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To cancel or not to cancel

timothym96
Member

To cancel or not to cancel

Hello all,

 

My oldest card, since I turned 18 (currently 19) is the Quicksilver with the $39 a year fee. I'd very much like to get rid of it and upgrade to a better card. I was looking at the Wells Fargo Sig. Visa cards as a replacement. Also, since I rarely use the quicksilver anymore anyway, it seems silly to pay the $39 a year for nothing. Although, what has stopped me is that it is the oldest card I have had.

 

Below are the cards I have/had:

Quicksilver - $5,000 

Target $1,000 - closed two months ago

J. Crew - $10,000 limit 

Best Buy, not the Citi one - $10,000 limit 

PayPal Credit - $4,000 -

Amex everyday - forget the limit - closed two months ago (don't need with gold)

Amex blue cash - $15,000 - closed two months ago (don't need with gold)

Amex Gold - no pre set - current main card

 

I'm very much into my credit (more than I should be...some see it as a bit insane, but I'm sure everyone here understands our obession Smiley Wink ) so I'm worried cancelling it will harm me as it is my oldest. According to credit karma I have a 767 with TU and a 743 with EQ. All cards closed above have zero balance. I spend around $1,500-$2,000 on my Amex as its my go to card. I don't like use the QS as much as I would perfer not to put effort in it.

 

4% utilization rate, never missed a payment, etc. Hope that is enough information.

 

Thank you to any and all for the guidence. Learning as I go!

Message 1 of 17
16 REPLIES 16
taxi818
Super Contributor

Re: To cancel or not to cancel


@timothym96 wrote:

Hello all,

 

My oldest card, since I turned 18 (currently 19) is the Quicksilver with the $39 a year fee. I'd very much like to get rid of it and upgrade to a better card. I was looking at the Wells Fargo Sig. Visa cards as a replacement. Also, since I rarely use the quicksilver anymore anyway, it seems silly to pay the $39 a year for nothing. Although, what has stopped me is that it is the oldest card I have had.

 

Below are the cards I have/had:

Quicksilver - $5,000 

Target $1,000 - closed two months ago

J. Crew - $10,000 limit 

Best Buy, not the Citi one - $10,000 limit 

PayPal Credit - $4,000 -

Amex everyday - forget the limit - closed two months ago (don't need with gold)

Amex blue cash - $15,000 - closed two months ago (don't need with gold)

Amex Gold - no pre set - current main card

 

I'm very much into my credit (more than I should be...some see it as a bit insane, but I'm sure everyone here understands our obession Smiley Wink ) so I'm worried cancelling it will harm me as it is my oldest. According to credit karma I have a 767 with TU and a 743 with EQ. All cards closed above have zero balance. I spend around $1,500-$2,000 on my Amex as its my go to card. I don't like use the QS as much as I would perfer not to put effort in it.

 

4% utilization rate, never missed a payment, etc. Hope that is enough information.

 

Thank you to any and all for the guidence. Learning as I go!


So your oldest card is 1 year old and you want to close it because of $39 bucks? really. come on now. If it is one year just upgrade to no AF as cap one is great with that. Something to be said about having age whether you need it or not. It will not doing anything but help your credit. Close it if it bothers you but either way not a big deal. Citi is the only issuer of Best Buy. nice limit. Gold is charge Card so not the same as revolving. But you look to be doing well in any case. llooking at credit karmas Vantage scores says nothing about your real credit scores. Fico'. This would be more interesting. Im guessing you are earning MR points which are okay as well.

Message 2 of 17
timothym96
Member

Re: To cancel or not to cancel


@taxi818 wrote:

@timothym96 wrote:

Hello all,

 

My oldest card, since I turned 18 (currently 19) is the Quicksilver with the $39 a year fee. I'd very much like to get rid of it and upgrade to a better card. I was looking at the Wells Fargo Sig. Visa cards as a replacement. Also, since I rarely use the quicksilver anymore anyway, it seems silly to pay the $39 a year for nothing. Although, what has stopped me is that it is the oldest card I have had.

 

Below are the cards I have/had:

Quicksilver - $5,000 

Target $1,000 - closed two months ago

J. Crew - $10,000 limit 

Best Buy, not the Citi one - $10,000 limit 

PayPal Credit - $4,000 -

Amex everyday - forget the limit - closed two months ago (don't need with gold)

Amex blue cash - $15,000 - closed two months ago (don't need with gold)

Amex Gold - no pre set - current main card

 

I'm very much into my credit (more than I should be...some see it as a bit insane, but I'm sure everyone here understands our obession Smiley Wink ) so I'm worried cancelling it will harm me as it is my oldest. According to credit karma I have a 767 with TU and a 743 with EQ. All cards closed above have zero balance. I spend around $1,500-$2,000 on my Amex as its my go to card. I don't like use the QS as much as I would perfer not to put effort in it.

 

4% utilization rate, never missed a payment, etc. Hope that is enough information.

 

Thank you to any and all for the guidence. Learning as I go!


So your oldest card is 1 year old and you want to close it because of $39 bucks? really. come on now. If it is one year just upgrade to no AF as cap one is great with that. Something to be said about having age whether you need it or not. It will not doing anything but help your credit. Close it if it bothers you but either way not a big deal. Citi is the only issuer of Best Buy. nice limit. Gold is charge Card so not the same as revolving. But you look to be doing well in any case. llooking at credit karmas Vantage scores says nothing about your real credit scores. Fico'. This would be more interesting. Im guessing you are earning MR points which are okay as well.


Thank you! Glad to know that. Although, what I put in red, a rep flat out told me know that would not be possible to do hence why I'm here. Was that not correct?

Message 3 of 17
taxi818
Super Contributor

Re: To cancel or not to cancel


@timothym96 wrote:

@taxi818 wrote:

@timothym96 wrote:

Hello all,

 

My oldest card, since I turned 18 (currently 19) is the Quicksilver with the $39 a year fee. I'd very much like to get rid of it and upgrade to a better card. I was looking at the Wells Fargo Sig. Visa cards as a replacement. Also, since I rarely use the quicksilver anymore anyway, it seems silly to pay the $39 a year for nothing. Although, what has stopped me is that it is the oldest card I have had.

 

Below are the cards I have/had:

Quicksilver - $5,000 

Target $1,000 - closed two months ago

J. Crew - $10,000 limit 

Best Buy, not the Citi one - $10,000 limit 

PayPal Credit - $4,000 -

Amex everyday - forget the limit - closed two months ago (don't need with gold)

Amex blue cash - $15,000 - closed two months ago (don't need with gold)

Amex Gold - no pre set - current main card

 

I'm very much into my credit (more than I should be...some see it as a bit insane, but I'm sure everyone here understands our obession Smiley Wink ) so I'm worried cancelling it will harm me as it is my oldest. According to credit karma I have a 767 with TU and a 743 with EQ. All cards closed above have zero balance. I spend around $1,500-$2,000 on my Amex as its my go to card. I don't like use the QS as much as I would perfer not to put effort in it.

 

4% utilization rate, never missed a payment, etc. Hope that is enough information.

 

Thank you to any and all for the guidence. Learning as I go!


So your oldest card is 1 year old and you want to close it because of $39 bucks? really. come on now. If it is one year just upgrade to no AF as cap one is great with that. Something to be said about having age whether you need it or not. It will not doing anything but help your credit. Close it if it bothers you but either way not a big deal. Citi is the only issuer of Best Buy. nice limit. Gold is charge Card so not the same as revolving. But you look to be doing well in any case. llooking at credit karmas Vantage scores says nothing about your real credit scores. Fico'. This would be more interesting. Im guessing you are earning MR points which are okay as well.


Thank you! Glad to know that. Although, what I put in red, a rep flat out told me know that would not be possible to do hence why I'm here. Was that not correct?


Yes. since the card is over 6 months old and it has a AF that means its the QS1 actually. They will gladly upgrade the card. mine is currently a world mastercard. started like yours with 39 AF. after 6months the fee was gone. I actually did it via online chat no problem. just ask if there are any upgrade offers via chat for your QS1. They will let you know. if not try again before AF. Many reps at cap one are clueless. so if not escalate the issue and explain you want to keep it and not pay for keeping it.

Message 4 of 17
Erusidhion
Frequent Contributor

Re: To cancel or not to cancel

 

    I just product changed my $4,000 limit QS One about a day or two ago. It now has no annual fee and they're mailing me out a new card sometime in the next 7-10 days. Weird that they have to mail out a new card though. Just ask through their online chat if you can get it changed into a regular Quicksilver and see what they say. It is possible to do. Good luck!

EQ 654 -- 43 Inquiries
TU 695 -- 54 Inquiries
EX 668 -- 50 Inquiries

Utilization: 9% AAoA: 20 months Total History: 3Y
Updated: 08/04/2017 Premier 3B
Message 5 of 17
timothym96
Member

Re: To cancel or not to cancel

Thank you all. Just chatted them again and said sorry, can't do it there are no offers. So it's best to close it? Would rather not waste $40 a year for nothing. Just more concerned with it hurting me since it was my first card, and is the oldest.

Message 6 of 17
fixedronin
Frequent Contributor

Re: To cancel or not to cancel

If you close the card it will report for the next 10 years so technically it won't "hurt you" until 10 years from now.

 

Also, I'd take the CK scores with a grain of salt, they're not always entirely accurate.

EX FICO 8: 748 | EQ FICO 8: 771 | TU FICO 8: 757
Message 7 of 17
timothym96
Member

Re: To cancel or not to cancel

But by then I'll have a 10 year (really 9 I guess if it falls off) credit history, which 9 vs 10 wouldn't kill me, just hit my score for a little bit correct?

 

Would you recommend signing up for myFICO for the most accurate?

Message 8 of 17
bobisnotmyname
Established Contributor

Re: To cancel or not to cancel

Kill it. Why pay $40.
Seedling:
Message 9 of 17
DeeBee78
Valued Contributor

Re: To cancel or not to cancel


@timothym96 wrote:

Hello all,

 

My oldest card, since I turned 18 (currently 19) is the Quicksilver with the $39 a year fee. I'd very much like to get rid of it and upgrade to a better card. I was looking at the Wells Fargo Sig. Visa cards as a replacement. Also, since I rarely use the quicksilver anymore anyway, it seems silly to pay the $39 a year for nothing. Although, what has stopped me is that it is the oldest card I have had.

 

Below are the cards I have/had:

Quicksilver - $5,000 

Target $1,000 - closed two months ago

J. Crew - $10,000 limit 

Best Buy, not the Citi one - $10,000 limit 

PayPal Credit - $4,000 -

Amex everyday - forget the limit - closed two months ago (don't need with gold)

Amex blue cash - $15,000 - closed two months ago (don't need with gold)

Amex Gold - no pre set - current main card

 

I'm very much into my credit (more than I should be...some see it as a bit insane, but I'm sure everyone here understands our obession Smiley Wink ) so I'm worried cancelling it will harm me as it is my oldest. According to credit karma I have a 767 with TU and a 743 with EQ. All cards closed above have zero balance. I spend around $1,500-$2,000 on my Amex as its my go to card. I don't like use the QS as much as I would perfer not to put effort in it.

 

4% utilization rate, never missed a payment, etc. Hope that is enough information.

 

Thank you to any and all for the guidence. Learning as I go!


You'll never get your CSP if you keep opening cards. 

Message 10 of 17
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