When To Put Cap 1 on the Chopping Block?

[Anonymous]

Hi Fico Fam! Just looking to get some insight. We know Cap 1 likes to bucket and can be stingy with the CLIs in general so my Cap 1 Plat (upgraded to "Quicksilver") is proving to be the least used card in my arsenal. Early on it would at least get some limited use at places that didn't take Disco and Amex but now that I have other mastercard and visa products I haven't used the Cap 1 in months. Opened in March with a $300 limit, CLI to $400 and "upgrade" to QS benefits in June, steps increase to $500 in September. It's my lowest limit non-store card and only 1.5% cashback and only my oldest card by 1 month so closing it won't really bother my AAoA even when it drops off in the future. Plan to try for a CLI at the 1 year mark but if it's not fairly substantial (which I imagine it won't be) I'm considering closing it. Thoughts?

[Anonymous]

Right now isn’t soon enough to cancel that card IMHO.

[Anonymous]

Yesterday 🙄

[Anonymous]

I am in the same boat. I opened the account in April of 2017. The limit increased to $500 in October of the same year and hasn't budged since. I have tried to get a credit limit increase but no luck so far. It was very useful when I started rebuilding my credit history, but now I have much better cards with higher limits. I barely use the card at all. I have been considering closing the account as well. I'll be following the thread to see what people say, but I would probably close it if I were you. Especially if you have the Citi Double Cash card.

[pinkandgrey]

Close it as soon as you have a better card. So, now. 

[Gollum]

---

@Anonymous wrote:

Hi Fico Fam! Just looking to get some insight. We know Cap 1 likes to bucket and can be stingy with the CLIs in general so my Cap 1 Plat (upgraded to "Quicksilver") is proving to be the least used card in my arsenal. Early on it would at least get some limited use at places that didn't take Disco and Amex but now that I have other mastercard and visa products I haven't used the Cap 1 in months. Opened in March with a $300 limit, CLI to $400 and "upgrade" to QS benefits in June, steps increase to $500 in September. It's my lowest limit non-store card and only 1.5% cashback and only my oldest card by 1 month so closing it won't really bother my AAoA even when it drops off in the future. Plan to try for a CLI at the 1 year mark but if it's not fairly substantial (which I imagine it won't be) I'm considering closing it. Thoughts?

---

My advice is to close your bucketed Capital One credit card whenever you want to do so. I'm not familiar with your BBVA credit card, but its credit limit ($7500) is apparently15 times the credit limit ($500) of your bucketed Capital One credit card, so the impact on your available credit from closing your Capital One card seems negligible. As you noted, the impact on your average age of accounts would also be negligible.

[FireMedic1]

Call and close. I did the same thing with the brick the QS1. The Plat/QS I combine to my Venture and closedf it too. They did their thing helping jump start my credit and I put them out to pasture. See below. RIP.

[AverageJoesCredit]

No better time than now if you want to close it. Thats the thing i dont like about C1, too many hoops to jump through especially for 3 pulls. Make sure you evsluate your Cap One needs in the future if you are going to use 3 hps.

[Anonymous]

I have a bucketed Cap1 QS that was converted from a platinum. Limit seems to have maxed out at $850. I was planning to sock drawer it forever but you know, the more I think about it, the more I want to just close it and simplify my life a little bit. The only reason I am hesitant is that I was thinking it might be nice to have for foreign travel with no FTF. But then again I’ve got an Uber Visa with 4x the credit limit and it’s got no FTF either.

[xaximus]

As long as you have other cards that have everything you currently need, I would close it.