Should I close this forsaken card now, or later?

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5 posts
Jooxi
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Location: NY

Should I close this forsaken card now, or later?

Postby Jooxi » Sun Jul 22, 2012 12:20 pm

Hi everyone,

First of all, sorry for so many recent questions, but, as mentioned before, I am new to the credit game!

I currently have 3 things open:

1. Capitol One card - $275 limit (it pains me to write that) - Opened November 2011
2. Three year auto loan - Opened March 2012
3. Citi Forward card - $3,500 limit - Opened July 2012

I very much want to get rid of the Capitol Card at some point. Besides the $29 annual fee, and the secured deposit they have squirreled away, I can truly envision being 70 years old, calling their automated RoboAnswerBot hologram line, and being told that no, they can't raise my credit right now, but they do periodic reviews and may raise it in the future.

So my questions are:

1.Should I get rid of it now, or later? It is my oldest card, but that is only about 8 months.

2.How much of a credit score drop can I except if I close it? And how long would it take to recover that score drop?

3. Which would be more damaging to my score - to close it now, or to wait a year or 2 and close it then? Or, are they equal evils?

My only reasons for keeping it open would be to have 2 credit card open so that in the future, it would be easier to apply for cards that seem to require that (Amex Blue Cash, etc.). I don't like it, but can pay the $29 annual fee for a year or two if it helps me build my credit.

I really appreciate any info you guys have on closing accounts at this stage in the game!


DeadSpider
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Joined: Tue Jun 12, 2012 10:51 am
Location: Las Vegas

Postby DeadSpider » Sun Jul 22, 2012 2:22 pm

Open a NEW card right before you close CRapOne and save your $29.
I had a TARGET card since 1996 stuck at $200 recently closed it because they refuse to increase makes $275 a mile stone LOL

Don't worry about your score the card will still be your credit report for 10 years.
Amex Blue Cash is a good card unless your do lots of home cooking then i would get the PREFERRED for $75 a year well worth the $
Cap! QuickSilver VISA 2005 $6500
Chase Freedom MC 2006 $5000
Amex Sky 1999 $2000
BCE 1999 $8800
NFL 2013 $1500
Discover IT 2013 $3500
FICO July 16/2012 ---- 742 Experian (Amex)
BK comes off ---- 9/2014

Bobzig
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Joined: Wed May 30, 2012 4:01 am
Location: California

Postby Bobzig » Sun Jul 22, 2012 7:18 pm

I'm in the same situation. I have a Capital One that I really wish to close, however it is my oldest card, got it in my early 20's.
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Bobzig
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Posts: 49
Joined: Wed May 30, 2012 4:01 am
Location: California

Postby Bobzig » Sun Jul 22, 2012 7:22 pm

What are your plans with your Cap One Spider? Won't they close your account if you leave it inactive for too long?
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DeadSpider
Platinum Member
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Posts: 82
Joined: Tue Jun 12, 2012 10:51 am
Location: Las Vegas

Postby DeadSpider » Sun Jul 22, 2012 8:20 pm

I don't know if they will close the account or not i don't care LOL.
I had a balance of $4000 recently paid it off and asked for CLI and they told me to F*** myself been stuck at that limit for a while started at $200 and won't even lower my APR.

The only thing my CrapOne is good for 1 year balance transfers @ 0 APR with 3% transfer rate.
Ever since i paid it off i get 2 offers a month to transfer $$ !! Maybe next time i get offer i'll call and say i need higher limit to the transfer but ill end up with inquiry and same were sorry will review your account bla bla bla and waste my time.

I can probably get any CapOne card with higher limit if i apply but why bother when there are lots of bank will actually review your account and give you limit you deserve.

I closed my oldest card because of $200 limit TARGET and im about to close my wife's CapOne her first card stuck at 750 without AF
Why have a $750 limit thats never going to be used when she has10K+ limit cards.

Don't need any cars or home loan and any credit for now. Closing a card won't do anything till comes off credit report in 10 years.
Cap! QuickSilver VISA 2005 $6500
Chase Freedom MC 2006 $5000
Amex Sky 1999 $2000
BCE 1999 $8800
NFL 2013 $1500
Discover IT 2013 $3500
FICO July 16/2012 ---- 742 Experian (Amex)
BK comes off ---- 9/2014



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