Should I cancel my Capital One card?

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InCreditWeTrust
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Should I cancel my Capital One card?

Postby InCreditWeTrust » Sat Mar 31, 2012 7:10 pm

Greetings,

I am new to this forum. I am Univ student, work 2-part time jobs, and have 3 card credit cards currently (Citibank, Capital One, WF Platinum).

I am thinking about canceling my Capital One CC, after I finish with payments and therefore I would like to find a quality replacement card. What do you guys recommend or should I even bother at this time in applying for a new card?

I recently acquired my two other cards as well. So should I cancel my capital one credit card and apply for a new one soon after and if so which one?

Regards, In Credit We Trust


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Postby InCreditWeTrust » Mon Apr 02, 2012 4:12 pm

Does anyone have any idea or advice regarding this inquiry?

jbman04
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Postby jbman04 » Mon Apr 02, 2012 4:28 pm

If you pay an annual fee on it then yes cancel it, if you do not pay an annual fee, take it out of your wallet and put it in a lock box. Having an open line of credit age and grow older is good; also you can use it for emergencies.
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namvet
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Postby namvet » Mon Apr 02, 2012 5:51 pm

How long have your credit cards been open? What are your 3 fico scores? How many inquiries do you have? Why do you want to cancel the card?

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Postby InCreditWeTrust » Mon Apr 02, 2012 6:57 pm

My C1 has been open for over a year, my other two are recent cards so not much history with them. I don't have my Fico scores but on Experian my CR is 693. As for credit inquiries I think three considering I've applied for 3 CCs in the past year+.

I am contemplating canceling the C1 card considering its low credit limit and potential, with C1 I am currently at $500 credit limit (it is my first card). I just don't see long term potential with this card. I also think it will free up space for other credit cards if that makes sense.

namvet
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Postby namvet » Mon Apr 02, 2012 7:45 pm

OK since you have a year of history with Cap One go ahead and close it. Make sure there is no balance before you close it. You have more inquiries than you think due to the fact that Cap One pulled all 3 bureaus when you applied. Try not to apply for too many cards too quick. One app each 6 months is plenty while you are building credit. Good luck.

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Postby andy1088 » Mon Apr 02, 2012 7:55 pm

I have extremely mixed feelings for Cap1. I love how they gave me a secured card for only $50 last year and gave me my first real rewards card (newcomer), but hate their low credit lines and terrible, terrible customer service. I just closed my secured card because they wouldn't waive my membership fee ($29.99) and I had no need for a card with 26% interest and a $300 Credit Line. You seem to have other cards that are better I'd say close it before it ages and becomes more valuable. I'm keeping my newcomer card, but my secured one is gone.
My cards
Chase-Sapphire-$5,000 Freedom-$3,000, Amazon rewards-$700, Slate-$600
Citi- Diamond Preferred-$4,000, Thank you-$2,500
Discover IT-$2,500
Bank of America cash rewards-$2,000
Capital one newcomer rewards-$500

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InCreditWeTrust
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Postby InCreditWeTrust » Mon Apr 02, 2012 8:57 pm

I have had my C1 Platinum card for nearly 2 years (I just checked), I have requested a credit limit increase several times (over their automated phone service), and each time they have refused to increase at the time of my request. I started with $300 credit limit months later they increased it to $500 (at their choosing). I just don't see much potential in this card, and C1 Platinum just seems futile.

Does anyone think it would make a difference if I directly request a credit limit increase from C1 from a representative? I'm willing to keep my C1 account if they increase the limit substantially, until now they have failed to do so.

Regards, In Credit We Trust

PS C1 customer service is unhelpful, it's difficult to get a live-person on the phone.

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Postby InCreditWeTrust » Mon Apr 02, 2012 9:05 pm

andy1088 wrote:I have extremely mixed feelings for Cap1. I love how they gave me a secured card for only $50 last year and gave me my first real rewards card (newcomer), but hate their low credit lines and terrible, terrible customer service. I just closed my secured card because they wouldn't waive my membership fee ($29.99) and I had no need for a card with 26% interest and a $300 Credit Line. You seem to have other cards that are better I'd say close it before it ages and becomes more valuable. I'm keeping my newcomer card, but my secured one is gone.


Yes, my Citibank Simplicity and WF Platinum are far more better than my C1 Platinum card, especially considering the credit limit on those two is significantly higher. The Citibank simplicity card also has a favorable terms of service.

As for Capitol One, I agree with you they have terrible customer service, for that reason alone I think I will close my account with them; it's extremely difficult to get a live-person on the phone, I would probably have an easier chance walking on water.

Regards, In Credit We Trust

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Postby namvet » Mon Apr 02, 2012 9:45 pm

InCreditWeTrust wrote:I have had my C1 Platinum card for nearly 2 years (I just checked), I have requested a credit limit increase several times (over their automated phone service), and each time they have refused to increase at the time of my request. I started with $300 credit limit months later they increased it to $500 (at their choosing). I just don't see much potential in this card, and C1 Platinum just seems futile.

Does anyone think it would make a difference if I directly request a credit limit increase from C1 from a representative? I'm willing to keep my C1 account if they increase the limit substantially, until now they have failed to do so.

Regards, In Credit We Trust


PS C1 customer service is unhelpful, it's difficult to get a live-person on the phone.


IMO it won't help. Once you get a builder card it is not possible to product change to a better card with Cap One. I have not heard of anyone getting a CLI unless it was generated by Cap One. Calling will do no good.



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