My Capital One is 3 years old, $300 dollar limit. My Chase is 2 years old, $1000 dollar limit. I just got approved for, and rec'd: GM Card, $2000 limit Corvette Card, $3500 limit Best Buy Card, $2200 limit I want to close Capital One because I am afraid of having too many actual credit cards on my report, but will that hurt me? They won't increase my credit line and I am furious with them. I have no intentions of applying for anymore credit for a long time, as I have all the I wanted (and more now). My future goal is an AMEX card, but that's about all I'll need. I have sock drawed Capital One and don't plan on using it but once every couple months. Should I just do that and forget about it and continue to let it age? Or close it because I am starting to get too many accounts? Thanks, JPARTDQ
My advice is to CLOSE it. Thats what I did when they did not budge and my FICO only dropped 5 points and have had no trouble getting other cards/offers. I want the AMEX card too, but have to wait until 2004 due to my CH7 BK
5 is not too many. I have twelve and my scores are over 730. In regards to Capital One I just closed my oldest card (Capital One-3.2 years) because they don´t want to increase my 2.9k credit line. So don´t waste more your time with them and dump it!.
I would keep it for the aging but only if it costs you nothing to keep it. I would use www.planetfeedback.com to write a letter to Cap1 that you have appreciated the card but the small limit is just out of line with your needs. when you talk with the exec dept see what they can do for you... they can go at least 1k increase (up to 5k I've seen) and then while you're talking... try to get no annual fee and 8.9 fixed interest rate... if you get even a 1k increase and better terms, keep it and call the exec dept every 9 mos for line increases. In several years with only a few calls you can have a plat card with prime terms and a long history. those new cards need balance b/c you've got a very young average card age now. If the exec dept does nothing for you (they've always been able to help before) then I'd close it at your renewal month (get the max time on the report for your money if you have an annual fee). Sometimes we close cards too quickly. if we were talking about Providian (where their reps have NO POWER at any level) then I'd close it without thinking... but Cap1 reps can still make changes, you just have to go high enough.
not to hijack this thread but.... what is the address to close my Capital One acct? I have a Visa and a MC from Capital One and I stopped paying my Cap One MC soon after it became a charge off they (CapOne) decrease me Visa card to $200 from $1200. I paid off my remaining balance on the Visa and would like to close it now. But where to write and send the cut up card to?
