Should I just dump Capital One?

[Anonymous]

I just got back in with them a few months ago...similar thing with being given a second chance..it is currently my only card. From the little research I've done, seems  more people than any other card have cap1 in a sock drawer. I have the secured..paid the lowest amount possible... for a $200 limit. I've seen people who put a higher security deposit to get a 1k limit still not get a CLI. Apparently they get people by not giving CLIS but it becomes a first/old credit line so you're stuck paying the yearly fee until ready to dump them. My scores have gone up  though so I'm hoping to get approved elsewhere within the next 1-2 months so it can age about the same as Cap1 rather than waiting a full year to be denied. I kept it around 18% Utilization and now will drop down to about 5%..hoping to trigger another jump.

[NRB525]

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@Bandit5160 wrote:

I recently raised my credit score from the low 600s to over 750.  So I am looking to get som e better credit cards.  I will always be thankful to Capital One for forgiving the fact that I had a debt to them discharged in a BK and giving me another chance at credit.  They helped me rebuild my credit and get my scores up.  But now that I have done that and want better cards, they don't want to give them to me.  I had been given a Capital One Platinum Miles Rewards (CL $2000, AF $39) and a plain Capital One platinum with no rewards ($750 CL with no AF).  I decided a month ago to combine these two cards and they said I could close the lower CL card and add its CL to the higher CL one, giving me a Platinum Miles Rewards Cards with a CL of $2750 (and still a $39 AF).  Well, I think my credit is worthy of it now, so about a week ago I called Capital One up to attempt to upgrade my card to a Quicksilver.  They said I could only change to a Quicksilver One, which is really no upgrade- it still has a $39 AF.  I took the offer as my AF is not due until the October billing cycle.  I plan to try again before that to get the Quicksilver.  If they won't give it to me, I will consider cancelling my account with them and be done with Capital One,  BTW I recently applied for the. Capital One Dining Rewards card since I eat out a lot.  I got the 7-10 days message, meaning I probably aren't going to be approved for that card.  If I'm shocked and end up getting that card, I will then try to combine the QS1 CL into that one and close the QS1 that way.  Why are they still not leeing me have the best cards despite a 760 credit score and am I right to dump them if they won't work with me further?

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OP congrats on the score improvements. And I am glad to hear you realize Capital One was a good helper for rebuilding. 

You are moving WAY too fast, and without a patient plan right now. 

You have not let the 7-10 message be answered.  

Immediately before that (a week ago?) you did a product change on the account, to the QS1.

A month ago you had another product change / card combination. 

Your original card combination choice has me perplexed. If you had a no-AF Platinum card already, why didn't you add the larger CL with the AF onto the no-AF card? If you had done that, you would not be worried about an AF now. 

And how much are you paying in AF and monthly fees and other transaction fees for that Credit One card? Close that Credit One card long before the Capital One. 

You have to be patient in growing your credit, and you have to make careful choices about things like Product Change. It sounds like Capital One has been trying to accommodate your requests, but your requests are accelerating toward a daily change of mind, and no bank anywhere can possibly keep up with that. 

No, you are not correct in thinking it is time to close CapOne. Close Credit One, let the latest CapOne app play out, and then wait six months if this latest app is not successful. 

[Anonymous]

Totally agree with NRB. I get the sense you are very anxious to accelerate your rebuild timeline. I know you think you're done, and you've made great progress, but you still have a good chunk left. The AF on this card is paltry. I don't think you're at the point where that's really a burden. At least not enough of one to justify dumping an account that's helping you. Keep it, let it sit and help your AAOA. Dump Credit One. Then let your new scores mature for six months. Then start really planning which cards you'd benefit from having. Start applying for only those cards. I'd keep Cap One around another 1-2 years if I were in your shoes. Think of the AF as a "bad credit tax". Let it remind you to slow down and be prescriptive in managing your credit.

I wish you good luck though. You're on the right path. Just remeber, it's a walking path.

[Bandit5160]

Thanks for the replies.  I just now got a letter from Capital One.  They approved my Premiere Dining Rewards Card app with a 10K CL!  So I'm surprised but excited about that.  I plan to dump Credit One and Merrick Bank in the next year or so.  I was thinking of combining the QS one (2700 CL) into the new dining card (giving it a 12750 CL and closing the QS1), but I'm starting to reconsider that.  QS1 is my oldest card.  I might need to just leave well enough alone for a while.  I'm still thinking.  I do know this- I am done with a CC apps for a long time now!  

Regarding a couple of points made:  Capital One did not give me an option to combine the 2K card with an AF onto the no AF card: I had to do it the way I did it.  I was thinking I could still maybe make this QS1 a QS later before the AF was due.  And Credit One waived all my fees through the end of the year, so I will probably hold on to that card (but not use it) until then, then I will dump it.

[simplynoir]

First off congrats on your approval and SL there! And IMHO with regards to Credit One I would go ahead and close the card before any shenanigans from them happen. It'll still be on your CR for up to 10 years after closing and the sooner you can get rid of that card the better I'd say.

[Anonymous]

I dumped them. It dropped my score a few points for about 3 months then I was back up and getting pretty much any other card I wanted. I'll bet if you put in for another credit card company you would get that card.

[Anonymous]

+1 keep capital one, dump credit one.  At the end of the day, credit one has way higher fees and headaches than capital one.