Credit Card Forum
  1. #1
    Gold Member
    Join Date
    Jul 2012
    Location
    NY
    Posts
    30

    Default Which option do I take?

    Hi everyone,

    It's been awhile since i've been here!

    As you may remember, I have 2 credit cards: A Capital One Secured ($275 limit...man that is low) and a Citi Forward ($3,500 limit).

    The Capital One secured is about 1 year old. The Citi Forward is about 8 months old.

    Capital One, true to form, is not giving me any credit limit increases, and there seems no way to upgrade the card. I don't want to keep this card forever, but I also don't want t kill my credit score.

    Which route do I go?

    1. Close the card now, and apply for another if needed? This will lower my average age of accounts.

    or

    2. Keep the card for a another year or so?

    I really appreciate any advice you may have for me!
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  2. #2
    Centurion Member Snowman's Avatar
    Join Date
    May 2012
    Location
    North Los Angeles County
    Posts
    584

    Default

    The only thing about Cap one is that if you close it now, it will lower you AAOA, but I've never had any dealings with Cap one, but I would say to close it, everyone I know says negative things about them and their practices.
    Cards And Credit History
    Bank Of America: BankAmeriCard Cash Rewards (3% Gas, 2% Grocery, 1% everything else). 4/25/12-1,000$ (CLI Increase on 6/15/13)
    Citi: Forward (SM) Card (5x points on Restaurants, bookstores, music stores, video rental stores, movie theaters, 1 point for everything else.) 10/27/12-3,000$ (SP CLI 2/8/14)
    Discover: More. 10/27/12-1,500
    Amex: PRG.- 11/24/12 (Closed 12/13/13) Amex BCE.2k-12/7/13. Amex SPG-4k.-12/8/13
    Chase: Freedom-2,400-5/1/13. Southwest Rapid Rewards Plus- 3,600- 6/15/13.
    Future Cards
    Marriott Premier Rewards
    American Airlines AAdvantage Gold
    Chase Sapphire Preferred
    Fidelity Amex
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  3. #3
    Centurion Member
    Join Date
    Aug 2011
    Location
    Phoenix
    Posts
    922

    Default

    Closing the account will not effect your Average Age of Account. Even closed accounts (good or bad) are factored into the AAOA caluclation (until they run their course and fall off your bureau-usually after being closed for 10 years). Where it will effect your credit is with your open to buy/debt to credit ratio. But honestly, it really won't as the $250 credit limit loss won't hurt you at all (unless you are maxed out on Citibank).

    As you pointed out, Capital One has, for the past few years, not been giving increases on their rebuilder cards. Some people on another credit board have been reporting small, but impressive (for Cap One) credit line increases and there are whispers that Capital One is reviewing their CLI proceedures; however, if the card is no longer benefiting you, and has a very small chance at growing with you, then you may as well close it.

    If you decide to open a new account to replace Capital One, that will lower your AAOA...however, at your stage in the credit game..it won't kill you.
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  4. Green Member
    Join Date
    Nov 2012
    Location
    Biloxi,MS
    Posts
    2

    Default

    I would say leave it open. I closed two credit card account and it hurt my score. So all I do now is cut up the cards and leave the accounts open. ITs best to let the credit card companys close them for you. another thing is dont fret over capital one.. They suck! I have had the same limit since they gave me one.
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  5. #5
    Centurion Member
    Join Date
    Jun 2011
    Location
    New York state
    Posts
    1,381

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    Jooxi I wouldn't close out your capital1 card what I would do is go down to your local branch, talk to a branch mgr. explain to them that your very dissatisfied with your credit limit of 275.00 explain to them that your citi forward has a 3,500 limit on it it, tell them that if they don't raise
    your limit that you will put your capitol1 card in a souvenir wallet and you will give your business to citibank. they may say to you that's your decision but there not giving you a credit limit increase.
    If talking to a branch employee doesn't work I would then call the back of your card and talk to an account mgr, go over the same thing as you did in the bank, if this doesn't work, they say they can't give you an increase, call back again when an account mgr picks up tell them you want to speak with a supervisor explain the situation, tell them what you want done if the supervisor says there not allowed to give credit increases tell them that your going to put your capital1 card in a souvenir wallet and your going to use your citibank forward card
    and once in a while you will use your capital1 card. see where this goes.
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