If I were you, I would close the qs1 instead. It's not your oldest, CL is low and AF. I'd keep the platinum just for the sake of it being the oldest account. The idea of not having too many cards for me (personally) is carrying one simple flat rate visa or master cash back card. I would suggest you
- keep amex
- keep discover
- keep care credit
- close qs1
- try to pc platinum to something else w/o AF like venture1
- not carrying too many store cards (perhaps just 1?)
- add a flat rate cash back, low apr or everyday use card to your wallet (i.e. cash wise or BCE)
Good luck and I hope you find my opinion somewhat useful!
@Anonymous wrote:My ultimate goal to the credit game is not to have too many cards, but just the ones I need for a proper strategy. The AMEX Gold for it's great benefits, Discover It for the rotating categories, and my store cards that I actually use pretty regularly. Really, I'm looking to dump Cap 1 once and for all. The only thing this brings up in my mind is that doing so would drop out $1250 of my available credit (which I've at least replaced $750 of that with my WayFair credit).
My biggest hesitation is that my Cap 1 Platinum is 9 yrs old, however stagnant. I can only upgrade it to a QS 1 and no CLI available (which is moot since I don't want the AF anymore). And my QS 1 is 7 years old and also stuck tied to a $400 limit. I have been using them more but have yet to see any benefits for it. Aside from my student loan, these are my oldest lines. I'm just getting tired of spending $79 p/yr for cards I hardly use. And, I honestly don't really need more credit than what I really need. I think removing some out would also remove any possibility of bad habits to occur, such as too much reliance just on those.
I'm sure the answer is a common sense "If you're not using it, why have it?" But there are other factors to consider, right? AAoA, rotating credit. Is it a good idea?
Hmm...I see what is happening here. If you look at your scores they average around just under 640 and this is being generous. This score is actually below average for the population even in the worst state. In the case of Capitol One to get access to the Quicksilver which requires "Excellent" credit you will actually need to bring your score up into the 680-720 range before the PC will show up as their offers are based on what you qualify for as well as what is programed in. For example I have a Quicksilver I want to make a SavorOne and cannot since Savor series PC's do not exist even though my scores would qualify me for the new account.
So basicly you need to do gardening if you have any plans to keep your longest accounts without AF's. My recomendation is to take the Capitol One Platinum and stuff it back into the drawer since it has no AF. As for the Capitol One QuicksilverOne wait until the card year is about to end, call in for a PC to the Quicksilver. If that fails ask for a PC to the Platinum and if that does not work close the account since a $400 credit line loss is nothing. In this case you can let Capitol One close the account for you when they finally figure out they are SD'd giving you an even longer history.
For your other cards you will need to wrap around the idea that the limits the bank gives you is not the same as what you can spend. Your whole idea of just enough credit to pay with does not a good FICO score make. I recommend recalculating your credit limits such that you set yourself at ~10% of the line limit to avoid temptation but allow good utalization. So your $1,500 Discover It becomes a $150 limit card before you have to pay it off. Also over time you will need to get CLi's for Target REDcard, Khol's, and Wayfair to get out of toy limit hell. As your scores grow the Capitol One QuickSilver will become an option on any cards you keep with them. I know since they really want me to move to their Venture line. Lastly the new accounts, Chase charge off, and old lates are not helping your score.
