topic Re: Capital One Plat restricted account in Credit Cards

Capital One Plat restricted account

radfam — Tue, 02 Apr 2019 17:25:10 GMT

Hoping to get some advice on what I should do with my capital one account. I currently have two ccs with Cap1. The QS is at $1600 SL and the Plat is $300 SL. The Plat account is permanently restricted and will never reopen. No AF on that card and $0 balance, just monthly reporting as an open account and adding $300 to my overall available credit. It is my oldest open credit card account on all three reports, but not my oldest overall account (open or closed). I obviously cannot use it and have been debating just closing it.

Background: Plat card opened in 07/2014. Lates between 2015-2016 sporatically. Last late 09/2016 when it was paid to $0 and restriction never lifted, though you can't tell it is restricted on my CRs. From 10/2016 - present, just reports good every month. I have left it open to this point as it wasn't hurting anything just being open since I don't pay for it. I am rebuilding so it didn't bother me for the most part that its there. I'm still pretty confused about the whole two card cap 1 rule (policy?) and if I will have to close that plat account if I ever wanted to get a different cap1 card.

Is there any upside or downside to closing the account on the Plat card? Anything I should consider?

Re: Capital One Plat restricted account

Anonymous — Thu, 04 Apr 2019 01:57:52 GMT

What is the reason for continuously having it restricted if you have paid it down? Have you talked to Capital One about removing the restriction? If you are rebuilding, you should have it report to boost your profile.

Re: Capital One Plat restricted account

radfam — Tue, 02 Apr 2019 21:54:01 GMT

I wish I knew the answer to that. When I paid the balance to $0 in 09/16, the CSR said the restriction would lift in three months. When I called back four months later, the CSR said the restriction would never lift and was permanent. That my only option was to apply for a new card. I found MyFICO forums a month later, cleaned my reports some, and got the new card ($1k SL) in 10/17. The old restricted account still sits there, open and unusable, but adding to my positive payment status monthly since it does update monthly as current.

Re: Capital One Plat restricted account

radfam — Tue, 02 Apr 2019 21:57:23 GMT

Adding that I do now have more than 3 CCs. So it’s not absolutely necessary to keep it. I’m just not entirely sure on if I should close it or keep it open for some scoring reason I’m not thinking about.

Other CC line up includes Amex Delta Gold, Amex PRG, Chase CSP, and Discover It.

Re: Capital One Plat restricted account

Anonymous — Tue, 02 Apr 2019 22:11:26 GMT

The two card restriction only applies to their starter cards. It’s five cards otherwise so if you wanted, say Savor, you could app for that but you can’t get another Plat or QS1.

Re: Capital One Plat restricted account

Blackswizz750 — Tue, 02 Apr 2019 22:20:37 GMT

If you have low utilitization and not applying for a mortgage in the next 12 months, I would close it. It's just decoration in the sock drawer.

Re: Capital One Plat restricted account

radfam — Tue, 02 Apr 2019 22:29:19 GMT

Low utilization, 8%, and not apping for a mortgage for sure in the next 8 months. Likely closer to >12 months.

Re: Capital One Plat restricted account

joltdude — Tue, 02 Apr 2019 22:46:36 GMT

You could give it another try and go for a Hail Mary, and then if they say no.. Close it and burn it... Its really bringing nothing to the party and it will still be on your report as-is for up to 10 years.. though I suspect it might fall off early...

-J

Re: Capital One Plat restricted account

FinStar — Wed, 03 Apr 2019 00:45:36 GMT

@joltdude wrote:
You could give it another try and go for a Hail Mary, and then if they say no.. Close it and burn it... Its really bringing nothing to the party and it will still be on your report as-is for up to 10 years.. though I suspect it might fall off early...

-J

You can try the EO as an option @radfam. State your case and leverage your profile plus other improvements you've made. If they don't budge, at least you tried all avenues. Personally, depending on where you are in your credit journey and regardless of the CL, I wouldn't close it if it's not hurting anything

If you feel the established history helps with your AAoA then keep it as is if you wish. The negative history (i.e. late payments) will eventually drop off after 7 years, but the positive history will remain. Up to you how you want to pursue it.

Re: Capital One Plat restricted account

Loquat — Thu, 04 Apr 2019 01:52:37 GMT

@FinStar wrote:
@joltdude wrote:
You could give it another try and go for a Hail Mary, and then if they say no.. Close it and burn it... Its really bringing nothing to the party and it will still be on your report as-is for up to 10 years.. though I suspect it might fall off early...

-J

You can try the EO as an option @radfam. State your case and leverage your profile plus other improvements you've made. If they don't budge, at least you tried all avenues. Personally, depending on where you are in your credit journey and regardless of the CL, I wouldn't close it if it's not hurting anything

If you feel the established history helps with your AAoA then keep it as is if you wish. The negative history (i.e. late payments) will eventually drop off after 7 years, but the positive history will remain. Up to you how you want to pursue it.

+1. I agree. If it's not hurting and they're willing to keep it open and reporting postive then I'd let it ride.