Want to Close my Capital One Card

[Anonymous]

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@rbentleywrote:
This comes as news to me. Do we know lenders exclude closed accounts from credit decisions?

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If it goes to UW and not the computer decision, there are some that only look at your open accts.  from the sites i've read Chase and BoA, and i know for me personally USB from a recent app, but there could be more.  

[UncleB]

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@rbentley wrote:
This comes as news to me. Do we know lenders exclude closed accounts from credit decisions?

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Lenders can count or not count pretty much anything they want (i.e. use their own proprietary guidelines or formulas).

If an old account is still reporting, FICO will 'count' it, though. 

[simplynoir]

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@UncleB wrote:

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@rbentley wrote:
This comes as news to me. Do we know lenders exclude closed accounts from credit decisions?

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Lenders can count or not count pretty much anything they want (i.e. use their own proprietary guidelines or formulas).

If an old account is still reporting, FICO will 'count' it, though. 

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Pretty much this. It's to my understanding unless it goes under a manual review for the most part lenders will use whatever FICO score model they use for credit decisions. Typically UWs that look through your reports with a fine comb are when you're applying for a mortgage for instance. They typically care about any negatives on your report such such as lates, BK, etc. and your DTI in relation to your debts and your ability to repay which in that case they couldn't care less about a closed account you pay nothing on.

[Dirge]

I PCd a QS1 to a QS right before the annual fee was going to come up. I didn't call, just checked on the website and the PC was available to me. 

[Anonymous]

Like others have said, just PC it to a no AF card.  The only two things I buy at Sam's Club are Member's Mark flex trash bags (just as good as Hefty) and rotisserie chickens.  I willingly pay the $45 annual membership fee to keep their Mastercard.  It does have a $20k limit though.

That's the only card I have with an AF.  Closed a Chase Sapphire Preferred recently but only after combining the limit with my Freedom Unlimited.

Annual fees on credit cards are a sucker's game.  Your goal should be to not let the financial institution make money on you.  Be a better shark than they are.

[Meanmchine]

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@CA4Closure wrote:

I have a Capital One Mastercard I want to close. However, it is my oldest account at 18+ years. If I close this account, my AAoA will go way down and affect my credit scores.
The reason I want to close this account due to the Annual Fee ($60) and low credit line.

I want to get a credit card with better rewards. What are my options?

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DONT

enuf said

[risingup2day]

@ R1023 - “Your history will transfer over and you will not have the AF. ” This statement is erroneous! Please refrain from giving false information to other members or at the minimum, please check your facts before posting.

Card 1 - 18 years with AF
Card 2 - New Card aka “New account”
Combine card 1 into 2 - Card 1 is “closed” and the SL is now combined with card 2. Age of account WILL NOT transfer to card 2 because this is “New account”.


OP - like others have stated, I would NOT close this account. I would encourage you to PC your card. This will be the only way to keep the age of your card going. You can request to speak to a manager here in the states when you call in and try to plead your case. If that fails and another AF comes up, wait til it post and call in to request a refund on this fee. I wish you the best of luck!

Again imho, I would keep the account open.

[Brian_Earl_Spilner]

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@rbentley wrote:
This comes as news to me. Do we know lenders exclude closed accounts from credit decisions?

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Chase doesn't count closed or authorized user accounts.

[rbentley]

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@risingup2day wrote:
@ R1023 - “Your history will transfer over and you will not have the AF. ” This statement is erroneous! Please refrain from giving false information to other members or at the minimum, please check your facts before posting.

Card 1 - 18 years with AF
Card 2 - New Card aka “New account”
Combine card 1 into 2 - Card 1 is “closed” and the SL is now combined with card 2. Age of account WILL NOT transfer to card 2 because this is “New account”.

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Riseup2day, thank you for your clarification.  I got a glimmer of hope that combining cards might be the route for me, but it did not seem likely to me that my history on the old card would transfer over.  I would have further investigated, but you saved me a lot of time in finding out that the combining advice while saving history was erroneous.

[longtimelurker]

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@Anonymous wrote:

Annual fees on credit cards are a sucker's game.  Your goal should be to not let the financial institution make money on you.  Be a better shark than they are.

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That is WAY overly broad!   Useless AFs are indeed useless, such as in the OPs case where the AF brings no benefit over another card from the issuer with no AF.   But many AF cards (particularly in the travel space) will, properly used, pay back the AF several times over