cancel
Showing results for 
Search instead for 
Did you mean: 

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

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:


Message 1 of 3
2 REPLIES 2
Obscure-Expert
Valued Contributor

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.

500K+ TCL / 800+ FCOs
Message 2 of 3
devilnic
New Contributor

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


@Obscure-Expert 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
Current Score: 701
Goal Score: 750


Take the myFICO Fitness Challenge

Experian 707
Exquifax 707
Transunion 679

capital one spark visa $600 6/8/2002 18 yrs
Capital one Quicksilver $700 10/3/2004 16 years
CFNA $2800 6/14/2020 10months
Navy Fedearl CU cash rewards $9200 9/24/2014 6 years
Victorias Secret $3525 11/17/2014 6 years
Amazon $5000 12/1/2015 5 years
Discover miles #1 $5300 1/19/2017 4 years
Navy Federal Amex $6500 7/6/2017 3 years
American Express Hilton honors surpass $1000 4/30/2019 1 year
Home Depot $1500 7/06/2017 3 years
Overstock $11350 5/12/2019 1year
Chase SLate $1800 9/24/2019 1 year
Discover IT #2 $5000 9/24/2019 1 year
Message 3 of 3
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.