topic Re: Thinking about ditching cap one in Credit Cards

Thinking about ditching cap one

Wls170 — Tue, 30 May 2023 01:43:55 GMT

I can't get a CLI to save my life with Cap one.

I have a Union plus, quiksilver and a savor one (recently PC from another quiksilver).

I've spent months running up charges on the cards, paying them down, letting balances ride then paying them off. It's frustrating as the highest limit is $600. Any other tips for a cli before I just break it off and maybe try to pre qualify in a few months for a higher limits card?

Re: Thinking about ditching cap one

Aim_High — Tue, 30 May 2023 02:17:12 GMT

@Wls170 wrote:
I can't get a CLI to save my life with Cap one.

I have a Union plus, quiksilver and a savor one (recently PC from another quiksilver).
I've spent months running up charges on the cards, paying them down, letting balances ride then paying them off. It's frustrating as the highest limit is $600. Any other tips for a cli before I just break it off and maybe try to pre qualify in a few months for a higher limits card?

Welcome to My FICO Forums, @Wls170.

Capital One does issue some of its' cards as sub-prime "bucketed" cards with lower limits. These cards are known to either not grow at all or to grow very little. If you've tried over time to use the cards moderately to heavily without success of growth, it might be best to just sock-drawer the card and move on. As profile improves, if you want a Capital One card with a higher limit, some members have had success just cold-apping on a new card with them. If there is no balance on the card and overall utilization won't be affected (which it probably wouldn't be with a $600 CL card), there's no harm in closing it. For credit age, in most cases the card will probably continue to report for up to about ten years before it drops off your credit report.

Re: Thinking about ditching cap one

Wls170 — Tue, 30 May 2023 02:21:48 GMT

Thanks for the reply...

makes sense about the card being bucketed.. I got those cards when I was "rebuilding". I'm not where I want to be yet however with my last derog coming off my reports soon it should move me close to where I want to be..

I may be at the limit with cap1 cards.. I heard you're only allowed 3 (plus my kohls card). I will wait a few months and try again then follow you're advice. Thank you

Re: Thinking about ditching cap one

DEITY_of_Credit — Thu, 20 Jul 2023 07:07:47 GMT

Re: Thinking about ditching cap one

FireMedic1 — Tue, 30 May 2023 09:40:12 GMT

Welcome @Wls170

Are you new to credit or rebuilding? Any baddies in the past still on your reports?

Re: Thinking about ditching cap one

AlanGJP — Tue, 30 May 2023 14:19:28 GMT

@Wls170 wrote:
Thanks for the reply...

makes sense about the card being bucketed..

Check my sig. My Williams Sanoma (CO Managed) vs my Savor (Started as a CO Platinum during rebuild) which sits at a LOW available credit regardless of use. My WS keeps being bumped up with almost zero use. I'm getting ready to just dump my CO Saver and waiting a year. Then trying for the Venture X.

If they start bucketed, I believe it's bucketed even with multiple product changes. Mine went Plat > QS > Savor and never broke $2k with LOTS of use until I gave up trying...

Re: Thinking about ditching cap one

Wls170 — Wed, 31 May 2023 00:16:51 GMT

Hello,

I am finishing a rebuild. I just paid my last baddie off, hoping it drops from my report soon. I've been gardening for awhile. My average age of credit is just over 6.5 years

Re: Thinking about ditching cap one

AyaMai — Wed, 31 May 2023 02:18:06 GMT

@Wls170 wrote:
I can't get a CLI to save my life with Cap one.

I have a Union plus, quiksilver and a savor one (recently PC from another quiksilver).
I've spent months running up charges on the cards, paying them down, letting balances ride then paying them off. It's frustrating as the highest limit is $600. Any other tips for a cli before I just break it off and maybe try to pre qualify in a few months for a higher limits card?

I am in the same boat. I have Platinum CL $700 , QuickSilver CL $1200, Savor One CL $500, Walmart CL $1000. The only one I use on a monthly basis is Walmart for 5% cashback since I have Walmart+ through Amex Platinum. I have no desire to work on increasing the CL of these cards except maybe Walmart, my utilization have been 0% -1% across all my cards. Chase, Citi and Amex are far better.

Re: Thinking about ditching cap one

Gollum — Wed, 31 May 2023 06:22:37 GMT

Here's a URL for an explainer regarding how and why some credit cards are "bucketed:"

https://ficoforums.myfico.com/t5/General-Credit-Topics/Credit-Card-Asset-Backed-Securities-ABS-and-why-some-subprime/td-p/5083619 (11-01-2017)

The author of the post is now listed as "Anonymous." I don't know why.

Re: Thinking about ditching cap one

SouthernCredit — Wed, 31 May 2023 13:31:26 GMT

Cap1 was one of the first cards I got years ago after my BK7. Through the years with CLIs and card combinations (when you could do them), I took that card from a $500 platinum to its current form, a Venture 1 with a $9250 limit. I used it a lot, and tried for 2 years to get it over 10k. They would not budge, so I moved on. Currently sitting with a few cards north of 50k, and they still won't move it. So I charge a streaming service to it once a year to keep it active (since it's my oldest card), but I never use it for anything else. I'll probably let it go in a couple of years when some other accounts age.

I'd either app for a new Cap1 card, or move on.

Re: Thinking about ditching cap one

Wls170 — Wed, 31 May 2023 17:58:30 GMT

*bump*

After reading everyone's replies I'm 100% sure all 3 cards are bucketed..

total CL for all 3 is only $1600. On that note my credit union approved my CLI request for an additional $5,000. I thought it was a bit ambitious but worth a shot.

So here's the question.. do I close the 3 cards with cap 1 since I got a huge CLI from the credit union? Not doing anything big until around may of next year when we try to buy a house. If I were to close these 3 do they still stay on my report and average age of account?

Re: Thinking about ditching cap one

OmarGB9 — Wed, 31 May 2023 18:28:50 GMT

@Wls170 wrote:
*bump*

After reading everyone's replies I'm 100% sure all 3 cards are bucketed..

total CL for all 3 is only $1600. On that note my credit union approved my CLI request for an additional $5,000. I thought it was a bit ambitious but worth a shot.

So here's the question.. do I close the 3 cards with cap 1 since I got a huge CLI from the credit union? Not doing anything big until around may of next year when we try to buy a house. If I were to close these 3 do they still stay on my report and average age of account?

You can, or you can space out their closures. But if you plan to go mortgage shopping next May, then you can have no major credit activity for at least the 12 months preceding your mortgage application. If that's the case, then yes, just close all 3 now. They will all stay on your reports and continue reporting for up to 10 years.

Re: Thinking about ditching cap one

Wls170 — Wed, 31 May 2023 18:51:27 GMT

Thank you

Re: Thinking about ditching cap one

janderson126 — Mon, 29 Jan 2024 05:51:58 GMT

Same here, and I have read a lot of posts from others. It's a crazy card to get CLI on or any increase. I agree with the others using it for a while, letting others age and then either sock it and put a sub on it or close it all together and get something else. I have liked AMEX. They are very generous with their limits. I hope that this helps.

Re: Thinking about ditching cap one

youngandcreditwrthy — Mon, 29 Jan 2024 16:31:40 GMT

if those high 600s are your actual FICO scores and not vantage AND you've been gardening for 6 months or more ie have little inquiries, then I'd say stop messing with Cap One (keep em open and consider contacting the Executive Office -that's how i raised a platinum card from 1700 to 5000 and turned it into a venture).. I'd look at other cards. See if Discover will Pre Approve you with the soft pull (no credit hit) on their website. should give you an idea. based on what youre saying, I think Discover would prob pre approve you for a couple thousand. Got my first discover 4k CL motiva (pc'ed to discover IT when it first rolled out) with 688 EQ Fico after having the low limit cap one card and a few store cards in the 1000 range. Good luck! @Wls170

P.S. with an aaoa that long, you should be able to qualify for a pretty darn good card that will grow. Would you like the PayPal MC? that was a good one too I got with 670/680 SL 2k. income 150k.

Re: Thinking about ditching cap one

youngandcreditwrthy — Mon, 29 Jan 2024 16:33:21 GMT

@SouthernCredit did you ever talk with the Executive Office? that's how i got my old platinum card (closed now) changed from plat to venture and CLI'ed from 1700 to 5000. I contacted them again for a 15k CL and they wouldn't budge so closed it several years ago. The executive office at capital one knows doggone well they are way too stingy with CLs

Re: Thinking about ditching cap one

SouthernCredit — Wed, 31 Jan 2024 03:22:25 GMT

I did not. Like i said, I have other cards north of 50K, and plenty others above 20K, and I have just moved on. Given the rest of my profile, it just hasn't been worth it to make the effort of calling in.