Took the Ax to Cap 1

[Anonymous]

I've held the same Cap 1 card for years.  Though for a long time I've sock drawered it (suspended the account and cut up the card).  For the umpteenth time Cap 1 declined a CLI from 5k or a reduction in my interest rate (sitting at a beautiful 24%).  Despite always paying in full and managing my credit wisely.  For a very long time Cap 1 was my lowest limit card and my highest interest bearing account leading me to never use it.  Comically enough Cap 1 would frequently cite my low usage as a reason for not increaseing the CL or reducing the interest.  It was a viscious cycle.

I've needed to pull in my number of accounts for awhile so this is a win win for me.  I probably should have done this a lot sooner, but I kept thinking they'd eventually see that a 5k limit card at 24% interest isn't of value to someone with a near 800 FICO.

[pipeguy]

Good call Op - I canned my last Cap-1 branded card early last spring for the same reason, high APR - no or little growth, and I had a bunch of their products over the years - closed them all.

On the other hand the Cap-1 backed GM Card has treated me well - started at $5k and has increased > $10k > $11k > $12.5k in two years and I have over $700 banked for the next Chevy. 

[NRB525]

Congrats OP on closing a card, nothing wrong with that.

The reason the card stayed at $5k and 24% APR was likely because that was the profile you fit when you apped it, pre-800 range. Regardless how your profile changes, the card does not.

If you had apped a Venture, likely would be more pleased with the CL, though the APR is a grab bag.

For those who want to "evolve" their $5k Cap One to large limits, particularly if the Cap One card has been in your file several years, there is no pathway via a single CapOne card. The only route is to use the $5k card well, then app another card, usually a Venture when you have built up a good history with Cap One.

[Gmood1]

NRB beat me to it. It's well known Capital one cards obtained when your scores are in rebuilding stage don't grow much if any. The only way I was able to grow mine is as NRB says. Mine was stuck at $1100 for 8 years. Now its nearly $50k. Th APR is still high. Not something I'm concerned about since I always PIF. APRs are meaningless for folks like me.

[Chickenpotpie]

OP, I axed CapOne for the same reason.  At leaast you got to 5K though...lol    There are better cards out there.   CapOne dosen't seem to like me though.

[Anonymous]

CapOne rebuilder cards don't grow. I'm most likely axing mine next year as well.

[pizza1]

what everyone needs to do is keep their old cards, then apply for a newer cap1 cc like venture with higher starting limits, and lower apr, and then after 6months...combine the cards!! Thats what I did

[Anonymous]

I don't know, Cap One is a bit strange. I initially had a QC with 5K limit, than applied for a Venture. Got a 20K CL, my highest to date. They automatically gave me a 3K limit on my QC a few month's after I had it, but have turned me down twice on a CL raise on my Venture stating both times "not enough usage compared to CL". I run about 2K a month thru the Venture, and have tried PIF, carrying a balance, etc... to no avail. So who knows. I'm happy with the 20K CL, and my only real reason to try to raise it was to hopefully receive higher CL's with my other CC's or future CC's.