Home Forums Hunting & Shooting Hunter's Campfire Credit Card advice

I have a Capitol One CC account I don't use. Haven't used it in over 3 years, when I was issued a new card I cut it up immediately so I don't even have it.
Anyway, got a notice from Capitol One that they are going to close the account May 29th if I don't use the card. As far as my credit score goes would it be best to close the account myself first or does it just not matter?

I would make an effort to keep the account if possible. Handy to have if the motor falls out of ones rig 3,000 miles from home.

Also a different card/account just in case one gets hacked.

To answer your question, it does not matter.

Get a new card. Charge a little something,

If that's your only card, keep it. Ask for a replacement card on the same account.

If it's not your only card, it doesn't matter, but I would request in writing for it to be cancelled.

If you want to keep it put tank of gas or a steak something on it once a month or so and then just pay it off. Not complicated.

Doesn't it have a annual fee if so why keep it?

No annual fee. I think I will request a new card and use it sparingly. I have two other cards I mainly use because of the cash back.
I quit using Capital One when they took the .gov bailout and then raised their interest rate.
Thanks for the advice.

If you have two other cards, why would you want a 3rd? I'd cancel that sob and move on.

New cards came along that were better deals and I heard that if you cancelled credit cards it hurt your credit score.

Age of credit affects your score, as well. If it is one of your older accounts, keep it. Your score is also affected by what % of available credit is used. If you are carrying a balance on other cards, best to keep it, in order to keep the % used down.

A large portion of your credit score is based upon the ratio of credit you have vs what you have used. If the card is cancelled the amount of credit available to you is reduced. It could lower your credit score. I have several cards that I almost never use. Once a year I'll buy a tank of gas with each of them, pay it off at the end of the month and then use the other cards as a rule.

good info

couldn't figure out why my credit score dropped.

every thing is paid for, run a pretty good bill on 2-3 cc's each month and always pay them off.

have had a few late payments over the years, as forgot to prepay while gone on vaca.

maybe it's the cc i was keepin in reserve that I never used?


oh well I'm exercising all of them these days.

Stop overthinking it.
Cancel the card if you don't use it.

Get one credit card,use it only when necessary, burn the rest.
Pay cash.

[quote=mcmurphrjk]Age of credit affects your score, as well. If it is one of your older accounts, keep it. Your score is also affected by what % of available credit is used. If you are carrying a balance on other cards, best to keep it, in order to keep the % used down. [/quot

This^ request a new card and use it whenever and pay off the balance every month. It will help your credit rating.

If you call them, do they speak a language you can understand and do they provide good service?

We have one primary card, a Costco card and a Bank of America card that we use only for online purchases using its Shop Safe feature. None have annual fees (other than Costco for the membership), all have some sort of case back/rewards feature and none ever carry a balance.

Yep, tahts the best way to get free airline flights.....

Bad advice right there. Instead of trying to beat the system learn how to use it to your advantage. Everything is tied to your credit score. If someone has $50,000 worth of credit available on various cards yet owes very little he is viewed as very responsible. Especially if that credit has been available for a long time.

Someone with only $2000 on a single card that they rarely use they are viewed as an unknown risk. My brother underwrites home loans and sees people like this all the time. They either can't get approved for a home loan or if they do it is at a higher interest rate. They've never defaulted on a loan and never had a late payment. But they have no history of responsible credit either.

Your credit score is looked at by prospective employers to determine who gets jobs. Even the insurance rates you pay are based on your credit score.