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Want to close 7 month old CapitalOne

FireMedic1
Super Contributor

Re: Want to close 7 month old CapitalOne

Discover: 3 years 9 months old

CapitalOne: 7 months old

Amex Delta Gold: 5 months old

@StephStamper 

Everyone is jumping on the I hate Cap1 bandwagon without noticing as usual. You have 3 open revovler cards for now. That helps on your FICO scoring with 3 open revolvers along with 1 loan. Once you get another revolver. Then close it. Using AZEO with 3 cards is better than 2 cards. You'll go from 33% of cards reporting to 2 or 50% which is the border for FICO. Might want to rethink your choice.






My posts are JMHO. My siggy is not to brag at all. Just sharing my experiences after learning here from rebuild to recovery after BK DC @ 540's.
Message 11 of 22
thornback
Senior Contributor

Re: Want to close 7 month old CapitalOne


@FireMedic1 wrote:

Discover: 3 years 9 months old

CapitalOne: 7 months old

Amex Delta Gold: 5 months old

@StephStamper 

Everyone is jumping on the I hate Cap1 bandwagon without noticing as usual. You have 3 open cards for now. That helps on your FICO scoring with 3 open revolvers along with 1 loan. Once you get another revolver. Then close it. Using AZEO with 3 cards is better than 2 cards. You'll go from 33% of cards reporting to 2 or 50% which is the border for FICO. Might want to rethink your choice.


+1000 ^^ This right here. 

Personal Aphorism:
"Forget What You Feel, Remember What You Deserve"


Starting FICO 8s | 09/2017: EX 641 ✦ EQ 634 ✦ TU 647
Current FICO 8s | 11/2020: EX 780 ✦ EQ 771 ✦ TU 781
Current FICO 9s | 11/2020: EX 793 ✦ EQ 780 ✦ TU 778
2020 Goal Score | 800s


My AAoA: 3.8 years not incl. AU / 4 years incl. AU
My AoOA: 7.10 years not incl. AU / 9.10 years incl. AU
Inquiries: EX 0/6 | 1/12 ✦ EQ 1/6 | 2/12 ✦ TU 0/6 | 1/12
Report Status: Clean


Without patience, we will learn less in life. We will see less. We will feel less. We will hear less. Ironically, rush and more usually mean less.
Message 12 of 22
StephStamper
Frequent Contributor

Re: Want to close 7 month old CapitalOne


@thornback wrote:

@FireMedic1 wrote:

Discover: 3 years 9 months old

CapitalOne: 7 months old

Amex Delta Gold: 5 months old

@StephStamper 

Everyone is jumping on the I hate Cap1 bandwagon without noticing as usual. You have 3 open cards for now. That helps on your FICO scoring with 3 open revolvers along with 1 loan. Once you get another revolver. Then close it. Using AZEO with 3 cards is better than 2 cards. You'll go from 33% of cards reporting to 2 or 50% which is the border for FICO. Might want to rethink your choice.


+1000 ^^ This right here. 


Thank you.  The capital one is open for now and I think I'll just keep it.  Put a subscription on it with auto pay.  Just to keep showing payment history.  I'll replace it later if I decide to get a revolver.  The next card I am going for is a charge after which I just want to hang tight for a while so having this Capital One would make sense still. 

That being said, I've never been able to get AZEO to work right.  Smiley Sad

 

I've tried it all. 

Message 13 of 22
thornback
Senior Contributor

Re: Want to close 7 month old CapitalOne


@StephStamper wrote:

 

That being said, I've never been able to get AZEO to work right.  Smiley Sad      I've tried it all. 

What do you mean you've never been able to get it to work right?  What problems have you had while implementing / is there something you don't understand  - maybe we can clarify? 

Personal Aphorism:
"Forget What You Feel, Remember What You Deserve"


Starting FICO 8s | 09/2017: EX 641 ✦ EQ 634 ✦ TU 647
Current FICO 8s | 11/2020: EX 780 ✦ EQ 771 ✦ TU 781
Current FICO 9s | 11/2020: EX 793 ✦ EQ 780 ✦ TU 778
2020 Goal Score | 800s


My AAoA: 3.8 years not incl. AU / 4 years incl. AU
My AoOA: 7.10 years not incl. AU / 9.10 years incl. AU
Inquiries: EX 0/6 | 1/12 ✦ EQ 1/6 | 2/12 ✦ TU 0/6 | 1/12
Report Status: Clean


Without patience, we will learn less in life. We will see less. We will feel less. We will hear less. Ironically, rush and more usually mean less.
Message 14 of 22
StephStamper
Frequent Contributor

Re: Want to close 7 month old CapitalOne


@thornback wrote:

@StephStamper wrote:

 

That being said, I've never been able to get AZEO to work right.  Smiley Sad      I've tried it all. 

What do you mean you've never been able to get it to work right?  What problems have you had while implementing / is there something you don't understand  - maybe we can clarify? 


Sure.

 

Month 1 (Starting point after which if I went to 1 card reporting, something should change) - EX score 664

Discover $199/1800, Amex Delta Gold $12/1000 & CapOne $50/500 reporting 

 

Month 2  - EX score 664 (if below is AZEO done right, score should have changed)

Discover $0/$1800, Amex Delta Gold $24/$1000 & CapOne $0/$500 reporting 

 

Month 3  - EX score 664 (tried to report different cards and turn others to $0, if this is AZEO done right, score should have changed)

Discover $0/$1800, Amex Delta Gold $0/$1000 & CapOne $9/$500 reporting 

 

Not sure what I missed.  My score only moved (or rather jumped) once I was able to resolve a dispute with a CA and the TL was removed (now 776 EXP).  But yes, never saw any 5 to 10 pt bumps from AZEO.

Message 15 of 22
thornback
Senior Contributor

Re: Want to close 7 month old CapitalOne


@StephStamper wrote:


Sure.

 

Month 1 (Starting point after which if I went to 1 card reporting, something should change) - EX score 664

Discover $199/1800, Amex Delta Gold $12/1000 & CapOne $50/500 reporting 

 

Month 2  - EX score 664 (if below is AZEO done right, score should have changed)

Discover $0/$1800, Amex Delta Gold $24/$1000 & CapOne $0/$500 reporting 

 

Month 3  - EX score 664 (tried to report different cards and turn others to $0, if this is AZEO done right, score should have changed)

Discover $0/$1800, Amex Delta Gold $0/$1000 & CapOne $9/$500 reporting 

 

Not sure what I missed.  My score only moved (or rather jumped) once I was able to resolve a dispute with a CA and the TL was removed (now 776 EXP).  But yes, never saw any 5 to 10 pt bumps from AZEO.


haha.. gotcha.   Yes, that's AZEO done right.   So 2 thoughts:   

 

(1) Did you, by chance, try AZEO again after you got the collection removed (assuming you went from a dirty to clean report)?   

 

(2) Not every profile sees a score change on FICO-8s with AZEO -- many only see changes to older score versions -- specifically, the mortgage scores (FICO 5, 4, 2).   You may be one of those profiles that are AZEO-resistant on the newer FICO models -- I take it you have the daily Experian score monitoring service -- did you happen to monitor your EX FICO 2 during this time of AZEO implementation?  

Personal Aphorism:
"Forget What You Feel, Remember What You Deserve"


Starting FICO 8s | 09/2017: EX 641 ✦ EQ 634 ✦ TU 647
Current FICO 8s | 11/2020: EX 780 ✦ EQ 771 ✦ TU 781
Current FICO 9s | 11/2020: EX 793 ✦ EQ 780 ✦ TU 778
2020 Goal Score | 800s


My AAoA: 3.8 years not incl. AU / 4 years incl. AU
My AoOA: 7.10 years not incl. AU / 9.10 years incl. AU
Inquiries: EX 0/6 | 1/12 ✦ EQ 1/6 | 2/12 ✦ TU 0/6 | 1/12
Report Status: Clean


Without patience, we will learn less in life. We will see less. We will feel less. We will hear less. Ironically, rush and more usually mean less.
Message 16 of 22
FireMedic1
Super Contributor

Re: Want to close 7 month old CapitalOne

I cant remember evryones past. But there are some baddies that will drag you back into the pool once you get out. There maybe 1 that is holding you back. The month 3 was fine. But so many here oh I want to close this card because it wont go over 500 or whatever the amount is and want to close it. No matter who the creditor is. But in the background it is helping more than you know for now. Its building a new you as the old you falls away. In my first year out of BK if some said you'd have 8 cards and a total CL of 79,000 I'd laugh at them for a week. But reading and learning for so long on here it came to light it can be done. But it doesnt happen in a year. Or maybe 2. But eventually the chain is broken and you get to escape out of the rebuilders jail. Just takes time.






My posts are JMHO. My siggy is not to brag at all. Just sharing my experiences after learning here from rebuild to recovery after BK DC @ 540's.
Message 17 of 22
StephStamper
Frequent Contributor

Re: Want to close 7 month old CapitalOne


@thornback wrote:

@StephStamper wrote:


Sure.

 

Month 1 (Starting point after which if I went to 1 card reporting, something should change) - EX score 664

Discover $199/1800, Amex Delta Gold $12/1000 & CapOne $50/500 reporting 

 

Month 2  - EX score 664 (if below is AZEO done right, score should have changed)

Discover $0/$1800, Amex Delta Gold $24/$1000 & CapOne $0/$500 reporting 

 

Month 3  - EX score 664 (tried to report different cards and turn others to $0, if this is AZEO done right, score should have changed)

Discover $0/$1800, Amex Delta Gold $0/$1000 & CapOne $9/$500 reporting 

 

Not sure what I missed.  My score only moved (or rather jumped) once I was able to resolve a dispute with a CA and the TL was removed (now 776 EXP).  But yes, never saw any 5 to 10 pt bumps from AZEO.


haha.. gotcha.   Yes, that's AZEO done right.   So 2 thoughts:   

 

(1) Did you, by chance, try AZEO again after you got the collection removed (assuming you went from a dirty to clean report)?   

 

(2) Not every profile sees a score change on FICO-8s with AZEO -- many only see changes to older score versions -- specifically, the mortgage scores (FICO 5, 4, 2).   You may be one of those profiles that are AZEO-resistant on the newer FICO models -- I take it you have the daily Experian score monitoring service -- did you happen to monitor your EX FICO 2 during this time of AZEO implementation?  


Yeah, I thought that was the reason that it was prob not working for me.  I had a 7 year old Capital One account (ironic I know) that was due to fall off (it has 5 late payments associated with it) and a fake student loan missed payment.  Once those 2 items fell off my report and my score went to 760+ I didn't try.  I'm still not carrying any balances but I could give it a shot next month to see if the bad items were holding this back.  

Message 18 of 22
thornback
Senior Contributor

Re: Want to close 7 month old CapitalOne


@StephStamper wrote:


Yeah, I thought that was the reason that it was prob not working for me.  I had a 7 year old Capital One account (ironic I know) that was due to fall off (it has 5 late payments associated with it) and a fake student loan missed payment.  Once those 2 items fell off my report and my score went to 760+ I didn't try.  I'm still not carrying any balances but I could give it a shot next month to see if the bad items were holding this back.  


I mean yea,  if you're willing - give it a try again in the future and also note the mortgage score.   It's not really a big deal - AZEO is only good for getting a little boost prior to big apps (like mortgages or auto loans) so you can get the best rate; it's not something I recommend folks do every month because it's often not worth the extra effort, imo (but many folks love seeing the extra ~5-10 points so they do it and i can't argue with that Smiley Happy )    I do think it's a good thing for everyone to test on their profile just so they know how their scores respond -- and if they respond positively with a decent score increase, it's a great trick to have in your back pocket, just in case.

Personal Aphorism:
"Forget What You Feel, Remember What You Deserve"


Starting FICO 8s | 09/2017: EX 641 ✦ EQ 634 ✦ TU 647
Current FICO 8s | 11/2020: EX 780 ✦ EQ 771 ✦ TU 781
Current FICO 9s | 11/2020: EX 793 ✦ EQ 780 ✦ TU 778
2020 Goal Score | 800s


My AAoA: 3.8 years not incl. AU / 4 years incl. AU
My AoOA: 7.10 years not incl. AU / 9.10 years incl. AU
Inquiries: EX 0/6 | 1/12 ✦ EQ 1/6 | 2/12 ✦ TU 0/6 | 1/12
Report Status: Clean


Without patience, we will learn less in life. We will see less. We will feel less. We will hear less. Ironically, rush and more usually mean less.
Message 19 of 22
StephStamper
Frequent Contributor

Re: Want to close 7 month old CapitalOne


@thornback wrote:

@StephStamper wrote:


Yeah, I thought that was the reason that it was prob not working for me.  I had a 7 year old Capital One account (ironic I know) that was due to fall off (it has 5 late payments associated with it) and a fake student loan missed payment.  Once those 2 items fell off my report and my score went to 760+ I didn't try.  I'm still not carrying any balances but I could give it a shot next month to see if the bad items were holding this back.  


I mean yea,  if you're willing - give it a try again in the future and also note the mortgage score.   It's not really a big deal - AZEO is only good for getting a little boost prior to big apps (like mortgages or auto loans) so you can get the best rate; it's not something I recommend folks do every month because it's often not worth the extra effort, imo (but many folks love seeing the extra ~5-10 points so they do it and i can't argue with that Smiley Happy )    I do think it's a good thing for everyone to test on their profile just so they know how their scores respond -- and if they respond positively with a decent score increase, it's a great trick to have in your back pocket, just in case.


I know.  For me I just wanted to get over that 670 to get "good".  But realized the long term game was to attack the stuff that needed attention so I redirected all my energy to that.  

The only thing thats holding me back now is age of accounts and length of history.  My oldest account is 12 years old but oldest credit card account is 3 years old.  So only time can increase my scores given I don't do anything stupid. 

Message 20 of 22
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