Reply
Moderator
Revelate
Posts: 9,487
Registered: ‎12-30-2011
0

Re: Closed my Cap1 Secured today


doc101 wrote:

If I'm approved for a BoA, i'm closing my account with Cap1 as well. Have had the card for over a year, no late payments and can't even get a CLI.......what's  the use in keeping the card if I can't advance?


Because FICO advancement has nothing to do with CL's other than convenience factor. :smileywink:

 

I'll admit I'm doing some silly tricks (5K on a secured card...) to try to goose credit limits later; however, worrying about getting CLI's from lenders who are known to be stingy, isn't a big deal.  Don't get hung up on starter card limits,  you actually want to advance in score which comes from having a couple tradelines and never, ever missing (or being late) on a payment or letting other things slip through the cracks (collections and what not) is how you move towards winning FICO wise.  Eventually your score will open up enough to qualify for cards which do grow in CLI's, but really it's not worth losing sleep over.

Starting Score: EQ 561, TU 567, EX 599* (12/30/11, EX lender pull 12/29/11)
Current Score: EQ 04 673, EQ 8 707, TU 720, EX 702* (09/02/14, EX older)
Goal Score: 700 on EQ '04 (01/01/15)


Take the myFICO Fitness Challenge

myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.

>> About myFICO
FICO Score - The Score that matters
Click to Verify - This site chose VeriSign SSL for secure e-commerce and confidential communications.
Fair Isaac Corporation is a BBB Accredited Financial Service in San Rafael, CA
FOLLOW US Social Media Facebook Twitter Pinterest Google+
}