To close or not to close - Capital One

[FinStar]

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@phonic wrote:

Just wanted to provide an update. I received a call today from someone at the EO. 

They offered me a PC to the QuickSilver One card, which I accepted. I get the 1.5% cash back, which should be a nice perk. They said they will also send my account in for manual review to get a CLI and took down some information (income, assets, etc.). 

Unfortunately, this version of the QuickSilver card does have an annual fee. He told me to call him back when it hits and he can take care of it for me then. I think the reason why is that the other QS card is a Visa Signature with a $5k minimum. Since my CLI is still pending, my CL of $500 wouldn't qualify for that card. So once the CLI is hopefully approved, I should be eligible to a PC to the better version. He also said they could keep it at that version but permanently waive the AF. I guess I'll have to use this card over the next few months to make it worth their while. I requested a $10k limit which I think is certainly appropriate. I did pre-authorize a 'less than requested' amount, but told the guy it would need to be something appropriate and not just $750. I guess we shall see...

Assuming I get a good CLI and they do PC or waive the AF afterwards, I think this worked out fairly well. A boost to my total credit available, a nice 1.5% cash back card and still keeping a tenured account alive. 

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Great progress so far with the PC...nice!  Even if they don't approve the full $10K, hopefully they can meet you in the middle (or more) and you can still keep the card.  Let us know once you get some news on that front.  Good luck either way.

[phonic]

Thanks. Honestly, I really don't care about getting the full $10k, as I would never use this card to that extent. For me to go over a couple thousand would be unlikely. For larger purchases, I would want the added benefits of cards like Amex (extended warranty and other protections). I mainly just said $10k because it's a nice round number and I think my profile warrants it.

In the end, as long as I get a no-AF card with some perk (and 1.5% isn't bad), I'll keep it. Since I had the card without a charge for two years, Cap1 seems to not care about them sitting on the bottom of your sock drawer .

[Leadberry]

I know this is pretty much said and done, but I figure I'd toss another opinion in. You have $110k in CL's with prime lenders and the Cap1 EO still stuck you with an AF? Were it me I would just close out the account. You clearly have no clear-cut desire to use the card; I don't buy in to the mentality of keeping cards around just for the sake of having them. It's one more account to keep track of--one more account to risk having compromised down the road. If you really have little to no interest in using it, why keep it?

[Rikku]

I'm in a similar boat with my Cap1 card. I opened it in Jan 2011 after not having an open CC since college (about 7-8 years at that point). My scores weren't bad at the time, though I definitely had a 'no recent revolving credit' ding on my report. I got a Cap1 Platinum card with a $39 AF and a $500 CL. Since my only prior experience was with student CCs years earlier, I didn't think twice about the low CL - I figured that was just the way CCs worked. I used the card once a month, always PIF, never late or anything. No CLI in three years.

I discovered these boards last summer and learned more about credit. I hadn't checked my actual score in several years and when I did so, I was happy to see it was in the high 700s. I opened another CC and was given an initial CL of 25K, so I figured it was time to see what Cap1 would do for me. Tried the luv button and got a CLI to 1K. Last month, I decided to try contacting the EO. After reading other people's experiences, I figured they'd easily give me what I wanted - which was PC to no-AF QS and CLI to 10K. EO PC'd my card to the QS1, specified that they were waiving the AF as a one-time courtesy (no offer to call back and take care of it for me next year, like they seem to offer many people), and CLI to $2500. Both times I spoke to the EO rep (who identified herself as an EO rep, so I know I got the real EO), she tried to talk me into closing the account and applying for the no-AF QS or Venture card instead.

I hope your experience is better, but I'm planning to close my card. They gave me a credit for last year's AF, but this year's should be due in Feb. I know that I might be able to get the fee waived again, but it's a hassle to go through for a card that I barely use. Oh well - closing it will free up room in my wallet for a card that fits my needs better.

[phonic]

New Update:

My CLI request was approved for a CL of $5000. Not the $10k I requested, but certainly better than $500, a respectable amount, and honestly more than I will ever need from Capital One. 

The EO CSR called me back and let me know it was approved, though I saw it on the website earlier. I asked again about a PC to the no-AF version, but he said that I couldn't do another PC for six months. He did say that once my AF hits (next month I believe) to call him back personally and he will waive it. He said he might be able to do it permanently, which would make it almost equivalent to the no-AF version of the card outside of a higher APR, which I really don't care about. 

So, regarding the outcome, I'm happy. I think it was certainly better than closing the card. In response to Leadberry's post, I do agree with your points, which is why I planned to close it in the first place. But based on feedback here, I decided to go this route. In the end, the difference is minimal to me, but I think it worked out well.

I also have to say that I was quite impressed by the level of service the EO's office provides. Direct number to a person, an assigned rep taking care of the issue, and a quick result all around. As I mentioned earlier, I was more interested to see how they responded versus the outcome (since they could have closed it for all that I cared), but I will definitely give an 'A' rating on how Capital One handled my request. 

[FinStar]

Glad to hear the outcome was positive and it worked out for you in the end.