topic Re: When To Put Cap 1 on the Chopping Block? in Credit Cards

When To Put Cap 1 on the Chopping Block?

Anonymous — Sun, 27 Jan 2019 20:07:16 GMT

Hi Fico Fam! Just looking to get some insight. We know Cap 1 likes to bucket and can be stingy with the CLIs in general so my Cap 1 Plat (upgraded to "Quicksilver") is proving to be the least used card in my arsenal. Early on it would at least get some limited use at places that didn't take Disco and Amex but now that I have other mastercard and visa products I haven't used the Cap 1 in months. Opened in March with a $300 limit, CLI to $400 and "upgrade" to QS benefits in June, steps increase to $500 in September. It's my lowest limit non-store card and only 1.5% cashback and only my oldest card by 1 month so closing it won't really bother my AAoA even when it drops off in the future. Plan to try for a CLI at the 1 year mark but if it's not fairly substantial (which I imagine it won't be) I'm considering closing it. Thoughts?

Re: When To Put Cap 1 on the Chopping Block?

Anonymous — Sun, 27 Jan 2019 20:09:32 GMT

Right now isn’t soon enough to cancel that card IMHO.

Re: When To Put Cap 1 on the Chopping Block?

Anonymous — Sun, 27 Jan 2019 20:33:52 GMT

Yesterday 🙄

Re: When To Put Cap 1 on the Chopping Block?

Anonymous — Sun, 27 Jan 2019 21:05:24 GMT

I am in the same boat. I opened the account in April of 2017. The limit increased to $500 in October of the same year and hasn't budged since. I have tried to get a credit limit increase but no luck so far. It was very useful when I started rebuilding my credit history, but now I have much better cards with higher limits. I barely use the card at all. I have been considering closing the account as well. I'll be following the thread to see what people say, but I would probably close it if I were you. Especially if you have the Citi Double Cash card.

Re: When To Put Cap 1 on the Chopping Block?

pinkandgrey — Sun, 27 Jan 2019 21:00:47 GMT

Close it as soon as you have a better card. So, now.

Re: When To Put Cap 1 on the Chopping Block?

Gollum — Mon, 28 Jan 2019 09:08:20 GMT

@Anonymous wrote:
Hi Fico Fam! Just looking to get some insight. We know Cap 1 likes to bucket and can be stingy with the CLIs in general so my Cap 1 Plat (upgraded to "Quicksilver") is proving to be the least used card in my arsenal. Early on it would at least get some limited use at places that didn't take Disco and Amex but now that I have other mastercard and visa products I haven't used the Cap 1 in months. Opened in March with a $300 limit, CLI to $400 and "upgrade" to QS benefits in June, steps increase to $500 in September. It's my lowest limit non-store card and only 1.5% cashback and only my oldest card by 1 month so closing it won't really bother my AAoA even when it drops off in the future. Plan to try for a CLI at the 1 year mark but if it's not fairly substantial (which I imagine it won't be) I'm considering closing it. Thoughts?

My advice is to close your bucketed Capital One credit card whenever you want to do so. I'm not familiar with your BBVA credit card, but its credit limit ($7500) is apparently15 times the credit limit ($500) of your bucketed Capital One credit card, so the impact on your available credit from closing your Capital One card seems negligible. As you noted, the impact on your average age of accounts would also be negligible.

Re: When To Put Cap 1 on the Chopping Block?

FireMedic1 — Mon, 28 Jan 2019 10:26:46 GMT

Call and close. I did the same thing with the brick the QS1. The Plat/QS I combine to my Venture and closedf it too. They did their thing helping jump start my credit and I put them out to pasture. See below. RIP.

Re: When To Put Cap 1 on the Chopping Block?

AverageJoesCredit — Mon, 28 Jan 2019 12:02:24 GMT

No better time than now if you want to close it. Thats the thing i dont like about C1, too many hoops to jump through especially for 3 pulls. Make sure you evsluate your Cap One needs in the future if you are going to use 3 hps.

Re: When To Put Cap 1 on the Chopping Block?

Anonymous — Mon, 28 Jan 2019 17:12:37 GMT

I have a bucketed Cap1 QS that was converted from a platinum. Limit seems to have maxed out at $850. I was planning to sock drawer it forever but you know, the more I think about it, the more I want to just close it and simplify my life a little bit. The only reason I am hesitant is that I was thinking it might be nice to have for foreign travel with no FTF. But then again I’ve got an Uber Visa with 4x the credit limit and it’s got no FTF either.

Re: When To Put Cap 1 on the Chopping Block?

xaximus — Mon, 28 Jan 2019 17:47:03 GMT

As long as you have other cards that have everything you currently need, I would close it.

Re: When To Put Cap 1 on the Chopping Block?

Anonymous — Mon, 28 Jan 2019 18:14:32 GMT

@Anonymous wrote:
I have a bucketed Cap1 QS that was converted from a platinum. Limit seems to have maxed out at $850. I was planning to sock drawer it forever but you know, the more I think about it, the more I want to just close it and simplify my life a little bit. The only reason I am hesitant is that I was thinking it might be nice to have for foreign travel with no FTF. But then again I’ve got an Uber Visa with 4x the credit limit and it’s got no FTF either.

Certainly in this case with an $850CL I would close. But in general I like multiple (at least two) backups for a feature. So if no FTF is important to you, at some stage I would get another card with no FTF, just in case something "goes wrong" with the Uber card (they start charging an AF, close it etc). Note nothing special about Barclays here, it's just that any card can become unreliable in some way.

So I've started moving most of my non-cat spend to PayPal (+ business debit) but I am keeping my other 2% cards just in case....

Re: When To Put Cap 1 on the Chopping Block?

Anonymous — Mon, 28 Jan 2019 21:51:44 GMT

It's unpredictable. The whole bucket thing isn't factual. I've come across hundreds of people who started out in credit steps with $300 line and were increased to $2000-4000 after the 5 months. They like to see heavy usage... run it all the way up and pay it off before statement. Supervisor told me this. (Former supervisor I should say)

Re: When To Put Cap 1 on the Chopping Block?

Anonymous — Tue, 29 Jan 2019 00:56:48 GMT

Thanks for all the insight. Cap 1 is definitely on the chopping block. I appreciate the doors it opened but it's just taking up a slot in the wallet for no good reason.

Re: When To Put Cap 1 on the Chopping Block?

Anonymous — Tue, 29 Jan 2019 02:11:57 GMT

See, that’s the problem. I’m not putting any significant amount of spend on a quicksilver when literally all of my other cards offer better rewards.

One thing I like about it is that there’s no minimum to redeem and the cash back is very fast and transparent. But I am not in that much of a rush to get a couple bucks cash back, I’ll just use one of my other cards, double cash is the worst case scenario... I’ll take the extra half a percent and wait for my cash back, at least Citi gives me a 2k limit. Not great either I know. Wish I waited until now to apply for all these cards, I’d probably have double the available credit. My credit score has gone up by about 100 points since I applied for double cash.

Re: When To Put Cap 1 on the Chopping Block?

northface28 — Tue, 29 Jan 2019 04:46:59 GMT

I have a $48,000 limit quicksilver I haven’t used in maybe 4 years, I just park balances on it. Otherwise I’d of closed a long time ago.

Re: When To Put Cap 1 on the Chopping Block?

Anonymous — Tue, 29 Jan 2019 14:58:38 GMT

I have a QS which started as a Platinum Steps card... It currently has a $7500 limit on it, but I haven't used it in months because I get much better rewards out of my other cards. They are on the chopping block for me which I hate to do because when times get tough they don't freak if you have to carry a balance for a while.

Re: When To Put Cap 1 on the Chopping Block?

AverageJoesCredit — Tue, 29 Jan 2019 15:07:29 GMT

@Anonymous , if thats the case dont put it on the chopping block. A card you can depend on in tuff times is hard to find and its value should carry more weight than its rewards or lack thereof