I've been thinking of canceling my Capital One account. Out of all the cards I have, they have given me the smallest credit limit (recently moved up from $300 to $800) and the Highest APR (19.98%) and no benefits. Now that I got my AMEX blue which is ten times better than CAP 1, I don't feel I like using CAP 1 anymore. I opened the CAP 1 account in 3/2001. Should I allow it to age a year before I cancel it or should I get rid of it now? How would this affect my FICO if I got rid of it now? I get the impression that if I stay with CAP 1 for more than 2 years or so with what they have me with now, it would be more difficult to upgrade to their Platinum status with their APR of 9.9%. It would seem easier for me to get their Platinum card if I called it off with them now and came back in 2 years and reapplied in which I might have other platinum accounts with high limits already established on my credit reports by then making it easier for me to get that card. By the way, I have had perfect payment history with Cap 1 and have never been charged interest. All they have done is lost money with me with their time I have wasted over the phone by talking to customer service all the time and I have never given them a dime in return. Any suggestions?
I disagree. Cancelling the card will probably not have any postive effect on your fico score, and if its one of your older accounts, it will even lower your score in the short run. Upgrading your current card to a platinum is in fact hard to do. You would need to raise your limit to $5000, and with the lousy increases cap1 gives, it could take years. But then again, you could hold on to this card, and one or two years from now, when your score is higher, apply for a new platinum card. Your perfect payment history with them will probably help u then. If u are paying an annual fee, send them a PFB letter, and get the fee waived, they will also lower your APR after u tell them about that new AMEX blue card. But thats just my 2 cents. -Roman
I would cancel the CapOne card because it's really tough to raise the limit all the way to 5K unless you have two or three cards with them where you can combine the limits and upgrade at the same time. If you're looking for a 9.9% fixed rate I would recommend applying for a Bank of America Platinum card after a few months of good history with Blue. I think bofa Platinum is much easier to get than CapOne Platinum and their service is great.
I too have a Cap 1 card with perfect payment history since 1996. With this card it will take 4 more years for me to make Plat. status. Cap 1 has never offered my any other card. (current cl 2K) I applied for a Target Visa last week and was approved with a 6k cl. My plan is to use the card once in a great while and keep it until the rest of cc have age. Since my Cap 1 card is my oldest tradeline. Since I have 23 months until my bk falls, Cap 1 will stay. At that point I will not be applying for a Cap 1 Plat. card. Best regards, Mirage
UPDATE: Well just to let everyone know, Cap 1 lowered my APR to 12.9% after talking with them on the phone. When I talked to the lady and mentioned about a lower APR, she told me to wait a couple of months and call back. To my surprise, I got a letter from Cap 1 about 2 weeks later telling me they were lowering my APR. I then got another letter signed personally from the lady I talked to telling me the same thing. It is now my lowest APR card but also with the worst and lowest limit. I'll keep it for now. It'll will make a good gas card.
I have Capital One Classic Mastercard for three years and the rate is 15.9% fixed with $29 annual fee. I keep it for the credit history. Some creditors need long credi thistory inorder to get theri card like Juniper. I used it to buy lunch, grocery every month for keeping the account history active. The card didn't have any rewards bonus. Ron.
