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Regular Contributor
Posts: 137
Registered: ‎10-12-2012
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Stuck with Cap1 Platinum Visa $500 CL, and $59 AF for 12 years. Help!!!!

Hi all,

 

My first post here and I need your help, please.

 

I have this Cap1 Visa Platinum since Feb 2000. The CL has been $500 for those 12 years.

 

My current credit scores across all 3 bureaus are 650-675 (yeah, I had some tough time with several charged offs in 2010 but I cleaned them all up)

Recently, I was approved for a AMEX SimplyCash for $3000, a CapOne Cash Rewards for $1000, and business CapOne Spark Select for $2000.

 

Since this Cap1 Platinum is my oldest card, I don't want to close it. Nor do I want to pay $59 annually either, since it does not grow. So I called them last week. But they said "there is no offer available for this card. I'll put a note in your file to flag some analysts so they can review your request sooner". The balance of the account is question has been $0 for 3 months. And my overall UTIL is < 10%.

 

Please advise me what to do? Email Exec office? Call Exec office? Cancel? Continue to pay $59/year (ouch!)?

 

Thank you in advance

-Patricia

 

FICO Scores 8: EX 731, EQ 731, TU 725

Credit Cards: Chase Freedom 9.5K | AMEX TrueEarnings 4.5K | Cap1 Venture Visa 3.5K | Cap1 QS MC 3.5K | Discover IT 1K | Cap1 Spark Cash 15K | AMEX SimplyCash 9K

Store: PayPal SmartConnect 10K | JCP 5.2K | Banana 3.3K | Walmart 4.5K | Kohls 1.5K | TargetRED 200
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Frequent Contributor
Posts: 269
Registered: ‎03-15-2012
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Re: Stuck with Cap1 Platinum Visa $500 CL, and $59 AF for 12 years. Help!!!!

I would call (877) 513-9959 to see if they can change your rewards program. Then I  would call the executive offices # can be found on the 10+ page thread.

Fico Scores: 763 EQ(12/11/12) 801 TU(02/06/15) 776 EX(02/14/2015)
AMEX BCE 18K AMEX Blue Sky 13.6K AMEX BCE 13.5K AMEX Zync
NPSL(AU) Citi Double Cash 10K PenFed Plat Rewards 8.5K Citi Forward $7.1K Discover it 6.5K Wells Fargo Cash Back $4.4K BankAmericard Better Balance $700 Chase Freedom $500 Capital One Quicksilver $6K Capital One Platinum (AU) $500 Capital One Secured Card (AU) $251(Closed)
Frequent Contributor
Posts: 263
Registered: ‎08-13-2011
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Re: Stuck with Cap1 Platinum Visa $500 CL, and $59 AF for 12 years. Help!!!!

Executive office is your best bet with Capital one.....I have sent you a PM with the contact info i used.


Starting Score: 500s
Current Score: EQ: 693myFICO(9/7/12), TU: 710myFICO(9/2/12), EX Plus:701(lp,4/16/12)
Goal Score: 700

Wallet: Discover IT $5000, Capital One Platinum $13000, Barclays Rewards $5700, Walmart $3500, Amazon Store Card $3500.
Keep the Hearth of your Thoughts Pure, by so doing you will be Happy and bring Peace!
Established Contributor
Posts: 657
Registered: ‎06-27-2012
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Re: Stuck with Cap1 Platinum Visa $500 CL, and $59 AF for 12 years. Help!!!!

If all else failse shut er down! closing it down won't hurt you at all. not worth an AF.

 

BOA: 8.9k
CSP: 5k
Discover: 5k
Citi TY Preferd: 5k
Wally: 5k
JCP: 4.9k
citiForward: 4.7k
ChaseFreedom: 4.5k
DFS: 2k
Regular Contributor
Posts: 137
Registered: ‎10-12-2012
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Re: Stuck with Cap1 Platinum Visa $500 CL, and $59 AF for 12 years. Help!!!!

Thanks CreditChampion, somotao, and migliogiorni for the info and advice.

 

Questions:

1. When I call/email, is it a hard pull or soft?

2. If I close the card, is my score going to drop drastically? I used to have many cards in the past 12 years with CL going up to 10K, 15K but I closed them all due to charged off yet for some reason this Cap1 card did not bother to drop me. So I kept it. Now, I'm back financially and have been staying on top of things, all of my recent cards are about 1-2 years old.

 

Thanks

FICO Scores 8: EX 731, EQ 731, TU 725

Credit Cards: Chase Freedom 9.5K | AMEX TrueEarnings 4.5K | Cap1 Venture Visa 3.5K | Cap1 QS MC 3.5K | Discover IT 1K | Cap1 Spark Cash 15K | AMEX SimplyCash 9K

Store: PayPal SmartConnect 10K | JCP 5.2K | Banana 3.3K | Walmart 4.5K | Kohls 1.5K | TargetRED 200
Frequent Contributor
Posts: 269
Registered: ‎03-15-2012
0

Re: Stuck with Cap1 Platinum Visa $500 CL, and $59 AF for 12 years. Help!!!!

I would call the # I gave you first to see if you have any upgrade offers first. Then after you get the offer you can call the executive offices and ask for a cli. All cli through cap one are soft on Equifax.

Fico Scores: 763 EQ(12/11/12) 801 TU(02/06/15) 776 EX(02/14/2015)
AMEX BCE 18K AMEX Blue Sky 13.6K AMEX BCE 13.5K AMEX Zync
NPSL(AU) Citi Double Cash 10K PenFed Plat Rewards 8.5K Citi Forward $7.1K Discover it 6.5K Wells Fargo Cash Back $4.4K BankAmericard Better Balance $700 Chase Freedom $500 Capital One Quicksilver $6K Capital One Platinum (AU) $500 Capital One Secured Card (AU) $251(Closed)
Super Contributor
Posts: 5,893
Registered: ‎12-11-2011
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Re: Stuck with Cap1 Platinum Visa $500 CL, and $59 AF for 12 years. Help!!!!


pt2005 wrote:

Thanks CreditChampion, somotao, and migliogiorni for the info and advice.

 

Questions:

1. When I call/email, is it a hard pull or soft?

2. If I close the card, is my score going to drop drastically? I used to have many cards in the past 12 years with CL going up to 10K, 15K but I closed them all due to charged off yet for some reason this Cap1 card did not bother to drop me. So I kept it. Now, I'm back financially and have been staying on top of things, all of my recent cards are about 1-2 years old.

 

Thanks


1. Most have reported even while dealing with the exec office and after having a manual review there was still no hard pull.

2. I don't think your score will drop at all, since I doubt that the $500 limit is playing a huge role in your utilization. That is the only thing that would affect you now. Your account will continue to report as "Closed" for the next 10 years, so your AAoA will not be affected now. 

 

You have 6k in available credit now, so the $500 shouldn't make a huge impact really. It is definitely worth closing it to save $59, but as others have said, you've had your account for 12 years, definitely try the exec office at least. The number is on the 7th page of this thread.

;
Regular Contributor
Posts: 137
Registered: ‎10-12-2012
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Re: Stuck with Cap1 Platinum Visa $500 CL, and $59 AF for 12 years. Help!!!!

Update:

Email sent: 10/13

Received a call from CapOne today. The lady was nice and asked me about 5 questions regarding salary, job title, full-time/part-time, rent/own, max and min CLI.

 

Told her I want 5K. She asked what's min so I said 3K. She said she would call me back in 2-3 days. That's all I have folks.

Thanks

 

FICO Scores 8: EX 731, EQ 731, TU 725

Credit Cards: Chase Freedom 9.5K | AMEX TrueEarnings 4.5K | Cap1 Venture Visa 3.5K | Cap1 QS MC 3.5K | Discover IT 1K | Cap1 Spark Cash 15K | AMEX SimplyCash 9K

Store: PayPal SmartConnect 10K | JCP 5.2K | Banana 3.3K | Walmart 4.5K | Kohls 1.5K | TargetRED 200
Regular Contributor
Posts: 137
Registered: ‎10-12-2012
0

Re: Stuck with Cap1 Platinum Visa $500 CL, and $59 AF for 12 years. Help!!!!

Update: This morning, I logged in Cap1 online and saw the "Rewards: $0.00 Cash" beneath the "Visa Platinum". I just read on the onthe thread that CS800 user got up CLI to 5K and PC to World MC. When Cap1 called me, I asked for 5K but did not know about the World MC/Visa Sig so I did not ask. Should I give them a call to "append" the World/Sig to the request? They're supposed to call me today or tomorrow. I've been logging in to Cap1 online about 20 times a day now. I know it's a little too much. But can't help it. Stuck for 12 years Smiley Happy

 

Visa Platinum

Rewards: $0.00 Cash
FICO Scores 8: EX 731, EQ 731, TU 725

Credit Cards: Chase Freedom 9.5K | AMEX TrueEarnings 4.5K | Cap1 Venture Visa 3.5K | Cap1 QS MC 3.5K | Discover IT 1K | Cap1 Spark Cash 15K | AMEX SimplyCash 9K

Store: PayPal SmartConnect 10K | JCP 5.2K | Banana 3.3K | Walmart 4.5K | Kohls 1.5K | TargetRED 200
Regular Contributor
Posts: 137
Registered: ‎10-12-2012
0

Re: Stuck with Cap1 Platinum Visa $500 CL, and $59 AF for 12 years. Help!!!!

Update: Logged on to Cap1 online this morning and saw a CLI bump of $2500. Now limit is $3000. (I told them Max 5K and Min 3K. They went with the Min then)

Supposed to get a call from Cap 1 today.

 

Looks like they PC'ed me to the Cash Rewards Visa with NO AF. Not sure about the rates though. 

I'll keep posting to let you guys know.

FICO Scores 8: EX 731, EQ 731, TU 725

Credit Cards: Chase Freedom 9.5K | AMEX TrueEarnings 4.5K | Cap1 Venture Visa 3.5K | Cap1 QS MC 3.5K | Discover IT 1K | Cap1 Spark Cash 15K | AMEX SimplyCash 9K

Store: PayPal SmartConnect 10K | JCP 5.2K | Banana 3.3K | Walmart 4.5K | Kohls 1.5K | TargetRED 200
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