth keeping.  Kill off the others and work on the CLI's.  Once you hit 5K CL's on a couple of cards then it's time to actually start looking at adding another 1-2 cards to the mix as you'll likely get better terms and limits.


What obscure expert said

Starting Score: 612
Goal Score: 850

Credit Cards: Capital One Spark Visa $700 6/8/2002 19 yrs | Navy Federal Flagship Rewards $15,000 9/24/2014 7 years | Victoria's Secret $4100 11/17/2014 7 years | Amazon $6000 12/1/2015 6 years | Discover Miles #1 $6300 1/19/2017 4 years | Navy Federal AmEx $10,000 7/6/2017 4 years | American Express Hilton Honors Surpass $2000 4/30/2019 3 years | American Express Everyday Preferred$1000 8/24/2019 2 year | Home Depot $5000 7/06/2017 4 years | Overstock $14,150 5/12/2019 2years | Chase Slate $1800 9/24/2019 2 years | Discover IT #2 $9,000 9/24/2019 2 years | FNBO Evergreen $11,300 11/24/2021 | PenFed Platinum Rewards $15,000 11/26/2021
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