Tag Archives: Credit

Getting Rid of my Old Credit Cards

17 Nov

On Friday, I called Capital One to increase my credit limit of $3000.  I’ve been a customer of theirs since May 2012, so it’s been over 6 months.  There were certain times where I needed to charge large amounts of money onto this particular card where I can earn 1.5% cash back.  But I just did not have enough credit to do so, so I turned to else where instead.

The Cap One Representative that I talk to did not budge as I wasn’t qualified for a credit increase.  He mentioned that this Capital One Aspire World Cash Mastercard usually gives out a higher credit limit up to $30,000!  Even though my credit history is impeccable and nothing to do with your annual gross, there is one hindrance:  I have way too much open current credit cards.  In order for me to get an increase, I must close down some of my other credit cards that I have collected over the years.

So far, I managed to close down my HBC Mastercard and RBC Gold Visa.  I tried to close down my line of credit at BMO over the phone, but was told that I have to go to the branch to do the deed.  For my Sears card, there’s no number on the back of the card!  So I can’t even call in to cancel my card.  Last, but not least… I called PCF Mastercard, only to be told that I have over 30,000 points that can be redeemed for $30 at Superstore.  I haven’t used that card in over 3 years I believe.  Now, I have to go through my desk to find the new card and activate it so I can get $30 worth of groceries before I close it down for good!

All of the agents I talked was “sorry” that I was leaving them and they value my business.  They asked, “Is there a reason why you want to close down your account?”  I simply told them that I need to lower my credit and that I was applying for a mortgage in the near future.  After that, they were all quite understanding and didn’t try their sales pitch to convince me to keep my credit card instead.

I decided to keep my CIBC Dividend Visa, since it’s always better to have at least one Visa in the wallet.  I am also keeping my BMO Mosiak Mastercard since that is one of my oldest card.

In the end, I still have the following credit cards:

  1. Capital One Aspire World Cash Mastercard
  2. MBNA Platinum Smart Cash Mastercard
  3. BMO Mosaik Mastercard
  4. CIBC Dividend Visa
  5. PCF Mastercard (Once I redeem my $30, I’ll be cancelling this card)
  6. BMO Mastercard (Line of Credit) <– Will have to go to Branch to cancel this card)
  7. Sears Credit card

My cancelled and old credit cards:

  1. RBC Classic II Student Visa (My very first card!)
  2. TD Visa
  3. MBNA Gold Mastercard
  4. HBC Mastercard
  5. RBC Gold Visa

In summary, I still have a lot of current credit cards compared to the average person.  There’s only two main cards that I use these days:

1) Capital One Aspire Cash
2) MBNA Smart Cash