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When to apply for Capital One cashback card?

Right, I'm nearly close to getting my last and final cashback payment from the Morgan Stanley card which I'm hoping to close down. What are your thoughts as to when I should apply for the Capital One 4% cashback card?

Should I:

1. Apply for Capital One first and then if I'm accepted, close down the Morgan Stanley?

or

2. Close the Morgan Stanley first and then apply for Capital One?

Reason I ask is that I don't want Capital One to wreck my chances (credit rating) of getting a non-Amex cashback card if I decide to walk from Morgan Stanley once and for all.

Any ideas?

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