MemberSince99 wrote:I had read on FICO where a guy said he applied with Chase and they basically sneered at the Cap One accounts they saw in his report. They seem to think very little of Cap One (I've heard Amex regards them the same way). if the accounts are true, which I've seen enough that I really don't doubt.
It probably would not cause an automatic rejection but if you aren't auto approved and have to get reviewed or recon they could bring it up. A good history and some quick smooth talk would probably outweigh it (just tell them you realize Cap One is bad and that's one of the reasons you are applying with Chase so you can move on to give your business to a better class of lender. Should be the truth and do the trick).
Ya I did tell them that I am closing them in the near future. They then decided to do another review and another and came back with try again in 6 months as your newest accounts are less then 90 days old and if no new accounts are added that there should not be an issue with it. They did mention my credit shopping for school loans but once they found out they were school loans they didn't care about the inquires anymore.
I canceled a Cap one a few days ago keeping one as it is the oldest account I have. Once my CL's are increased on my Amex and Chase Freedom that cap one is gone too!