topic Re: Done with CAP 1, sad CLI story in Credit Cards

Done with CAP 1, sad CLI story

Slim1Der — Thu, 18 Feb 2016 02:50:48 GMT

Still trying to have love for Cap one since it was my rebuilder card and my oldest trade line besides my AU Citi Account. It's 56 month old (Cap 1). Anyway, I think I started with like $500 CL, then it took forever to get up to $750. I think that I tried for a CLI a few times and then they ended up giving me one. Then every time I tried, they denied me for whatever reason. A few years passed and they gave me an auto CLI to $2250, I was FLOORED. Then maybe a year ago they gave me another one for $500. Currently sitting at $2,750. So I decided to just try for one thinking they would be generous. Now mind you, I have since built up $191,000 worth of credit since this. So I push the love button, I get the dreaded 10 day message. I go to check the reason after a few days. They say my payments have been too small! I had about $1200 on there I was taking advantage of last year a 0% BT. Paying it down $100/month. Finally I paid it when it was down to $850. Paid it to zero then tried for the CLI and they come at me with that crap.

Slim

Re: Done with CAP 1, sad CLI story

FinStar — Thu, 18 Feb 2016 02:55:49 GMT

@Slim1Der wrote:
Still trying to have love for Cap one since it was my rebuilder card and my oldest trade line besides my AU Citi Account. It's 56 month old (Cap 1). Anyway, I think I started with like $500 CL, then it took forever to get up to $750. I think that I tried for a CLI a few times and then they ended up giving me one. Then every time I tried, they denied me for whatever reason. A few years passed and they gave me an auto CLI to $2250, I was FLOORED. Then maybe a year ago they gave me another one for $500. Currently sitting at $2,750. So I decided to just try for one thinking they would be generous. Now mind you, I have since built up $191,000 worth of credit since this. So I push the love button, I get the dreaded 10 day message. I go to check the reason after a few days. They say my payments have been too small! I had about $1200 on there I was taking advantage of last year a 0% BT. Paying it down $100/month. Finally I paid it when it was down to $850. Paid it to zero then tried for the CLI and they come at me with that crap.

Slim

An item to keep in perspective OP, you likely got this card during the darkest period of your credit rebuild? So, Capital One doesn't typically hand out stellar SLs and products during the not-so-perfect years of a rebuild. Now, that being said, it looks like it has grown somewhat (can't complain really since the CL is not $500 to this very day).

I would be willing to bet if you applied today (not encouraging, just a theory) and if your profile is more optimized since your BK, you'd probably get a nicer SL with say a QS or Venture? then you can fold good ole 56-month Capital One to the new one. Things usually stop growing for rebuilder cards after you reach a certain threshold so just look back at all what you have accomplished over the years and decide where you want to take things next.

Re: Done with CAP 1, sad CLI story

Slim1Der — Thu, 18 Feb 2016 02:59:18 GMT

Thanks for the info!

Now let's say I do that, would I lose the 56 month tenure?

Re: Done with CAP 1, sad CLI story

elim — Thu, 18 Feb 2016 03:01:15 GMT

Grab a Venture (and Bonus) combine in 6 months, keeping your oldest card at a much higher limit.

Re: Done with CAP 1, sad CLI story

CH-7-Mission-Accomplished — Thu, 18 Feb 2016 03:07:04 GMT

@FinStar wrote:
@Slim1Der wrote:
Still trying to have love for Cap one since it was my rebuilder card and my oldest trade line besides my AU Citi Account. It's 56 month old (Cap 1). Anyway, I think I started with like $500 CL, then it took forever to get up to $750. I think that I tried for a CLI a few times and then they ended up giving me one. Then every time I tried, they denied me for whatever reason. A few years passed and they gave me an auto CLI to $2250, I was FLOORED. Then maybe a year ago they gave me another one for $500. Currently sitting at $2,750. So I decided to just try for one thinking they would be generous. Now mind you, I have since built up $191,000 worth of credit since this. So I push the love button, I get the dreaded 10 day message. I go to check the reason after a few days. They say my payments have been too small! I had about $1200 on there I was taking advantage of last year a 0% BT. Paying it down $100/month. Finally I paid it when it was down to $850. Paid it to zero then tried for the CLI and they come at me with that crap.

Slim
An item to keep in perspective OP, you likely got this card during the darkest period of your credit rebuild? So, Capital One doesn't typically hand out stellar SLs and products during the not-so-perfect years of a rebuild. Now, that being said, it looks like it has grown somewhat (can't complain really since the CL is not $500 to this very day).

I would be willing to bet if you applied today (not encouraging, just a theory) and if your profile is more optimized since your BK, you'd probably get a nicer SL with say a QS or Venture? then you can fold good ole 56-month Capital One to the new one. Things usually stop growing for rebuilder cards after you reach a certain threshold so just look back at all what you have accomplished over the years and decide where you want to take things next.

I agree with this, but the better option would be to get one or more new Ventures and Quicksilvers and fold those new 10K and 5K limits into the old card. I did this with my SO and we now have a 50K Cap 1 with an open date in the 1990s.

Re: Done with CAP 1, sad CLI story

FinStar — Thu, 18 Feb 2016 03:11:34 GMT

@Slim1Der wrote:
Thanks for the info!
Now let's say I do that, would I lose the 56 month tenure?

If you go for another Capital One card (see which fits your overall profile), and you get approved, you wait about 6+ months to combine the old one into the new one (chances are you may get a better APR on the newest if your overall profile is good). During the account combination process, the old account will be closed. So, you will still get an extra ~10 years (give or take) of postive history on the closed account in addition to the prior 56 months.

Unfortunately, Capital One doesn't have a "backdating" feature that carries on with new cards. But, I'm sure Capital One could view or recognize how long you've been a customer. The new account may lower your AAoA slightly, but you would have to decide what's best for you in the end.

Re: Done with CAP 1, sad CLI story

FinStar — Thu, 18 Feb 2016 03:13:37 GMT

@elim wrote:
Grab a Venture (and Bonus) combine in 6 months, keeping your oldest card at a much higher limit.

I wouldn't necessarily keep the old one if the newest account ends up with better terms (i.e. APR). Otherwise, if he combines the newer product into the old one, growth will be inhibited since the old product coding would be preserved (i.e. rebuilder card with higher CL).

Re: Done with CAP 1, sad CLI story

FinStar — Thu, 18 Feb 2016 03:15:04 GMT

@CH-7-Mission-Accomplished wrote:
@FinStar wrote:
@Slim1Der wrote:
Still trying to have love for Cap one since it was my rebuilder card and my oldest trade line besides my AU Citi Account. It's 56 month old (Cap 1). Anyway, I think I started with like $500 CL, then it took forever to get up to $750. I think that I tried for a CLI a few times and then they ended up giving me one. Then every time I tried, they denied me for whatever reason. A few years passed and they gave me an auto CLI to $2250, I was FLOORED. Then maybe a year ago they gave me another one for $500. Currently sitting at $2,750. So I decided to just try for one thinking they would be generous. Now mind you, I have since built up $191,000 worth of credit since this. So I push the love button, I get the dreaded 10 day message. I go to check the reason after a few days. They say my payments have been too small! I had about $1200 on there I was taking advantage of last year a 0% BT. Paying it down $100/month. Finally I paid it when it was down to $850. Paid it to zero then tried for the CLI and they come at me with that crap.

Slim
An item to keep in perspective OP, you likely got this card during the darkest period of your credit rebuild? So, Capital One doesn't typically hand out stellar SLs and products during the not-so-perfect years of a rebuild. Now, that being said, it looks like it has grown somewhat (can't complain really since the CL is not $500 to this very day).

I would be willing to bet if you applied today (not encouraging, just a theory) and if your profile is more optimized since your BK, you'd probably get a nicer SL with say a QS or Venture? then you can fold good ole 56-month Capital One to the new one. Things usually stop growing for rebuilder cards after you reach a certain threshold so just look back at all what you have accomplished over the years and decide where you want to take things next.
I agree with this, but the better option would be to get one or more new Ventures and Quicksilvers and fold those new 10K and 5K limits into the old card. I did this with my SO and we now have a 50K Cap 1 with an open date in the 1990s.

This could be a viable alternative, provided the OP doesn't want to tank their AAoA too much and may get a temporary ding on scores. Just depends on the OP's long term results I suppose.

Re: Done with CAP 1, sad CLI story

elim — Thu, 18 Feb 2016 03:15:55 GMT

@FinStar wrote:
@elim wrote:
Grab a Venture (and Bonus) combine in 6 months, keeping your oldest card at a much higher limit.
I wouldn't necessarily keep the old one if the newest account ends up with better terms (i.e. APR). Otherwise, if he combines the newer product into the old one, growth will be inhibited since the old product coding would be preserved (i.e. rebuilder card with higher CL).

might be right, my last venture was 12.9%

Re: Done with CAP 1, sad CLI story

CH-7-Mission-Accomplished — Thu, 18 Feb 2016 03:16:25 GMT

@FinStar wrote:
@elim wrote:
Grab a Venture (and Bonus) combine in 6 months, keeping your oldest card at a much higher limit.
I wouldn't necessarily keep the old one if the newest account ends up with better terms (i.e. APR). Otherwise, if he combines the newer product into the old one, growth will be inhibited since the old product coding would be preserved (i.e. rebuilder card with higher CL).

I wouldn't worry about the APR at all. If you ever have to carry a balance, you had better do it on a CU card or a 0% balance transfer. Getting 14.9% versus 24.9% on Cap 1 is still a crappy deal if you can't PIF.

Re: Done with CAP 1, sad CLI story

elim — Thu, 18 Feb 2016 03:28:05 GMT

Isn't there an issue combining a card that was converted from another lender?

Did your old cap1 card start as a cap1 card?

Re: Done with CAP 1, sad CLI story

CH-7-Mission-Accomplished — Thu, 18 Feb 2016 03:29:28 GMT

@elim wrote:
Isn't there an issue combining a card that was converted from another lender?

Did your old cap1 card start as a cap1 card?

There is only an issue with cobranded cards. Those that became Cap 1 cards through acquisitions are eligible.

Re: Done with CAP 1, sad CLI story

FinStar — Thu, 18 Feb 2016 03:37:18 GMT

@elim wrote:
Isn't there an issue combining a card that was converted from another lender?

Did your old cap1 card start as a cap1 card?

If you are referring to the Orchard, or HSBC cards, some people experienced issues combining them while others did not. I had a couple HSBC cards (not subprime products) that were very old when they had branches here in Ohio. These, like some others, were purchased by Capital One. The APRs weren't bad, but the CLs stopped growing and the previous rewards were gone.

So, I figured it was probably best to fold them into my older Capital One card (which eventually upgraded itself to Venture) to sustain any potential growth, better reward structure, and retain the most competitive APR (since I PIF, this was not a major factor).

Re: Done with CAP 1, sad CLI story

CreditCuriosity — Thu, 18 Feb 2016 03:45:52 GMT

@elim wrote:
@FinStar wrote:
@elim wrote:
Grab a Venture (and Bonus) combine in 6 months, keeping your oldest card at a much higher limit.
I wouldn't necessarily keep the old one if the newest account ends up with better terms (i.e. APR). Otherwise, if he combines the newer product into the old one, growth will be inhibited since the old product coding would be preserved (i.e. rebuilder card with higher CL).
might be right, my last venture was 12.9%

My oldest Cap1 card during the darker days of my credit is at 10.x apr.. Think I got it when interest rates in general were lower for whatever reason. For this reason this card will be with me forever or at least while I am alive .. It is a platinum QS, but a very good apr! When I am able to wrap my other newer Cap1 cards in I will be willing to give up two VS cards and wrap them in to my platinum QS at a better interest rate and a very old account keeping a 10+ year old account aging. Obviously everyones scenario is different on APR's, etc. Granted I need to get past the broken Cap1 combine accounts option or what I interupt to be a broken feature for me and others. Was never an Orchard card although I have had my problems with Cap1 in the past, so probably the reason and hopefully eventually resolved.

Re: Done with CAP 1, sad CLI story

Slim1Der — Thu, 18 Feb 2016 03:47:26 GMT

My card started as a Capitol One Platinum card. They sent me a letter some years back saying that they were converting it to a QuickSilver.

Re: Done with CAP 1, sad CLI story

FinStar — Thu, 18 Feb 2016 03:51:24 GMT

@CreditCuriousity wrote:
@elim wrote:
@FinStar wrote:
@elim wrote:
Grab a Venture (and Bonus) combine in 6 months, keeping your oldest card at a much higher limit.
I wouldn't necessarily keep the old one if the newest account ends up with better terms (i.e. APR). Otherwise, if he combines the newer product into the old one, growth will be inhibited since the old product coding would be preserved (i.e. rebuilder card with higher CL).
might be right, my last venture was 12.9%
My oldest Cap1 card during the darker days of my credit is at 10.x apr.. Think I got it when interest rates in general were lower for whatever reason. For this reason this card will be with me forever or at least while I am alive .. It is a platinum QS, but a very good apr! When I am able to wrap my other newer Cap1 cards in I will be willing to give up two VS cards and wrap them in to my platinum QS at a better interest rate and a very old account keeping a 10+ year old account aging. Obviously everyones scenario is different on APR's, etc. Granted I need to get past the broken Cap1 combine accounts option or what I interupt to be a broken feature for me and others. Was never an Orchard card although I have had my problems with Cap1 in the past, so probably the reason and hopefully eventually resolved.

Right. My current Venture was issued back in the 90's - couldn't event tell you what it was called after it was purchased by Capital One from Signet Bank (don't remember the APR at the moment but it's somewhere around 7.99 or 8.99) so that's why I kept the "oldie" as well. It had the history, the APR and no issues throughout the years.

Then the newest $50K twins arrived last July, and so after restructuring all the other Capital One cards, just 3 is all I have.

Re: Done with CAP 1, sad CLI story

Kidcat — Thu, 18 Feb 2016 03:53:52 GMT

@FinStar wrote:
@Slim1Der wrote:
Still trying to have love for Cap one since it was my rebuilder card and my oldest trade line besides my AU Citi Account. It's 56 month old (Cap 1). Anyway, I think I started with like $500 CL, then it took forever to get up to $750. I think that I tried for a CLI a few times and then they ended up giving me one. Then every time I tried, they denied me for whatever reason. A few years passed and they gave me an auto CLI to $2250, I was FLOORED. Then maybe a year ago they gave me another one for $500. Currently sitting at $2,750. So I decided to just try for one thinking they would be generous. Now mind you, I have since built up $191,000 worth of credit since this. So I push the love button, I get the dreaded 10 day message. I go to check the reason after a few days. They say my payments have been too small! I had about $1200 on there I was taking advantage of last year a 0% BT. Paying it down $100/month. Finally I paid it when it was down to $850. Paid it to zero then tried for the CLI and they come at me with that crap.

Slim
An item to keep in perspective OP, you likely got this card during the darkest period of your credit rebuild? So, Capital One doesn't typically hand out stellar SLs and products during the not-so-perfect years of a rebuild. Now, that being said, it looks like it has grown somewhat (can't complain really since the CL is not $500 to this very day).

I would be willing to bet if you applied today (not encouraging, just a theory) and if your profile is more optimized since your BK, you'd probably get a nicer SL with say a QS or Venture? then you can fold good ole 56-month Capital One to the new one. Things usually stop growing for rebuilder cards after you reach a certain threshold so just look back at all what you have accomplished over the years and decide where you want to take things next.

I just did this. Had an old rebuilder sitting at $2k and rolled it into my Venture to $25k. Then pc'd the Venture to QS. That't the way to do it.

Re: Done with CAP 1, sad CLI story

Kidcat — Thu, 18 Feb 2016 03:55:04 GMT

@FinStar wrote:
@elim wrote:
Grab a Venture (and Bonus) combine in 6 months, keeping your oldest card at a much higher limit.
I wouldn't necessarily keep the old one if the newest account ends up with better terms (i.e. APR). Otherwise, if he combines the newer product into the old one, growth will be inhibited since the old product coding would be preserved (i.e. rebuilder card with higher CL).

Exactly. My old card APR was 5% higher then the newer one.