topic Re: For those with "stuck" Capital One accounts in Credit Cards

For those with "stuck" Capital One accounts

Anonymous — Tue, 28 Feb 2017 22:55:24 GMT

Last year I made a post describing several Capital One cards I have had since 2002. The cards have gone through periods of high use/ no use/ carried a balance and have been balance free. Basically, every sort of use had been tried on these cards at one time or another.

One card was a Capital One Platinum from the start and had a $600 credit line. The other 2 were originally Household bank cards and were in the $1500 credit line range. I have repeatedly tried for credit line increases and only met with slight success in the last 2 attempts. Bringing all 3 up to the $2000 range. I have also tried to product change all 3 to a Quicksilver or anything else monthly with no success.

All of this with my Ficos reaching the 760 range.

I finally decided to take the advice given to me in the previously mentioned thread and to app for a new Venture. My app went to 7-10-day notice and I was skeptical but several days later I was approved for a $30,000 starting line. I even received the new metal card. Wohoo.

I’ll give the old cards one more CLI request in a few months then I’ll have to decide how I will combine them or if I’ll keep one for its age. I’ll keep the Venture after the sign up bonus if I can get the fee waved and product change to a Quicksilver if not. I really wanted a good Cap 1 card since I have a 360 bank account and Cap 1 Investing account. It’s nice to have all together.

So for any others out there banging there head into the wall trying to get these old cards some love, I really recommend moving on. For whatever reason Capital One seems to have anchored at least some of these old cards to where they will never grow or grow so slowly that they aren’t worth it.

Re: For those with "stuck" Capital One accounts

Anonymous — Tue, 28 Feb 2017 23:11:58 GMT

Wow. That's a hell of a SCL. Congrats Thanks for the data points as well. 🎉🍾🎊

Re: For those with "stuck" Capital One accounts

trant3 — Tue, 28 Feb 2017 23:12:22 GMT

Good advice. Those cap 1 cards are essentially starter cards, it served its purpose, time to move on!

Re: For those with "stuck" Capital One accounts

Anonymous — Wed, 01 Mar 2017 00:08:37 GMT

Venture SL!!!!

😁😃<____!!!!!!!!NOIIICE!!!!!!!_____>😃😁

Re: For those with "stuck" Capital One accounts

SunriseEarth — Wed, 01 Mar 2017 00:14:27 GMT

@Anonymous wrote:
Last year I made a post describing several Capital One cards I have had since 2002. The cards have gone through periods of high use/ no use/ carried a balance and have been balance free. Basically, every sort of use had been tried on these cards at one time or another.

One card was a Capital One Platinum from the start and had a $600 credit line. The other 2 were originally Household bank cards and were in the $1500 credit line range. I have repeatedly tried for credit line increases and only met with slight success in the last 2 attempts. Bringing all 3 up to the $2000 range. I have also tried to product change all 3 to a Quicksilver or anything else monthly with no success.

All of this with my Ficos reaching the 760 range.

I finally decided to take the advice given to me in the previously mentioned thread and to app for a new Venture. My app went to 7-10-day notice and I was skeptical but several days later I was approved for a $30,000 starting line. I even received the new metal card. Wohoo.

I’ll give the old cards one more CLI request in a few months then I’ll have to decide how I will combine them or if I’ll keep one for its age. I’ll keep the Venture after the sign up bonus if I can get the fee waved and product change to a Quicksilver if not. I really wanted a good Cap 1 card since I have a 360 bank account and Cap 1 Investing account. It’s nice to have all together.

So for any others out there banging there head into the wall trying to get these old cards some love, I really recommend moving on. For whatever reason Capital One seems to have anchored at least some of these old cards to where they will never grow or grow so slowly that they aren’t worth it.

If you feel like putting the effort, you could try reaching out to the EO. If not, sounds like moving on works well, too.

Re: For those with "stuck" Capital One accounts

Anonymous — Wed, 01 Mar 2017 00:14:53 GMT

@trant3 wrote:
Good advice. Those cap 1 cards are essentially starter cards, it served its purpose, time to move on!

Agreed!!!

Re: For those with "stuck" Capital One accounts

K-in-Boston — Wed, 01 Mar 2017 00:49:17 GMT

Thank you so much for this post! I have mentioned my CapOne story before and I have a thread going about clearing out my sock drawer, and my gut was to apply for a new card and move on. Since I know Venture tends to be the highest SL and I have a Venture One already, I cold apped yesterday and got the 7-10 day message. Not many threads about the Venture with 7-10 day notice, but many about V1, QS and QS1.

I have been a CapOne customer since 2000. Originally had a $500 card when I had almost zero credit and then approved in 2001 for a $1500 card. They bought out 2 other lenders whose names I cannot remember in 2002, and I was able to merge those 2 $500 cards into the $1500 which was a Visa, but they could not merge the $500 CapOne since it was a MC. These two remaining cards never received a single CLI other than the combining the entire 16 years they were open! At some point in the mid-2000s, they also bought out my $875 Orchard Bank card and my Direct Merchants Bank card which was $5300. Early last year I began to get serious about my credit and to replace/PC cards and start asking for CLIs and APR reductions. I merged the 4 CapOne cards into the $5300 one since it had no AF even though the card was a few years newer (2004) and had a marginally higher 25.24% APR, then did a PC on the now-$9175 Platinum card to Venture One WMC. Turned down for CLI since they considered the consolidation to be a CLI. Used it heavily for a few months before the 6 month mark and still nothing every single month since. APR reductions? No. Balance transfer offers? Sure, no fee and just pay your same 25.49% purchase APR haha.

I have clean reports, high income and many 5-figure cards. Very frustrating when I see others with BK or other serious baddies getting low APRs and CLI after CLI with CapOne. It always seemed like they just had me in the "limited credit experience" bucket, and 17 years later I am still there regardless. So, I was on the fence about either keeping it in the sock drawer until they eventually close it and be done with CapOne, or to just apply for a real CapOne card, move my $9175 over to it and be done with the lingering subprime stigma of my existing cards. Yesterday I made my choice but was disheartened to get a 7-10 day message. Thanks to your post and the few others that have mentioned the Venture, I have hope that I'll get a low-tier APR with a SL of $20-30k and I can move on. Still "reviewing" when I call the automated number.

Re: For those with "stuck" Capital One accounts

jc2 — Wed, 01 Mar 2017 00:51:26 GMT

This is very helpful info. Thank you. And congrats on the SL!

Re: For those with "stuck" Capital One accounts

Anonymous — Wed, 01 Mar 2017 00:55:04 GMT

@K-in-Boston wrote:
Thank you so much for this post! I have mentioned my CapOne story before and I have a thread going about clearing out my sock drawer, and my gut was to apply for a new card and move on. Since I know Venture tends to be the highest SL and I have a Venture One already, I cold apped yesterday and got the 7-10 day message. Not many threads about the Venture with 7-10 day notice, but many about V1, QS and QS1.

I have been a CapOne customer since 2000. Originally had a $500 card when I had almost zero credit and then approved in 2001 for a $1500 card. They bought out 2 other lenders whose names I cannot remember in 2002, and I was able to merge those 2 $500 cards into the $1500 which was a Visa, but they could not merge the $500 CapOne since it was a MC. These two remaining cards never received a single CLI other than the combining the entire 16 years they were open! At some point in the mid-2000s, they also bought out my $875 Orchard Bank card and my Direct Merchants Bank card which was $5300. Early last year I began to get serious about my credit and to replace/PC cards and start asking for CLIs and APR reductions. I merged the 4 CapOne cards into the $5300 one since it had no AF even though the card was a few years newer (2004) and had a marginally higher 25.24% APR, then did a PC on the now-$9175 Platinum card to Venture One WMC. Turned down for CLI since they considered the consolidation to be a CLI. Used it heavily for a few months before the 6 month mark and still nothing every single month since. APR reductions? No. Balance transfer offers? Sure, no fee and just pay your same 25.49% purchase APR haha.

I have clean reports, high income and many 5-figure cards. Very frustrating when I see others with BK or other serious baddies getting low APRs and CLI after CLI with CapOne. It always seemed like they just had me in the "limited credit experience" bucket, and 17 years later I am still there regardless. So, I was on the fence about either keeping it in the sock drawer until they eventually close it and be done with CapOne, or to just apply for a real CapOne card, move my $9175 over to it and be done with the lingering subprime stigma of my existing cards. Yesterday I made my choice but was disheartened to get a 7-10 day message. Thanks to your post and the few others that have mentioned the Venture, I have hope that I'll get a low-tier APR with a SL of $20-30k and I can move on. Still "reviewing" when I call the automated number.

Keep us posted! I'm on the fence about apping for Venture

Re: For those with "stuck" Capital One accounts

K-in-Boston — Wed, 01 Mar 2017 02:04:04 GMT

SpartanSoul, quick question... Did your new card show up in your online account automatically or not until after you activated it? Did you find out you were approved by email, phone or mail first? Thanks!

Re: For those with "stuck" Capital One accounts

Anonymous — Wed, 01 Mar 2017 02:34:16 GMT

K, I found out about the approval by calling 1-877-277-5901, the card didn't show up in my online account until I added it. Good luck, I hope you do well.

I was really baffled me as to why they would never let me product change any of my cards when I would constantly see others doing it. Cap 1 can definitly be a hard one to figure out.

Re: For those with "stuck" Capital One accounts

K-in-Boston — Wed, 01 Mar 2017 02:46:32 GMT

Thanks! The PC was not an issue for me, they offered me V, V1, QS or QS1 when I called. Just everything else is stuck in time for me. I called the number and while the prompts to get there are different (like phone # rather than SSN) the automated message was the same "We've received your application... something something something by mail in the next 10 business days" message as the number in their FAQ. Did you press the option to speak to a representative?

Re: For those with "stuck" Capital One accounts

Anonymous — Wed, 01 Mar 2017 02:49:38 GMT

My Venture is stuck at $15,000. Lol. It's w/e though.

If they didn't want me slowpaying them BT's every 18mos on the 1% checks they send me, they wouldn't keep waiving my AF and sending me those checks.

Re: For those with "stuck" Capital One accounts

DeeBee78 — Wed, 01 Mar 2017 03:01:27 GMT

Don't ever hang onto a card for its age. By the time it falls off your credit reports (10 years from account closure) it won't matter. You'll have other accounts that have aged and padded your AAoA.

Re: For those with "stuck" Capital One accounts

Anonymous — Wed, 01 Mar 2017 03:02:12 GMT

I never spoke to anyone, just called a couple times a day and day 4 it finally said approved.

Re: For those with "stuck" Capital One accounts

Anonymous — Wed, 01 Mar 2017 03:05:08 GMT

$15000 is way better than $600 LOL

Re: For those with "stuck" Capital One accounts

Anonymous — Wed, 01 Mar 2017 03:07:30 GMT

@DeeBee78 wrote:
Don't ever hang onto a card for its age. By the time it falls off your credit reports (10 years from account closure) it won't matter. You'll have other accounts that have aged and padded your AAoA.

I know but 2 of these are my oldest open accounts. I just wanted to product change to a no fee Quicksilver and work up to a useable limit. I still hope to convince them to change over my oldest.

Re: For those with "stuck" Capital One accounts

DeeBee78 — Wed, 01 Mar 2017 03:22:14 GMT

@Anonymous wrote:
@DeeBee78 wrote:
Don't ever hang onto a card for its age. By the time it falls off your credit reports (10 years from account closure) it won't matter. You'll have other accounts that have aged and padded your AAoA.
I know but 2 of these are my oldest open accounts. I just wanted to product change to a no fee Quicksilver and work up to a useable limit. I still hope to convince them to change over my oldest.

Cards that Capital One acquired through bank acquisitions aren't treated the same as their own offerings. Common experiences forum members post about is a lack of CLI's, inability to combine, no PC's available, and unremovable annual fees. Of course there are exceptions to these rules, usually by engaging the Executive Office, but for most people these cards don't grow.

Capital One sticks people in buckets, based on what they feel your profile supports. As commonly mentioned, the only way out of their profiling is by doing what you did- opening a new account. With a 30K Venture, those cards just became a lot less useful, and (in my opinion) there's no point in being sentimental over them being your oldest accounts.

Don't be afraid to cut the fat from your profile. I've closed 4 store cards and two majors this year, and we're only in February.

Re: For those with "stuck" Capital One accounts

Anonymous — Wed, 01 Mar 2017 09:10:44 GMT

Great post OP. This method does absolutely work! I have been stuck with my first Cap 1. I applied yesterday for the Venture and received 10K (not as nice as 30K, but it is quite a lot for me). I will combine my older QS card into my Venture when I finally receive and activate the Venture card. This is a very useful method of "moving on" with Capital One!

Re: For those with "stuck" Capital One accounts

Anonymous — Wed, 01 Mar 2017 12:44:55 GMT

@DeeBee78 wrote:
Don't ever hang onto a card for its age. By the time it falls off your credit reports (10 years from account closure) it won't matter. You'll have other accounts that have aged and padded your AAoA.

While I agree with this mainly, I disagree if it's your oldest account as AoOA is factored into scoring. Sure, if you cancel your oldest account today it will still be your oldest account 9-10 years from now, but then your AoOA will drop. Will that drop be significant? Probably not, but it will still drop. For this reason, I recommend keeping open your oldest account, even if it means you SD a card to do it. Different opinions from different people on this subject, no doubt.