I totally screwed up What should I do?

[jonmartin]

I have several cards listed in my signature and I've been seeing all the post about the capital one cards and people getting pretty nice limits. I've had 3 capital one cards several years ago when I was fresh out of BK but when I got the prime cards I closed them out. Well for as long as I can remember I've been getting offers from capital one a daily basis literally one to two offers in the mail and I just trash them. 

But once I read up on the venture card I figured i'll give it a try. I had about 50% util on my two higher limit cards when I just paid down to about 25% each and i figured I'd give it a shot with my fico EX/EX at 670 and TU 654  so I got denied on the venture but I figured no problem worth a shot but since I was pre-qualified for the QS one I'd get that in the mean time. But that was a mistake they approved me for a whopping $300.00 SL I don't even want the card so now I dont know if I just close it out or what I have 0 use for that card at this point and I didn't expect that in the least. 

My income is $160k and my reports only show my 2008 BK dishcharge  and a stupid CO from merrick bank I can never get off for $698.00 from back in 2010. Less then 10 inq across all 3 bureaus no late payments (other then the one listed on the merrick co)

Will it be worse to keep this account open or just close it out as I don't want my other card issuers to think about chopping my limits or not issuing me higher CL because of it.

[Skye12329]

Well you already took the hit on the inquiries and the AAOA hit for the new account. If you close it, it will report that you opened and closed an account less than a month old. The other thing to keep in mind is that the QS one is more of a rebuilding card in a way. Its not going to yield as high of a starting limit as the QS Visa and Venture cards.

I suggest keeping it open for a year and then see if it can change to a no AF or then closing it. Other creditors won't drop your credit line due to a low limit. They generally take AA when you become to risky. E.g high utilization or missing payments...etc.

As for issuing higher CLs, that will be determined on your income + credit and possibly your avg CLs as a whole.

[elim]

160k income and $300 limit.  What the heck are you supposed to do with that?

hrmmmm.  Might get your utilization down and contact EO if the luv button is no help.  Once you show some history with that card, Cap One will probably give you a monster Venture with your nice income.  I would keep the new card open for sure.

[OmarGB9]

Live and learn. Just keep it open since you already took the triple HP and AAoA hit.

[Anonymous]

300 is low end for rebuilder card. Guess it's cause your score isn't in the 750 to start you off with a high limit and you have no relationship with them. Seems like capital one will look pass score if you have a relationship with them. If I were you I will keep the card use it and pay it on time or use it and pay it few times a month. Ask for a CLI after 1st or 2nd statement and they will be really nice with the increase. My score was lower then yours hey started me at 500 for QS1 and platinum and after 1st statement I got increase to 3000 for QS1 and 2000 for platinum. I'll try again for increase next month and see what happens. I will also get my increase after 7th statement

[elim]

Use it and hit that button.  Don't app for Venture until it shows up in the prequal.  You can always roll this low card (which will probably be a few k soon) into the Venture later.

[TrialByFire]

Keep it open. Mine went from $500 to $4k in exactly 12mo. If you can't get it to a limit you like within a year, cancel before AF hits, if applicable. CLI should look something like this:

Month 2-3 ask for cli
Month 5-6 should yield credit steps auto cli
6mo after that ask for cli

I'd be beyond surprised if you don't have a decent limit before the AF is due, assuming you can't get it converted before then.

[jonmartin]

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@elim wrote:

160k income and $300 limit.  What the heck are you supposed to do with that?

hrmmmm.  Might get your utilization down and contact EO if the luv button is no help.  Once you show some history with that card, Cap One will probably give you a monster Venture with your nice income.  I would keep the new card open for sure.

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Thats what I'm thinking what can I buy some popcorn at the movie theater?  I've never had that low of a limit ever in fact all three previous CAP one cards I had before were at least 500-750 and in good standing perfect pay history before I closed them out. 

[jonmartin]

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@Anonymous wrote:

300 is low end for rebuilder card. Guess it's cause your score isn't in the 750 to start you off with a high limit and you have no relationship with them. Seems like capital one will look pass score if you have a relationship with them. If I were you I will keep the card use it and pay it on time or use it and pay it few times a month. Ask for a CLI after 1st or 2nd statement and they will be really nice with the increase. My score was lower then yours hey started me at 500 for QS1 and platinum and after 1st statement I got increase to 3000 for QS1 and 2000 for platinum. I'll try again for increase next month and see what happens. I will also get my increase after 7th statement

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Yea I guess I'll have to wait it out. Its strange because as I said above I did have 3 prior cap one cards I closed out about 3 years ago when I got the visa signature cards from BofA and NFCU and all three Cap one cards were perfect pay history never late or over limit the only reason I closed them is because back then they weren't known for giving higher CL and such.  How did you request your CLI through the site or phone in? 

[SouthJamaica]

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@jonmartin wrote:

I have several cards listed in my signature and I've been seeing all the post about the capital one cards and people getting pretty nice limits. I've had 3 capital one cards several years ago when I was fresh out of BK but when I got the prime cards I closed them out. Well for as long as I can remember I've been getting offers from capital one a daily basis literally one to two offers in the mail and I just trash them. 

But once I read up on the venture card I figured i'll give it a try. I had about 50% util on my two higher limit cards when I just paid down to about 25% each and i figured I'd give it a shot with my fico EX/EX at 670 and TU 654  so I got denied on the venture but I figured no problem worth a shot but since I was pre-qualified for the QS one I'd get that in the mean time. But that was a mistake they approved me for a whopping $300.00 SL I don't even want the card so now I dont know if I just close it out or what I have 0 use for that card at this point and I didn't expect that in the least. 

My income is $160k and my reports only show my 2008 BK dishcharge  and a stupid CO from merrick bank I can never get off for $698.00 from back in 2010. Less then 10 inq across all 3 bureaus no late payments (other then the one listed on the merrick co)

Will it be worse to keep this account open or just close it out as I don't want my other card issuers to think about chopping my limits or not issuing me higher CL because of it.

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Thing is even if you close it it's still going to show up as a recently opened account, and it's going to stay on there for 10 years.... so you might as well keep it, use it, and let it grow.