i have a capital one credit card.. and i recently realized how horrible of a credit card company they are so i want to close out my account with them.
i do have a balance with them though, but i was looking to transfer that balance onto my bank of america credit card and close out the capital one. But... closing out credit cards is bad for your credit, so what should i do?
2007-12-27 16:16:22 · 1 answers · asked by Anonymous in Business & Finance ➔ Credit
If the card doesn't come with fees, don't close it. Just keep it in your safe and let it work for you in raising your score.
Pull it out about every 6 months or so and make a small purchase for something that you are already planning on buying (gas, t-shirt, etc) and pay in full when you get the statement.
If it does come with fees then you might think about going ahead and taking a hit on your scores by closing it.
Before you close it you might contact Cap One and tell them you are considering closing the account because of the fees and ask them to waive the fees. If they waive the fees you might consider keeping it open.
If you are planning on making a major purchase in the near future - home, auto, etc., you should wait to close the account until after the purchase is made.
Before you close the card, you might replace the Cap One with a card from a different creditor.
2007-12-27 20:38:44 · answer #1 · answered by echo 7 · 2⤊ 0⤋