Going to drop a card. Good idea?

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Ikarus
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Going to drop a card. Good idea?

Postby Ikarus » Sun Jul 06, 2014 9:48 pm

My lower Cap One card ($750) has given me nothing trouble (fraud, low CL, and now a reinstated annual fee). To boot, I missed the boat on upgrading it to a Quicksilver.

So I'm ready to drop it (first annual fee payment of $9.50 is due today).

Good idea?

I have nearly $25K in overall credit, so I don't think losing $750 will hurt me. It's not my oldest cold (the other Cap One card is).

Using Cap One's credit simulator, my FICO score does not change.

What are the pros and cons of dropping this deadweight card?
Merrick Bank (Hooters) 4100
Cap One Quicksilver 2800
Discover it 2500
Citi Forward 5400
Chase Freedom 1000
AMEX Blue Cash Everyday 5500
Citi Dividend 5600
Cap One Visa Platinum 750 (CLOSED)


rockyrock
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Postby rockyrock » Sun Jul 06, 2014 10:14 pm

No real cons as far as I can see given what you have disclosed. Get rid of it.
American Express (2005): Green & Blue Cash Everyday
Chase: Freedom & UA Club USAA: Signature Visa & American Express
Discover it Bank of Hawaii Hawaiian Airlines WEMC Synchrony Sam's MC
Navy FCU Platinum Visa Citi Double Cash & AT&T Access MC

jrmsu
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Location: Mississippi

Postby jrmsu » Sun Jul 06, 2014 10:41 pm

If it was a no annual fee card, I would say keep it and stick it in the sock drawer. Since it is not, I would drop that card as soon as I could.
My Cards:

Discover It - $8,450 (9/13)
BankAmericard Cash Rewards Visa Signature - $5,000 (4/14)
Chase Freedom - $3,000 (5/14)
AMEX Hilton HHonors - $16,500 (6/14)


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CarefulBuilder14
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Postby CarefulBuilder14 » Sun Jul 06, 2014 11:23 pm

Get rid of it. You don't need to pay an annual fee for anything without a great rewards program. The good history with the card will remain on your credit report for several years. By the time it drops off, your others cards will have boosted your average account age.
Keeping indefinitely: IHG, SchwabPlat, CSP, Discover, Freedom, ED, BCE, Hyatt
May close or PC: Prestige, Arrival, BrooksBros
AA Platinum converting into Costco

Might add: Proper business card, CSR, Ritz, Delta Gold, First Tech
Letting new accounts cool off since May

Ikarus
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Postby Ikarus » Sun Jul 06, 2014 11:50 pm

I tried to close the card and Cap One will not let me!

A fraud dispute is still on the account (even though the card number has been changed). Until the dispute is settled, I cannot close the account.

I've also been told that I still have to pay the $9.50 annual fee (which was cut in half thanks to a talk with a rep back in May).

I don't want the card. Why should I have to pay the annual fee, which signifies I want to keep the card for another year???

Annoyingly enough, when I called to speak to a rep about the account, the automated system automatically activated the new card. I did not want to do this!
Merrick Bank (Hooters) 4100
Cap One Quicksilver 2800
Discover it 2500
Citi Forward 5400
Chase Freedom 1000
AMEX Blue Cash Everyday 5500
Citi Dividend 5600
Cap One Visa Platinum 750 (CLOSED)

MemberSince99
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Location: WI

Postby MemberSince99 » Mon Jul 07, 2014 6:05 am

That's ridiculous. You should be able to close the card regardless of a fraud dispute. Sounds like they are just trying to extort the fee from you.


Just shows what Crap One is good for. Dump them as soon as you can I'd also dump their MasterCard and get rid of them completely. With the cards in your signature you sure as hell don't need that clown posse.

jrmsu
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Postby jrmsu » Mon Jul 07, 2014 10:43 am

Ikarus wrote:I've also been told that I still have to pay the $9.50 annual fee (which was cut in half thanks to a talk with a rep back in May).


Even if you have to pay the annual fee, I would not keep that card another year. Cancel it as soon as you can. In fact, I would close the other CO card as well. Your good payment history will stick around for a few years anyway while the rest of your cards age. After what they did, I would not want to do business with Crapital One ever again.
My Cards:

Discover It - $8,450 (9/13)
BankAmericard Cash Rewards Visa Signature - $5,000 (4/14)
Chase Freedom - $3,000 (5/14)
AMEX Hilton HHonors - $16,500 (6/14)


popamode72
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Postby popamode72 » Mon Jul 07, 2014 1:49 pm

Like everyone else here, just dump it immediately and move on. You don't have to waste your time if the company's just looking to nickel and dime you like that. If CapOne ever did that to me, they would immediately be the first card to go no matter what kind of card it is.
Macy's TLs (21k), Lowes (17k), CSP (10k), Sam's Club (10k), Nordstrom (5k), AARP (4.2k), Freedom (3k), Discover (1.5k), Quicksilver (2k), BoA (3k), Barclaycard Arrival (2.5k), Amazon Store (6k), Paypal (4.9k), Sam's Club MC (3.6k), Walmart MC (1.2k)

Ikarus
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Postby Ikarus » Mon Jul 07, 2014 6:34 pm

Successfully dropped the card!

A rep removed the disputes on my card. They were settled last summer, so he erased them, which in turn allowed the card to be closed.

Then spoke to a supervisor who asked why I was closing the card (low CL, annual fee, no rewards -- kidding me?!) and facilitated the closing process. The annual fee was removed, leaving no balance.

The card will be reported to the credit bureaus as "closed per consumer request" and "paid in full."

I guess it pays to call during the day instead of dealing with the skeleton crew at night.

Glad to have that card out of my wallet!
Merrick Bank (Hooters) 4100
Cap One Quicksilver 2800
Discover it 2500
Citi Forward 5400
Chase Freedom 1000
AMEX Blue Cash Everyday 5500
Citi Dividend 5600
Cap One Visa Platinum 750 (CLOSED)



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