topic Re: Capital One Platinum Questions in Credit Cards

Capital One Platinum Questions

xcv — Fri, 20 Aug 2021 03:02:17 GMT

I opened a Capital One Platinum card that I opened almost 3 years ago, and it's the oldest open credit card on my CR. It only has a $300 credit limit so it's pretty limited. I opened a Capital One Quicksilver card ~5 months ago with a higher CL. I didn't know that it was possible to change/upgrade credit cards before the fact, or else I would've tried that first.

The Platinum card is pretty useless to me however, but I don't know if I particularly want to keep holding onto it. Do I have any options of changing it / etc without ruining my average age of credit? I just got a Discover card fairly recently as well so I don't think another hard inquiry is on the table for me.

Re: Capital One Platinum Questions

draychi — Fri, 20 Aug 2021 03:32:38 GMT

How old is the Cap1 Platinum? Ask for a CLI online... you should get a one-time increase easy due to the age. I opened one a few months ago with a $500 SL and got an increase to $600 in 2-3 months.

Not sure how many cards you have open, but if these Cap1's are the only cards you have, don't close them.

There is no reason to close any card that doesn't have an AF or isn't contributing to your score and utilization.

Re: Capital One Platinum Questions

xcv — Fri, 20 Aug 2021 03:41:03 GMT

@draychi So here's the bad thing, in 2019 I was kind of irresponsible with it and had 2 30 day lates, 1 60 and 1 90 (which I plan on trying to get GW away). In 2020 I had 1 30 day late in May of 2020. In the 14 months since then though I've been on time with everything.

I did request a CLI in March 2021, but it was rejected saying the account was recently past due, recent monthly payments have been too low (I've PIF every month most of the time at least), and balance on revolving accounts is too high.

I think I could try again in a couple of weeks though as my statement drops at the start of September and paying in full should clear any flags up.

Re: Capital One Platinum Questions

draychi — Fri, 20 Aug 2021 03:56:54 GMT

Those lates will eat you up.

That 'May of 2020' late payment, contact them and ask for a COVID-19 hardship pass. Not sure what your work situation is, but 2020 lates are the most forgiving if you mention the Covid bs. I've seen this work for people the last 1.5 years in certain situations.

Some other advise... keep your checking account full ($500+) and setup automatic payments on ALL your cards to pay the monthly min. This way, you won't miss a payment. If you have a savings account, use that as an overdraft backup... win/win.

Aside from a BK or CO, multiple late payments within 2 years will mess you up if you don't have the on-time payments to saturate them.

I wouldn't worry about a CLI right now... I'd get those late payments off if you can.

Re: Capital One Platinum Questions

draychi — Fri, 20 Aug 2021 04:00:58 GMT

Keep the Cap1 Plat open, along with the second Cap1.

Keep the Discover open.

It sounds like you have a thin file... don't close these cards, just fix them.

Re: Capital One Platinum Questions

xcv — Fri, 20 Aug 2021 04:01:36 GMT

I was going to try that for 2020, but what about the 2019s? I feel like I could goodwill all of those away since they were grouped closely together (and based off seeing people's recent CapOne GW threads). I think I'd have a hard time doing it across multiple years though. Unless I can just goodwill the 2019s first and then a month later goodwill the single 2020 one?

I already created a second savings account to autopay all of my expenses from luckily. haha.

Re: Capital One Platinum Questions

xcv — Fri, 20 Aug 2021 04:03:12 GMT

Gotcha. I also had an auto loan open, funny enough with capital one, who approved me for up to $100k @ ~4%. I opened one and ended up having it all paid off this month within 5 months of opening it so I'm anticipating a score drop. Didn't have any late payments on that one though.

Re: Capital One Platinum Questions

draychi — Fri, 20 Aug 2021 04:15:21 GMT

Is the 2019 account caught up? Just have the lates? If so, that's all GW and luck.

I mentioned the 2020 Covid hardship because most lenders were offering relief of some sort during 2020, especially with the government pressure.

The auto loan... I'm not sure the outcome as I don't know your whole credit profile. The positive is it's a paid off car loan with montly payments added to your credit. AAoC isn't as important as people make it seem unless your total history is under 1-2 years.

Re: Capital One Platinum Questions

SUPERSQUID — Thu, 26 Aug 2021 19:17:09 GMT

@xcv wrote:
I was going to try that for 2020, but what about the 2019s? I feel like I could goodwill all of those away since they were grouped closely together (and based off seeing people's recent CapOne GW threads). I think I'd have a hard time doing it across multiple years though. Unless I can just goodwill the 2019s first and then a month later goodwill the single 2020 one?

I already created a second savings account to autopay all of my expenses from luckily. haha.

The spreadsheet method has always worked for me to keep track of all of my cards and due dates, i have been using a spreadsheet for decades and never missed a payment on any card for 20 years before my bk and since. i just use a grid on paper and write the info for each card in and put the amt and date when i paid and then a check mark next to that line. when that month is over i slide that sheet into a protective sleeve and keep it in a loose leaf binder and then make out a new sheet for the next month.. it works excellent like clock work. i know some people do the spreadsheet on their pc but i am from the old school.

Re: Capital One Platinum Questions

Gollum — Fri, 20 Aug 2021 07:34:52 GMT

@xcv wrote:
I opened a Capital One Platinum card that I opened almost 3 years ago, and it's the oldest open credit card on my CR. It only has a $300 credit limit so it's pretty limited. I opened a Capital One Quicksilver card ~5 months ago with a higher CL. I didn't know that it was possible to change/upgrade credit cards before the fact, or else I would've tried that first.

The Platinum card is pretty useless to me however, but I don't know if I particularly want to keep holding onto it. Do I have any options of changing it / etc without ruining my average age of credit? I just got a Discover card fairly recently as well so I don't think another hard inquiry is on the table for me.

Close the $300 credit limit credit card. Your credit history is really new, so that card's three years won't make much difference in the long run, and you'll be happy to be rid of it.

Re: Capital One Platinum Questions

HowDoesThisAllWork — Fri, 20 Aug 2021 10:18:27 GMT

@xcv

It sounds like this Capital One Platinum (which, for full disclosure, I recently applied for and was approved - $3,000 SL) is bucketed.

Essentially, that means that this card with the $300 limit is not likely to ever change significantly. Additionally, it seems like - since this card is "bucketed" - that Capital One will essentially forever see the credit report | credit score on the day that you applied for this card (so, some three years ago for you).

Whether you keep this card or not....is your call. Some have said "keep it" and others have said "get rid of it".

For me, the points that I would consider (and my consideration might differ from yours as we very likely have different credit profiles and different goals.....):

1. Is there an AF (annual fee)? If yes, then I would lean towards not keeping it (but would consider other factors). If no, then leaning towards keeping it.

2. Is this your oldest credit card? If yes, then I would lean towards keeping it *BUT* I would have to look at the other credit cards. If it is the oldest card by one month or so, well....not likely a big deal. But if it is the oldest card by 2.5 years, then possibly a big deal (and I would lean on keeping it).

3. Does it offer any rewards | cash back | whatever? It is the Platinum, so no rewards, no cash back, no nothing, right? It does, however, provide you with credit. That - three years ago - was a big deal, I bet. Today? Sounds like not so much!

4. How many other credit cards do you have? Sounds like two - Discover and Capital One QuickSilver. Do these two cards fit your needs? Do you have enough "credit limit" between the two to do what you need to do? Hey, a CC with a $300 CL might be more helpful than one thinks. Sure, not likely, but.....

5. How important is "loyalty" to you? Totally your call here.

So, I submit to you that you consider the above five 'thoughts' and come up with something that fits your credit profile and current | future needs.

Re: Capital One Platinum Questions

FireMedic1 — Fri, 20 Aug 2021 12:14:43 GMT

@xcv wrote:
@draychi So here's the bad thing, in 2019 I was kind of irresponsible with it and had 2 30 day lates, 1 60 and 1 90 (which I plan on trying to get GW away). In 2020 I had 1 30 day late in May of 2020. In the 14 months since then though I've been on time with everything.

I did request a CLI in March 2021, but it was rejected saying the account was recently past due, recent monthly payments have been too low (I've PIF every month most of the time at least), and balance on revolving accounts is too high.

I think I could try again in a couple of weeks though as my statement drops at the start of September and paying in full should clear any flags up.

The card is doing more good for you than you think. As you posted its your oldest. Even closing it the lates will still ding you. You can have 500 on time payments but a late wipes out all the good. Place a streaming service on it and sock drawer it. Once you get better cards down the road. Then maybe shut the door. That 90 day late is going to haunt you for a while. All of us had to get cards to start the building that we didnt like. As the Stones sang. You cant always get what you want. One lates is tough to get Cap1 to GW. But a couple spread out lates is even tougher. Just move forward and keep on rebuilding and in time things will pass. Time flies and eventually you'll get where you want to be. I had to endure Cap's starter bucket cards. As better things came thru. Then I laid them all to rest. Keep it open till then.

Re: Capital One Platinum Questions

xcv — Fri, 20 Aug 2021 15:17:38 GMT

@draychi wrote:
The auto loan... I'm not sure the outcome as I don't know your whole credit profile. The positive is it's a paid off car loan with montly payments added to your credit. AAoC isn't as important as people make it seem unless your total history is under 1-2 years.

This would be the second auto loan on my credit report, the last being closed and paid off in 2016 with no lates.

Re: Capital One Platinum Questions

xcv — Fri, 20 Aug 2021 15:20:24 GMT

@Gollum wrote:

Close the $300 credit limit credit card. Your credit history is really new, so that card's three years won't make much difference in the long run, and you'll be happy to be rid of it.

I definitely think I'd be happy to get rid of it since it serves no use as it has no rewards or anything. It is my oldest card (2 years 9 months) by far though, with my second card being only 4 months old. I wouldn't be against canceling it after I move into a new place and get a better card than the QS/Discover Cash Back ones though.

Re: Capital One Platinum Questions

xcv — Fri, 20 Aug 2021 15:24:41 GMT

@HowDoesThisAllWork wrote:
@xcv

For me, the points that I would consider (and my consideration might differ from yours as we very likely have different credit profiles and different goals.....):

1. Is there an AF (annual fee)? If yes, then I would lean towards not keeping it (but would consider other factors). If no, then leaning towards keeping it.
2. Is this your oldest credit card? If yes, then I would lean towards keeping it *BUT* I would have to look at the other credit cards. If it is the oldest card by one month or so, well....not likely a big deal. But if it is the oldest card by 2.5 years, then possibly a big deal (and I would lean on keeping it).
3. Does it offer any rewards | cash back | whatever? It is the Platinum, so no rewards, no cash back, no nothing, right? It does, however, provide you with credit. That - three years ago - was a big deal, I bet. Today? Sounds like not so much!
4. How many other credit cards do you have? Sounds like two - Discover and Capital One QuickSilver. Do these two cards fit your needs? Do you have enough "credit limit" between the two to do what you need to do? Hey, a CC with a $300 CL might be more helpful than one thinks. Sure, not likely, but.....
5. How important is "loyalty" to you? Totally your call here.

So, I submit to you that you consider the above five 'thoughts' and come up with something that fits your credit profile and current | future needs.

I think the biggest deal is that it's my oldest card by far. It offers no benefits though. Between the Discover and Quicksilver it'll get zero use. I'll likely end up keeping it for the next year or so then.

@FireMedic1 wrote:

The card is doing more good for you than you think. As you posted its your oldest. Even closing it the lates will still ding you. You can have 500 on time payments but a late wipes out all the good. Place a streaming service on it and sock drawer it. Once you get better cards down the road. Then maybe shut the door. That 90 day late is going to haunt you for a while. All of us had to get cards to start the building that we didnt like. As the Stones sang. You cant always get what you want. One lates is tough to get Cap1 to GW. But a couple spread out lates is even tougher. Just move forward and keep on rebuilding and in time things will pass. Time flies and eventually you'll get where you want to be. I had to endure Cap's starter bucket cards. As better things came thru. Then I laid them all to rest. Keep it open till then.

True yeah. That's currently what I'm doing for the Platinum card, I don't really use it for spending, just as a payment method for recurring services.

Re: Capital One Platinum Questions

Gollum — Thu, 26 Aug 2021 08:14:38 GMT

@xcv wrote:
@Gollum wrote:

Close the $300 credit limit credit card. Your credit history is really new, so that card's three years won't make much difference in the long run, and you'll be happy to be rid of it.
I definitely think I'd be happy to get rid of it since it serves no use as it has no rewards or anything. It is my oldest card (2 years 9 months) by far though, with my second card being only 4 months old. I wouldn't be against canceling it after I move into a new place and get a better card than the QS/Discover Cash Back ones though.

A difference of two and a half years for your oldest credit card is insignificant in the long run.