Capital One Credit Card ?

Question

Im not sure if i should keep my Capital one card or not, I think i have way too many credit cards that i do not use,and do not need to use..I like my American Express cards that best..But if you were in my situation would u keep this card even if you dont need to use it? I just want to know if this is a good card to keep or if not. thanks.

Answer 1

If it was up to me, I would keep the one's that do not have a membership fee and had the lowest interest rate. You need to have a couple of cards open to help your credit score. You can actually lower your credit score by closing accounts.

Answer 2

Do you have too many credit cards? It's possible as most people do. When considering which cards to close, examine the cards terms including current interest rates.
Better yet, never carry a balance.
It depends on some of the terms of the credit cards you have.

SOME Amercian Express cards charge a yearly membership fee. American Express "Membership Rewards" and their money rewards card terms are a joke.
There are some places that do not accept American Express

Do you have a Visa or MasterCard from some other company in case your American Express is refused? That could be a debit card to your checking account if you like.

Capital One offers cards to different people with a wide range of credit scores. IF you had bad credit when you got the card, then yes call Capital One up and close the account.
If you have a good credit rating, then consider converting to a Capital One Rewards, card with a CASH reward.

Capital One has some very nice promotions for balance transfers IF YOU READ THE OFFER CAREFULLY.

Answer 3

I would close it if it's has no good point at all having it.
In fact, I will close 2 of my capital one cards(I have 3)soon. Why?

I checked my credit reports. Capital One does not report the Credit Line. It only report the amount I used.

That hurts my credit score because, the balance ratio will look bad if I use that card.

Like this, I have 5 credit cards, total should be $20,000 in credit lines. I used $5000.
That is only 25%

Then, I have $3000 credit line with Capital One's cards and, they do not report the credit line.
That make my report look like I have total of $17000 with the usage of $5000 or, 30% already.

Since, they don't report the credit lines, closing them wont hurt the score too much.
Unless, that's one of the oldest credit on the report.

Answer 4

It depends how much usage you had on the card. If you had the capital one as one of your very first cards, i'd keep it because it'll show on your credit report that you've have a credit card for a long time which good standings on it (assuming that you pay your bills on time). Secondly, if you didn't use the card as much and it's a fairly new card, I'd cancel it if it's giving you a higher interest rate and annual service fees than your other cards.

I had 6 credit cards, and I cancelled 3 of them because they were newer accounts, and higher interest rates. I kept my very first card which was a student captial one card (this card records that I've had credit since 2000), the 2nd card I kept is my Capital One Platinum which is my low interest rate (6.9%) card and I have a high credit line, and the 3rd credit card is a clothes department card that I use for discounts at the store.

I hope this helps!

Answer 5

Most banks will not give anyone an increase in credit limit until you have a proven record of timely payments and more then minimum. This usually takes a year at least. Once you have had it for a year, no harm in calling and requesting an increase. If your credit history is not too great you may not ever see an increase (Capital One is tight on giving out increases) I know, I have one account that I have used maybe 4 times in the past (going on 10 yrs now) and they never increased it. Good luck and hope this answers your question

Answer 6

Capital one is one of the few banks that will not jack up your interest rate because of having high balances on other cards. I would keep it. It is better to have one with a zero balance than to have one that was closed.

Answer 7

I cut that one up. Before anything they take a service charge. I only kept my cards that does not charge this, yes there are credit cards who do not charge a annual fee, this other fee and that other fee....fee,fee,fee so many fee's with that card, at least mine there was..

Answer 8

DO NOT cancel the card - just use it every few months to keep it active on your bureaus

Answer 9

I want to keep this card