A year or so ago I opened a CapitalOne secured card in order to establish more credit than what was previously given to me. Historically, I have had a Wachovia (turned WF) Visa (2006) and a Chase (Platinum turned Slate) MasterCard (2006). For the longest time ever I only had a $500 cl on both cards and frankly, that is all I deserved. Following the stereotypical College student (and ignoring my Mother's advice) I regularly maxed the cards out and paid them down during the summer when I was working fulltime (cycle reset). Fast forwad to today, I have a good paying job and aim to only let balances revolve around 25% or less.
In November 2011, I applied for a cli with hard pull from Wells Fargo and was subsequently declined. For whatever reason in December of that same year WF doubled my credit limit to $1000 and they then earned the status as my primary credit card. Then in March they pushed I was auto CLI'ed to $1300. At this point I was feeling the love from WF and started to get annoyed at Chase. One night tired of the lack of rewards I called to see if I could convert to a Freedom Mastercard and was subsequently allowed to convert. That made me feel a bit more comfortable that they at least somewhat treasured my business (and past late/over limit/interest fees they made off me). About a three weeks ago, I finally swallowed my pride (and got over my fear of rejection) and called the Exec Office in IL. Spoke to an amazing rep and stated my case that I have had this card for nearly 6 years and really had no increase even after two years of responsible usage. She said she would have to forward the request to a Credit Analyst and see what they could do since I only wanted an increase with a soft pull. Low and behold that afternoon I noticed my credit limit tripled to $1500 and the next day she called back to review everything that happened. WF then auto cli'ed me to $2200 about a week after that increase.
So now that I am finally on the road to building a stable credit portfolio I am left with:
WF - 7/2006 - $2200
Chase - 7/2006 - $1500
Cap1 - 3/2011 - $300
J.Crew - 3/2007 - $1330
If you made it this far - think it is time I dump CapitalOne and get my deposit back? Since they don't have any real plan to graduate these cards fully to regular cards, I feel no loyalty to them. Looking back on it, I should have opened a secured CC with Citi but I liked the lower deposit requirement at Cap1.
Once my score reaches 700, I hope to add another card to portfolio (AMEX or an Airline card - US Scareways dominates my region).
Anyways, thanks for any advice!
Starting Score: EX 594
Fair point. At the time I was trying to slowly expand my credit portfolio, I wasn't cash rich and didn't want to tie up $200 for a credit card (preferred that in my emergency savings account). Capital One offered a deposit of $49 and thus I ran with it.
I haven't ever had any major issues with them but that I am proving myself to prime lenders - it may just be time to part ways. So when I close the account I will be left with two major Prime cards and a store card.
Well, you may not have listened to Mom originally but, it appears that you are doing very well NOW. You have built up your credit slowly and, according to "the moms" and "the dads" around here, that is the proper way to build. By January of next year, you could apply for another prime card and continue on your path, no doubt you will wind up with a FICO® in the 800s following this plan. Keep on keeping on and congratulations on the progress you've made thus far. 