In 1996, I got a cap one card because my credit was tanked. I signed up for a secured card and received a $300.00 cl. Currently, I have several good cards, discover, boa with high cl and I no longer need my old cap one. BTW they only increased my credit to $1500.00 after all this time. If I cancel the card, it still reports. Will I really lose points if my oldest card is inactive but reporting? I don't want to pay the $35.00 fee, and the CSR didn't budge when I called to get it waived. Isn't it like paying off an installment loan? It still reports but is zeroed out? Thanks for your help!
How much other available credit do you have compared to the 1500 available on that card? When was that card opened compared to your next oldest card?
Cap 1 - 1996 1500.00 BoA - 2002 7000.00 Discover. - 2003 5200.00 Target Guest - 2002 600.00 Ethan Allen - 2002 1500.00 Marshall Fields- 1997 3500.00
Looking at the age of your other cards, I would definitely keep Cap1 open for at least another year or two - until your newer cards start to show some age. You'd be surprised at how the average age of your accounts can affect your overall credit picture. And while it's not the biggest part of your score, it certainly helps.
I would keep it open. Agree with previous poster that history plays a huge part in fico scores. cancelling it would be nice, but your fico score would really take a hit. So, is it worth it? You have to decide thatl.
I was considering closing my Crap One card also. I have the following accounts: Providian: CL $1800 Providian: CL: $1000 Fleet: CL: $3,000 Bank of America: $5,800 MBNA: CL: $7,000 Citibank: CL: $1,500 Old Navy: $2,500 Target Visa: $2,000 Crap One is $500, has a $59 annual fee, and they refuse to give me my security deposit until the account is closed. My providian account is the oldest account. Crap One is the second oldest. I just find it hilarious Old Navy has raised my limit to 5 times that of Crap One. I am wondering if I should just close it.
I had 3 Cap Ones. I just consolidated them recently to keep one. Although it's only about 10k limit and I never use it, I keep it because its old and they were very good to me. Cap One was included in my BK, and they still gave me a card within 3 months post-bk. They have always treated me with respect. I keep the card becuase if that. Might seems silly, but that's why I still have it (even though it is in the sock drawer and only used for a monthly $9.98 bill I have on auto-pay that I immediately pay off every month).
if i were u. i would close the capital One card as i did with my oldest card two years ago (also a crap One card). My scores didnt lowered as fact they increased some points. I already have plenty of platinum cards with much better offers and cr lines. But if u dont want to close it.. i would definitely call to an special department they have... do a search for Mr cooke on this forum or write a planetfeedback letter to them requesting to waive the anual fee, rise limit and decrease APR. they will probably call u back in a couple of days.
rocket.. Dump it!!. you will feel really good after do it. no reason to keep it (in ur case). i canceled mine as i said in the previous message. and was the best thing i have ever done. The special dpt i said in previous message is: 1-800-955-1455 "ask to be connected with the office of the consumer advocate". dont know if that number still works btw.
in ur case rocket i will cancel the card straight. bcs u have good credit lines with prime isuers. and capital one wont u offer to much more.
in ur case rocket i will cancel the card straight. bcs u have good credit lines with prime isuers. and capital one wont u offer to much more.
CANCEL IT right away,., reason 1: You are paying fees... not worth the 35$ a year espcailly given you have other CCs reason 2: even though you have a 1500 CL it might not be reported as 1500.. Judging fromj the number of cards you have no you may get a small tiny hit when cenceling the Cap1 but in the grand scheme of things it will not make too much of a difference..
Re: Re: Capital One-sock drawer or cancel? I just realized I have some auto pays that go to my Crap One account so I have to cancel those before I dump Crap One. I read the card issuing agreement, and it states that if your account is closed, and an auto pay is attempted on the account, the charge will be deemed as a request to reopen the account. Isn't that just lovely?
My Equifax FICO is 789 with a closed Cap 1 in Dec. 2003 along with another credit card from 1994 to 1998. My ONLY open credit card is with 0% utilization opened in April 2003. Thin credit files does not automatically mean poor fico scores.
My Equifax FICO is 789 with a closed Cap 1 in Dec. 2003 along with another credit card from 1994 to 1998. My ONLY open credit card is with 0% utilization opened in April 2003. Thin credit files does not automatically mean poor fico scores.
Re: Re: Re: Capital One-sock drawer or cancel? thats not true. If u close the account all automatic charges after that will be declined . thats all.
Re: Re: Re: Re: Capital One-sock drawer or cancel? I read my card agreement, and it states that any attempt to use my account after I close it may be deemed a request to reopen the account. I am looking at the agreement right now.
Re: Re: Re: Re: Capital One-sock drawer or cancel? Before you make up your mind, if you live in So California, read my thread about looking for a Cap1 Customer in So Cal. Steve Flyingifr
