Should I transfer and close my Cap 1 Quicksilver One?

[Anonymous]

With Capital 1 I currently have a Cap 1 Platinum w/rewards, $2700 limit and a $0 balance and I also have a Cap 1 Quicksilver One that I originally opened up about 1.5 years ago to help me along in my rebuilding process. The quicksilver one has a annual fee of $39 and a $2000 limit with a $0 balance. Now that my score is in the 680-690 area I don't really want to keep paying the annual fee on the quicksilver one any longer but I also don't want to hurt my score by closing it if it will indeed drop my points. My question is would it be best to try and upgrade the card or transfer the limit to my platinum and then close the quicksilver one? Trying to see what my best options are here. Thanks! 

[Gidgetmom]

Depends...either way, you save the credit line.  I'm thinking about combining my QS1 into my QS, as the QS has a lower interest rate.  If I PC the QS1 to another QS, it will keep the higher interest rate that the QS1 has now.  Trying to get rid of my subprime cards.

Your choice!  Seems six of one....half dozen of another.

[Anonymous]

Exactly what I am trying to do. I started out with a Credit One card and when I outgrew it I closed it. Just trying to figure out now with the QS1 if it will hurt me more then benefit me by combining them and closing it. 

[Anonymous]

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@Anonymous wrote:

With Capital 1 I currently have a Cap 1 Platinum w/rewards, $2700 limit and a $0 balance and I also have a Cap 1 Quicksilver One that I originally opened up about 1.5 years ago to help me along in my rebuilding process. The quicksilver one has a annual fee of $39 and a $2000 limit with a $0 balance. Now that my score is in the 680-690 area I don't really want to keep paying the annual fee on the quicksilver one any longer but I also don't want to hurt my score by closing it if it will indeed drop my points. My question is would it be best to try and upgrade the card or transfer the limit to my platinum and then close the quicksilver one? Trying to see what my best options are here. Thanks! 

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See if you can combine the QS1 onto your Platinum Rewards card that you have.

Closing a credit card with not hurt your score in itself. They only way closing a credit card could decrease your score is if your utilization went up due to losing available credit.

[Anonymous]

Combine + close imo! Best of luck!

[Anonymous]

Awesome, thanks for the knowledge! 

[Gidgetmom]

If you combine it, you then have the opportunity to get another Cap One card like the QS or V1.  I believe, with few exceptions, Cap One allow you 2 cards at a time.  Not sure if you would have to wait six months after combining to apply.  Just a thought.

iwhichever you do, please update the thread...I'm interested in how it turns out.  If I pull the trigger on it, I'll do the same!

[Anonymous]

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@Gidgetmom wrote:

If you combine it, you then have the opportunity to get another Cap One card like the QS or V1.  I believe, with few exceptions, Cap One allow you 2 cards at a time.  Not sure if you would have to wait six months after combining to apply.  Just a thought.

iwhichever you do, please update the thread...I'm interested in how it turns out.  If I pull the trigger on it, I'll do the same!

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6 months in between applications.

[Gidgetmom]

Is combining two cards considered an application, or CLI, in their 6 mo timeframe?  Or just actual applications and CLI requests every six months?

[Anonymous]

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@Gidgetmom wrote:

Is combining two cards considered an application, or CLI, in their 6 mo timeframe?  Or just actual applications and CLI requests every six months?

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Capical One will consider the card that is getting combined a CLI. So that card will not be eligible for a CLI for 6 months from the date you combine. Combining is not an application.

Obtaining new credit cards if approved also require 6 months before applying for another.