Should I close my card?

Discuss the Visa & MasterCard payment networks as well as cards that operate through them.
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6thDAY
 
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Should I close my card?

Postby 6thDAY » Thu Nov 28, 2013 1:25 am

I've researched this issue and have learned one thing......Capital One is hella stingy when it comes to CLI!!

I've had my Platinum for 8 years, and have never missed a payment, always paying on time. I use it regularly and often pay it off every couple of months.

My credit score is 700+ and yet my credit limit has been a measly $800. My credit history in general is spot less, no miss payments of any of the other 2 cards I've own.....which is just as long as Capital One and yet I have over 10k in credit limit with them.

Due to my lengthy good history with them, should I close my account and move on to better credit cards whose companies actually VALUE your presence as their customers?

Or do you guys think I should just keep this POS of a card in a drawer and not use it because of my history with them?

I know that closing a credit card will affect my score, but I don't know exactly how much.

Thanks


CC Deville
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Postby CC Deville » Sat Nov 30, 2013 1:39 pm

I don't know why I feel compelled to respond to people with only one post....but here goes...

If you have read about Capital One you have no doubt read about contacting the Executive Office. It is a shame that a company forces its long time customers to have to go this route to get what they need/want but it does seem to work.

I cannot post the Executive Office's email here (his name is Dick but the full version of Dick and his last name is like a city in Alaska and not Juneau or Anchorage-so [email protected]) but you can easily Google Capital One President and CEO and you will easily find his email address. Email them (nicely) with the issues that you are having with your account and then provide your contact telephone number. Do not include account numbers or Social Security Numbers. Someone from the Executive Office will contact you by phone to speak with you.

When they call you I suggest that you:

1) ask for a product change/upgrade such as Quicksilver or Venture (annual fee)/Venture One (no annual fee)

2) request a credit limit increase

The reason for the product change is tenfold: it is widely accepted that Capital One rebuilder cards max out at $3K credit lines, so changing to a better card will allow for higher future credit limits.

Keep in mind that Capital One firmly believes that if you are not currently using your $800 limit, then you don't need anymore. And telling them that you don't use the current $800 limit because it is too small, that won't fly. Be sure that you have used your card several times and made at least three on time payments with Capital One recently in order to have the best chance at an increase.

Remember that honey catches more bees than vinegar. Do not come across as rude or threaten to close your account because of the limit. Just indicate that you would like to continue your relationship with them using a different reward card and a higher credit line. Contacting the EO seems to help about 80% of people who try it.

As far as closing the account, it won't really hurt at all. The account will still be included in your average age of account formula for the next 10 years or until the card falls off your credit report. Since your limit is so low, it should have a negligible effect on your debt to credit ratio. If you feel that the card has no worth to you then by all means close it. But after 8 years I'd try the EO route first to see if you can get the card changed to your liking.

HookEmHorns
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Postby HookEmHorns » Sat Nov 30, 2013 2:59 pm

I would keep the card and only use it to pay my monthly $8 netflix bill, only b/c the account is so old. Go get you a Chase, Amex or Discover card and quit fooling with CrapOne.
AMEX PRG~1/14--backdated to 2012
AMEX BCE~6/13--backdated to 2012
Chase Freedom~5/13
Discover IT ~12/12

:cool:

MemberSince99
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Postby MemberSince99 » Sat Nov 30, 2013 3:34 pm

Agree with HookEmHorns. Get better, use better, use some tiny recurring payment on the Crap One card, and don't mess with that two bit loser lender any longer, because you really no longer need them.


As you've seen, it's very unlikely it will ever get another CLI. Even Discover would do better than that.

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otter
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Postby otter » Sat Nov 30, 2013 4:00 pm

:D Not to change the subject or anything... but I hear it gets really cold in Fairbanks, Alaska.

Seriously, though. To me, the key is whether or not they charge you an annual fee or not. If they don't charge you an annual fee, then I could live with the toy limit. If they do, then close it.
In my Wallet:
  • Amex PRG NPSL[3-14, bd 91]
  • Sallie Mae MC $8000[1-14]
  • Chase Freedom $4700[1-14]
  • Discover It $2750[8-13]
  • BoA UCF Alumni Cash Rewards $5000 [3-15]
Sometimes in my Wallet:
  • GM BuyPower WEMC $5000[9-14]
  • Wells Fargo Propel 365 Amex $7000[4-14]
  • Barclaycard Arrival WEMC $7000[3-14]
  • BoA Better Balance $3000[2-15]
In my sockdrawer: Amex BCE $1000[10-13, bd 91], OCCU Duck $10000 [11-13], The Sportsman's Guide Visa $8000[8-14], Chase Slate $4000 [9-14]Delta Gold Amex $2000 [2-15 bd 91], Diners Club MC $20000 [10-14] Commerce Bank Visa $2000 [3-15] Citi Double Cash $1000 [3-15]
Total CL: $90450

MemberSince99
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Postby MemberSince99 » Sat Nov 30, 2013 4:48 pm

The problem with that toy limit though is it will hold your score down, as when I got higher limit cards my score rose. Granted it is possible it was other factors and FICO doesn't come right out and say it matters, but it sure appeared to me that it was a factor (though a small one).


So once I got card with other limits with some history and that was kind of the anchor on my score I sure wouldn't keep that never growing subprime card around.

samhradh
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Postby samhradh » Sat Nov 30, 2013 7:56 pm

You never said whether or not you've requested a CLI. It doesn't seem like you have.

I imagine that if you had, and the rest of the information you provided is accurate, Capital One would not have denied you. I suggest logging on to your online banking account, requesting an increase, and seeing what happens. If you're denied, then get in touch with EO.

Ask and ye shall receive.
Citi Forward ($10.1K), AmEx Blue Cash Everyday ($30K), Chase Freedom ($12.4K), Discover it ($5.5K), Barclaycard Arrival ($12.5K), L.L. Bean Visa ($5K). FICO 806 (TU), 812 (EQ), 806 (EX).

MemberSince99
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Postby MemberSince99 » Sat Nov 30, 2013 8:03 pm

When I had Cap One I asked numerous times for an increase for my puny 500 limit card. I was flat out declined every single time. I got so frustrated with the low limit plus how they hold your payments for 10 days or more rendering the card almost useless for half the month even if you pay right away that I just closed it when they refused me yet again and went back to my debit card.


4 months later I applied for one of their "prime" cards and got instant approval with a 3k limit.


It really makes no sense to me how they do things like that. I could have gone elsewhere and eventually did and haven't looked back, where if they did right by people with decent credit they might keep us longer (until we figure out other lenders are night and day better and ditch them).

flan
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Postby flan » Sun Dec 01, 2013 10:56 am

MemberSince99 wrote:The problem with that toy limit though is it will hold your score down, as when I got higher limit cards my score rose. Granted it is possible it was other factors and FICO doesn't come right out and say it matters, but it sure appeared to me that it was a factor (though a small one).
.


It's not a factor, except for utilization. It's easy to have a high utilization on a low limit card, of course, so there is some concern. If you don't use the cared, utilization will zero, and it's of no concern. If you do use the card, then the utilization percentage of that account will matter. utilization of a single account is supposed to be a small factor, though if it's maxed out (somewhere around 80% utilization), it will be a bigger negative factor.

MemberSince99
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Postby MemberSince99 » Sun Dec 01, 2013 11:08 am

flan wrote:It's not a factor, except for utilization. It's easy to have a high utilization on a low limit card, of course, so there is some concern. If you don't use the cared, utilization will zero, and it's of no concern. If you do use the card, then the utilization percentage of that account will matter. utilization of a single account is supposed to be a small factor, though if it's maxed out (somewhere around 80% utilization), it will be a bigger negative factor.




I can't find any proof to back that claim, only what I saw in my score which as I said could be other factors, though heck if I know what.


What we can say for sure is, other lenders may see that 800 limit and not give you as high a limit when you apply for their card. There are exceptions but it's still a potential boat anchor to your limit. It's always YMMV. Plus some prime lenders think about as much of Cap One as we on this board do. I'd dump it as soon as I was able to get better cards I don't see the point of having it just to have it.



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