Trying to decide whether or not to close my Cap1 card.

[Anonymous]

It will report positively for up to 10 years. Its no longer your oldest card reporting so not an issue. Honestly the keep everything ever opened in life without an AF philosophy is not for everyone. Ive closed what no longer worked or wasnt necessary and Id do it again in a heartbeat. Chuck it and be done! Its so liberating 😆

[kdm31091]

Definitley +1, HeavenlyFlower. You don't need to keep every card just because it has no AF. That mantra exists bigtime around here and some defend it staunchly. They have their reasons, but IMO it feels so good to trim the fat.

[noobody]

I would NOT close the Cap1 account.
I have 2 Cap1 account since 2001, not a big fan, my experience as:
the good: they gave me 2 cards when nobody else would, gave me CLI to 4250 so I can take advantage their 3.99 apr for life BT offer, took me several years to pay off org 4200 balance, no AA, try thst with Citi, chase.
PC several times to from 48AF each to several one time courtesy removal every year, to permanent remove AF, from no reward to cap1 cash (ugly green card with 1.5 cash back) to 2 quicksilvers.
do not care several months of inactivity.
get huge CLI through CO (1200<<10K 4250<<5K), might get more if I asked, but that's all I need.
no FTF, good backup to my other premium AF no FTF card if anything bad happen.
the bad:
online CLI always declined,have to go through CO, APR is 22.99 since I do not carry balance, it is non issue.

overall, it's a good reliable back up catch everything else card, not suggest closing.

[sunkissed]

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@noobody wrote:
I would NOT close the Cap1 account.
I have 2 Cap1 account since 2001, not a big fan, my experience as:
the good: they gave me 2 cards when nobody else would, gave me CLI to 4250 so I can take advantage their 3.99 apr for life BT offer, took me several years to pay off org 4200 balance, no AA, try thst with Citi, chase.
PC several times to from 48AF each to several one time courtesy removal every year, to permanent remove AF, from no reward to cap1 cash (ugly green card with 1.5 cash back) to 2 quicksilvers.
do not care several months of inactivity.
get huge CLI through CO (1200<<10K 4250<<5K), might get more if I asked, but that's all I need.
no FTF, good backup to my other premium AF no FTF card if anything bad happen.
the bad:
online CLI always declined,have to go through CO, APR is 22.99 since I do not carry balance, it is non issue.

overall, it's a good reliable back up catch everything else card, not suggest closing.

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I actually agree with you.  I would not close my Capital One card.  They’ve been good to me.  They gave me my first real credit card.  They stuck with me through the bad times.  They never close or CLD me, even when I didn’t swipe their card for literally years.  Moreover, all that aside, I actually like my Cap1 card.  It's an easy, no-thought-required 1.5% cash back with simple redemption card.

However, this is not about what I will do with my Cap1 card.  It’s about what the OP should do with his/hers.  If OP is no longer interested in keeping this card, OP should close the card.  The only caveat: if contacting EO will give OP a desired APR and CL, maybe OP will consider keeping the card.

[taxi818]

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@isoldmyatlas wrote:

My Cap1 card is the first card I ever got approved for, back in April 2012.  But due to AmEx backdating, it actually reports as my second-oldest card rather than my oldest.  It's also my lowest credit limit and is the card I use the least because of that.  I think I only put 3-4 charges on it in 2014.

It's the Quicksilver card, so I don't pay an annual fee on it.  The interest rate is 24.9% and they refuse to lower it permanently.  The most they offer a "6 month promotional APR" of either 20.9% or 22.9%.  My CLIs with have been $500-->750, $750-->1,250, $1,250-->1,750, and $1,750-->4,750.  That most recent one was back in July 2014.

Part of me really wants to close this card since I never use it and it doesn't seem to grow with me like my other cards have done.  I also find it frustrating that Cap1 goes though these really stingy phases.  I recently asked for a 6 month CLI and APR reduction and received neither.  My credit profile is excellent and my other CCs seem to recognize this, so it's kind of a bummer that Cap1 hasn't gotten on board with this yet, especially considering I've been with them the longest.

On the other hand, it's free to keep, and if I were to use it overseas I wouldn't have to pay any foreign transaction fees. 

For the mobile users, here's what else is in my wallet:

Discover IT, $7,000 (opened 10/2012); Chase Amazon Rewards, $7,600 (opened 10/2012); AMEX Hilton HHonors, $15,000 (opened 11/2012); AMEX Blue Cash Everyday, $15,000 (opened 01/2013 but reports as 01/2012 because of backdating); Barclaycard Arrival+, $10,000 (opened 07/2013); Chase Hyatt, $7,000 (opened 09/2013).

What would you do in my position?

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you just answered your own question. it cost nothing to keep. 2nd oldest. thats your answer. no matter how much you call cap one. you can't change them into something they are not.

they are starter cards except maybe venture. so if you want to close it. do it then. but cap one is not going to just fall to the whims because some other lender did this or that. i say keep it . as i have one myself. a quicksilver. i do use it. but im always thinking that if i travel out of country. which i will do this year. i will for sure use my cap one. with the no FTF. but do as you wish. good luck.

[taxi818]

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@sunkissed wrote:

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@isoldmyatlas wrote:

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@Anonymous wrote:
If you need it PM me for the direct info to the EO. sunkissed pretty much covered everything I was thinking. It sounds like you dont want or need this card anymore Either way good luck with the decision

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I definitely don't want or need it anymore, I guess now its just a matter of deciding whether or not the AAoA factor makes it worth keeping around.  I do worry about it affecting it.

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Closing this card will have no effect on your AAoA.  First, closed accounts can report for up to 10 years.  Second, all your accounts are newish (2012 – 2013).  It’s not like this account is 20 years old!  No worries here.  Really.

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well it will not report for 10 years. always bad info. it will stay on your report for 10 years. there is a difference between reporting and staying on report. . fico will still count it in AAOA even closed.

[Anonymous]

I feel the same way OP
my CL stayed exactly same since I opened my ventureOne (originally Orbits but discontinued)
did not grow with me
asked EO and still no
I won't close mine for low APR but its frustrating

[Anonymous]

Ok, we phrased it incorrectly. Perhaps a better way to say it is that a closed account will remain listed on your report for up to 10 years. Point is its still counted toward AAoA for that amount of time. The OP has already stated, more than once, they no longer want this card. I'm sure they will come to a decision that suits them best.

[isoldmyatlas]

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@Anonymous wrote:
It will report positively for up to 10 years. Its no longer your oldest card reporting so not an issue. Honestly the keep everything ever opened in life without an AF philosophy is not for everyone. Ive closed what no longer worked or wasnt necessary and Id do it again in a heartbeat. Chuck it and be done! Its so liberating 😆

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Did you experience any credit score changes because of the closures?

[Anonymous]

Sure I did! They all went up But to be fair I always keep my util at 10% or below, a couple accounts reached the 3 month mark at that time and I cant definitively say closing caused the increase although that was the reason FICO 3B gave. Unless closing increases your util significantly I dont see it hurting your score but Im not an expert just sharing my own experience. The only minor score hits Ive taken were from inquiries and those were nothing compared to the consistent increases