When should I close Credit One?

[Bandit5160]

With my credit score improving from 600 to 750 in the last couple of years, I have closed quite a few credit cards with AFs and high APRs and gotten some better ones.  The lone holdout from the old days are QS1 and Credit One.  QS1 is still worth keeping and using but not Credit One.  I got Credit One to waive their monthly fees for the remainder of 2017 in lieu of closing them a month ago but I still feel dirty having them in my wallet.  Should I just go ahead and close them...or wait it out until the end of 2017? Credit One is my oldest open account so I'm a bit reluctant though.  QS1, my second oldest that's still open, is about a year older.

[Anonymous]

Have you check the Capital One upgrade link to see if you can upgrade your QS1 to QS, where there is no annual fee?

[Anonymous]

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@Bandit5160 wrote:

With my credit score improving from 600 to 750 in the last couple of years, I have closed quite a few credit cards with AFs and high APRs and gotten some better ones.  The lone holdout from the old days are QS1 and Credit One.  QS1 is still worth keeping and using but not Credit One.  I got Credit One to waive their monthly fees for the remainder of 2017 in lieu of closing them a month ago but I still feel dirty having them in my wallet.  Should I just go ahead and close them...or wait it out until the end of 2017? Credit One is my oldest open account so I'm a bit reluctant though.  QS1, my second oldest that's still open, is about a year older.

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As I faced this dilemma earlier today in regards to closing my oldest cc, I bit the bullet. Turns out  closing your oldest cc won't affect your AAoA because it will remain on your credit report for 7-10 years and by then all of your other cards would have aged a too.

If the card serves no purpose (apart from utilization cushion) then go ahead and close it. 

[Bandit5160]

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@Anonymous wrote:

Have you check the Capital One upgrade link to see if you can upgrade your QS1 to QS, where there is no annual fee?

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I don't have an upgrade link.  But I might call them one day and ask for that upgrade.  They did approve me for a 10K Dining Rewards Card with no AF recently so maybe they"ll let me change the QS1 to the QS too.

[Anonymous]

I say close the Credit One card.  It won't impact your score today and won't impact your score 10 years from now.  What you will accomplish though is getting a crappy preditory lender with an AF card out of your wallet.  Never look back.  Those are my feelings, anyway.

[Anonymous]

every day you leave Credit One open, is another day too long

[AverageJoesCredit]

Close them and take a shower Youll feel better in the morning

[Anonymous]

I think a better question could be, when shouldn't you close credit one...but that would make for an awfully short tread.

[Anonymous]

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@Bandit5160 wrote:

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@Anonymous wrote:

Have you check the Capital One upgrade link to see if you can upgrade your QS1 to QS, where there is no annual fee?

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I don't have an upgrade link.  But I might call them one day and ask for that upgrade.  They did approve me for a 10K Dining Rewards Card with no AF recently so maybe they"ll let me change the QS1 to the QS too.

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Here it's the link: https://verified.capitalone.com/sic-ui/#/esignin?Product=Card&Action=ProductUpgrade 

[pipeguy]

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@Anonymous wrote:

I say close the Credit One card.  It won't impact your score today and won't impact your score 10 years from now.  What you will accomplish though is getting a crappy preditory lender with an AF card out of your wallet.  Never look back.  Those are my feelings, anyway.

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+100 - exactly this !!