CO Help

For just about anything you want to get off your chest about credit cards.
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PallasAthena
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CO Help

Postby PallasAthena » Sun Oct 13, 2013 4:16 am

I am disappointed with Capital One.
I've been with them since 2007. They first helped me re-establish my credit after a bkrptcy.
I have 2 capital one cards. One is a Quicksilver ($3250 line of credit) and the other one is a Quicksilver One ($1500 line of credit, formerly an Orchard Bank card). The Quicksilver was a platinum card that was upgraded. It used to be a Venture One card but I didn't know what a Venture One was so silly me changed it back to a platinum.
I want to upgrade my Quicksilver One card to a Venture One but I was told I can't. They suggested I apply for a Venture One. So I did, and I was declined. Recon dept said that they're not really a recon dept and they can't do anything over the phone.
Captial One won't increase my credit lines on any of the two cards and the last credit increase was done in Oct 2011. Also, they won't waive the $29 fee for the Quicksilver One.
my other CC's have credit lines of over $5K. I don't know what to do - close one of my capital one cards or close both of them? At this point, I don't owe anything on either of them and I really don't care whether I lose a few fico points for closing my account. Did Capital One serve its purpose and I should just "let them go"?
I am pretty disappointed.
What do you all suggest?
Dec '16 Fico: 800+
Ch 7 BK in '06, finally dropped off in '16
2 mortgages
paid off car
$0 CC debt (Disc, Citi, and WF Amex)


zrussell
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Postby zrussell » Sun Oct 13, 2013 11:51 am

Hello PallasAthena:

I'm not an expert here, but I have done a lot of research into Capital One cards and here is what I can tell you. Capital One is notorious for having low CLs and raising them can be a pain. They also are notoriously bad for customer service, they have apparently gotten better over the years, but are still worse than others.

Lastly, there is conjecture that lenders will assign a max credit per-customer. I know less than 5k seems low, but who knows. I do know capital one can be stingy with their CLs.

You may want to consider applying to a different card with a no fees and once approved close one of the Cap1s. If you have a credit union they are usually the most lenient with giving credit cards to existing members.

Hope this helps!
Zach

PallasAthena
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Postby PallasAthena » Sun Oct 13, 2013 12:04 pm

Hi Zach. Thanks for the response.
I have a Discover with a $5000 line of credit, Barclay $7500, Wells Fargo with $6000, and Chase with $2500.
I don't really need the Cap1s... Although these cards were opened after the Cap1s, my credit report shows a history for me since the 90s. I know having too many cards may be bad so if I had to part with some, Cap1 would be the first to go.
Based on this, would I be in ok shape if I gave them the ax?
Also when I close accounts, for how long do they stay on my credit report?
Dec '16 Fico: 800+
Ch 7 BK in '06, finally dropped off in '16
2 mortgages
paid off car
$0 CC debt (Disc, Citi, and WF Amex)

zrussell
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Location: PA

Postby zrussell » Sun Oct 13, 2013 12:13 pm

I wouldn't cold cut the cards -- your available credit will go down and your used credit ratio will go up, which will hurt your credit score in-turn.

This is why you should try to open up a new card with an equal limit then close one of the C1 cards. You will still take a ding on your report, but it'll be less.

What are your credit scores by the way?

PallasAthena
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Postby PallasAthena » Sun Oct 13, 2013 1:32 pm

I just opened up the chase card last week and the line of credit is higher than one of my cap 1s.
I carry less than a 10% balance on a few of my cards. The rest are at $0
My credit scores are 711 and 699 (from quizzle and credit.com)
thanks
Dec '16 Fico: 800+
Ch 7 BK in '06, finally dropped off in '16
2 mortgages
paid off car
$0 CC debt (Disc, Citi, and WF Amex)

zrussell
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Joined: Wed Jul 25, 2012 4:06 pm
Location: PA

Postby zrussell » Sun Oct 13, 2013 1:39 pm

Ah okay, you should be able to close one of the cards (maybe the lower cl one?) I think the chase card is probably the better deal anyway -- my goal is to get the Chase Sapphire Preferred card when I can.

Best of luck!

PallasAthena
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Postby PallasAthena » Sun Oct 13, 2013 2:42 pm

Thanks for the feedback.
That's my goal too. I think that when the time is right, I will ask to upgrade the Slate to the Sapphire Preferred.
Dec '16 Fico: 800+
Ch 7 BK in '06, finally dropped off in '16
2 mortgages
paid off car
$0 CC debt (Disc, Citi, and WF Amex)

RewardHop
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Postby RewardHop » Sun Oct 13, 2013 5:56 pm

Just sock drawer your Capital One cards. If theres no annual fee, it won't hurt to just leave them and not use them. If it does have an AF, cancel it!
[size=60]
Amex BCE: 3% grocery, 2% gas
Bank of America Better Balance Rewards MC: $25/quarter bonus
Barclaycard Rewards Visa Signature: 2% gas, groceries, utilities
Capital One Quicksilver Visa Signature: 1.5% everything
Chase Freedom Visa Signature: 5% rotating
Citi Forward Visa: 5% restaurants/fastfood, movie theaters, amazon.com
Discover It: 5% rotating
SallieMae MC: 5% Groceries, Gas, Amazon
US Bank Cash+ Visa Signature: 5% electronic stores, restaurants
Sock Drawered: Chase Sapphire, Chase Amazon[/size]

zrussell
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Postby zrussell » Sun Oct 13, 2013 6:01 pm

Not Trying to contradict what you said but:
Captial One won't increase my credit lines on any of the two cards and the last credit increase was done in Oct 2011. Also, they won't waive the $29 fee for the Quicksilver One.


Which is why I said axe it.

That is the the card wit the lower CL anyway.

Have a great night!

Ikarus
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Postby Ikarus » Mon Oct 14, 2013 12:27 pm

Pallas,

Credit and secured cards with low credit lines are Cap One's corner of the market. They aren't a prime lender, so snatching up high-risk customers no one else will touch is how they compete.

No AF Venture and Quicksilver cards are steps in the right direction for Cap One, but they're still stingy with credit lines and dropping annual fees.

I did call to have my platinum card's AF waived and they did it. However, if I upgrade to the Quicksilver One, it will return to $19 the following year. I don't like the idea of keeping a card with annual fee, unless I'm getting exceptional rewards that dwarf the annual fee.

I plan to drop my Cap One $750 card next year, as the annual fee has already been paid.

I would say drop the card once the annual fee becomes due, then reapply for a no AF rewards card with them at a later date, if you feel like it.

I called Cap One recently to request converting my 1800 Platinum MC to a no AF Quicksilver. I was given two options: upgrade to a Quicksilver One with same AF and CL. Or apply for a CLI (hard pull). I could take one and wait 6 months for the other. turned both down. But CLI's are definitely available. Call Cap One's backdoor number.




PallasAthena wrote:I am disappointed with Capital One.
I've been with them since 2007. They first helped me re-establish my credit after a bkrptcy.
I have 2 capital one cards. One is a Quicksilver ($3250 line of credit) and the other one is a Quicksilver One ($1500 line of credit, formerly an Orchard Bank card). The Quicksilver was a platinum card that was upgraded. It used to be a Venture One card but I didn't know what a Venture One was so silly me changed it back to a platinum.
I want to upgrade my Quicksilver One card to a Venture One but I was told I can't. They suggested I apply for a Venture One. So I did, and I was declined. Recon dept said that they're not really a recon dept and they can't do anything over the phone.
Captial One won't increase my credit lines on any of the two cards and the last credit increase was done in Oct 2011. Also, they won't waive the $29 fee for the Quicksilver One.
my other CC's have credit lines of over $5K. I don't know what to do - close one of my capital one cards or close both of them? At this point, I don't owe anything on either of them and I really don't care whether I lose a few fico points for closing my account. Did Capital One serve its purpose and I should just "let them go"?
I am pretty disappointed.
What do you all suggest?
Merrick Bank (Hooters) 4100
Cap One Quicksilver 4800
Discover it 2500
Citi Forward 8000
Chase Freedom 1000
AMEX Blue Cash Everyday 5500
Citi Dividend 7000
Cap One Visa Platinum 750 (CLOSED)



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