Cap One...You're Fired!!

[Anonymous]

Did you have a high AF on the card? Never really understood why people would close their oldest cards(unless it was credit one or the like) and take a hit on their AAoA down the line. I keep all my cards open. They are all no fee cards, and that is why i like the no fee cards. It doesnt hurt to keep them open forever.

[peaceonearth]

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@sunni_one wrote:

The day has finally come, I've decided to say the words: Cap One...You're Fired!!  It served it's purpose over the past 10 years.  Back in 2003 when I went through a credit crisis with a few accounts in collections, Cap One converted one of those accounts into their platinum CC.  CL started at $700, after a few year it went to $1,100, and there it stayed...for years, until last year I  when requested and received a bump up to $4,100.  By that time my limits had grown, plus several new accounts with much higher CL's.  

So Cap One, I bid you a fond adieu.  It's been real!!  

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To me it doesn't matter how big Capital One becomes, their products will always be a cheap ones in mind.

They were targeting people with bad credit in the late 80s, giving them high APR and anual fee credit cards with very low credit lines. I still have one of their first issued credit cards.

OP you did the right thing.

[sunni_one]

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@jologan79 wrote:

I'm thinking about firing them as well...But, I want a card to replace it with..

I've been with then for over 5 years..

CL at $1250 then last month they moved me to $1400..

I was like are you F'ing serious...A CLI of $150...

Plus, twice this week someone has made phone payments on my account to pay in full. (I never pay by phone)

The secone time it got through, so I had to canel my card and move funds into my checking account to cover the $900 payment.

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Wow, $150?  I'm really side-eyeing Cap One right now!  Maybe you can try requesting some SP CLIs  to replace their limit.

[sunni_one]

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@Anonymous wrote:
Did you have a high AF on the card? Never really understood why people would close their oldest cards(unless it was credit one or the like) and take a hit on their AAoA down the line. I keep all my cards open. They are all no fee cards, and that is why i like the no fee cards. It doesnt hurt to keep them open forever.

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No, there was never a fee.  It was one of my older cards (10 years), but my oldest are from 1995 & 1997, so I'm okay with it.  I just can't justify keeping their card when I could see it wasn't going to grow.  Believe, I've tried several times for an increase.  Even last year when my scores were in the high 770's they turned me down---so, no thanks!

*Edited to include quote.

[Anonymous]

I had 3 Cap One cards and just recently dropped to 2. All three have annual fees and the first one was due to hit this month, I asked if they would waive it or PC, was told no. The card was a change over from HSBC, so I am not sure if that is why or not, but I have one from Orchard coming up soon and will do the same. The CL's have been very slow to increase, started at 500 over 9 years ago and it was up to 900. The other two cards are a bit higher at 1750 and 1970, but still after that many years it was a slow increase. If they don't PC to a non AF all three will get closed by the end of the year.

[sunni_one]

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@Anonymous wrote:

I had 3 Cap One cards and just recently dropped to 2. All three have annual fees and the first one was due to hit this month, I asked if they would waive it or PC, was told no. The card was a change over from HSBC, so I am not sure if that is why or not, but I have one from Orchard coming up soon and will do the same. The CL's have been very slow to increase, started at 500 over 9 years ago and it was up to 900. The other two cards are a bit higher at 1750 and 1970, but still after that many years it was a slow increase. If they don't PC to a non AF all three will get closed by the end of the year.

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Arumnus, I like the way you're thinking!!  

[wacdenney]

[biglista88]

Congrats on firing Crap1. I'll be doing the same by years end. As you can see it's pretty much my lowest credit line, and appears that it'll stay that way. I earned 90$ in cash back from my NFCU card in one month with high usage , with no AF. You do the math. ....

[baller4life]

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@biglista88 wrote:
Congrats on firing Crap1. I'll be doing the same by years end. As you can see it's pretty much my lowest credit line, and appears that it'll stay that way. I earned 90$ in cash back from my NFCU card in one month with high usage , with no AF. You do the math. ....

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Don't you just love the cashback that accumulates on that card? I just transfer it over to my savings each month. I love free money.

[Imperfectfuture]

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@baller4life wrote:

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@biglista88 wrote:
Congrats on firing Crap1. I'll be doing the same by years end. As you can see it's pretty much my lowest credit line, and appears that it'll stay that way. I earned 90$ in cash back from my NFCU card in one month with high usage , with no AF. You do the math. ....

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Don't you just love the cashback that accumulates on that card? I just transfer it over to my savings each month. I love free money.

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Unfortunately, some of us aren't able to do NFCU, though I recommended it to my manager since she is mother.