topic Re: Close GM Buypower??? in Credit Cards

Close GM Buypower???

Anonymous — Wed, 27 Jan 2016 18:35:45 GMT

Rather typical $300 starting limit 4/5 months ago. All scores are up 70 points since this card was opened from a pre approved mailer I received.
Luv button is always the 7-10 day and the credit department said they HP equifax (my best score at least) to do customer initiated CLI's.

Just received a $3350 CLI from synchrony a few days ago. $1500 from cap1 in the last two months. Just wondering about dumping this low limit card. It wont affect my AaoA

Thoughts? Speak to me church. Spill your beans!

Speaking of beans im pretty hungry.

Re: Close GM Buypower???

Anonymous — Wed, 27 Jan 2016 19:13:08 GMT

I would say give them 2-3 months, and then hit the "Luv" button again and see what happens, if they give you the 7-10 day, then trash it. Just my .02.

Re: Close GM Buypower???

odd_dog — Wed, 27 Jan 2016 21:38:45 GMT

HEAL YOURSELF SINNER!!!! lol so in my view if you are not saving to buy a GM car/truck/corvette and or mind paying multiple times a month (LOL) then I would dump it, you certainly are not using it for a util cushion.....and if you do cancel it will not affect your AoA for 10 years......but that is just this priest opinion....judas LOL

Re: Close GM Buypower???

Anonymous — Wed, 27 Jan 2016 21:45:39 GMT

Has anyone on MF actually redeemed the rewards?

If a lot of people close their accounts before doing so, this card must be extremely profitable for Cap1!

Re: Close GM Buypower???

Anonymous — Wed, 27 Jan 2016 22:15:20 GMT

When are you buying your next GM vehicle? All of the value of the card is tied to buying GM vehicles, so if you aren't buying GM, you need to clase it and get a card with actual rewards.

Re: Close GM Buypower???

pipeguy — Wed, 27 Jan 2016 23:16:06 GMT

I'm in the process of buying a new GM car or maybe an almost new used GM car - currently have about $450 "saved" on this card for a new car and if I go used, I'll have at least double that when we replace our other car in 2018. If I go for the new car now, I'll use whatever is available to use now. Note that I do have a $11k CL with this card and I'm probably the only one on MyFico that actually like the card

Re: Close GM Buypower???

UncleB — Wed, 27 Jan 2016 23:37:26 GMT

@Anonymous wrote:
Rather typical $300 starting limit 4/5 months ago. All scores are up 70 points since this card was opened from a pre approved mailer I received.
Luv button is always the 7-10 day and the credit department said they HP equifax (my best score at least) to do customer initiated CLI's.
Just received a $3350 CLI from synchrony a few days ago. $1500 from cap1 in the last two months. Just wondering about dumping this low limit card. It wont affect my AaoA

Thoughts? Speak to me church. Spill your beans!
Speaking of beans im pretty hungry.

I'm just one small voice in a congregation of many, but when I do decide to sing I don't just mouth the words, I sing out... here's my solo performance for today!

Several things stand out to me...

First of all, looking at your other cards, I suspect you can do better than a $300 limit - even with Capital One. Of course being co-branded they won't allow you to PC it, so you'll just have to either apply for a new Capital One card, or continue to grow the one you already have (which is what I would probably do - they tend to grow quickly with use).

Secondly, it's possible the GM card is different, but for the non-cobrand Capital One products all CLI requests are only a SP, never a HP - even if you want it to be. Some people have reported calling to actually request a HP because Capital One was using an old SP, and the person's score had recently made a significant jump. No dice, though - SP only, and not always a recent one. That being said, if the CSR told you it would be a HP, though, I would take him/her at his word just in case, and honestly it wouldn't be worth it to me.

Thirdly, unless you're making sizable purchases each month and actively saving for a GM brand vehicle, the rewards on this card won't do you any good. With a credit line of $300, it will be really hard to earn rewards that are meaningful, or it would be for me. What I would do is move your usage to your existing Capital One card with the $1500 limit, and if it's not already a Quicksilver, see about having it changed to one. The 1.5% cash back rewards will add up fast, and the increased usage will help the card with future CLIs as well.

Finally, don't be concerned with the AAoA impact - like others have mentioned, the card will continue to report for up to 10 years, so while there will be an impact it won't be for a while, and by that time you'll most likely have had plenty of other cards to come and go so it will be barely noticeable, if at all.

Hopefully some of this will help... I'm stopping now and passing the hymnal before I get 'off key'.

Edit: found a typo

Re: Close GM Buypower???

UncleB — Wed, 27 Jan 2016 22:48:43 GMT

@pipeguy wrote:
I'm in the process of buying a new GM card or maybe an almost new used GM car - currently have about $450 "saved" on this card for a new car and if I go used, I'll have at least double that when we replace our other car in 2018. If I go for the new car now, I'll use whatever is available to use now. Note that I do have a $11k CL with this card and I'm probably the only one on MyFico that actually like the card

You're not alone... I've looked at the card, and for the right person it is actually a really good deal. If someone (like yourself) has a large enough credit line to move most of their monthly usage to it, it can be quite lucrative.

I do think they should place a minimum credit line on it, though, since it's a little disingenuous to issue a card like this (especially a WMC) with a limit that doesn't allow meaningful reward amounts to be earned. That's just my opinion, though...

Re: Close GM Buypower???

designated_knitter — Wed, 27 Jan 2016 23:11:58 GMT

Well, here is my experience for what little it is worth -- I got the card in mid-may -- also a whopping 300 CL (ooo, don't spend it all in one place!). At the 6-month mark, I got an auto CLI to 500... again, not stellar but it at least showed me that it will grow..... sloooooooowwwwwwwwwlllllly! (As opposed to my Sony Visa which I opened a year ago with a 500 CL and is now up to 2000.

So I would say wait until the 7-month statement cuts... if you don't see a CLI at that point, dump it... and if you do, don't be surprised if it is a pretty paltry CLI -- throwing you the proverbial bone!

The really interesting thing about getting the CLI was that it just happened right after my scores tanked due to going 30-days late on a different non-cap1 account. So while they don't exactly have the generosity of Cap1, they also seem pretty tolerant and forgiving of transgressions... So where you hear about so much AA with other banks -- this one is pretty safe and that counts for a lot in my book.

Re: Close GM Buypower???

Anonymous — Wed, 27 Jan 2016 23:32:13 GMT

I love all the witty responses this post has received. Entertaining and informative. I agree with everyones posts, I dont plan on buying a new gm vehicle. I do want a used GMC terrain in the next year but I cannot accumulate enough rewards with a $300 limit. So i may keep it open until the 6 or 7 month mark and see if anything comes of it and close it.

Re: Close GM Buypower???

pipeguy — Wed, 27 Jan 2016 23:32:48 GMT

This is just MY experience with CL and CLI's on my GM Card:

Opened Sept 2014 at a $5000 SL

Requested and granted a CLI to $10,000 in December 2014

Requested a CLI to $15k in December of 2015 and was granted +$1k to $11,000 with a follow up letter to me saying this was the highest CL they offered - letter didn't say based on my profile, just that that was the max for that card.

I only offer this as a data point, but if it makes you feel any better I've had my Venture One since July 2014 with a SL of $5k and after many CLI requests it's still at $5k

Re: Close GM Buypower???

Anonymous — Wed, 27 Jan 2016 23:44:07 GMT

That does help thank you.

At least those initial CLs are useable however. I was not in much of a position to negotiate large starting limits months ago but im headed that direction and jsut want to tidy up my reports. Home mortgage loans in the not too distant future and I want it free of debris! lol thanks

Re: Close GM Buypower???

designated_knitter — Thu, 28 Jan 2016 01:11:47 GMT

The inner conspiracy theorist in me believes that the reason they have such pitiful credit limits is to limit the amount you can actually save towards a new car... Think about it... GM is struggling enough as it is without cutting into their sales margins with folks earning huge discounts by running thousands of bucks through the card per month.

but then again, I believe the domestic auto dealers and the "too big to fail banks" we're on the grassy knoll when Kennedy was shot... Or maybe the t was cia and pappy bush... Or all of them!

Re: Close GM Buypower???

designated_knitter — Thu, 28 Jan 2016 01:14:50 GMT

@pipeguy wrote:
This is just MY experience with CL and CLI's on my GM Card:

Opened Sept 2014 at a $5000 SL
Requested and granted a CLI to $10,000 in December 2014
Requested a CLI to $15k in December of 2015 and was granted +$1k to $11,000 with a follow up letter to me saying this was the highest CL they offered - letter didn't say based on my profile, just that that was the max for that card.

I only offer this as a data point, but if it makes you feel any better I've had my Venture One since July 2014 with a SL of $5k and after many CLI requests it's still at $5k

They clearly like you better than me... Hell, I like you better than me :-)

Re: Close GM Buypower???

Anonymous — Thu, 28 Jan 2016 01:16:41 GMT

Well i like you better than you like him and you like you and i like me and well...fun

Re: Close GM Buypower???

elim — Thu, 28 Jan 2016 01:36:40 GMT

The 5% is capped at 5k per year anyway so pay it multiple times and SD it after awhile until next year rolls around and repeat with probably a higher limit. Not to mention it's a great looking card.

IMO keep it.

$250 x 20 payments per year = 5k cap

I make more than 20 payments per year on each of my cards now.

Re: Close GM Buypower???

Anonymous — Thu, 28 Jan 2016 02:46:43 GMT

@Anonymous wrote:
I love all the witty responses this post has received. Entertaining and informative. I agree with everyones posts, I dont plan on buying a new gm vehicle. I do want a used GMC terrain in the next year but I cannot accumulate enough rewards with a $300 limit. So i may keep it open until the 6 or 7 month mark and see if anything comes of it and close it.

You couldn't accumulate enough rewards for a used GMC Terrain with a $30k limit. Not for any used vehicle. Redemptions are on new vehicles only.