Cap 1 - default on one but still keep my other Cap 1 open?

[Jcisgod7]

I have 2 Cap1 credit cards. One has a balance of $8,700. I will soon have to default on that card. The other is a Cap1 Walmart card. Its balance is $125. After I default on the larger balance, will they go ahead and cancel my Walmart card also?

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[MarvBear]

Welcome to CB 

[hdporter]

No related experience with Cap 1, but I would suggest that it's a near certainty that Cap 1 will shut you down across the board.  You're financially challenged and there's nothing to assure them that any balance run up on the Walmart card won't be at risk of default sometime down the road.

[shifter]

I'm sorry to hear about your situation. Are these the only two credit cards you have? It's typically not preferred to default on an issuer that you also bank with or have other accounts with as they will likely shut down everything.

 

$8,700 seems like a fairly small amount to default on unless it's just a part of some larger balances that you are also unable to maintain. Many people who choose to default on small balances versus finding another way out end up regretting how much that move ends up costing them in the long run and wish they had made some harder decisions earlier and prevented defaulting. 

[NoMoreHate]

On 12/27/2022 at 10:22 AM, Jcisgod7 said:

I have 2 Cap1 credit cards. One has a balance of $8,700. I will soon have to default on that card. The other is a Cap1 Walmart card. Its balance is $125. After I default on the larger balance, will they go ahead and cancel my Walmart card also?

 

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Before you default you should contact Cap1 and see if they can help you out. Your statement should have a number to call if your are experiencing difficulty. If you are experiencing a temporary set back they may be willing to waive payments, reduce your interest rate or make other arrangements to help you stay in their good graces. If this is not a temporary set back, they may be able to still help you but those solutions will be much harder on your overall credit picture. As other have said - yes they will in all likelihood close your other account(s). Sorry to hear of your issues. Know you are not alone. Just about everyone on this site has at one time or another been in your shoes! So asked lots of questions and weight your options carefully.

[Goku4]

On 12/27/2022 at 1:22 PM, Jcisgod7 said:

I have 2 Cap1 credit cards. One has a balance of $8,700. I will soon have to default on that card. The other is a Cap1 Walmart card. Its balance is $125. After I default on the larger balance, will they go ahead and cancel my Walmart card also?

 

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Don't be like me. I had two Capital Ones. Eventually (took 14 and 11 years, Card 1 and Card 2) but 2020 lost everything. Everything. Both got charged off. Different CAs.

 

One CA was real easy and let me settle 35%.

 

The other one is PRA (Portfolio) and everyone says they changed their tune and now play nice and play softball, not shoot to kill... and I'm making threads or at least posts about how to handle that.

 

I also got another Capital One card last month. Somehow someway. 

 

But yeah, you default on one they will eventually close your other, that seems to be how they roll.

 

Call them, and explain your situation. I tried to be cool and just keep paying the minimum and when I couldn't do that.. See above. 11 and 14 year old TLs. Gone. Nada.

 

Happy New Years.