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@Anonymous wrote:
Hello again everyone!
This evening I ran into a very strange situation with one of my Capital One cards. The card in question is the secured MasterCard. I opened the account in February of 2012 as my first ever CC. The initial credit limit was and still is $200. By chance, I came across an article this evening stating that CO has a program for this card where if you make 5 consecutive payments on time you stand a chance at receiving an auto CLI.
Well, I've used the card for 58 months, always paying in full BEFORE the statement. I've never missed a payment with this card or any card for that matter.
So I called CO (twice) and spoke to rep's about this problem. Both times they had no idea why this card hasn't received a CLI and neither rep could point me in a direction for answers.
I have 4 other cards now - 10k BCE, 10k CF, and 12k CSP, and 1.1k QS. I have no baddies and my scores are 720-750.
This situation isn't a big deal to me, as I only use the secured card once a month and use Chase and AmEx on a day to day basis. I just feel like CO has dropped the ball on this one.
Hopefully what I've written makes sense. If not, please ask and I'll try to explain further. Maybe one of y'all could shed a litte light on this for me?
That is a strange situation.
What is stranger is why you have a secured Capital One with a $200 CL for 58 months when you currently have the other cards and limits. Is it for the AAoA? Because that account will still stay on for 10 years as long as it is positive when you close it.
@Anonymous wrote:
Interesting. I've kept it for 2 reasons: since it is my oldest card and because I didn't get my 2nd card until April of this year.
If I'm understanding you correctly, I don't have to keep the card in order for it to still factor into my AAoA?
Correct. FICO incorporates positive closed accounts into your AAoA for 10 years after you close it. Websites such as Credit Karma use an algorithm that does not include positive closed accounts at all in AAoA. Luckily, very few lenders use anything other than FICO.
As azguy stated it won't negatively impact your AAoA. Cancel that card and get your money back! There are few better companies that want your business, try for a card from Chase or NFCU.
I did not know that. Thanks!
@azguy13 wrote:
@Anonymous wrote:
Interesting. I've kept it for 2 reasons: since it is my oldest card and because I didn't get my 2nd card until April of this year.
If I'm understanding you correctly, I don't have to keep the card in order for it to still factor into my AAoA?Correct. FICO incorporates positive closed accounts into your AAoA for 10 years after you close it. Websites such as Credit Karma use an algorithm that does not include positive closed accounts at all in AAoA. Luckily, very few lenders use anything other than FICO.
I'm in the same situation as the OP I have had my CO Secured for 3 years and there haven't been any increases nor has it unsecured. Asked a rep via chat last week if there was anything that could be done and got the accounts are reviewed periodically blah, blah, blah. I hate to close but now that I know I get to keep the history I'm calling them right now. Thanks guys you all rock!!!!
@Anonymous wrote:
Hello again everyone!
This evening I ran into a very strange situation with one of my Capital One cards. The card in question is the secured MasterCard. I opened the account in February of 2012 as my first ever CC. The initial credit limit was and still is $200. By chance, I came across an article this evening stating that CO has a program for this card where if you make 5 consecutive payments on time you stand a chance at receiving an auto CLI.
Well, I've used the card for 58 months, always paying in full BEFORE the statement. I've never missed a payment with this card or any card for that matter.
So I called CO (twice) and spoke to rep's about this problem. Both times they had no idea why this card hasn't received a CLI and neither rep could point me in a direction for answers.
I have 4 other cards now - 10k BCE, 10k CF, and 12k CSP, and 1.1k QS. I have no baddies and my scores are 720-750.
This situation isn't a big deal to me, as I only use the secured card once a month and use Chase and AmEx on a day to day basis. I just feel like CO has dropped the ball on this one.
Hopefully what I've written makes sense. If not, please ask and I'll try to explain further. Maybe one of y'all could shed a litte light on this for me?
Not an expert here, but it seems to me that if you pay your bill before the statement cuts, then each statement shows a zero balance, which an automated system (or a human reviewer) could see as the card not being used at all. Given that, it makes sense that you'd never get a CLI, because (as it appears) you're not making any use of the $200 credit limit you have.
Why not set it up for automatic payments on the due date? Use the card every month, up to but not exceeding the $200 CL. That way a balance reports each month but is paid off when due.
Chris.
@Anonymous wrote:
Hello again everyone!
This evening I ran into a very strange situation with one of my Capital One cards. The card in question is the secured MasterCard. I opened the account in February of 2012 as my first ever CC. The initial credit limit was and still is $200. By chance, I came across an article this evening stating that CO has a program for this card where if you make 5 consecutive payments on time you stand a chance at receiving an auto CLI.
Well, I've used the card for 58 months, always paying in full BEFORE the statement. I've never missed a payment with this card or any card for that matter.
So I called CO (twice) and spoke to rep's about this problem. Both times they had no idea why this card hasn't received a CLI and neither rep could point me in a direction for answers.
I have 4 other cards now - 10k BCE, 10k CF, and 12k CSP, and 1.1k QS. I have no baddies and my scores are 720-750.
This situation isn't a big deal to me, as I only use the secured card once a month and use Chase and AmEx on a day to day basis. I just feel like CO has dropped the ball on this one.
Hopefully what I've written makes sense. If not, please ask and I'll try to explain further. Maybe one of y'all could shed a litte light on this for me?
You may not believe this but the best way to contact Capital One about this is through their Facebook page. That's the last known method I know of to get through to their top tier customer relations people who will, I am sure, unsecure the card for you and give you a decent limit.