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Want to Close my Capital One Card

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Regular Contributor

Want to Close my Capital One Card

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?

Message 1 of 20
19 REPLIES 19
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Super Contributor

Re: Want to Close my Capital One Card


@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?


When my secure card graduated, i sent an email to the Cap1 EO email (i googled it) and asked to be changed to a Quicksilver that has no AF.  I got a call a few days later and they were more than happy to do it.   Other than that, you could call and ask, as you've had the acct a long time so they maybe willing to change it over the phone. 

 

As for the limit, you can try that as well, but with no AF and throw a $5 charge at it once every 6 months and you'd be golden




Message 2 of 20
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Valued Contributor

Re: Want to Close my Capital One Card


@Jago22 wrote:

@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?


When my secure card graduated, i sent an email to the Cap1 EO email (i googled it) and asked to be changed to a Quicksilver that has no AF.  I got a call a few days later and they were more than happy to do it.   Other than that, you could call and ask, as you've had the acct a long time so they maybe willing to change it over the phone. 

 

As for the limit, you can try that as well, but with no AF and throw a $5 charge at it once every 6 months and you'd be golden


Edit: OP, I encourage you to consider the advice of others in the thread. My suggestion could cost a lot of points, since your accout is very old and the fact that some lenders do not consider closed accounts for approval. Smiley Wink

 

+1. OP, also remember that closed accounts remain on your credit reports for up to  10 years. Here is a quotation from creditcards.com:

 

"Although accounts don’t need to be open, they do need to still appear on your credit report to be counted by FICO. So even if an account was closed five years ago, for example, its continued appearance on a credit report would help extend a borrower’s length of credit. Those closed accounts won’t appear indefinitely, however. Closed accounts that were always paid on time remain on credit reports for 10 years from the date of closure or last account update, while accounts with late payments remain for seven years from the date of first delinquency" (Simon).

 

Message 3 of 20
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Frequent Contributor

Re: Want to Close my Capital One Card

My advice is to simply call them and ask to change the product to something without an annual fee. Others may disagree, but I wouldn’t close my oldest account.

Message 4 of 20
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Super Contributor

Re: Want to Close my Capital One Card


@creditwarrior2317616 wrote:

@Jago22 wrote:

@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?


When my secure card graduated, i sent an email to the Cap1 EO email (i googled it) and asked to be changed to a Quicksilver that has no AF.  I got a call a few days later and they were more than happy to do it.   Other than that, you could call and ask, as you've had the acct a long time so they maybe willing to change it over the phone. 

 

As for the limit, you can try that as well, but with no AF and throw a $5 charge at it once every 6 months and you'd be golden


+1. OP, also remember that closed accounts remain on your credit reports for up to  10 years. Here is a quotation from creditcards.com:

 

"Although accounts don’t need to be open, they do need to still appear on your credit report to be counted by FICO. So even if an account was closed five years ago, for example, its continued appearance on a credit report would help extend a borrower’s length of credit. Those closed accounts won’t appear indefinitely, however. Closed accounts that were always paid on time remain on credit reports for 10 years from the date of closure or last account update, while accounts with late payments remain for seven years from the date of first delinquency" (Simon).

 


Yes, you are correct that it says ten years, but there are some lenders that DO NOT count your closed cards in credit lending decisions.  

 

Personal choice for me, but i would not close a card that old EVER Smiley Happy




Message 5 of 20
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Re: Want to Close my Capital One Card

This is how I would approach the situation and it really depends on your data points.  If it is the Quicksilver One, then I don't believe you can do a product change or get them to drop the AF.  I would open another account that you can qualify for and combine the account to the new card.  You can do this as soon as you activate the new card.  Your history will transfer over and you will not have the AF. 

 

As an example, you can open a Platinum card combine the old card to the new and in 6 months product change the Platinum to a Quicksilver One with no AF.  The 1.5% on QS1 is not that bad and you can grow it to a decent credit line and open the door for a QS or Venture Card.  If you follow this route, make sure to complete the credit steps to get the CLI after 6 months, request a CLI 60 - 90 days after opening, and request a CLI before the product change.

 

Walmart has select Capital One as its issuer for their credit products and this could lead to other co-branded offerings in the future that might be worth having, so it might be a good idea to maintain that relationship.  

Message 6 of 20
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Super Contributor

Re: Want to Close my Capital One Card

 wrote:

This is how I would approach the situation and it really depends on your data points.  If it is the Quicksilver One, then I don't believe you can do a product change or get them to drop the AF.  I would open another account that you can qualify for and combine the account to the new card.  You can do this as soon as you activate the new card.  Your history will transfer over and you will not have the AF. 

 

As an example, you can open a Platinum card combine the old card to the new and in 6 months product change the Platinum to a Quicksilver One with no AF.  The 1.5% on QS1 is not that bad and you can grow it to a decent credit line and open the door for a QS or Venture Card.  If you follow this route, make sure to complete the credit steps to get the CLI after 6 months, request a CLI 60 - 90 days after opening, and request a CLI before the product change.

 

Walmart has select Capital One as its issuer for their credit products and this could lead to other co-branded offerings in the future that might be worth having, so it might be a good idea to maintain that relationship.  


did the rules change?   you used to have to wait till both cards were over 12 months before you could combine. I'm also not sure you would keep the same start date unless you combine the new card into the old card to retain history?  




Message 7 of 20
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Valued Contributor

Re: Want to Close my Capital One Card


@Jago22 wrote:

@creditwarrior2317616 wrote:

@Jago22 wrote:

@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?


When my secure card graduated, i sent an email to the Cap1 EO email (i googled it) and asked to be changed to a Quicksilver that has no AF.  I got a call a few days later and they were more than happy to do it.   Other than that, you could call and ask, as you've had the acct a long time so they maybe willing to change it over the phone. 

 

As for the limit, you can try that as well, but with no AF and throw a $5 charge at it once every 6 months and you'd be golden


+1. OP, also remember that closed accounts remain on your credit reports for up to  10 years. Here is a quotation from creditcards.com:

 

"Although accounts don’t need to be open, they do need to still appear on your credit report to be counted by FICO. So even if an account was closed five years ago, for example, its continued appearance on a credit report would help extend a borrower’s length of credit. Those closed accounts won’t appear indefinitely, however. Closed accounts that were always paid on time remain on credit reports for 10 years from the date of closure or last account update, while accounts with late payments remain for seven years from the date of first delinquency" (Simon).

 


Yes, you are correct that it says ten years, but there are some lenders that DO NOT count your closed cards in credit lending decisions.  

 

Personal choice for me, but i would not close a card that old EVER Smiley Happy


I agree. Perhaps a product-change would be best for the OP. I did not know that some lenders do not consider closed accounts in credit-lending decisions. Smiley Happy

Message 8 of 20
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Established Contributor

Re: Want to Close my Capital One Card

This comes as news to me. Do we know lenders exclude closed accounts from credit decisions?
Message 9 of 20
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Re: Want to Close my Capital One Card


@r1023 wrote:

If it is the Quicksilver One, then I don't believe you can do a product change or get them to drop the AF.



I was able to PC a Quicksilver One to a Quicksilver... it took a while, but they eventually did it.  https://ficoforums.myfico.com/t5/Credit-Cards/Capital-One-QS1-to-QS-PC-Finally/td-p/4460966

 

Also, they will sometimes waive an AF, either the entire fee or half of it, although they can only do it once the fee actually posts (you can't call ahead of time).  YMMV, but it never hurts to ask.  Smiley Wink

Message 10 of 20
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