ok, I have this "Platinum" Capital One card I got a while back...$300 credit limit...they never raised it after 2 years, they only sent me 2 other "Preferred Platinum" cards, each also with $300 limits...pathetic, I know...what's worse is that the oldest card has a $59 annual fee, and each of the two newer ones have a $29 annual fee each.

Now, I just recently got approved for Providian/Washington Mutual card with a $1000 credit limit, with NO annual fee...I'm paying off all the cards, and I should have all my credit cards down to zero by the end of the month.

Once they're all at zero, should I cancel the $59 annual fee Capital One card? Should I cancel all 3 of the Cap. Ones and just keep the Providian?

I know it's bad to cancel old cards, but is it worth paying a total of $120 annual fees on cards I probably won't use, when I have ONE card that has a higher limit than all 3 combined?

I am going to get into the habit of only using cash, which I've been doing for a while, and just using the cards for small purchases and paying them in full each month...

any advice?

How old are you? Or better, were the capital one cards your first ever credit cards?

Call to cancel, and tell them it is b/c of the fee.

They will likely credit it on one or both cards. But best to make sure there is $0 balnce or they might call your bluff.

mikesay98 said:How old are you? Or better, were the capital one cards your first ever credit cards?

I'm 21, and yeah those were my first credit cards...not counting the Burdine's card from about 3 years ago that I had that went to collections...

I spoke to someone before regarding the annual fee, and I told them I got approved for the Providian with no annual fee and I wanted to see what they can do...the gy put me on hold and then hung up on me...

do they have a retention department or do the regular reps handle everything?

ask to convert them to cards with no annual fee
if they can't do that just cancel.
no reason to keep paying annual fees on the otherwise useless card to make you credit history just a little bit longer.

The only reason to keep them would be if you need a perfect FICO score RIGHT NOW.
If you are not buying a house in the next few years then a small decrease in your FICO which saves $117 a year is definitely a good deal

yeah...the oldest card with the $59 annual fee is actually already at a $0 balance, and the other two are each at $200 which are pending balance transfers to the new card, so once the BT are done, they will all be at $0 and the new card will be at $400 which I'm already saving to pay on the very first statement.

so should I call now or should I want until the balance transfers are done and all 3 cards are actually at $0?

While always a good pratice to make sure cards you want to close are paid off ($0 balance) and reported that way to the credit bureaus, it is ESPECIALLY important that you follow this pratice with Cap1. Keep in mind, they will NOT close it until it is $0 and it will take 3 month for the credit bureaus to update.

If ANY charge (e.g. recurring) is made in that window (90-days), the account will remain remain open even though you called to close it, so be very careful.

WhiteGuy said:plz update this with what happens. I have a cap1, first account $500 limit they refuse to up it for the last 4 years although I have no fee for it. I can't close it becasue it's my first card, would hurt my fico. I wonder if you threaten to cancel if they will up the limit..please update us

I recieved a Capital One cc on my 18th birthday. I had $201 credit limit then after 3 month they raised it to $400. I called to get it raised more but they said you can only get it raised once ever 6 month. Unless you have terrible FICO score I don't see why they won't raise your limit. I always pay my bill on time every month with $0 balance...

I was in the same boat. SAME CARD. Same plan.


Cancel that baby. Capital one, and that card & plan suck.

Knives said:ARRRGH! WHAT'S IN YOUR WALLET!Trust me, you don't want to know.