topic Re: Capital One Questions in Credit Cards

Capital One Questions

Anonymous — Tue, 20 Jan 2015 03:53:29 GMT

So, I have been in the process of building my credit for the last 2+ plus years. I have 2 Capital One cards. A Capital One Platinum and a secured card. The Platinum has a 1.5k limit, just increased last month after have it almost 4 years! But it was a 1k increase, so that was cool. My secured only has a 200 limit, no matter what I do they won't increase it. That one was opened 3 years ago this month, my second oldest account. I want better cards the 20-something percent APR makes me never want to use them, no rewards, nada! I can only have 2 CO cards, I really want to close the secured card, but will it hurt my credit that bad? I had been waiting to be approved for something else so I could close it. Well after gardening for 2 whole years and getting down to zero credit inquiries, I went and applied for a couple things. I was approved for 3 out of 5. I now have a VS card with a 250 limit, a Nordstorm with a 500 limit and another store with 400 limit. The limits are low but I shop at all these stores and it gives me a bit more credit because I only had 2 cards, no car payment, mortgage or anything. Would it be okay to close the Cap One?

Re: Capital One Questions

Anonymous — Tue, 20 Jan 2015 04:17:05 GMT

@Anonymous wrote:
So, I have been in the process of building my credit for the last 2+ plus years. I have 2 Capital One cards. A Capital One Platinum and a secured card. The Platinum has a 1.5k limit, just increased last month after have it almost 4 years! But it was a 1k increase, so that was cool. My secured only has a 200 limit, no matter what I do they won't increase it. That one was opened 3 years ago this month, my second oldest account. I want better cards the 20-something percent APR makes me never want to use them, no rewards, nada! I can only have 2 CO cards, I really want to close the secured card, but will it hurt my credit that bad? I had been waiting to be approved for something else so I could close it. Well after gardening for 2 whole years and getting down to zero credit inquiries, I went and applied for a couple things. I was approved for 3 out of 5. I now have a VS card with a 250 limit, a Nordstorm with a 500 limit and another store with 400 limit. The limits are low but I shop at all these stores and it gives me a bit more credit because I only had 2 cards, no car payment, mortgage or anything. Would it be okay to close the Cap One?

You might as well close it if it's outlived it's purpose.

Re: Capital One Questions

Kirmie2010 — Tue, 20 Jan 2015 09:58:10 GMT

If it has an annual fee id close it.

If there is no annual fee but you want to try for a new capital one card, close the secured and re app for a better card with hopefully better limit.

Otherwise just dont use it, they will cancel it in a few years and give you that much more time on your AAoA. (a few years plus 10 before it stops reporting instead of 10 years from now)

Re: Capital One Questions

Anonymous — Tue, 20 Jan 2015 10:22:50 GMT

I'm in the same boat, although a little further along. I also have a Cap1 secured, opened last April. With the AF coming up, I'll be closing it. At this point, with no rewards AND an AF, keeping it doesn't make much sense to me.

Re: Capital One Questions

Anonymous — Tue, 20 Jan 2015 12:23:29 GMT

Close your secured. Ask Cap1 for a PC change to the Quicksilver that has no AF and 1.5% cash back.

Re: Capital One Questions

Hubcapjw — Tue, 20 Jan 2015 21:47:06 GMT

If it were me I wouldn't be wasting your inquiries on lousy store cards. I'd at least try for one of the decent rewards cards like discover, freedom, barclay rewards card. That would make more sense to me than a store card that really doesn't give you anything back. I for one would hate to waste hard earned inquiries on store cards. Also, those reward cards will be able to grow with you over time.

Re: Capital One Questions

Anonymous — Wed, 21 Jan 2015 00:42:01 GMT

Yes, it does have an annual fee and no rewards.. I asked 4-6 months ago if Cap One would be willing to convert my Platinum card to Quicksilver they said that wasn't open to me at the moment and to try again in 6 months. The VS card for me was a no brainer, I spend lots of money at Bath and Body Works and VS so I might as well be building some credit while I'm at it. Same as Nordstroms.. I think I got intimidated because my scores are still quite low, very low 600's but it's an improvment from when I first started trying really (low 500's). So I didn't think I would be approved for better cards. I don't plan to apply for anything else until this time next year. Can anyone tell me who I'd have a better chance with in a year? Citi, chase, etc I had applied for all the student cards a few years back and was denied for everything. Cap One was the only person to give me a chance. Hopefully in another year my scores will be better, I don't need my credit so much at this moment as we aren't looking for a house, car. But I will be finishing my BA in Business in the next 2 years and I know many employers are looking for great credit going into that kind of field.

Re: Capital One Questions

Anonymous — Wed, 21 Jan 2015 00:43:36 GMT

And I think I will be closing the secured card in a couple weeks. Thanks!

Re: Capital One Questions

SunriseEarth — Wed, 21 Jan 2015 00:46:27 GMT

@Anonymous wrote:
So, I have been in the process of building my credit for the last 2+ plus years. I have 2 Capital One cards. A Capital One Platinum and a secured card. The Platinum has a 1.5k limit, just increased last month after have it almost 4 years! But it was a 1k increase, so that was cool. My secured only has a 200 limit, no matter what I do they won't increase it. That one was opened 3 years ago this month, my second oldest account. I want better cards the 20-something percent APR makes me never want to use them, no rewards, nada! I can only have 2 CO cards, I really want to close the secured card, but will it hurt my credit that bad? I had been waiting to be approved for something else so I could close it. Well after gardening for 2 whole years and getting down to zero credit inquiries, I went and applied for a couple things. I was approved for 3 out of 5. I now have a VS card with a 250 limit, a Nordstorm with a 500 limit and another store with 400 limit. The limits are low but I shop at all these stores and it gives me a bit more credit because I only had 2 cards, no car payment, mortgage or anything. Would it be okay to close the Cap One?

I'd recommend closing the secured card and contacting the EO to PC your Platinum to a QS1.

VS will grow, but it may take 9 months from the opening date before they budge. AFAIK, you could ask for more credit with Nordies after 6 months. Not sure about your other store card, since I'm not sure which store it is.

Re: Capital One Questions

Anonymous — Wed, 21 Jan 2015 01:31:57 GMT

Can you tell me what EO and PC mean? Lol Oh and AFAIK? The 3rd card is a Children's Place store card, that's where we buy a lot of our kids clothes. The thought crossed my mind to try for a couple more but I'm trying to only get something I know I will use. Now, will 3 new accounts reflect really negative since my oldest account is only a little over 4 years old?

Re: Capital One Questions

gdale6 — Wed, 21 Jan 2015 01:57:20 GMT

@Anonymous wrote:
Can you tell me what EO and PC mean? Lol Oh and AFAIK? The 3rd card is a Children's Place store card, that's where we buy a lot of our kids clothes. The thought crossed my mind to try for a couple more but I'm trying to only get something I know I will use. Now, will 3 new accounts reflect really negative since my oldest account is only a little over 4 years old?

EO Executive Office

PC Product Change

AFAIK As far as i know.

Glossary http://ficoforums.myfico.com/t5/User-Guidelines-General/Common-Abbreviations/m-p/88458

Welcome to My Fico

Re: Capital One Questions

Anonymous — Wed, 21 Jan 2015 02:01:05 GMT

Ah.. Thanks!

Re: Capital One Questions

TiggerDat — Wed, 21 Jan 2015 12:12:14 GMT

I would EO both. Try to get the secured one unsecured and the Platinum to QS! It never hurts to try! And at the same time ask for an increase to the limit on the Plat. You might try a Comenity visa if you think you scores are too low for a normal bank. Some Comenity cards are cobranded with Visa and a dept. store, so you could pick one that you shop at. It wouldn't hurt to try one more, like Discover. Even if denied initially, you could recon and try to get approved. Discover seems pretty good on recons. You could try for the Student version and then recon that if denied. Citi, Chase, PNC, WF, and US Bank tend to be more conservative. BofA however seems to be less so.

Re: Capital One Questions

takeshi74 — Wed, 21 Jan 2015 13:24:39 GMT

@Anonymous wrote:
I really want to close the secured card, but will it hurt my credit that bad?

Don't overlook the stickies. This thread is linked in the Helpful Threads sticky in this subforum:

http://ficoforums.myfico.com/fico/board/message?board.id=creditcard&thread.id=117125&jump=true

@Anonymous wrote:
Can you tell me what EO and PC mean? Lol Oh and AFAIK?

Mentioned above but this is also linked in the Helpful Threads sticky (though EO isn't in there):

http://ficoforums.myfico.com/fico/board/message?board.id=Welcome&thread.id=23