Cap1 is Getting on my Nerves -RESOLVED -Thanks!

[Changingmantra]

You know, for three years, I have been one of the few people who have not had reason to bash C1.  My Visa with them was the second card I had gotten when I started rebuilding almost 4 years ago.  It started out with Credit Steps from a CL of $500 and within a year it was at $1800 - where it has been for more than 2 1/2 years.  Several times a year, I call to ask for a CLI - and I get the same old story: the economy, we are conservative, you have excellent payment history, keep up the good work.. but...   What is irritating is that I got a MC from them just a few months after I had gotten the Visa - It too started out with a $500 CL - but now it is as $3350 and a few weeks ago, they upgraded it to their Capital One Cash card, which still confuses me since this is a card for excellent credit - and I am still rebuilding.  The other confusing thing is that, supposedly, both of my cards have a $3000.00 CL ceiling.  Well, I did benefit from the double CLI Cap 1 mistakenly gave everyone last year, as they only rescinded part of the second CLI, which is why my CL is above the ceiling.

Anyway... just venting... Last month I was approved for a Discover More with a CL of $1500 - It is not major - but it is prime and it is more than those $500 initial CL. I am not getting CLI from GEMB of $1500 or more, instead of those measly $125 increases I was getting a year ago.  Cap 1 is pampering my MC, but ignores the Visa, and I just do not get it.  I had high balances on both, but paid everything in full this summer.  Once I was denied a CLI again this summer, I was going to just cancel the Visa, but then I decided to start using it, if for nothing else, to get some rewards.  I was going to close it, but I guess I should keep it for the AAOA, and use my Discover and MC for rewards. 

Last year, I gave up asking HSBC for CLI - and just closed 2/3 accounts I had with them.  I never thought that I would feel this same frustration in trying to get a CLI from Cap1 as well, especially since they started out giving me pretty regular CLI.  I really want to close it, but I do not know if it is the right thing to do.

[clocktick]

I don't think it's common for Cap One to give CLIs at all so I'd consider yourself fortunate!  There are multiple threads on here about Cap One.  They are stingy and notorious for not commonly giving out CLIs.  I would never expect one from them.  If you think you've outgrown them then maybe you should close the card or sock-drawer them. 

I have two myself and now rarely use either of them.  I'm closing one (unless they decide to waive the AF) and keeping the other for the no foreign transaction fees.  They may get on one's nerves but have helped thousands, perhaps hundreds of thousands, rebuild their credit.

[Anonymous]

Remember, too, that Cap One comes in a lot of different flavors.  Different Cap One cards behave differently.  It's just darn hard to keep track of all of them and their individual quirks and eccentricities.

[SevenNEW]

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@Changingmantra wrote:

You know, for three years, I have been one of the few people who have not had reason to bash C1.  My Visa with them was the second card I had gotten when I started rebuilding almost 4 years ago.  It started out with Credit Steps from a CL of $500 and within a year it was at $1800 - where it has been for more than 2 1/2 years.  Several times a year, I call to ask for a CLI - and I get the same old story: the economy, we are conservative, you have excellent payment history, keep up the good work.. but...   What is irritating is that I got a MC from them just a few months after I had gotten the Visa - It too started out with a $500 CL - but now it is as $3350 and a few weeks ago, they upgraded it to their Capital One Cash card, which still confuses me since this is a card for excellent credit - and I am still rebuilding.  The other confusing thing is that, supposedly, both of my cards have a $3000.00 CL ceiling.  Well, I did benefit from the double CLI Cap 1 mistakenly gave everyone last year, as they only rescinded part of the second CLI, which is why my CL is above the ceiling.

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Do your Cap 1 cards have an AF? Otherwise, I would just sockerdraw all of them except for the Cash card. (But then, which cash card? The Platinum of the Venture?)

In general, I feel you really have no reason to vent. You have been unusually lucky with Cap 1. Your limit is going to stay there and you just need to let the accounts age until you are ready for prime cards, and that's it.

A good way to avoid frustration is to avoid asking your cat to fly, or Cap 1 to go beyond a 3k CL on a rebuilder card. Neither one will oblige, you already know that. 

[johnnie198x]

OP, I understand your frustration, but as another member said, consider yourself lucky. I opened my in Feb 2009 with limit $750, after 6 months, credit step made it to $1750, and it has been that way since then. Last september, this march, this september, I requested CLI. All three times, they HPed all three CRA and came back: we're not giving customer initiated CLI at this time. Then why the he.. did they have to HP all three CRA? I don't know, and I no longer care. I now have a Chase Freedom with $15,000 limit.

My advice on Cap1: they're good when you have no/limited credit, after that, find another card.

[Smug]

Closed my cap1 just short of a year 750.00 limit, keeping my 500.00 rewards cap 1 as it was my first card and has no AF at all.

[Changingmantra]

Thanks - One of the things that is annoying is that when I call, they encourage me to do this and that over several months, and then call back. I take the suggestions, but get nowhere. If they flat out say, "Look, this card is going nowhere, so do not expect much," then I am cool with that! The other thing is they have been generous with the one card, while leaving the other in the cold. My m/c is a Platinum one, which they upgradef to the green cash card in leiu off a CLI.  I am hearing that this is a pretty big deal - So, I am happy for it.

I am not worried about utilization - as just in checking my CRs yesterday, I saw that on several accounts my CL was being under-reported and my Discover not reporting at all, so that extra utilization will actually equal or even pass what I will lose. I have no annual fees on any of my cards.

Part of my interest in closing cards too stems from wanting to engage in healthier credit behavior; I do not need to have cards sitting around that I do not need and am not using. 20 years ago, I had a pocket full of prime credit @ 23, and had no idea of what to do with it - and eventually got into trouble with it all. I actually feel ridiculous going into a store and trying to decide which card to use - when ultimately, it boils down to nothing more than I am trying to prove stellar credit worthiness so I can get more/ better cards! I can do that with two cards that serve me, and having just the two will encourage me to charge less since I will have to be more mindful of utilization.  And it is simply money I have to pay back anyway!

Years ago, I knew nothing about any of this - I simply paid my bills and companies were throwing CLI at me in handfuls - and I never knew or cared about what any of that meant! You know, I am going to go back to simplifying my credit life. HSBC and this Visa get closed later this morning. Maybe in a couple of years when my bankrupcy drops off, I will apply for a credit union Visa.  One Discover, one MC, one Visa - all with at least a $5000 CL is all I want, and even much more than I will ever need - at least that is what I am hoping for.

Thanks for the replies- they helped me see how crazy a lot of this grand yearning fir more and more credit and credit cards I do not need, really is.  And I agree, it is OK to move on from what no longer serves me, but still remain thankful for the opportunities I got through these accounts to start rebuilding my credit.

[scottwagnon]

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I actually feel ridiculous going into a store and trying to decide which card to use - when ultimately, it boils down to nothing more than I am trying to prove stellar credit worthiness so I can get more/ better cards! I can do that with two cards that serve me, and having just the two will encourage me to charge less since I will have to be more mindful of utilization.  And it is simply money I have to pay back anyway!

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i actually love the akward feeling i get when i spend a whole minute looking at my wallet at the checkout deciding which card to use, thus experiencing the impatient reactions from taking too long at the checkout. its a great feeling actually, though odd at the same time.

lenders dont just want to see how responsible you are, its profitablity they are also looking for. i think too many people overlook this important factor. charging less might not affect a fico score much anyway, but shows that you less profitable to them; so its not just how risky you are, but how much they profit in return.

credit is merely a buffer, it smooths out your cash flow allowing you to always pay over time. i think some people still feel that it is not appropriate to use credit cards for this benefit. paying in full is primo, but life is better sometimes when you have enough economic opportunity ahead to know that you can confidently pay for something major over time via credit. (one sees the road ahead, and concludes there will be holes and obstacles but will be able to stay on that road, he/she has the tool to smooth out the rough spots)

[clownfico]

I'm sorry. Please don't misjudge my comment. But you do realize "credit" is an informed, mature person's game, right? CapOne does what it does to secure its interest; conversely, you MUST do same! 

You're out-of-bounds in this game, when you're hoping -- in your words -- CapOne expends resources to say: "Look, this card is going nowhere,...!"  

Some prudent advise is littered throughout this community about how NOT to make "credit" personal. You seem to be a positive, progressive spot. Now, simply make some decisions that will benefit YOU! 

If you're not satisfied with CapOne, make a business-like decision that protects YOUR interest. As an earlier poster commented, if CapOne has done its job then simply move on! Losing one nerves and the bit, it is just not part of the game. 

[Changingmantra]

I have been in this game since I was 19.  I am now 43  - I have won - I have lost - I have had my life turned upside down personally and financially.  The only issue that is personal is peace of mind - and you know - participating in a crazy race for credit line increases and rewards, approval.. and such... is just that,  crazy.  What I am saying is that, I realized I was doing this and adding more angst to my life by playing this game.  At the end of the day, I am more concerned about the young man I spent counseling in my office last night because he is having a hard time in school as the anniversary of his brother's murder is two days away.  I much rather put my energy into these types of important things, not calling Cap1 or any other company and complaining about a few hundred dollars here and there.

My point was to say that I realized how petty all of this is, and you know, I am very fine saying I will not participate; I do not have to.  And when I did not participate years ago, it all worked out fine, and provided that I do not make the same mistakes I made in the past, it will all work out fine again.  Trust me, you spend many years in a crazy and hectic personal spaces - then you are really blessed when you can realize that you are making a big deal out of minutia and taking yourself back into crazy and hectic spaces - that at one's core - mean nothing in the grand scheme of things.  What am I going to accomplish - that is important to me - with 4 credit cards, 2 of which are going nowhere, that I cannot accomplish with 2 that are?  Nothing!

In this respect, it is personal - and only in this respect.   It is just something I realized I was doing as I read through my and others' threads and contemplated what really is important to me.  These two credit cards simply are not - and neither is the drama and sense of entitlement that comes with participating in this credit game, in what is for me, unhealthy ways.  There is a personal story behind my realization and decision - and I am comfortable with both.   My credit is improving, I am moving in the direction I want to move in – no need to hold on to what is no longer serving me.  It is just a value I need to incorparte in many aspects of my life - what better place to start than with something as insignificant as two credit cards!  They will not be missed 'none'tall, as my great aunt would say.