Quick Question about closing low CLI cards

Discuss the Visa & MasterCard payment networks as well as cards that operate through them.
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cashinout
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Quick Question about closing low CLI cards

Postby cashinout » Mon Apr 28, 2014 12:41 pm

I have two visa cards that are with capital one that i got about 2years ago one is Classic Platinum (now quicksilver one) 500 limit and the other is Sony Rewards /750 i have never missed any payments or had any negative experience with them however they have never given me a CLI whether its initiated by me or auto so I at this point do not see either of these cards growing and want to cxl i am willing to take the hit on average account age since it would drop, however my question is would this cause my credit score to drop I just got it back up over 740 now and want to keep it above 700.
Fico 699
Fake - 704
Amex Plat - NSPL
Chase Freedom - 11k
Chase Sapphire Preferred - 13k
Chase Marriott Rewards Preferred - 15k
Chase United Milage Plus Club 15k
Chase Ritz Carleton Card 11k
Discover IT - 9k
Citi AA Advantage Executive Elite - 11k


Bama87
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Postby Bama87 » Mon Apr 28, 2014 2:17 pm

I'm still new here and still learning, but from what I have read (I'm sure I will be corrected if I'm wrong):

Even when you close cards they still count towards your AAoA for 10 years, so you won't be dinged for this right away.

Also, Since you are only giving up $1,250 or around a 3% drop in your available credit, your credit scores shouldn't take too big of a hit.

Like I said I am very new here and very new to this whole credit card game, but I would have to think you wouldn't drop 40 points.

linuxmachine
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Postby linuxmachine » Mon Apr 28, 2014 3:22 pm

Bama... you are... correct :) I don't have much to contribute, but I'm sure it helps with confidence if I supported Bama's post :)

cashinout
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Postby cashinout » Mon Apr 28, 2014 7:10 pm

Bama87 wrote:I'm still new here and still learning, but from what I have read (I'm sure I will be corrected if I'm wrong):

Even when you close cards they still count towards your AAoA for 10 years, so you won't be dinged for this right away.

Also, Since you are only giving up $1,250 or around a 3% drop in your available credit, your credit scores shouldn't take too big of a hit.

Like I said I am very new here and very new to this whole credit card game, but I would have to think you wouldn't drop 40 points.


Thanks Bama87 both of these are gone thanks for responding.
Fico 699
Fake - 704
Amex Plat - NSPL
Chase Freedom - 11k
Chase Sapphire Preferred - 13k
Chase Marriott Rewards Preferred - 15k
Chase United Milage Plus Club 15k
Chase Ritz Carleton Card 11k
Discover IT - 9k
Citi AA Advantage Executive Elite - 11k

cashinout
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Location: USA

Postby cashinout » Mon Apr 28, 2014 7:14 pm

linuxmachine wrote:Bama... you are... correct :) I don't have much to contribute, but I'm sure it helps with confidence if I supported Bama's post :)


Thanks Linuxmachine for taking the time to respond and back up Bama87 I cxl them they didn't even try to retain said that they couldn't tell me why I never got CLI then the Sr Manager said the magic words i asked what credit report are you looking at he said the one I am showing based on the last time you requested a CLI which mind you was March 25 2014 , the credit report from experian was dated Nov 2013 yes they were basing a request off of a credit report that is well over 5 months old... at that point i new they were crap cxl please.
Fico 699
Fake - 704
Amex Plat - NSPL
Chase Freedom - 11k
Chase Sapphire Preferred - 13k
Chase Marriott Rewards Preferred - 15k
Chase United Milage Plus Club 15k
Chase Ritz Carleton Card 11k
Discover IT - 9k
Citi AA Advantage Executive Elite - 11k

Bama87
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Postby Bama87 » Mon Apr 28, 2014 9:11 pm

Good job. Its weird seeing everyone talk bad about Capital One. Just got the Venture and it was a Visa Signature :) Needless to say they are on my good side for now.

Linux - thank you for the confirmation.

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otter
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Postby otter » Mon Apr 28, 2014 10:21 pm

Bama87 wrote:Good job. Its weird seeing everyone talk bad about Capital One. Just got the Venture and it was a Visa Signature :) Needless to say they are on my good side for now.

Linux - thank you for the confirmation.


The thing with Cap One is once you have a sub-prime card with them, they treat you like a sub-prime customer forever (at least with that card). You can apply for another card once your credit is better and they might treat you good with that other card, but YMMV...
In my Wallet:
  • Amex PRG NPSL[3-14, bd 91]
  • Sallie Mae MC $8000[1-14]
  • Chase Freedom $4700[1-14]
  • Discover It $2750[8-13]
  • BoA UCF Alumni Cash Rewards $5000 [3-15]
Sometimes in my Wallet:
  • GM BuyPower WEMC $5000[9-14]
  • Wells Fargo Propel 365 Amex $7000[4-14]
  • Barclaycard Arrival WEMC $7000[3-14]
  • BoA Better Balance $3000[2-15]
In my sockdrawer: Amex BCE $1000[10-13, bd 91], OCCU Duck $10000 [11-13], The Sportsman's Guide Visa $8000[8-14], Chase Slate $4000 [9-14]Delta Gold Amex $2000 [2-15 bd 91], Diners Club MC $20000 [10-14] Commerce Bank Visa $2000 [3-15] Citi Double Cash $1000 [3-15]
Total CL: $90450

takeshi
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Postby takeshi » Tue Apr 29, 2014 8:55 am

Bama87 wrote:Even when you close cards they still count towards your AAoA for 10 years, so you won't be dinged for this right away.

Also, Since you are only giving up $1,250 or around a 3% drop in your available credit, your credit scores shouldn't take too big of a hit.

I haven't confirmed the math on available credit but the OP could run the numbers to verify the impact to utilization. In any case, I was just adding a +1 to saying that the statements above are correct.

otter wrote:The thing with Cap One is once you have a sub-prime card with them, they treat you like a sub-prime customer forever (at least with that card). You can apply for another card once your credit is better and they might treat you good with that other card, but YMMV...

Yup -- specific product makes a difference.

It's generally suggested that one see if the EO will PC the sub-prime CO cards. Some have luck with this, some do not.

Troublemaker
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Postby Troublemaker » Tue Apr 29, 2014 9:44 pm

cashinout wrote:I have two visa cards that are with capital one that i got about 2years ago one is Classic Platinum (now quicksilver one) 500 limit and the other is Sony Rewards /750 i have never missed any payments or had any negative experience with them however they have never given me a CLI whether its initiated by me or auto so I at this point do not see either of these cards growing and want to cxl i am willing to take the hit on average account age since it would drop, however my question is would this cause my credit score to drop I just got it back up over 740 now and want to keep it above 700.


Considering such low limits (and hoping you do not carry a balance on your other credit cards) I don't think it would ding your score by 40 points. I used to have 2 cards from capital one and a sony card. Both were low limit crappy cards so closed them and a bunch of other useless cards as well. Score did take a dive but not more than 10 points a card.
DoubleCash '99:10k / Freedom '07:11k / CU '11:15k / Slate '14:13k / Premier '15:10k / InkPlus '15:5k

Troublemaker
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Postby Troublemaker » Tue Apr 29, 2014 9:45 pm

Bama87 wrote:Good job. Its weird seeing everyone talk bad about Capital One. Just got the Venture and it was a Visa Signature :) Needless to say they are on my good side for now.

Linux - thank you for the confirmation.


I don't get it. Are you happy that it's a signature card or that Capital One graced you with a card? IMV, a signature card isn't without it's drawbacks (highest balance reported as CL etc.)
DoubleCash '99:10k / Freedom '07:11k / CU '11:15k / Slate '14:13k / Premier '15:10k / InkPlus '15:5k



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