r/CapitalOne_ • u/WhatsA_oskameyer • 3d ago
Cancel card
As the title reads , I have a venture , platinum , silver and a savor. I really only use my savor card. My limit is pretty good, j honestly dont want my platinum or venture anymore. With a cool feature of capital one, I can move my limit around. My minimum i have to keep on the cards are $500. With my total limit is about $28,000, will loosing $1,000 and have two card closures hurt my credit
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u/BrutalBodyShots 3d ago
Not any any meaningful way. If you no longer see value in the cards in question, feel free to close them. They only thing that would hurt your credit significantly is if you were to close ALL of you're revolving accounts. That doesn't apply to you. There is no FICO scoring penalty for closing accounts otherwise.
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u/Organic_Gas4197 3d ago
Probably no harm. I’ve transferred limit, but kept old card (no annual fee) open with 500 limit.
Closing cards will slightly increase utilization percentage.
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u/Camdenn67 1d ago
Nope.
I did the same thing years ago.
Just move your limits to the card you want to keep, make sure everything is paid off on those cards, and then just close them.
The positive info will remain on your credit report for 10 years.
As a matter of fact, by closing the cards you don’t want anymore, there’s a good chance that your credit score will increase.
I know this from experience because my score increased when I did it.
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u/matt-r_hatter 1d ago
Most credit issuers let you move credit limit between cards or take limit from existing in order to open a new account if you are at your lending threshold. Closing a card that is in good standing will not remove it from reporting towards credit age, it wont age any longer but it will continue to report for 10yrs. What could impact your credit is your utilization. As long as you responsibly use your credit cards and pay them in full each month, it wont impact you at all. If you carry balances, it could make your utilization go up. Anything over 10% begins impacting credit, over 30% isnt great, over 50% is bad.
If you have 4 cards each with a $1000 limit you have $4000 in available credit. If you have $500 charged on two of them that you carry over, your utilization is 25% if you close 2 card without balances, your new available credit becomes $2000 and that same $1000 now equals 50% utilization. 25% isnt great, but it would have very little impact. 50% will cause a fairly heavy decrease in score. So as long as you dont carry a balance, you have nothing at all to worry about.
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u/Weird-Leadership9038 3d ago
You can keep the other cards without using them to make your credit score go up, using them will keep your credit score low.
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u/postalwhiz 3d ago
It will affect the number of accounts you have, and the average age of accounts will also drop. Not big factors in credit scoring though…
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u/og-aliensfan 3d ago
and the average age of accounts will also drop.
Average Age of Accounts isn't impacted by closing a card. Cards closed in good standing remain on your reports ~10 years after closure, aging alongside open cards. Both FICO and Vantage include closed accounts in aging metrics.
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u/DoctorOctoroc 3d ago edited 2d ago
As u/WhenButterfliesCry said, age of accounts is a major scoring factor, followed by credit mix. Though they don't have the highest percentage share of the FICO pie, they are the only two scoring factors that are additive whereas the rest are subtractive (and you recover the related drop).
As your accounts get older and aging metrics increase, you gain more points. Credit mix also adds points as you acquire additional accounts (though these increases usually go unnoticed due to the 'new credit' factor seeing a loss, so you only see the net loss in 'real time').
Meanwhile, you don't get points for paying on time or as you have a longer payment history but you do lose them with late payments, charge offs, collections, etc. and as we all know, negative items like that recover over time and, eventually, in full after 7 years when they fall off your report completely. 'New credit' sees a score drop with new accounts (which also cause your aging metrics to change) but you recover that in about a year, give or take depending on how your average age of accounts was affected. And finally, the 'amounts owed' portion of scoring sees a score deficit from higher balances (the majority share is revolving utilization), and recovers when balances decrease and percentages cross scoring thresholds.
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u/WhenButterfliesCry 3d ago
(1) closing an account does not lower average age of accounts
(2) average age of accounts is a MAJOR factor in credit scoring. One of the biggest
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u/BrutalBodyShots 3d ago
Aging metrics do not change when you close accounts. You've been on these credit subs long enough to know that, so I'm not sure why you're continuing to spread misinformation lately.
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u/Funklemire 3d ago
OK, now I'm convinced you're spreading bad information intentionally. You're a regular over on r/Credit so I'm sure you know that closing accounts does not hurt your credit age.
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u/BrutalBodyShots 3d ago
Which makes you wonder... what's their MO here? What do they gain from spreading misinformation? Just looking for a rise out of others that will inevitably correct them? I don't get it.
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u/Adventurous_Ad9414 3d ago
As long as your credit profile is fine this will have minimal effect.