topic Re: Slightly annoyed with myself in Credit Cards

Slightly annoyed with myself

Np1791 — Thu, 18 Jan 2018 01:06:52 GMT

So I have been posting quite a bit lately about what I should do regarding my credit profile and I finally sort of got it down however I thought it would be a good idea to apply for a capone card so I could have Amex, Discover, Visa, and Mastercard. I went to prequalify and ended up getting the platinum(I have a lot of inquiries). Anyways I ended up getting approved for 300 which is mediocre compare to my other limits. I don't know what I was thinking. Anyways now I'm thinking of just ditching it even though it already hurt me. I am annoyed with myself because even though I know it is a bad idea to apply I still do it. Like I said thinking of closing it because it's just embarrasing to have that in my wallet and profile.

Re: Slightly annoyed with myself

Anonymous — Thu, 18 Jan 2018 01:09:27 GMT

As long as its free keep it. Just every 6 month ask for cli

Re: Slightly annoyed with myself

Anonymous — Thu, 18 Jan 2018 01:12:13 GMT

Embarrassing how?

You apped impatiently and now you want to close an account in patiently. I assume you took a triple bureau hit for it. It's a great rebuilder card -- $300 works as well as $50,000 SL for rebuilding over two years.

Impatience unfortunately leads to even more problems later. Sock drawer the card with April 15 written on it. Charge a soda and PIF and sock drawer for 3 months. Then in July come back for advice on the next step.

Rebuilding needs 3 cards, any cards, and one loan. Then sit on it for 6 months doing nothing else but attacking bad debt or high utilization. Then come back with fresh FICO Scores and you'll have a new step to take.

I love my Capital Platinum I opened in May. Since then I've gotten Amex, us bank and Chase. Wouldn't have happened without that CapOne card.

Re: Slightly annoyed with myself

Np1791 — Thu, 18 Jan 2018 01:20:26 GMT

@Anonymous wrote:
Embarrassing how?

You apped impatiently and now you want to close an account in patiently. I assume you took a triple bureau hit for it. It's a great rebuilder card -- $300 works as well as $50,000 SL for rebuilding over two years.

Impatience unfortunately leads to even more problems later. Sock drawer the card with April 15 written on it. Charge a soda and PIF and sock drawer for 3 months. Then in July come back for advice on the next step.

Rebuilding needs 3 cards, any cards, and one loan. Then sit on it for 6 months doing nothing else but attacking bad debt or high utilization. Then come back with fresh FICO Scores and you'll have a new step to take.

I love my Capital Platinum I opened in May. Since then I've gotten Amex, us bank and Chase. Wouldn't have happened without that CapOne card.

I'm sorry but I always thought that rebuilding was for people that have negative items on their report like collections, late accounts, BKs and such. I don't have anything bad on my reports right now besides a little higher utilization that usual and my inquiries.

Are you looking to convert it to a quicksilver? Why did you get the Platinum?

Re: Slightly annoyed with myself

HeavenOhio — Thu, 18 Jan 2018 01:47:44 GMT

The OP has five cards in his sig with limits between 7k and 12k. Additionally, I recall that the OP has some recently closed cards on his report that had decent limits. I don't know where in the world Capital One got $300 from.

Re: Slightly annoyed with myself

AverageJoesCredit — Thu, 18 Jan 2018 02:00:34 GMT

Leave it to Cap One to be the One to Cap Op

Re: Slightly annoyed with myself

Np1791 — Thu, 18 Jan 2018 02:11:17 GMT

Exactly my point. I have high limit cards and they only gave me 300 dollars. Like wow thanks. So HeavenOhio and AJC what do you think about my situation?

Re: Slightly annoyed with myself

HeavenOhio — Thu, 18 Jan 2018 02:20:46 GMT

You won't get any argument from me if you decide to close the card. You've never been a rebuilder, and with your limits, it's tough to even qualify you as a builder. Yes, you're relatively new to credit, but $300 is the type of limit you'd expect during your first six months of history on a first or second card.

This app might be a sign that you should garden for a while. You have some nice cards that should hold you for quite a while.

Re: Slightly annoyed with myself

Anonymous — Thu, 18 Jan 2018 02:52:24 GMT

Also keep in mind that a $300 SL from CO is a starter limit that will always be viewed as a starter account. You could bring your score up to 850 and they will always have that account blacklisted from significant growth. Sure you may CLI it to $1000, then $1500 or $2500 but it will hit a ceiling and stay there forever. That's what CO does. I wouldn't fault you for closing it down.

As an off-topic aside, though, a $300 limit card is absolutely fantastic for testing utilization data points

Re: Slightly annoyed with myself

Anonymous — Thu, 18 Jan 2018 03:25:10 GMT

Something doesn't add up. If you have other $12k cards why are you apping for C1? How long is your history? How many cards have you opened in the last 12 months? What is your income? You mentioned your UTI was high and that you've applied for a lot of credit. What is your total line at and what is your total balance?

Re: Slightly annoyed with myself

FinStar — Thu, 18 Jan 2018 03:44:08 GMT

@Anonymous wrote:
Something doesn't add up. If you have other $12k cards why are you apping for C1? How long is your history? How many cards have you opened in the last 12 months? What is your income? You mentioned your UTI was high and that you've applied for a lot of credit. What is your total line at and what is your total balance?

Along the same lines, and based on the other decent cards on the OPs profile, why the Platinum and not QS? I've yet to see a Platinum product with a SL that would even be near the CLs the OP has. I can understand network diversification V/MC/D/AX, but the Platinum would not be the 1st MC choice I'd select given other MC options out there.

Re: Slightly annoyed with myself

Anonymous — Thu, 18 Jan 2018 03:42:47 GMT

@Np1791 wrote:
So I have been posting quite a bit lately about what I should do regarding my credit profile and I finally sort of got it down however I thought it would be a good idea to apply for a capone card so I could have Amex, Discover, Visa, and Mastercard. I went to prequalify and ended up getting the platinum(I have a lot of inquiries). Anyways I ended up getting approved for 300 which is mediocre compare to my other limits. I don't know what I was thinking. Anyways now I'm thinking of just ditching it even though it already hurt me. I am annoyed with myself because even though I know it is a bad idea to apply I still do it. Like I said thinking of closing it because it's just embarrasing to have that in my wallet and profile.

Why get rid of it. You are in credit steps and will get an increase after six months. And it is the best card to PC into a Quicksilver also in six to twelve months. Has no annual fee. Keep it. That is the number 1 card to use for rebuilding purposes.

Re: Slightly annoyed with myself

HeavenOhio — Thu, 18 Jan 2018 03:53:48 GMT

The OP has never been rebuilding. And he's far enough into his history that he isn't really building either.

Re: Slightly annoyed with myself

Np1791 — Thu, 18 Jan 2018 05:13:00 GMT

@Anonymous wrote:
Something doesn't add up. If you have other $12k cards why are you apping for C1? How long is your history? How many cards have you opened in the last 12 months? What is your income? You mentioned your UTI was high and that you've applied for a lot of credit. What is your total line at and what is your total balance?

I have one card at 12K and it’s a synchrony card so actual bank cards my highest is 11K and it’s American Express. I wanted a Mastercard and I got in the prequal page the platinum and the Quicksilver1 because of my high inquiries. My highest utilization at this time is 60% on one single card but that’s been for a little under a month but it did report. As far as number of new accounts I have probably 8 new accounts plus my auto loans so that’s also hurting. My history is about 4 years however I’ve closed cards along the way and I would say my AAoA is somewhere along 1.5 years. Not a single late payment or any kind of derog. Income is about 78K a year. I was gardening and got about two months in with plans of going all the way to a year but I’m impatient as others have put it and apped for this one instead of my dream the DC. I didn’t get the Quicksilver1 because I heard that platinum upgrades easier to the Quicksilver. I expected at least 1.5K of a limit but got a limit that suggests it was barely approved.

Re: Slightly annoyed with myself

Anonymous — Thu, 18 Jan 2018 05:22:10 GMT

@Np1791 wrote:
@Anonymous wrote:
Something doesn't add up. If you have other $12k cards why are you apping for C1? How long is your history? How many cards have you opened in the last 12 months? What is your income? You mentioned your UTI was high and that you've applied for a lot of credit. What is your total line at and what is your total balance?
I have one card at 12K and it’s a synchrony card so actual bank cards my highest is 11K and it’s American Express. I wanted a Mastercard and I got in the prequal page the platinum and the Quicksilver1 because of my high inquiries. My highest utilization at this time is 60% on one single card but that’s been for a little under a month but it did report. As far as number of new accounts I have probably 8 new accounts plus my auto loans so that’s also hurting. My history is about 4 years however I’ve closed cards along the way and I would say my AAoA is somewhere along 1.5 years. Not a single late payment or any kind of derog. Income is about 78K a year. I was gardening and got about two months in with plans of going all the way to a year but I’m impatient as others have put it and apped for this one instead of my dream the DC. I didn’t get the Quicksilver1 because I heard that platinum upgrades easier to the Quicksilver. I expected at least 1.5K of a limit but got a limit that suggests it was barely approved.

You got a limit that everyone gets for a starter card. The platinum is a rebuilder card. That’s why. Don’t take it personally. Everyone who gets that card gets a bad starting limit. I’d think you could qualify for the Quicksilver visa right off the bat.

Re: Slightly annoyed with myself

Np1791 — Thu, 18 Jan 2018 05:32:42 GMT

@Anonymous wrote:
@Np1791 wrote:
@Anonymous wrote:
Something doesn't add up. If you have other $12k cards why are you apping for C1? How long is your history? How many cards have you opened in the last 12 months? What is your income? You mentioned your UTI was high and that you've applied for a lot of credit. What is your total line at and what is your total balance?
I have one card at 12K and it’s a synchrony card so actual bank cards my highest is 11K and it’s American Express. I wanted a Mastercard and I got in the prequal page the platinum and the Quicksilver1 because of my high inquiries. My highest utilization at this time is 60% on one single card but that’s been for a little under a month but it did report. As far as number of new accounts I have probably 8 new accounts plus my auto loans so that’s also hurting. My history is about 4 years however I’ve closed cards along the way and I would say my AAoA is somewhere along 1.5 years. Not a single late payment or any kind of derog. Income is about 78K a year. I was gardening and got about two months in with plans of going all the way to a year but I’m impatient as others have put it and apped for this one instead of my dream the DC. I didn’t get the Quicksilver1 because I heard that platinum upgrades easier to the Quicksilver. I expected at least 1.5K of a limit but got a limit that suggests it was barely approved.
You got a limit that everyone gets for a starter card. The platinum is a rebuilder card. That’s why. Don’t take it personally. Everyone who gets that card gets a bad starting limit. I’d think you could qualify for the Quicksilver visa right off the bat.

Thank you for telling me about that. Unfortunately I didn’t get the prequal for the Quicksilver and because of that decided to not app. I guess I should of just taken a shot at it to begin with but live and learn. I am really thinking that I will probably just close this account as it does nothing for me.

Re: Slightly annoyed with myself

FinStar — Thu, 18 Jan 2018 05:33:31 GMT

@Anonymous wrote:
@Np1791 wrote:
@Anonymous wrote:
Something doesn't add up. If you have other $12k cards why are you apping for C1? How long is your history? How many cards have you opened in the last 12 months? What is your income? You mentioned your UTI was high and that you've applied for a lot of credit. What is your total line at and what is your total balance?
I have one card at 12K and it’s a synchrony card so actual bank cards my highest is 11K and it’s American Express. I wanted a Mastercard and I got in the prequal page the platinum and the Quicksilver1 because of my high inquiries. My highest utilization at this time is 60% on one single card but that’s been for a little under a month but it did report. As far as number of new accounts I have probably 8 new accounts plus my auto loans so that’s also hurting. My history is about 4 years however I’ve closed cards along the way and I would say my AAoA is somewhere along 1.5 years. Not a single late payment or any kind of derog. Income is about 78K a year. I was gardening and got about two months in with plans of going all the way to a year but I’m impatient as others have put it and apped for this one instead of my dream the DC. I didn’t get the Quicksilver1 because I heard that platinum upgrades easier to the Quicksilver. I expected at least 1.5K of a limit but got a limit that suggests it was barely approved.
You got a limit that everyone gets for a starter card. The platinum is a rebuilder card. That’s why. Don’t take it personally. Everyone who gets that card gets a bad starting limit. I’d think you could qualify for the Quicksilver visa right off the bat.

Other options that likely would've been ok for OP are Fifth Third, Huntington, HSBC, some Sync cards that are issued as MC, even BoA

Re: Slightly annoyed with myself

Anonymous — Thu, 18 Jan 2018 05:36:40 GMT

The Savor card is a wemc offered by Cap1......unless it’s changed networks recently. Definitely would have been a higher CL than $300.

Re: Slightly annoyed with myself

arkane — Thu, 18 Jan 2018 05:43:17 GMT

@AverageJoesCredit wrote:
Leave it to Cap One to be the One to Cap Op

Well OP did refer to it as the "capone card" and Al Capone is not one to be trifled with.

Re: Slightly annoyed with myself

Anonymous — Thu, 18 Jan 2018 05:43:30 GMT

@Anonymous wrote:

You got a limit that everyone gets for a starter card. The platinum is a rebuilder card. That’s why. Don’t take it personally. Everyone who gets that card gets a bad starting limit. I’d think you could qualify for the Quicksilver visa right off the bat.

The OP probably shot himself in the foot apping for CO's entry-level product, as opposed to something better like the QS that you referenced above. Starter card, starter limit, starter account for life.