Like so many other members, my CCs with Cap1 basically never get their limits raised. Each time I request a CLI, it's immediately denied for one reason or another, most of which don't even make sense. I've been thinking about this for a little while now, and wanted to gather opinions: should I close two of my three cards?
I have two Quicksilvers (one MC and one Visa), plus a Walmart Rewards MC. The first two are approximately 10 years old, the third one was acquired in 2019(?). It's the Quicksilvers I'm thinking about closing.
Their limits are $4,000 and $4,500 (just FYI, the WM MC's limit is $10,000). I literally cannot recall the last time any card was granted a CLI. Even if I *combined* the two QS cards (which I don't think they allow), the limit still wouldn't hit 5 figures. I'm trying to get all of my cards into 5 figures, but it looks very, very unlikely that that will ever happen with these two cards.
My AAoA is <8 years; my oldest card is 31; my newest account (an Amex loan) is 2 months old; my only HP (and only on TU) will fall off in April. My scores were in the 810s but are about to plunge, due to large purchases I've just made.
Considering their ages, I'm kind of hesitant to close these cards. But...on the other hand...since they're clearly bucketed and will never get higher limits, well, I don't know. The reason I don't use them is because of their low CLs. When I need to pick a card for a $3,000 purchase, I'm not going to use one with a $4,000 limit (and the sky-high utilization that would create), when I could choose one of my 5-figure cards instead, you know? Also, their APRs are a lot higher than my other cards; I don't generally carry balances on any card (unless they're on a 0% offer) but, still, I don't like high APRs just on principle.
Thoughts, please? What would you do? Neither card has an AF or anything, so sock-drawering them is not out of the question. Any and all input greatly appreciated!
C1 seems to work more like a muscle the way their algorithms are working. In the sense, you have to exceed the normal 30% Utilization to trigger growth.
I posted this earlier in a c1 reply:
"Using 50% to 65% of my c1 CL and pif ea. Mo. Triggered an auto increase for me after 6 mo..
I called and asked for more and they told me it was too soon, I just had one, and my card was on an automated cli system not eligible for manual increases.
I can only assume that my c1 account is completely automated by an algorithm and I just have to keep flexing it to keep getting increases. Not sure though. Time will tell."
I suppose, if you don't use them at all and not looking to work their algorithm muscle, you might as well sock drawer them till they close them or close them yourself.
C1 has Also been know for cld when usage stop or drops.
@Drifter73 wrote:C1 seems to work more like a muscle the way their algorithms are working. In the sense, you have to exceed the normal 30% Utilization to trigger growth.
The problem is, using their cards heavily and earning milquetoast rewards in exchange for slightly higher limits (but the same meh rewards) really doesn't make a lot of sense to me.
I look at this from an opportunity cost perspective.
Every dollar I charge to a card with sub-par rewards is a dollar I could be charging to a card that actually rewards my heavy use.
That's not a nkock on Cap 1. I have praised their desire to adhere to a successful and time-tested business model many times on this board.
But from a micro-user perspective, they are simply a net loss when used as a daily driver save specific circumstances (the Savor for those who eat out frequently, for example).
@CreditCrusader wrote:
@Drifter73 wrote:C1 seems to work more like a muscle the way their algorithms are working. In the sense, you have to exceed the normal 30% Utilization to trigger growth.
The problem is, using their cards heavily and earning milquetoast rewards in exchange for slightly higher limits (but the same meh rewards) really doesn't make a lot of sense to me.
I look at this from an opportunity cost perspective.
Every dollar I charge to a card with sub-par rewards is a dollar I could be charging to a card that actually rewards my heavy use.
^ This. Had I charged any of my recent large purchases on a QS card, on the *HOPE* that pushing my utilization to nearly 90% MIGHT yield a CLI somewhere down the road, I would've lost out on the 3, 4, 5% rewards I got by using other cards. I don't even remember what QS pays, is it 1%? 1.5%? Whatever, I know it's not 3% or 6%! So what would I end up with? A paltry cash back, a sky-high utilization percentage, and absolutely no guarantee that, later on, a CLI request would be successful (for once).
This is really why I just don't use them. Between pushing my utilization way up and getting paltry rewards, it's just not worth it. Now, if this method *guaranteed* a 5-figure limit the next time I request a CLI, well, maybe I'd reconsider.
@FinStar wrote:
@SoCalGardener wrote:
@CreditCrusader wrote:
@Drifter73 wrote:C1 seems to work more like a muscle the way their algorithms are working. In the sense, you have to exceed the normal 30% Utilization to trigger growth.
The problem is, using their cards heavily and earning milquetoast rewards in exchange for slightly higher limits (but the same meh rewards) really doesn't make a lot of sense to me.
I look at this from an opportunity cost perspective.
Every dollar I charge to a card with sub-par rewards is a dollar I could be charging to a card that actually rewards my heavy use.
^ This. Had I charged any of my recent large purchases on a QS card, on the *HOPE* that pushing my utilization to nearly 90% MIGHT yield a CLI somewhere down the road, I would've lost out on the 3, 4, 5% rewards I got by using other cards. I don't even remember what QS pays, is it 1%? 1.5%? Whatever, I know it's not 3% or 6%! So what would I end up with? A paltry cash back, a sky-high utilization percentage, and absolutely no guarantee that, later on, a CLI request would be successful (for once).
This is really why I just don't use them. Between pushing my utilization way up and getting paltry rewards, it's just not worth it. Now, if this method *guaranteed* a 5-figure limit the next time I request a CLI, well, maybe I'd reconsider.
Unfortunately, given Capital One's current lending practices (which changed very significantly in the past few years), I can't see them granting a 5-figure limit on any of the two cards even with any abundant amounts of spend. If anything, auto-CLIs have a bit more success (no guarantees of course) for those customers who have used their cards as a workhorse or primary means of spend. That said, only a sprinkle of those who were approved with significant auto-CLIs grace their presence in the Approvals subforum.
Since it's doubtful that Capital One will bring the account combinations in the foreseeable future (they haven't for >4 years and based on past customer experiences it's likely they won't), I would say this pretty much narrows the options.
Closing them (on your own schedule) will accomplish a few things: (1) no more feeling insulted about BT promotions and their associated APRs, (2) rewards instances that may cause customer service headaches when such promotions seem cumbersome, (3) not having to worry about nursing or monitoring the accounts given the limits don't meet your strategy any longer -- a 'want' vs a 'need' (i.e. CLs too low), (4) redistributes lending capital for those customers who will really use it (plenty of $100 or $200 CLIs can be made for others or new starter accounts) 🤷♂️
You probably don't realize it, but you've just single-handedly convinced me to close the cards! 
Well, at least, lean very strongly toward closing the cards. 
Your pointing out various things I've griped about before, such as the insulting BT offer I got, and the 'jumping through hoops' Chewy.com purchase, reminded me of just how much I dislike Cap1. Thank you! 
Now I just need to decide whether I REALLY want to voluntarily close two cards--not something I ever thought I'd do, considering I've been at both ends of the 'feast or famine' credit landscape. Then decide if it should be one or both. Then do it!