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I need Crap1 Advice

Moderator Emerita

I need Crap1 Advice

I'll preface this by saying that I H-A-T-E CapitalOne. Some of us should get a club going.

 

I'm the less than proud owner of one of their never-gonna-get-an-increase cards. It's stuck at $500, and it will never rise above that. It has an annual fee, but was waived for this year. Also, there's another situation that left a very bad taste in my mouth that I haven't posted about previously. Cap1 misreported the 'high balance' to the credit bureaus (making it appear that I'd gone over the limit-- this was entirely an error on their part), and it took me 4 months of grappling with horribly rude and downright awful customer service people who lied and lied time and again about fixing this, and many unanswered letters to their "general correspondence" address. It finally took an FTC complaint number and a nastygram to one of their Executives (and my how they were surprised when I found that name and address) sent CMRR to get it fixed in less than 24 hours.

 

So, now that I have real CL on prime cards, would I be a petty fool to call them up and dump them? Or, should I just let it sit until they close it, or until they refuse to waive the annual fee next year? When I discovered, in August, that the card will never be increased, I stopped using it cold. I used to use it a LOT, and always PIFd. It's SDd now, because I dont' want them to get any money at all from from me... Not even transaction fees after the stunt with the "high balance". So, should I dump them? Or, do I swallow my pride (recently bolstered by BoA and NFCU Luv) and hold on to it?

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Friendly, Supportive & Respectful


Understanding Your FICO Score  |  Credit Scoring 101  |  Common Abbreviations  |  FTC: FCRA Links  |  FTC: FDCPA Links  |  Opt-Out  |  State Resources


"However gradual may be the growth of confidence, that of credit requires still more time to arrive at maturity” ~ Benjamin Disraeli

Message 1 of 11
10 REPLIES
Established Contributor

Re: I need Crap1 Advice

What's your average age of accounts and how old is your Crap1? How old are the other ones that you have?
FEB '08 FAKOs: TU 628 | EX 650 | EQ 584
JAN'09 FAKOs TU 686 | EX 705 | EQ 664
EQ FICO: FEB '08 646 | APR '08 678 | SEP '08 679
Message 2 of 11
Established Contributor

Re: I need Crap1 Advice


LilMirth wrote:

I'll preface this by saying that I H-A-T-E CapitalOne. Some of us should get a club going.

 


We have a club going, I am the president!

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"Evacuate, in our moment of triumph? I think you overestimate their chances."
Message 3 of 11
Regular Contributor

Re: I need Crap1 Advice

Can I join?  Smiley Very Happy
Message 4 of 11
Contributor

Re: I need Crap1 Advice

What are the membership dues?  I want in!!
Message 5 of 11
Established Contributor

Re: I need Crap1 Advice

We have no AF. Unlike Crap 1! Smiley Wink  Everyone is eligible, and we are taking apps!
____________________________________________________

"Evacuate, in our moment of triumph? I think you overestimate their chances."
Message 6 of 11
Established Contributor

Re: I need Crap1 Advice

I like cap1, I just transferred all my high interest store cards to my cap1 account, got a fixed 3.99% so I'm happy. All cap1 cards have limits, you should apply for one of their cards that have a higher limit and sock drawer the one with the 500.00 cl.
Message 7 of 11
Established Contributor

Re: I need Crap1 Advice

I don't think I saw this mentioned. How old is the account ?

For a $ 500 credit card that you're dead certain will never receive a credit limit increase, then, unless it's old, I'm having a hard time of thinking of what advantage there would be in keeping it.

According to everything I've read, Capital One does not charge any foreign transaction fee. So, if you think you'd ever purchase something on the internet from another country or if you think you'd ever travel abroad, then that's the only other reason that I can think of for keeping the account.
Message 8 of 11
Regular Contributor

Re: I need Crap1 Advice

Just a suggestion: Open a 2nd Cap1 card that DOES allow for CLIs (call them to verify which one). You'll get a minimum $300 CL. Treat it well for 3 months to get the Credit Steps increase (to $500 if you start at $300). Then combine the 2 cards and close out the old one. You'll end up with one card that has $1000 CL (at least) with the possibility of CLIs later.

TU=564 EQ=??? EX=??? 4/4/06
TU=643 EQ=625 EX=618 1/24/08
TU=678 EQ=651 EX=665 10/24/08
TU=694 EQ=669 EX=??? 9/24/09
TU=706 EQ=691 EX=??? 10/8/09
CH7 BK 2001
Message 9 of 11
Moderator Emerita

Re: I need Crap1 Advice

My AAoA is 6 years. The crap1 card is NOT my oldest account. Although, it is a couple of years old, and would probably put a small dent in my AAoA. I'm thinking... Maybe I'll just sockdrawer it until next year.

Shnapple wrote:
What's your average age of accounts and how old is your Crap1? How old are the other ones that you have?

 

-------------------------------------------


Friendly, Supportive & Respectful


Understanding Your FICO Score  |  Credit Scoring 101  |  Common Abbreviations  |  FTC: FCRA Links  |  FTC: FDCPA Links  |  Opt-Out  |  State Resources


"However gradual may be the growth of confidence, that of credit requires still more time to arrive at maturity” ~ Benjamin Disraeli

Message 10 of 11