@ecocredit wrote:
@red259 wrote:You can close the card if you want. I tend to SD cards as long as they don't have AFs. The impact on your util shouldn't be that great because its such a small credit line. You should be able to to get the EO to switch your product over and give you a CLI (oir to at least explain why your account is not eligible). I don't think cap 1 has bad cards. I just don't think they are necessarily the best. I'm much more into miles/points than cash back though. You may also have better luck with a new cap 1 app, since they are more likely to give you a higher initial CL than you would get if they increased your existing credit line.
Can you clarify what SD, AF, OIR stand for? I have gone through the common abbreviations thread and could not find what they meant
At this point I don't want another HP on my account and not too many new accounts. I think I already have 2-3 HPs in the past year.
sock drawer, annual fee and oir was just a typo it was supposed to be or. 2-3 HPs isn't bad over the course of a year, but if you really don't want one then reach out to the executive office.
;
@red259 wrote:
sock drawer, annual fee and oir was just a typo it was supposed to be or. 2-3 HPs isn't bad over the course of a year, but if you really don't want one then reach out to the executive office.
Thanks for the clarifications. I am planning on purchasing a house and would like to keep my report as clean as possible
Thing is lower limit credit lines tend to be looked at negatively. It was only very recently that I realized that given my income, credit score and credit history that I could qualify for much better cards with much higher limits. I am only trying to optimize the quality and quantity of credit. Unfortunately the only thing I cannot obtain is an "old" account to improve the length of my credit history. That's the only negative part of my credit report.
@ecocredit wrote:Thing is lower limit credit lines tend to be looked at negatively. It was only very recently that I realized that given my income, credit score and credit history that I could qualify for much better cards with much higher limits. I am only trying to optimize the quality and quantity of credit. Unfortunately the only thing I cannot obtain is an "old" account to improve the length of my credit history. That's the only negative part of my credit report.
Contact the EO and see if they can PC and get you a CLI. You said it yourself that your looking to buy a house so a HP is out of the question so no new apps. I wouldn't close the account at this point.
@Exonumist wrote:Who says small lines are looked at negatively? I have one card with a $500 limit from Penfed. I'll NEVER close it. Unless they take away 5% on gas... A small line with an established history of usage and on time payments is going to increase your score. FICO doesn't take the credit limit into account, only utilization. Why do you think someone that has nothing but 20k limits on 5 cards can still have a 650 while someone else with just two $500 cards can have a 750? Bottom line is your looking at buying a house soon. Don't close the account. Don't apply for new cards until you close on a mortgage. Emailing the EO will not hurt your credit in any way. The worst that could happen is for whatever reason they tell you no. IMO they will probably bump you to at least 2-3k probably more and give you a Quicksilver.
Well said!! My capital one cards are my first cards. Since it helped me establish my credit, my focus went on to bigger and better offers but I won't close them. I keep a couple bills linked to them monthly and just pay them off. I think they don't like the fact I found Barclay and Amex thanks to this forum!!
