I wanted to get some feedback on a decision I am trying to reach about whether to close my Capital One Platinum card account.
First, some background. I currently have five CCs:
- Amex Blue, Bal: $0, CL: $4,000 (thinking about asking for a 3X CLI today, as I am past the 6-month mark)
- Cap One Platinum, Bal: $0, CL: $1,500 (the lowest CL of all my cards)
- Chase Amazon, Bal: $2,000, CL: $12,000
- Citibank BestBuy RZ, Bal: $0, CL: $4,700
- Discover Platinum, Bal: $0, CL: $13,000
I really don't use the Cap One card at all. It card costs me $60/year to maintain. I have asked for CLIs on this card on 07-Sep-2011, 04-Jun-2012, and 15-Dec-2012, but all three CLI requests were declined (zero increase). This is during a time when I had no problem getting small to medium CLIs on my Amex and Discover cards. The card has no benefits or "rewards" or cash-back program associated with it (all my other cards do). I have asked Cap One (back in Dec-2012) if there was another card or program I could transfer this card to, and the answer was a quick and clear "No." With the relative uselessness of this card, I don't even put it in my wallet.
I have been keeping the Cap One card open because of the fear of my credit score dropping due to a closed card. After a lot of reading on this forum, I am less worried about doing so now. While it is my "oldest" card, it certainly doesn't account for almost anything towards my overall credit profile. My current CU is pretty low at $2,000 out of $35,200 = 5.6%, and would be $2,000 out of $33,700 = 5.9% if I were to close the card. I pay off all my cards every month, so that $2,000 will be gone by the next statement anyway.
Based on all that, does anyone see any reason why I should keep this card? Any feedback would be most appreciated.
Extra Credit Question
Much as I don't want to leave the garden since I just entered it, the Cap One Quicksilver card looks really, really good to me. I am tempted. Anyone have any feedback on that? Does it make sense to apply for that THEN cancel the other card, or vice versa?
Starting Score: EQ:743 (17-Sep)
+ 1 to emptypockets worth a shot for product change, permanent removal of annual fee and CLI. If not dump it, its served its purpose.
Discover IT $17k / US Bank Ace (VSig) $13.5K / US Bank Cash+ (VSig) $13.5kAwesome. Thank you both so much for the feedback. I will follow your lead and send out that email right now. Thank you again!
Yeah, I agree... the EO should PC this to Quicksilver or simply add the 1.5% cashback feature on to the card and remove the AF quite easily. That way you're fixing all of the issues you discussed.
Okay, I am writing a quick email. Should I include any account information, or just explain the situation and ask for assistance? What does one say to the EO other than "help?"
Oooh, and another question: If they do wind up giving me a PC to Quicksilver or anything like that, would that result in a hard pull or a soft pull?
Tell them the truth you have much better cards and you have been a faithful customer. You like cap1 but unfortunately find no use for the card with a annual fee, small credit limit and no rewards. You also have no desire to apply for a rewards card. As far as I've read it's been a soft pulo. As always YMMV Good luck!
No account number! Name and phone number only, they will call you in a few days. Very nice people to deal with.
Done and sent. I will update this thread if/when I hear a response. Crossing my fingers but ready for any possible outcome.
