How many of my cards are sub-prime?

[Anonymous]

I'm with @Loquat regarding the OVER USED term 'sub-prime'

a) It's like saying which girls/guys a sub prime vs who's 'fine'... it's all a matter of taste ( well some of them are just ...ok nevermind 😇)

b) It's probably more accurate to seek what institutions, ppl may 'feel' are "sub-par" partners to shed... again for varying reasons.

Example:
I'm on the dump Merrick 🚆 because (like it or not) I don't value, trust or like how they do business, as a bottom feeder type organization in my eyes...w/o much upside to a continuous relationship. They don't offer upgraded products, just the 'starter kits' ( although,they are seeking to enter new markets and are creeping up, to be fair) no bank, car/home loans etc = What's the point?

Whereas with Cap-1 there's potential for growth...Yes, they are a larger player in the starter kit circuit but they play big ball as well, as one of America's largest CC issuers. Their school is open K- Grad School and their a bank = Worth keeping

None of the other issuers the OP listed are known or suspected bottom feeders (Synchrony as mentioned is who they are) but Disco and Navy get to stay until hands are cold and dead IMO😎

[Anonymous]

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@Loquat wrote:

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Then I'm the exception to the rule because my CapOne card started out with the same $300 limit as the OP.  Within 2 years I grew it to $9k and this is all while my BK13 (which still is) alive and well on my report.  Again, could I be the exception, maybe...but just to put a blanket answer out there that their is very little pontential for this card to grow its limits may be a stretch.  I think in situations of such, it'd be best to maybe clarify with a "in my opinion" or "potentially" so that the poster can make an educated decision on how he or she would like to proceed. 

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I didn't put a blanket answer out there.  I said such accounts "normally" don't grow and that there are "very few exceptions" meaning that there are exceptions.  For every example out there that follows yours Loquat, there are at least 10+ that follow the one I illustrated, as there are actually countless threads about it.  I've researched this topic extensively over a long period of time, so I feel I'm quite qualified to speak on it. 

[Loquat]

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@Anonymous wrote:

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@Loquat wrote:

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Then I'm the exception to the rule because my CapOne card started out with the same $300 limit as the OP.  Within 2 years I grew it to $9k and this is all while my BK13 (which still is) alive and well on my report.  Again, could I be the exception, maybe...but just to put a blanket answer out there that their is very little pontential for this card to grow its limits may be a stretch.  I think in situations of such, it'd be best to maybe clarify with a "in my opinion" or "potentially" so that the poster can make an educated decision on how he or she would like to proceed. 

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I didn't put a blanket answer out there.  I said such accounts "normally" don't grow and that there are "very few exceptions" meaning that there are exceptions.  For every example out there that follows yours Loquat, there are at least 10+ that follow the one I illustrated, as there are actually countless threads about it.  I've researched this topic extensively over a long period of time, so I feel I'm quite qualified to speak on it. 

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Keep in mind that this community (and a few of the others that are credit focused on the internet) are small fraction of what I would guess are several million CapOne accounts.  But nonetheless I don't want to distract from the OP's question with side-sub topics.  Thanks for sharing your thoughts though, it's what makes this a great community.

[Anonymous]

Absolutely, I can only speak on what I have read on these forums and the data points I've come across on here.  No doubt there are plenty more elsewhere.  I would like to add that I'm one of these data points, though, as my starter account (619 score) received only two $500 CLIs and then stalled out and wouldn't go up any higher even though my credit scores were 800+ and I was putting near my limit through the card in a cycle followed by PIF.  The only explanation was the account, not my profile, as I could apply for another CO product and receive a $20k SL no problem.

[Anonymous]

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@HeavenOhio wrote:

The NFCU and Discover cards are keepers.

Merrick is a lousy bank. You should move on from them as soon as you feel you can.

Capital One is a good bank, but due to its fee, the QS1 isn't a good product. It's something that can be kept in the short term, i.e. as long as you can stand to pay the fee. As mentioned above, you should be able to grow it. Product-changing it into a no-fee Quicksilver is difficult, but it's been done. An option would be to acquire a better Capital One card and combine the QS1 into it. But if you have no interrest in more Capital One cards and you're not successful at product-changing it, you should eventually close it.

Synchrony is Synchrony. They give, and they take away. You can likely grow their limits, but you should also be prepared to use the cards and pay in full. It's something I'd evaluate on an ongoing basis. If they're working out, fine. If you feel that you're well covered by other cards and you have no further use for them, get rid of them.

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This is pretty much where my head is at.  I got the Merrick card because of their offer to double the limit after seven payments. But, even with that, I think it is time to let them go.  I'm inclined to keep the Cap 1 card, even with the low limit, precisely for the reasons you mentioned.  They're a good bank to have a relatonship with.  And they did increase my limit to $500 yesterday, so there's that.

[Anonymous]

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@K-in-Boston wrote:

KittenBreath, have you tried MyLoFICO's link for Capital One upgrades?  May be a quick and easy way to get rid of the annual fee by changing your existing card to a QuickSilver or VentureOne.

I'll second that Merrick Bank, while not a prime lender, shouldn't necessarily be lumped in with Credit One and comparable lenders.  It really depends on which offer you get from them.  I had a $2500 line with 19.7% APR and no annual fee.  It had no rewards and the limit wasn't usuable (to me), so there was no reason for me to keep it but it certainly wasn't an offensive card.  You have "real" credit cards now with rewards and growth potential, so certainly if you can't justify a reason for having it, let it go.

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Yeah, I've tried that upgrade link multiple times and it always offers me an upgrade to the exact card that I already have. 

[Total80sKid]

Def the QS1.

I've had mine for 3yrs and it's stuck at $850 and they refuse to upgrade it to the no AF version.

I'm giving it until Nov to see if they finally will upgrade me or the card is gone.

Why would I pay $39 for a card I have no interest in? Give me a reason to use your card and I will.

Just my 2 cents.

[HeavenOhio]

I recently upgraded two QS1s. I can't prove it, but I think the trigger was to use the cards each and every month for about a year. Capital One's advice was to call in every month to make sure I didn't miss any offers, so I made sure to do that too.

These cards are also stuck in Low Limit Land, but without the fee and because they have the same reward as my higher-limit QS, I'm not so concerned about that. With limits at a little under $4,000 apiece, they're still good for smaller "spillover" purchases that I don't want to put on my better card. I'm a lot better off than I was in January, though. I've gotten two $1,000 CLIs on each card this year. Time will tell if I can continue that.

As BBS says, if your current Capital One card won't grow, the way to grow with them is with a new card. At that point, you can sock drawer the low-limit card if there's no fee. Or you can combine it with the new card.

The bottom line with the QS1 is that it isn't a card that should be kept long term. If it can't be product-changed within a reasonable amount of time, it should be replaced or combined with another card.

[Anonymous]

I think you have a very decent wallet. ☺

I agree about closing Merrick. You've already outgrown it and they aren't known to give CLI after a certain point.

But regarding Cap1, my husband had a Platinum that started out with a $300 SL, went to $750 after Credit Steps, and just got an auto-CLI to bring it to $3750, all in less than a year. But I do recommend apping for a no AF QS and then combining. You might just want to see if your QS1 can go higher before doing it, but without keeping it so long you have to pay the AF.

Good luck! ☺

[Anonymous]

Goodluck of your rebuild!