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Closing a credit card/old accounts

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Closing a credit card/old accounts

I’m wanting to close down my credit one bank card as it was a rebuilding card, prior and after my BK7 and I’m not a fan of their annual fee, or the fact that you can’t control it reporting that balance on your credit reports from the annual fee because they’re charging it the day they update my balance to the CRA’s so it’s interfering with my AZEO.

My question is, I have 3 derogs, my BK7, and two old $500 credit cards from cap one that are right at 6 years old for first delinquent(almost 12 years old altogether) that went delinquent, followed by settled for 50%. I had a period of no credit minus auto loans for about 4-6 years. I got my credit one card in the middle of 2018 about a month before I filed for chapter 7. Then after my discharge, about 6 months later, I got a capital one platinum, followed by a discover secured the month after. I now have multiple other cards with much higher limits etc.

Would closing the credit one card down hurt me that badly score wise when it’s just a six month gap between the first two cards I got rebuilding, and also regarding the old settled cap1 cards, once those fall off, I think my average account age will take a massive hit considering those were both opened in 2008, and my oldest account now outside of past auto loans is a little over a year and a few months, should I be relentlessly aiming to have cap1 goodwill remove the late payments but not the accounts themselves to try and keep that 11+ year credit line for a bit longer? I have had an auto loan through them, as well as a Savor card and QS card becomes with them so I’ve definitely rebuilt history with them but idk if they’ll do it in that manner or not.
I think I’ve asked similar questions to these before but wasn’t very clear about the circumstances.
Thanks in advance!
Message 1 of 7
6 REPLIES 6
Community Leader
Senior Contributor

Re: Closing a credit card/old accounts

Credit One needs to go no matter how you slice it. In your case, your AoOA (age of oldest account) will only change by a few months after the card disappears from your reports.

Message 2 of 7
Contributor

Re: Closing a credit card/old accounts

If you do close the Credit One account it will continue to report for the next 10 years as a closed account in good standing. You will need the other cards to remain open and show that you have open cards reporting monthly payments so you can start to improve your score as time goes on.
If you chose to close the Credit One card make sure you pay it to $0 right after it shows due on the account so you don't acquire interest. Then send a certified letter to them stating you want to close the account and no longer need the card. And also ask for a letter to indicate closed by consumer and a $0 balance. You can call but you will be dealt with a barrage of reasons why you should keep it open.
I sent the letter and it was closed the next day after they received it.
Message 3 of 7
Established Member

Re: Closing a credit card/old accounts

Is it possible to only have the late payments on the really old accounts removed through goodwill with cap1? And I’ll close credit one today. Sorry for the delayed response, after I posted this, it completely vanished from the board on my end for some reason, and I couldn’t find it no matter how many times I refreshed the page. I wasn’t gonna retype all of that back out so I gave up lol.
Message 4 of 7
Valued Contributor

Re: Closing a credit card/old accounts

Yes, try a goodwill campaign. Might take a lot of attempts, but it can happen.









(Forgive typos, mobile.)(Everything said is Just IMHO.)
Scores updated DEC'19.

In order to better answer your questions and record your DPs, please provide your profile stats: Any baddies? (clean/dirty), Number of accounts open and closed on CRs (thick/thin), AoOA? (aged/nonaged), AoYR-Age of Youngest Revolver (new accounts/no new accounts)? Open/closed loan on CR?
For example, mine is clean/thick/aged/new accounts, with open loan on record.
If you don't know where you fall, just list whether you have any baddies, your number of open and closed accounts, AoOA, AoYR and whether you have a loan on record.
For utilization questions, list individual and aggregate utilizations, revolving and installment. please.
Message 5 of 7
Super Contributor

Re: Closing a credit card/old accounts


@Nomie706 wrote:
I’m wanting to close down my credit one bank card as it was a rebuilding card, prior and after my BK7 and I’m not a fan of their annual fee, or the fact that you can’t control it reporting that balance on your credit reports from the annual fee because they’re charging it the day they update my balance to the CRA’s so it’s interfering with my AZEO.

My question is, I have 3 derogs, my BK7, and two old $500 credit cards from cap one that are right at 6 years old for first delinquent(almost 12 years old altogether) that went delinquent, followed by settled for 50%. I had a period of no credit minus auto loans for about 4-6 years. I got my credit one card in the middle of 2018 about a month before I filed for chapter 7. Then after my discharge, about 6 months later, I got a capital one platinum, followed by a discover secured the month after. I now have multiple other cards with much higher limits etc.

Would closing the credit one card down hurt me that badly score wise when it’s just a six month gap between the first two cards I got rebuilding, and also regarding the old settled cap1 cards, once those fall off, I think my average account age will take a massive hit considering those were both opened in 2008, and my oldest account now outside of past auto loans is a little over a year and a few months, should I be relentlessly aiming to have cap1 goodwill remove the late payments but not the accounts themselves to try and keep that 11+ year credit line for a bit longer? I have had an auto loan through them, as well as a Savor card and QS card becomes with them so I’ve definitely rebuilt history with them but idk if they’ll do it in that manner or not.
I think I’ve asked similar questions to these before but wasn’t very clear about the circumstances.
Thanks in advance!

1. I'm all for closing the Credit One card, and no it won't hurt you at all to close it.

2. IMHO asking Cap One for favors is a waste of breath, but I would be 'relentlessly' sending verification letters to the bureaus, which might accelerate the lates being dropped.

 


Total revolving limits 639500 (558000 reporting)
Message 6 of 7
Highlighted
Regular Contributor

Re: Closing a credit card/old accounts

Close cards you don't need/want anymore.

 

I closed my Chase FU card yesterday, it was by far my lowest limit, and simply sat in my wallet. I don't want a card that I feel forced to use just to keep open, so out the door it went.

FICO 8s 790-807 across all 3 CRBs

NFCU Platinum: $25K | Discover IT: $8.4K | Amex Delta Blue: $8K | Farm Bureau Member Rewards: $5.5K | Citi DC: $5.3K
Message 7 of 7
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