topic Re: Finally ready to close CapOne! in Credit Cards

Finally ready to close CapOne!

Chickenpotpie — Wed, 20 Jul 2016 00:28:29 GMT

The house is bought and my scores are in the 760s across the board. I've always considered closing CapOne as they NEVER give me credit increases. So I'm willing to dump the card and move on.

I'm considering possibly a penfed card, but what else would be a good card to look into?

Cards I have:

Amex blue everyday 27k

Discover it 13k

Chase Amazon 9k

Cap One Venture 3.5k

I want to avoid cards with AF & CapOne is kinda dead to me as I am to them apparently. Never sure why they hate my acct but I've always paid them on time. And I want to limit exposure to any one bank, and no store cards, thats not really my thing.

Re: Finally ready to close CapOne!

Anonymous — Wed, 20 Jul 2016 00:44:01 GMT

IMO citi double or blispay...guess I'm going garden and go after a blispay next

Re: Finally ready to close CapOne!

pipeguy — Wed, 20 Jul 2016 01:04:32 GMT

Exactly how I feel about Cap-1 and exactly why I closed all my branded Cap-1 cards !

Re: Finally ready to close CapOne!

Chickenpotpie — Wed, 20 Jul 2016 01:10:33 GMT

pipeguy, I have never understood the love affair with CapOne, but maybe its because they don't like me much.......lol My partner has a card with them, and his CL is well above 30K. I'm even a AF on his card and STILL no love. Discover, Amex, and even Chase give me love on a regular basis so I dunno. They do work well for some people.

Re: Finally ready to close CapOne!

Anonymous — Wed, 20 Jul 2016 01:12:11 GMT

If you're able to PC to Quicksilver you'd have a no FTF/no AF card. Although I do believe that penfed is also no FTF/no AF.

Re: Finally ready to close CapOne!

Anonymous — Wed, 20 Jul 2016 01:33:01 GMT

You do realize your Venture card has an annual fee of $59 right?

Cards with annual fees are better, and I suggest everyone have ONE in their pocket to use for most of their spending.

Re: Finally ready to close CapOne!

happypill — Wed, 20 Jul 2016 05:24:25 GMT

I believe the Venture has a $5k minimum CL, so at $3.5k I'm guessing it's a Venture One. In any case, with Capital One, like many other lenders, you may have more success with a new card than you might with CLIs. Every lender is different, but there are many stories around here of Capital One turning down CLI requests for lower limit cards then at the same time approving a new Venture for $20k or something like that. Capital One is not unique in this respect; I think Chase is also known to be more likely to give a fat new card rather than a CLI to an existing card.

Penfed is definitely a great idea as well. They have a nice travel rewards Amex if you fly a lot, and good cash or rewards on gas. They also have some good cards for BT and are pretty generous with their limits.

Re: Finally ready to close CapOne!

UncleB — Wed, 20 Jul 2016 07:15:25 GMT

@Chickenpotpie wrote:
pipeguy, I have never understood the love affair with CapOne, but maybe its because they don't like me much.......lol My partner has a card with them, and his CL is well above 30K. I'm even a AF on his card and STILL no love. Discover, Amex, and even Chase give me love on a regular basis so I dunno. They do work well for some people.

This is actually easy to explain... we all tend to "like" issuers that give us cards with better terms or higher credit lines. If a particular lender isn't a good 'fit' for whatever reason and they give us lower credit lines or higher rates, we don't "like" them as well.

I can understand why you might not be "in love" with Capital One, however as you mention they do work well for many people (myself included). My own Capital One MasterCard is one of my oldest cards, and while it does leave some room for improvement it's been really solid for me... I don't have to be concerned with obnoxious 'fraud' issues when I travel out of state or make a small international internet purchase - it just works.

Capital One is also popular around here since they tend to be open to people who are rebuilding (which can be a big deal to many), and to the people who are already established they now allow folks to combine accounts, which is how many on here have obtained 'big' credit lines with them.

If Capital One is no longer a fit for you, you're wise to move on... I certainly wouldn't stay with any lender I felt I had outgrown. That being said, if it were me I would also at least consider PC'ing the card to a no-AF Quicksilver and sending it to the SD for a while before closing it out. That would give you a chance to reconsider if you later realize it can be useful after all.

Just my 2¢.

Re: Finally ready to close CapOne!

Chickenpotpie — Wed, 20 Jul 2016 10:21:32 GMT

Happypill, correct its a venture one. I had to take a look at the face of the card to see that (tells how little use it even gets)

UncleB, CapOne does indeed work for some, but for me, nada. I tried twice. Once during the credit buildup and after. I closed the CB card because they wouldn't go beyond 900 CL, so the only one left is Venture One. And yes they can be a great credit builder card, I seriously won't deny that (can't poo-poo them on that either!). FWIW they were in my wallet for a long time but I could never get the darn thing to grow. Chase has actually been generous on my amazon card. I started with 3500 credit limit with them.

I've worked pretty hard to get my credit house in order, but I just don't feel CapOne is the company for me anymore. I only want to stay at 4 cards so that means cutting some dead wood (besides I need to stay fiscally responsible!)

Re: Finally ready to close CapOne!

UncleB — Wed, 20 Jul 2016 10:27:47 GMT

@Chickenpotpie wrote:
Happypill, correct its a venture one. I had to take a look at the face of the card to see that (tells how little use it even gets)

UncleB, CapOne does indeed work for some, but for me, nada. I tried twice. Once during the credit buildup and after. I closed the CB card because they wouldn't go beyond 900 CL, so the only one left is Venture One. And yes they can be a great credit builder card, I seriously won't deny that (can't poo-poo them on that either!). FWIW they were in my wallet for a long time but I could never get the darn thing to grow. Chase has actually been generous on my amazon card. I started with 3500 credit limit with them.

I've worked pretty hard to get my credit house in order, but I just don't feel CapOne is the company for me anymore. I only want to stay at 4 cards so that means cutting some dead wood (besides I need to stay fiscally responsible!)

You've clearly put a lot of thought into this and know what's best for you... kudos for that!

That being said, FWIW I support your decision completely. At some point you might even decide to take them for another spin, who knows?

Re: Finally ready to close CapOne!

nrm — Wed, 20 Jul 2016 10:58:16 GMT

More closing, more chance for me!

Re: Finally ready to close CapOne!

galahad15 — Wed, 20 Jul 2016 11:13:02 GMT

@Anonymous wrote:
You do realize your Venture card has an annual fee of $59 right?

Cards with annual fees are better, and I suggest everyone have ONE in their pocket to use for most of their spending.

Not necessarily, lol For example, I have four 2% cashback cards, all with no AF, also 3 out of the 4 with relatively-low interest rates. IME, I would rather have an AF-free 2% cashback card than a 3%+ cashback card with an AF, since the AF negates some of the value of the rewards received. I closed out my last card with an AF earlier this year, when the issuer refused to budge on eliminating or PC'ing to remove the AF. I also don't see myself as apping for a card with an AF again in the future.

Re: Finally ready to close CapOne!

Chickenpotpie — Wed, 20 Jul 2016 16:11:11 GMT

If its the company that works for you, heck yeah!

Re: Finally ready to close CapOne!

Chickenpotpie — Wed, 20 Jul 2016 16:15:19 GMT

Kinda like, if I leave maybe they'll miss me? anything is possible, and I may well come back around to them. Never say never....

but for now, this is for capOne

Re: Finally ready to close CapOne!

Anonymous — Wed, 20 Jul 2016 16:45:18 GMT

but I just don't feel CapOne is the company for me anymore.

I came to the same conclusion and dumped them.

Re: Finally ready to close CapOne!

nrm — Wed, 20 Jul 2016 17:24:45 GMT

By the way, who/what is CAP ONE, anyway?

Re: Finally ready to close CapOne!

Anonymous — Sat, 23 Jul 2016 19:05:11 GMT

Even though the CL is low on for you on this card, I wouldn't completely close the account. That $900 could make or break your utilization if you were in a spot that you needed to finance a large purchase.

I've had Cap1 for a long time and they never gave me increases either. I believe I only got one. However, when I opened my PenFed Platinum Rewards Signature Visa, I was given a VERY generous CL (16K). I noticed that when that account hit the reports and boosted my score significantly, Cap1 wanted me to put them back in my wallet. They increased my CL from 1500 to 5K and lowered my APR to retain my business (and my money).

PenFed has been the BEST credit card I have ever had. It took a lot of rebuilding from an identity theft issue a few years ago, but they have been by far the best lender to work with.

Get a new card, put Cap1 in the sock drawer, and they will see that you are no longer using them. If your socres allow you to get a decent credit limit elsewhere, they will find it on their soft pulls and place you in the auto-CLI bucket.

Re: Finally ready to close CapOne!

JustcallmeTM — Sat, 23 Jul 2016 19:23:23 GMT

@Anonymous wrote:
Even though the CL is low on for you on this card, I wouldn't completely close the account. That $900 could make or break your utilization if you were in a spot that you needed to finance a large purchase.

I've had Cap1 for a long time and they never gave me increases either. I believe I only got one. However, when I opened my PenFed Platinum Rewards Signature Visa, I was given a VERY generous CL (16K). I noticed that when that account hit the reports and boosted my score significantly, Cap1 wanted me to put them back in my wallet. They increased my CL from 1500 to 5K and lowered my APR to retain my business (and my money).

PenFed has been the BEST credit card I have ever had. It took a lot of rebuilding from an identity theft issue a few years ago, but they have been by far the best lender to work with.

Get a new card, put Cap1 in the sock drawer, and they will see that you are no longer using them. If your socres allow you to get a decent credit limit elsewhere, they will find it on their soft pulls and place you in the auto-CLI bucket.

Your one of those rare unicorns who got a apr reductions because for 4-5 years with this bank and I never got anything but 6 month apr reductions and smallish increases(understandable the first 2 years I left rather large balances, but after that it was PIF and nothing) and no BT offers. I had to completely ignore the bank and stop all spend to get any CLI and even then it became a moot point.

Everyone has there choices i'm on the side of close it if you don't see a use for it and this was after I started rebuilding by opening to many store cards and store co-branded cards. I have OCDish tendancies and rather close the card myself than have them close it out the blue. You never know if your status changes or your doing something as simple as refinace and it closes before you close on your house ending up with a re-score. I think for all the little things that can happen, because its been happening alot the last 3 months reading on here. I rather be Pro-active on my profile then leave stuff dormant.

Re: Finally ready to close CapOne!

SouthJamaica — Sat, 23 Jul 2016 19:28:18 GMT

@Chickenpotpie wrote:
The house is bought and my scores are in the 760s across the board. I've always considered closing CapOne as they NEVER give me credit increases. So I'm willing to dump the card and move on.

I'm considering possibly a penfed card, but what else would be a good card to look into?

Cards I have:
Amex blue everyday 27k
Discover it 13k
Chase Amazon 9k
Cap One Venture 3.5k

I want to avoid cards with AF & CapOne is kinda dead to me as I am to them apparently. Never sure why they hate my acct but I've always paid them on time. And I want to limit exposure to any one bank, and no store cards, thats not really my thing.

1. I wish you would stay with Cap One; they'll come around, I'm sure of it.

2. Two of my favorite cards are the Penfed Promise Card and the Barclay Ring card. Penfed Promise has no fees. Ring Card has very low fee fees & very low interest.

Re: Finally ready to close CapOne!

SouthJamaica — Sat, 23 Jul 2016 19:31:08 GMT

@Chickenpotpie wrote:
Happypill, correct its a venture one. I had to take a look at the face of the card to see that (tells how little use it even gets)

UncleB, CapOne does indeed work for some, but for me, nada. I tried twice. Once during the credit buildup and after. I closed the CB card because they wouldn't go beyond 900 CL, so the only one left is Venture One. And yes they can be a great credit builder card, I seriously won't deny that (can't poo-poo them on that either!). FWIW they were in my wallet for a long time but I could never get the darn thing to grow. Chase has actually been generous on my amazon card. I started with 3500 credit limit with them.

I've worked pretty hard to get my credit house in order, but I just don't feel CapOne is the company for me anymore. I only want to stay at 4 cards so that means cutting some dead wood (besides I need to stay fiscally responsible!)

Well if you're going to stay at 4 cards, then I guess you've got to let Cap One go

Like I said, 2 of my favorites are Penfed Promise and Barclay Ring. I'm not big on travel rewards and all that, I like being able to save money on the credit card terms themselves.