topic Re: Cap One - Digging myself deeper in Credit Cards

Cap One - Digging myself deeper

KBreininger05 — Fri, 22 May 2015 17:22:03 GMT

Here’s my scenario:

I have 2 Cap One cards, one w/ annual fee one with monthly fee. I had these cards since 2010 I believe (when I was rebuilding my credit), had $500 CL until last year when they finally bumped me to $2,000 and $2,500. Both have not the greatest APR’s. I keep getting pre-approved offers for NO annual fee, 0% intro rate, etc but when I apply I get denied because I already have too many cards with Cap One?

So I call Cap One and ask for APR reduction (can’t do it) removal of annual/monthly fee (can’t do it) – did manage to get a half credit on my annual fee returned at least…..and I can’t upgrade either card to an account with a better APR or no annual fee. I feel like I’m constantly digging myself into a hole cards are maxed because the only GOOD thing about them is ZERO balance transfer fee. SO I transfer low balances to them to keep my debt consolidated to one place, but the fees and interest rates are killing me. I’m debating cancelling my accounts and reapplying for new accounts next time I get the pre-approved offer with the 0% APR/no fee card. BUT I won’t be guaranteed my Cl’s so I could be back at $500 credit limit PLUS you can’t transfer Cap One balances to other Cap One cards AND I lose my account history.

I really have no idea what to do. I feel like I’m constantly getting nowhere. Any suggestions/tips?

Re: Cap One - Digging myself deeper

Anonymous — Fri, 22 May 2015 17:37:41 GMT

It sounds like you need to start with managing your debt/spending? Why are you needing to carry so much in balance every month?

Re: Cap One - Digging myself deeper

warofkraid — Fri, 22 May 2015 17:39:36 GMT

I would suggest start by paying off some of the balance of the cards

Re: Cap One - Digging myself deeper

KBreininger05 — Fri, 22 May 2015 18:00:50 GMT

That's a little hard to do when less than half of my payment even goes to my balances.

Re: Cap One - Digging myself deeper

Anonymous — Fri, 22 May 2015 18:02:20 GMT

Make larger payment.

Re: Cap One - Digging myself deeper

Anonymous — Fri, 22 May 2015 18:07:58 GMT

Yes, I am sure it is hard and that is because your problem here is that you are in debt and need to get out of it as soon as possible. Or the next scenario is try to pay down as much as you can before you attempt at applying for a card that will give you 0% interest for a year or so. Then your issue would be to NOT accumulate any more debt and continue to paying off your debt....save your money for emergency funds so you do not rely on credit cards and repeating the cycle. Best of luck! Many have been in your shoes. You can do it, but it will take some sacrifice in the beginning.

Re: Cap One - Digging myself deeper

Anonymous — Fri, 22 May 2015 18:07:09 GMT

Ya the first thing to do is get those balances down. Dont apply for anymore credit until you do that first step. All thats happening right now is youre racking up inquiries which is just going to make it more difficult. You need to let those cards report low balances for awhile and then check your pre-qual sites. Cap1, Discover, Chase

Re: Cap One - Digging myself deeper

warofkraid — Fri, 22 May 2015 20:45:40 GMT

I once had a card back when I was more...I guess reckless....and it seemed like I would never pay it off. It was only a $1400 limit which seems small now vs. my overall total I have these days but to my 18 year old self with no job...well, $1400 was pretty damn amazing.

It hounded me for years. I'd pay it off a bunch but then use it again, blah blah blah. I just wanted to pay it off and be done with it. A friend of mine gave me some good advice that at the time didn't seem like much. Pay the minimum plus half. I had been essentially paying the minium...I think $40? and over 1/2 would go to just the interest which sucked. Well, $60 a month made it so almost 2x the amount went to the balance and while it didn't seem like it at first, it helped me knock it out a lot faster than just paying the minimum did.

I like to think going through that crap helped mature me when it comes to spending money. If my 18 year old self had the 17k of limits I have now....oh boy.....

Re: Cap One - Digging myself deeper

Anonymous — Fri, 22 May 2015 21:39:41 GMT

@KBreininger05 wrote:
That's a little hard to do when less than half of my payment even goes to my balances.

Capital One allows more than 2 cards. Just no more than 2 SUBPRIME cards. How much do you owe on each card? Do you have any negatives on your bureaus?

You would have to apply for a Quicksilver card.You won't qualify for a Venture. I don't know your financial situation, but if you owe $2000 on a card, if you put $250 a month on a card each month, the balance will go down fast. A 50% balance on Capital One is ok.They like activity.

It may be an income issue that you have.

Pay them down to 40-50% and go for the Quicksilver.

Re: Cap One - Digging myself deeper

Anonymous — Fri, 22 May 2015 23:39:01 GMT

The reason why they don't approve you for other Capital One cards is not bc you have two already but because you're maxed out on the two that you have with them.

Re: Cap One - Digging myself deeper

taxi818 — Sat, 23 May 2015 01:40:30 GMT

@Anonymous wrote:
The reason why they don't approve you for other Capital One cards is not bc you have two already but because you're maxed out on the two that you have with them.

Thats partially true. but as other poster said. if you are applying just for subprime they will only allow you to have 2. so i have the first one with them. 2 years ago. Subprime platinum.

Then i got quicksilver. which was a subprime. qs1 before i got it upgraded. its not at 5500. And i got the venture. so 3 cards. i think grand total is 5. 2 subprimes and 3 primes.

Just realized the venture 1 is also a visa siggy. it might be next on the list. with no AF.

Re: Cap One - Digging myself deeper

SouthJamaica — Sat, 23 May 2015 02:33:03 GMT

"cards are maxed"

That's the problem. You need to keep all your accounts at less than 30%. Even less than 10% if you can.

Then things will start picking up for you if you stay on time with everything.

Re: Cap One - Digging myself deeper

Anonymous — Sat, 23 May 2015 02:44:05 GMT

You have two subprime cards but you can have up to five cards if you get the regular prime rate cards

Re: Cap One - Digging myself deeper

Anonymous — Sat, 23 May 2015 02:46:43 GMT

@taxi818 wrote:
@Anonymous wrote:
The reason why they don't approve you for other Capital One cards is not bc you have two already but because you're maxed out on the two that you have with them.
Thats partially true. but as other poster said. if you are applying just for subprime they will only allow you to have 2. so i have the first one with them. 2 years ago. Subprime platinum.
Then i got quicksilver. which was a subprime. qs1 before i got it upgraded. its not at 5500. And i got the venture. so 3 cards. i think grand total is 5. 2 subprimes and 3 primes.
Just realized the venture 1 is also a visa siggy. it might be next on the list. with no AF.

Weird. I had 4 Capital 1 Platinum (sub prime) and then was approved for a Venture and a Spark Cash.

Re: Cap One - Digging myself deeper

taxi818 — Sat, 23 May 2015 02:53:26 GMT

Well. the spark is business so that does not count. even though it is reported on your personal credit. maybe you think they are subprime. when they are not. but 5 personal. and maybe 2 -3 business. i just don't want that many cards with the same lender. not even chase.