topic Re: How many of my cards are sub-prime? in Credit Cards

How many of my cards are sub-prime?

Anonymous — Wed, 23 Aug 2017 08:05:45 GMT

Hi all, I have been in rebuild mode for almost a year. My CH7 BK discharged in May of 2016. I'm trying to figure out which of my cards are cosidered sub-prime, and then figure out a way to get beyond those cards to bigger and better, IE prime time cards.

Here's my list of bank cards.

NFCU Platinum $18k

Discover IT $1.6k

Cap 1 QS1 $300

Merrick $550

Walmart MC $1k

Marvel MC $2k

Re: How many of my cards are sub-prime?

Anonymous — Wed, 23 Aug 2017 09:57:40 GMT

You have no need for that Merrick or the tiny Cap One both with all the fees with other cards on your line up. Especially with that huge NFCU limit. Best of luck!

Re: How many of my cards are sub-prime?

Loquat — Wed, 23 Aug 2017 10:58:47 GMT

@Anonymous wrote:
Hi all, I have been in rebuild mode for almost a year. My CH7 BK discharged in May of 2016. I'm trying to figure out which of my cards are cosidered sub-prime, and then figure out a way to get beyond those cards to bigger and better, IE prime time cards.

Here's my list of bank cards.

NFCU Platinum $18k
Discover IT $1.6k
Cap 1 QS1 $300
Merrick $550
Walmart MC $1k
Marvel MC $2k

Subprime is subjective...its all in the eyes of the beholder sorta speak. As for cards you may have out grown, that's a little different. I would say that of the list you've provided, I'd consider ridding yourself of Merrick as the card in itself only has so much potentional. The other cards in your line up can grow quite nicely...even the CapOne with its current small limit has the potential to grow and also have the potential to be changed to the no annual fee version of QuickSilver. For just slightly over a year since BK7, I think your line up is pretty good and unless you feel the need to add more, I'd think you're good with what you currently have. Use them responsibly, request and increase as needed, and continue on your road to a successful rebuild. Good luck!

Re: How many of my cards are sub-prime?

HeavenOhio — Wed, 23 Aug 2017 12:02:18 GMT

The NFCU and Discover cards are keepers.

Merrick is a lousy bank. You should move on from them as soon as you feel you can.

Capital One is a good bank, but due to its fee, the QS1 isn't a good product. It's something that can be kept in the short term, i.e. as long as you can stand to pay the fee. As mentioned above, you should be able to grow it. Product-changing it into a no-fee Quicksilver is difficult, but it's been done. An option would be to acquire a better Capital One card and combine the QS1 into it. But if you have no interrest in more Capital One cards and you're not successful at product-changing it, you should eventually close it.

Synchrony is Synchrony. They give, and they take away. You can likely grow their limits, but you should also be prepared to use the cards and pay in full. It's something I'd evaluate on an ongoing basis. If they're working out, fine. If you feel that you're well covered by other cards and you have no further use for them, get rid of them.

Re: How many of my cards are sub-prime?

AverageJoesCredit — Wed, 23 Aug 2017 12:10:19 GMT

Your cards are fine, minus Merrick. You are past the need for that. The only thing missing is an Amex lol. You got Wally but the MC so you can use it everywhere. Marvel is a great card in my eyes. As your TU grows, so shall their limits!. Disco and Navy grow nicely. The Cap One card is nice but if it has an af and you dont use it much, may be hard to grow and it might be bracketed to when you got the card. Later on you might a different C1 card like Venture to get a bigger cl.

Re: How many of my cards are sub-prime?

Anonymous — Wed, 23 Aug 2017 14:45:23 GMT

@Loquat wrote:
...even the CapOne with its current small limit has the potential to grow and also have the potential to be changed to the no annual fee version of QuickSilver.

I disagree with the ability of this card to grow. Capital One cards that start out on unfavorable terms (which this one did, hence the $300 SL) normally do not grow much at all. The OP could have 800+ scores a year or two from now and that card will never grow past say $1000 or $2000 since it began as a starter account. There are very few exceptions to this rule.

Re: How many of my cards are sub-prime?

simplynoir — Wed, 23 Aug 2017 14:58:25 GMT

@Anonymous wrote:
@Loquat wrote:
...even the CapOne with its current small limit has the potential to grow and also have the potential to be changed to the no annual fee version of QuickSilver.

I disagree with the ability of this card to grow. Capital One cards that start out on unfavorable terms (which this one did, hence the $300 SL) normally do not grow much at all. The OP could have 800+ scores a year or two from now and that card will never grow past say $1000 or $2000 since it began as a starter account. There are very few exceptions to this rule.

Agreed. I would just keep an eye out for a PC to the QS so you don't have to handle the AF. As for growth it's a longshot but stranger things have happened.

Re: How many of my cards are sub-prime?

joltdude — Wed, 23 Aug 2017 16:21:01 GMT

I think its time to let go of Merrick....

My question to you.. are you in a place where you might want to app for a quicksilver (not a one)....

or would you like to let it ride for a bit?

Depending on how old that QS1 is, id be tempted to see if i am preapproved for another Cap One card (if id like a card from them).. But theres always the three pulls

If i were a betting man, id say that your current QS1 is going to be stuck .. even if it grows a bit.. its going to be stuck for awhile/indefinitely..

None of your cards are what id consider subprime.. Merricks the closest to what id fall in that category but i consider it more of a rebuilder than sub p....

Though that does not mean you might want to prune and let a few cards go....

Congrats on moving up...

-J

Re: How many of my cards are sub-prime?

K-in-Boston — Wed, 23 Aug 2017 18:17:30 GMT

KittenBreath, have you tried MyLoFICO's link for Capital One upgrades? May be a quick and easy way to get rid of the annual fee by changing your existing card to a QuickSilver or VentureOne.

I'll second that Merrick Bank, while not a prime lender, shouldn't necessarily be lumped in with Credit One and comparable lenders. It really depends on which offer you get from them. I had a $2500 line with 19.7% APR and no annual fee. It had no rewards and the limit wasn't usuable (to me), so there was no reason for me to keep it but it certainly wasn't an offensive card. You have "real" credit cards now with rewards and growth potential, so certainly if you can't justify a reason for having it, let it go.

Re: How many of my cards are sub-prime?

Loquat — Wed, 23 Aug 2017 22:18:54 GMT

@Anonymous wrote:
@Loquat wrote:
...even the CapOne with its current small limit has the potential to grow and also have the potential to be changed to the no annual fee version of QuickSilver.

I disagree with the ability of this card to grow. Capital One cards that start out on unfavorable terms (which this one did, hence the $300 SL) normally do not grow much at all. The OP could have 800+ scores a year or two from now and that card will never grow past say $1000 or $2000 since it began as a starter account. There are very few exceptions to this rule.

Then I'm the exception to the rule because my CapOne card started out with the same $300 limit as the OP. Within 2 years I grew it to $9k and this is all while my BK13 (which still is) alive and well on my report. Again, could I be the exception, maybe...but just to put a blanket answer out there that their is very little pontential for this card to grow its limits may be a stretch. I think in situations of such, it'd be best to maybe clarify with a "in my opinion" or "potentially" so that the poster can make an educated decision on how he or she would like to proceed.

Re: How many of my cards are sub-prime?

Anonymous — Wed, 23 Aug 2017 23:44:15 GMT

I'm with @Loquat regarding the OVER USED term 'sub-prime'

a) It's like saying which girls/guys a sub prime vs who's 'fine'... it's all a matter of taste ( well some of them are just ...ok nevermind 😇)

b) It's probably more accurate to seek what institutions, ppl may 'feel' are "sub-par" partners to shed... again for varying reasons.

Example:
I'm on the dump Merrick 🚆 because (like it or not) I don't value, trust or like how they do business, as a bottom feeder type organization in my eyes...w/o much upside to a continuous relationship. They don't offer upgraded products, just the 'starter kits' ( although,they are seeking to enter new markets and are creeping up, to be fair) no bank, car/home loans etc = What's the point?

Whereas with Cap-1 there's potential for growth...Yes, they are a larger player in the starter kit circuit but they play big ball as well, as one of America's largest CC issuers. Their school is open K- Grad School and their a bank = Worth keeping

None of the other issuers the OP listed are known or suspected bottom feeders (Synchrony as mentioned is who they are) but Disco and Navy get to stay until hands are cold and dead IMO😎

Re: How many of my cards are sub-prime?

Anonymous — Thu, 24 Aug 2017 01:21:04 GMT

@Loquat wrote:

Then I'm the exception to the rule because my CapOne card started out with the same $300 limit as the OP. Within 2 years I grew it to $9k and this is all while my BK13 (which still is) alive and well on my report. Again, could I be the exception, maybe...but just to put a blanket answer out there that their is very little pontential for this card to grow its limits may be a stretch. I think in situations of such, it'd be best to maybe clarify with a "in my opinion" or "potentially" so that the poster can make an educated decision on how he or she would like to proceed.

I didn't put a blanket answer out there. I said such accounts "normally" don't grow and that there are "very few exceptions" meaning that there are exceptions. For every example out there that follows yours Loquat, there are at least 10+ that follow the one I illustrated, as there are actually countless threads about it. I've researched this topic extensively over a long period of time, so I feel I'm quite qualified to speak on it.

Re: How many of my cards are sub-prime?

Loquat — Thu, 24 Aug 2017 02:09:12 GMT

@Anonymous wrote:
@Loquat wrote:

Then I'm the exception to the rule because my CapOne card started out with the same $300 limit as the OP. Within 2 years I grew it to $9k and this is all while my BK13 (which still is) alive and well on my report. Again, could I be the exception, maybe...but just to put a blanket answer out there that their is very little pontential for this card to grow its limits may be a stretch. I think in situations of such, it'd be best to maybe clarify with a "in my opinion" or "potentially" so that the poster can make an educated decision on how he or she would like to proceed.
I didn't put a blanket answer out there. I said such accounts "normally" don't grow and that there are "very few exceptions" meaning that there are exceptions. For every example out there that follows yours Loquat, there are at least 10+ that follow the one I illustrated, as there are actually countless threads about it. I've researched this topic extensively over a long period of time, so I feel I'm quite qualified to speak on it.

Keep in mind that this community (and a few of the others that are credit focused on the internet) are small fraction of what I would guess are several million CapOne accounts. But nonetheless I don't want to distract from the OP's question with side-sub topics. Thanks for sharing your thoughts though, it's what makes this a great community.

Re: How many of my cards are sub-prime?

Anonymous — Thu, 24 Aug 2017 02:17:23 GMT

Absolutely, I can only speak on what I have read on these forums and the data points I've come across on here. No doubt there are plenty more elsewhere. I would like to add that I'm one of these data points, though, as my starter account (619 score) received only two $500 CLIs and then stalled out and wouldn't go up any higher even though my credit scores were 800+ and I was putting near my limit through the card in a cycle followed by PIF. The only explanation was the account, not my profile, as I could apply for another CO product and receive a $20k SL no problem.

Re: How many of my cards are sub-prime?

Anonymous — Thu, 24 Aug 2017 06:07:38 GMT

@HeavenOhio wrote:
The NFCU and Discover cards are keepers.

Merrick is a lousy bank. You should move on from them as soon as you feel you can.

Capital One is a good bank, but due to its fee, the QS1 isn't a good product. It's something that can be kept in the short term, i.e. as long as you can stand to pay the fee. As mentioned above, you should be able to grow it. Product-changing it into a no-fee Quicksilver is difficult, but it's been done. An option would be to acquire a better Capital One card and combine the QS1 into it. But if you have no interrest in more Capital One cards and you're not successful at product-changing it, you should eventually close it.

Synchrony is Synchrony. They give, and they take away. You can likely grow their limits, but you should also be prepared to use the cards and pay in full. It's something I'd evaluate on an ongoing basis. If they're working out, fine. If you feel that you're well covered by other cards and you have no further use for them, get rid of them.

This is pretty much where my head is at. I got the Merrick card because of their offer to double the limit after seven payments. But, even with that, I think it is time to let them go. I'm inclined to keep the Cap 1 card, even with the low limit, precisely for the reasons you mentioned. They're a good bank to have a relatonship with. And they did increase my limit to $500 yesterday, so there's that.

Re: How many of my cards are sub-prime?

Anonymous — Thu, 24 Aug 2017 06:13:59 GMT

@K-in-Boston wrote:
KittenBreath, have you tried MyLoFICO's link for Capital One upgrades? May be a quick and easy way to get rid of the annual fee by changing your existing card to a QuickSilver or VentureOne.

I'll second that Merrick Bank, while not a prime lender, shouldn't necessarily be lumped in with Credit One and comparable lenders. It really depends on which offer you get from them. I had a $2500 line with 19.7% APR and no annual fee. It had no rewards and the limit wasn't usuable (to me), so there was no reason for me to keep it but it certainly wasn't an offensive card. You have "real" credit cards now with rewards and growth potential, so certainly if you can't justify a reason for having it, let it go.

Yeah, I've tried that upgrade link multiple times and it always offers me an upgrade to the exact card that I already have.

Re: How many of my cards are sub-prime?

Total80sKid — Thu, 24 Aug 2017 06:38:35 GMT

Def the QS1.

I've had mine for 3yrs and it's stuck at $850 and they refuse to upgrade it to the no AF version.

I'm giving it until Nov to see if they finally will upgrade me or the card is gone.

Why would I pay $39 for a card I have no interest in? Give me a reason to use your card and I will.

Just my 2 cents.

Re: How many of my cards are sub-prime?

HeavenOhio — Thu, 24 Aug 2017 07:16:02 GMT

I recently upgraded two QS1s. I can't prove it, but I think the trigger was to use the cards each and every month for about a year. Capital One's advice was to call in every month to make sure I didn't miss any offers, so I made sure to do that too.

These cards are also stuck in Low Limit Land, but without the fee and because they have the same reward as my higher-limit QS, I'm not so concerned about that. With limits at a little under $4,000 apiece, they're still good for smaller "spillover" purchases that I don't want to put on my better card. I'm a lot better off than I was in January, though. I've gotten two $1,000 CLIs on each card this year. Time will tell if I can continue that.

As BBS says, if your current Capital One card won't grow, the way to grow with them is with a new card. At that point, you can sock drawer the low-limit card if there's no fee. Or you can combine it with the new card.

The bottom line with the QS1 is that it isn't a card that should be kept long term. If it can't be product-changed within a reasonable amount of time, it should be replaced or combined with another card.

Re: How many of my cards are sub-prime?

Anonymous — Thu, 24 Aug 2017 20:11:48 GMT

I think you have a very decent wallet. ☺

I agree about closing Merrick. You've already outgrown it and they aren't known to give CLI after a certain point.

But regarding Cap1, my husband had a Platinum that started out with a $300 SL, went to $750 after Credit Steps, and just got an auto-CLI to bring it to $3750, all in less than a year. But I do recommend apping for a no AF QS and then combining. You might just want to see if your QS1 can go higher before doing it, but without keeping it so long you have to pay the AF.

Good luck! ☺

Re: How many of my cards are sub-prime?

Anonymous — Fri, 25 Aug 2017 04:29:28 GMT

Goodluck of your rebuild!