Okay, so I am starting to think I should close my Capital One Visa even though it's the longest opened revolving account I have. For undergrad I had a Discover Card which was clearly more than I was ready to handle.....often ran to the hilt of my limit, paid late (a bit), and basically did not respect the 'score'. Needless to say by 2000 I realized the damage I had done with one card that had been closed by that time. Capital One bought the debt which is how I ended up with the Visa card. The credit limit was set at $1,000 and over the intervening ten years I have paid off the initial debt I owed Discover ($2800ish) and have been a lot better at my credit stewardship -- no late payments, better utilization rate, etc.
In 2008 I requested a credit limit increase and was told they couldn't increase my limit but that I should apply for a CapitalOne Mastercard...which I did and was approved for with a $1,000 limit. Six months later, I got an increase to $4,000 and suspect I will get an increase sometime this fall. At the top of the financial crisis I called CapitalOne about possibly lowering the interest rate on my Visa which is currently 20.99% variable rate. I was told nope they couldn't do it. I called and asked again last holiday season about lowering my interest rate, and again was told no go. I have been of the mindset that it's been an issue with my credit score, but because I am about to finish up grad school
I recently picked up my scores from the major bureaus and while there is room to grow with my scores they are not basement levels -- I am around the high 600s and low 700s.
I recently picked up an Amex Blue Everyday
which I probably will make my credit backbone. I asked CapOne (Visa) earlier today for another increase only to be rejected again. I am starting to question keeping it open as I rarely use it (currently my balance is $4.95) and it has such a high APR particularly for the utilization rate I am trying to maintain -- around 10-15 percent. Is this just a CapOne thing of not doing a CLI? Am I missing the thing CapOne looks for in customer? Has anyone else had a similar issue with CapOne?
While CapOne (Visa) has shown me they 'value' me as a customer ( I went from a 'classic' card to a 'gold' and to the 'platinum' I have now).....I am thinking that I would be better served to pick up a student visa from a major bank before I finish grad school as I suspect the bank card would 'value' me accordingly as my income increases and my debt (mostly school loans) decreases.