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Thoughts on Canceling Capital One Card

Established Contributor

Thoughts on Canceling Capital One Card

Hey all:

 

I am thinking about canceling my Capital One card. I have had the card since Dec. 2008, started off with $500 and increased through Credit Steps program to $1500 and I assume its stuck there because I have never been approved for a CLI. The AF is $60. Here is how my credit profile looks so far:

 

Military Star: $8300 Opened Feb. 2006

Chase Freedom: $1500 (recently approved for $500 CLI) March 2010

Discover More: $2000 Apr 2010

USAA Mastercard: $1000 (New card as of 7 NOV)

Capital One: $1500 (60.00 AF) Dec. 2008

Macy's: $850 Apr 2010

Best Buy: $650 Aug 2010

 

Any sugguestions?

 


Starting Score:TransUnion: 698 (12 FEB 2010), Equifax: 674 (12 FEB 2010)
Current Score (Lender Pulled):TransUnion: 684 (12 SEP 2016), Equifax: 696 (12 SEP 2016), Experian: 679 (12 SEP 2016)
Goal Score:All scores All scores at least 700+ by December 2017!!

Take the FICO Fitness Challenge
Message 1 of 5
4 REPLIES
Senior Contributor

Re: Thoughts on Canceling Capital One Card

I like the zero foreign transaction fee that Capital One has.    I would try for a better Capital One card.

Message 2 of 5
Established Contributor

Re: Thoughts on Canceling Capital One Card

I tried to apply for a different Capital One card last year. I have a previous paid CO with Capital One and when I applied last time that was the reason for the decline. Not even sure how I managed to get the Capital One card I have now.


Starting Score:TransUnion: 698 (12 FEB 2010), Equifax: 674 (12 FEB 2010)
Current Score (Lender Pulled):TransUnion: 684 (12 SEP 2016), Equifax: 696 (12 SEP 2016), Experian: 679 (12 SEP 2016)
Goal Score:All scores All scores at least 700+ by December 2017!!

Take the FICO Fitness Challenge
Message 3 of 5
New Member

Re: Thoughts on Canceling Capital One Card

It sounds like you have a simmilar card to the one I do. They gave me the initial $500 CL almost 5 years ago when my Fico was in the low five hundreds. In Spring 2007 I called them for a CL increase and they upped it by $1k to its present $1500. I called them last Spring for an increase and it was denied. Fico about 650 at the time. I was so mad that I considered closing my account. At this rate I will be 90 before I have a credit card with a limit over $5000.

 

Shortly after my denied inquiry, they began sending me offers for a second "Rewards card". It started with an initial $500 limit. My FICO is now 682. As soon as the offers started coming I decided that that was why they din't want to increase the old card. Credit card companies are really pushing those "Rewards cards" right now.

 

I'm a bit surprised my CLs are still so low. Still, I would not close the account. It helps your usage ratio. I finally accepted Cap1's offer for the second card. That and paying down my other accounts so that now my credit usage is at 20%. Tonight I applied for "Bill me later" on Costco.com, for a large purchase, and was accepted in about 30 seconds.  After 2 decades of low credit ratings, that was a nice surprise. Having the lower credit Utilization rate seems to have lifted me from fair to good.

 

I just signed up for "MyFico" tonight, because I heard this was more accurate than the Fako scores I get from my credit keeper. They still have me at 640, as of 2 days ago. 

 

I'll be buying a house this summer. The simulator says I should have my FICO over 720 by then.

 

Sorry I rambled on a bit. It's my first post.

Message 4 of 5
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Moderator Emeritus

Re: Thoughts on Canceling Capital One Card

Hi BbyBear,

 

It's nice to hear from you - glad you're here.  Welcome!

Just puttin' syrup on something, don't make it pancakes.
Message 5 of 5