Capital One Card - Keep it? Close it? Etc

[themeggerz]

I have a Capital One platinum card I've had for years.  I'm 26 (so had credit history since 18).  I opened this card when I was 19.

Never a late payment, nothing.

It has an annual fee of $60.  Back when I had no credit, it was great. 

Now I have a mortgage, a 700 credit score (TU and EQ) high level credit cards (stilld ont have an Amex, sigh, but one day!) ....

Capital one will not budge on the $500 credit limit and it infuriates me.

Should I close the card at this point? Or keep it open for utilization?  I never use it.  I have a few cards close to their max because they had 0% financing options and since Im not buying a house or making credit changes, I figured I'd use the 0% financing for 2 large purchases.  In a year they will be paid off (I pay weekly automatically).

Any advice would be helpful. TY!

[pizzadude]

Does the $500 help your %util much at all ??   I wouldn't think that it would.....so I would probably close the account, I think $60 AF is waaaay to much for this card.

Don't feel too bad about not getting a CLI, CAP 1 is notorious for giving CLIs almost at random, with no apparent reasoning.    If they won't give a CLI, have they at least offered to waive or lower the AF ??  

[jeffery581]

Is it a rewards card? How many open cards do you have? Do you have a goal? That's a lot of history with one card, you would think they could do something, have you tried a cli with senior escalation rep?

[themeggerz]

Thanks for replying.

My goal is to get an American Express card and use that exclusively. I also would likea  card with at least a 10k limit.  My best is a 5000 limit (BOA).

I tried 3 different avenues (online chat, automatic phone, senior escalation rep).  Nothing.

I have 2 CAP1 cards - one has a 2250 limit (I use it for balance transfers - I get the 0% and then pay it off, and then wait for another balance transfer offer).

This CAP1 has no rewards, high interest, high annual fee.

I have 10 CC.  5 are 0 balance.  3 are close to CL but are all at 0% interest so I'll take the util hit.  

This capital one card is my oldest card.

Thanks for your opinions.  I don't want to abandon the card, because of the longevity (3/16/2004 it was opened) but whats the point of paying $5 month for a card that gives me nothing?

[themeggerz]

Does the $500 help your %util much at all ??   I wouldn't think that it would.....so I would probably close the account, I think $60 AF is waaaay to much for this card.

Don't feel too bad about not getting a CLI, CAP 1 is notorious for giving CLIs almost at random, with no apparent reasoning.    If they won't give a CLI, have they at least offered to waive or lower the AF ??  

They have not offered anything.

My current utilization is avg of 50%.  Like I said, I'll take the util hit because 3 cards (almost $9k in balances) are 0% interest and I have them set as payroll deductions weekly so I wont be hit with interest.  I have extensive (30k) in savings in a high yield account at myc redit union, and my husband is deployed toa fghanistan so taked advantage of the savings deposit program that gives us a 10% return on any deposits.

[jeffery581]

 Also it isn't much but I like the no hassle cash back mastercard. I guess it just covers the AF. If you like them maybe apply for a cap one prime card? If your past the rebuilding phase and not looking for any loans then its all about getting the rewards it seams like.  I am by no means an expert.

[pizzadude]

----->   I have 10 CC.  5 are 0 balance.  3 are close to CL but are all at 0% interest so I'll take the util hit.  

I would close the card, you are in pretty decent shape with your CC portfolio.   And the Cap1 card will remain on your CR for 10 years after you close it, so it will still factor into your AAoA.

[themeggerz]

I called capital one and after a long amount of back and forth, was told they were not interested in having my business.

Apparently, a 717 credit score (Lender Pull yesterday) and $125k income with a DTI of 21% isn't enough for a capital one card.

Im actually floored. Wow.

[pizzadude]

Yeah, bizarre, huh ?   Don't take it personally, there really is no rhyme or reason to how Cap1 operates.   Some of their cards apparently are not and will not ever be elligible to grow beyond a toy CL.   Just close it and move on, there are many other CCs that will grow with you.