topic Re: Bye Bye Cap One in Credit Cards

Bye Bye Cap One

itguy_65 — Tue, 12 Apr 2016 18:35:10 GMT

They weren't growing with me, my first card, CL still at $5K, would never give me a CLI, so I closed it. Very uneventful, didn't even talk with a live person, they won't miss me, so it seems!

Re: Bye Bye Cap One

bourgogne — Tue, 12 Apr 2016 18:41:09 GMT

@itguy_65 wrote:
They weren't growing with me, my first card, CL still at $5K, would never give me a CLI, so I closed it. Very uneventful, didn't even talk with a live person, they won't miss me, so it seems!

sorry, you closed your oldest reporting card? bye bye score lol

Re: Bye Bye Cap One

Appleman — Tue, 12 Apr 2016 18:44:29 GMT

I still have my original Cap1 Plat Card that had an annual fee. PCd to a QS no AF, they would NEVER move my limit above the $3,800.

Applied for the Venture One per suggestions here and got a $20,000 SL.

So have both cards and run a monthly expense or 2 through the QS

Re: Bye Bye Cap One

bourgogne — Tue, 12 Apr 2016 18:49:44 GMT

@Appleman wrote:
I still have my original Cap1 Plat Card that had an annual fee. PCd to a QS no AF, they would NEVER move my limit above the $3,800.
Applied for the Venture One per suggestions here and got a $20,000 SL.
So have both cards and run a monthly expense or 2 through the QS

not to shift the thread, but if you maxed out the QS a few months in a row it would help move the cli along I think. congrats on the venture. high utilization and pif seems to work for cap1

Re: Bye Bye Cap One

galahad15 — Tue, 12 Apr 2016 19:04:50 GMT

Lol, you guys are lucky tbh, my CL for my Cap1 card hasn't increased one bit (still at $1k) since I was originally approved for it in 2012, despite many and numerous pleas to Cap1 The only silver lining in it for me I guess is that even though my CL is super-low, I still get 2% cashback on travel purchases, which still makes it worthwhile enough for me to want to keep.

Re: Bye Bye Cap One

pip3man — Tue, 12 Apr 2016 19:21:06 GMT

@galahad15 wrote:
Lol, you guys are lucky tbh, my CL for my Cap1 card hasn't increased one bit (still at $1k) since I was originally approved for it in 2012, despite many and numerous pleas to Cap1 The only silver lining in it for me I guess is that even though my CL is super-low, I still get 2% cashback on travel purchases, which still makes it worthwhile enough for me to want to keep.

I don't mind sharing some of my Cap 1 limit with u lol

Re: Bye Bye Cap One

galahad15 — Tue, 12 Apr 2016 19:34:55 GMT

@pip3man wrote:
@galahad15 wrote:
Lol, you guys are lucky tbh, my CL for my Cap1 card hasn't increased one bit (still at $1k) since I was originally approved for it in 2012, despite many and numerous pleas to Cap1 The only silver lining in it for me I guess is that even though my CL is super-low, I still get 2% cashback on travel purchases, which still makes it worthwhile enough for me to want to keep.
I don't mind sharing some of my Cap 1 limit with u lol

Thanks Mister! I haven't given up completely on Cap1 tho, if and when I am able to pay off a substantial amount of my existing debt (hopefully soon), I will keep hitting up Cap1 for SP CLIs using the luv button until I accomplish my CLI objective with them, never fear

Re: Bye Bye Cap One

Anonymous — Tue, 12 Apr 2016 22:07:11 GMT

@omfgpart2 wrote:
@itguy_65 wrote:
They weren't growing with me, my first card, CL still at $5K, would never give me a CLI, so I closed it. Very uneventful, didn't even talk with a live person, they won't miss me, so it seems!
sorry, you closed your oldest reporting card? bye bye score lol

Agreed, and also...

Man, people act so entitled here about the credit they think they deserve. It's absurd. My first card was a Freedom for $200 and I thought I would never get a CLI, but I did after 4.5 years. I talk about it a lot, but I have never trashed the card and acted like I deserved more, but I do see a lot of people acting like that. So honestly when I see people complaining about CLs like $5,000 and even $10,000 I just have to shake my head.

And especially for Capital One, who seems to be inconsistent and leaning toward not giving people automatic increases. That's just how they operate. Closing a card for a low limit as the main reason just seems like a spoiled response. If there are other reasons like annual fees and whatnot, fine. But if you think you deserve more credit because your scores have become golden then I don't know what to say. If you think closing a card is the best option for a low limit, fine. It just doesn't make sense to me to broadcast it and act like the lender was treating you like dirt. You're just a number to the lender, nothing else. Especially not a princess.

Re: Bye Bye Cap One

bourgogne — Tue, 12 Apr 2016 19:47:18 GMT

@Anonymous wrote:
@omfgpart2 wrote:
@itguy_65 wrote:
They weren't growing with me, my first card, CL still at $5K, would never give me a CLI, so I closed it. Very uneventful, didn't even talk with a live person, they won't miss me, so it seems!
sorry, you closed your oldest reporting card? bye bye score lol
Agreed, and also...

Man, people act so entitled here about the credit they think they deserve. It's absurd. My first card was a Freedom for $200 and I thought I would never get a CLI, but I did after 4.5 years. I talk about it a a lot, but I have never trashed the card and acted like I deserved more, but I do see a lot of people acting like that. So honestly when I see people complaining about CLs like $5,000 and even $10,000 I just have to shake my head.

And especially for Capital One, who seems to be inconsistent and leaning toward not giving people automatic increases. That's just how they operate. Closing a card for a low limit as the main reason just seems like a spoiled response. If there are other reasons like annual fees and whatnot, fine. But if you think you deserve more credit because your scores have become golden then I don't know what to say. If you think closing a card is the best option for a low limit, fine. It just doesn't make sense to me to broadcast it and act like the lender was treating you like dirt. You're just a number to the lender, nothing else. Especially not a princess.

I am with you brother, either credit is a game or a tool. I am unscrewing what I did to myself a decade ago. totally my doing. it takes time. for me cap1 was incredible, they gave me my start, without them I would have had a very rough time, i am sure of it. I am happy with my cls with them now, my next focus is pumping a ton through the fu to see if I can get the cl to move. if it does nothing then its fine, I dont need more than 40K and a npsl in my life. my theory is pump and pif ha-ha. sounds nasty but it seems to have worked for me. once the dust settles from my little spree I will hit 700 and walk away from all this for a while. you have a nice diverse assortment, I am sure that took a lot of work and patience, well done your efforts are obvious

Re: Bye Bye Cap One

pipeguy — Tue, 12 Apr 2016 19:50:51 GMT

@itguy_65 wrote:
They weren't growing with me, my first card, CL still at $5K, would never give me a CLI, so I closed it. Very uneventful, didn't even talk with a live person, they won't miss me, so it seems!

Perfect !!

I closed all my regular Cap-1 cards and next month the DW will close all hers (2 each) - I know some - okay a lot - of folks on this forum like/love Cap-1, that's NOT been our experience and I'm happy to see that YOU manage your credit profile as you see fit rather than beg for acceptance from a lender that doesn't value you.

Note that my GM Card has treated me very well and its the exact opposite of my QS and Venture experiences.

Re: Bye Bye Cap One

bourgogne — Tue, 12 Apr 2016 19:54:56 GMT

@pipeguy wrote:
@itguy_65 wrote:
They weren't growing with me, my first card, CL still at $5K, would never give me a CLI, so I closed it. Very uneventful, didn't even talk with a live person, they won't miss me, so it seems!
Perfect !!

I closed all my regular Cap-1 cards and next month the DW will close all hers (2 each) - I know some - okay a lot - of folks on this forum like/love Cap-1, that's NOT been our experience and I'm happy to see that YOU manage your credit profile as you see fit rather than beg for acceptance from a lender that doesn't value you.

Note that my GM Card has treated me very well and its the exact opposite of my QS and Venture experiences.

The point is one never closes their oldest reporting account. everything else is just a story.

Re: Bye Bye Cap One

pipeguy — Tue, 12 Apr 2016 19:55:17 GMT

@omfgpart2 wrote:
@itguy_65 wrote:
They weren't growing with me, my first card, CL still at $5K, would never give me a CLI, so I closed it. Very uneventful, didn't even talk with a live person, they won't miss me, so it seems!
sorry, you closed your oldest reporting card? bye bye score lol

Completely untrue - utility might be a factor, but closing a card that'll stay on your report for up to 10 years will NOT change your scoring at all.

Re: Bye Bye Cap One

bourgogne — Tue, 12 Apr 2016 20:13:13 GMT

@pipeguy wrote:
@omfgpart2 wrote:
@itguy_65 wrote:
They weren't growing with me, my first card, CL still at $5K, would never give me a CLI, so I closed it. Very uneventful, didn't even talk with a live person, they won't miss me, so it seems!
sorry, you closed your oldest reporting card? bye bye score lol
Completely untrue - utility might be a factor, but closing a card that'll stay on your report for up to 10 years will NOT change your scoring at all.

we are speculating which I don't care for but if a person opened a single cc 5 years ago and then closed it there will be a dip in scores assuming that is the only card reporting. if there were other cc after the initial cc then the score dip may or may not happen as new credit impacts the equation. lenders don't care about anyone, we are just a #.

Re: Bye Bye Cap One

pip3man — Tue, 12 Apr 2016 20:09:53 GMT

@galahad15 wrote:
@pip3man wrote:
@galahad15 wrote:
Lol, you guys are lucky tbh, my CL for my Cap1 card hasn't increased one bit (still at $1k) since I was originally approved for it in 2012, despite many and numerous pleas to Cap1 The only silver lining in it for me I guess is that even though my CL is super-low, I still get 2% cashback on travel purchases, which still makes it worthwhile enough for me to want to keep.
I don't mind sharing some of my Cap 1 limit with u lol
Thanks Mister! I haven't given up completely on Cap1 tho, if and when I am able to pay off a substantial amount of my existing debt (hopefully soon), I will keep hitting up Cap1 for SP CLIs using the luv button until I accomplish my CLI objective with them, never fear

Lol don't get greedy now... u better take it easy when tapping that damn button so it works for me when I'm ready to hit it lol

Re: Bye Bye Cap One

_NERD — Tue, 12 Apr 2016 20:22:05 GMT

There is a method to the OP's madness. I'm sure of this. I sense a disturbance in the Force.

This post totally got hijacked this fine Tuesday. Shall I unfold my lawn chair and share some ice cold brewskies with the offending members? (=

Hehe

Re: Bye Bye Cap One

itguy_65 — Tue, 12 Apr 2016 20:27:10 GMT

THANK YOU again, myFICOers, your advice has been invaluable on my credit journey. I still have made some mistakes, but certainly more informed ones. Sorry, I am not bitter toward Cap 1, they certainly served a purpose, they were the only one that would give me a card when I couldn't get anything else. Just that they no longer serve a purpose for me. So, I guess count me as not one of the Cap 1 lovers!

Re: Bye Bye Cap One

pipeguy — Tue, 12 Apr 2016 21:24:33 GMT

@omfgpart2 wrote:
@pipeguy wrote:
@omfgpart2 wrote:
@itguy_65 wrote:
They weren't growing with me, my first card, CL still at $5K, would never give me a CLI, so I closed it. Very uneventful, didn't even talk with a live person, they won't miss me, so it seems!
sorry, you closed your oldest reporting card? bye bye score lol
Completely untrue - utility might be a factor, but closing a card that'll stay on your report for up to 10 years will NOT change your scoring at all.
we are speculating which I don't care for but if a person opened a single cc 5 years ago and then closed it there will be a dip in scores assuming that is the only card reporting. if there were other cc after the initial cc then the score dip may or may not happen as new credit impacts the equation. lenders don't care about anyone, we are just a #.

Sure if that was 100% of their revolving credit factor, but the drop would be due to NO revolving credit accounts open. Given the "assumption' that OP had more than this single card, and why would they close their only card (?), the act of closing ones "oldest card" would have little or no effect on their credit scoring - and yes I know I do not know the complete credit structure of the OP's file. We'll agree to disagree and leave it at that.

Re: Bye Bye Cap One

bourgogne — Tue, 12 Apr 2016 21:36:07 GMT

@pipeguy wrote:
@omfgpart2 wrote:
@pipeguy wrote:
@omfgpart2 wrote:
@itguy_65 wrote:
They weren't growing with me, my first card, CL still at $5K, would never give me a CLI, so I closed it. Very uneventful, didn't even talk with a live person, they won't miss me, so it seems!
sorry, you closed your oldest reporting card? bye bye score lol
Completely untrue - utility might be a factor, but closing a card that'll stay on your report for up to 10 years will NOT change your scoring at all.
we are speculating which I don't care for but if a person opened a single cc 5 years ago and then closed it there will be a dip in scores assuming that is the only card reporting. if there were other cc after the initial cc then the score dip may or may not happen as new credit impacts the equation. lenders don't care about anyone, we are just a #.
Sure if that was 100% of their revolving credit factor, but the drop would be due to NO revolving credit accounts open. Given the "assumption' that OP had more than this single card, and why would they close their only card (?), the act of closing ones "oldest card" would have little or no effect on their credit scoring - and yes I know I do not know the complete credit structure of the OP's file. We'll agree to disagree and leave it at that.

nah, I would rather learn something. so no matter what the age of an individuals file it does not matter closing ones first card - is this what you are saying? if not, tell me what you are saying. Thank you.

Re: Bye Bye Cap One

Anonymous — Tue, 12 Apr 2016 22:13:17 GMT

@itguy_65 wrote:
They weren't growing with me, my first card, CL still at $5K, would never give me a CLI, so I closed it. Very uneventful, didn't even talk with a live person, they won't miss me, so it seems!

Good for you! me thinks.

Find my QS almost completely useless. Will close mine likely sooner than later.

If people close accounts, maybe the issuer looks as to why and decides to improve their product.

Some Cap One ideas that might keep my bussiness.

1. Get rid of fako score

2. At least entertain lowering an account holders APR. (temp apr offers... pfft)

3. Stop with the wild 2 and 3? cra pulls.

4. (your info here)

Things I do like about Cap One.

1. Honestly they have been great

2. Soft pull clis.

3. Jennifer Garner commercials

4. Atm cash advances at casinos on my bi-annual trips to Vegas has not rattled them. Still get Clis.

5. (your info here)

Re: Bye Bye Cap One

CreditCuriosity — Tue, 12 Apr 2016 22:23:31 GMT

@pipeguy wrote:
@omfgpart2 wrote:
@itguy_65 wrote:
They weren't growing with me, my first card, CL still at $5K, would never give me a CLI, so I closed it. Very uneventful, didn't even talk with a live person, they won't miss me, so it seems!
sorry, you closed your oldest reporting card? bye bye score lol
Completely untrue - utility might be a factor, but closing a card that'll stay on your report for up to 10 years will NOT change your scoring at all.

+1 his/her score isn't going anywhere for 10 years and at that time their score can very well be higher from the rest of their credit profie aging

Other stuff I will avoid on this discussion, but rest assured their score isn't being impacted unless that is their only card (not the case with OP being in the 800's). and impacts their utilization which I highly doubt in OP's case either. Anyways, said my 2 cents.