Should I cancel my Capital One card?

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Should I cancel my Capital One card?

Postby ms3801 » Sun Aug 05, 2012 4:10 pm

So, I've had this Capital One card for about 2 years (Since I was 19). It's had the same $500 limit and they will not raise it no matter what I do.

I always pay on time, never have a balance of over 25-30% on it. I use this card strictly for gas. I currently have a 720 credit score, have a 5k limit rewards card with USAA, own a home etc and I'm boggled by the fact that they won't raise my limit. 85% available credit to 15% debt.

I'm wondering if I should just drop the card or continue to fight to get a credit limit increase. Does anyone have any tips on dealing with Capital One?


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Postby namvet » Sun Aug 05, 2012 8:18 pm

It appears that Cap One did it's job and you have have a great score and a prime card. If you don't need the $500 line then pay it off and close it.

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Postby jlam572 » Sun Aug 05, 2012 8:19 pm

I had a similar capital one card when I finished high school. It was my first card, $500 limit as well. I asked for a credit increase, they I paid it off, cut the card up and left the account open with no balance since it was my only CC at the time. A year later after holding no balance, they sent me a platinum card and a notice that my limit was increased to $4k. I used the card for a couple years, but cut it up again and dont hold a balance...mabe they will send me an unobtanium card in a few years lol.
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Postby Bobzig » Sun Aug 05, 2012 9:22 pm

I would close it if I were you and get another card. The only reason I have mine still open is because it's my oldest card, got it around the same age as you. From my personal experience and from what a lot of people post on here about Capital One, you probably will never get a credit limit increase with them.
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Postby MemberSince99 » Mon Aug 06, 2012 6:56 am

I agree with what these guys have posted above - get another card (2 or 3 optimally) then dump Cap One you can get better and should, and it will never grow with you, it was never meant to.

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