topic Re: What to do with Cap One and other cards in Credit Cards

What to do with Cap One and other cards

Anonymous — Wed, 25 Sep 2013 18:17:22 GMT

Hello,

As you may remember, I went on the app spree (and there were some extra applications as well), so now I have the following cards:

Opened late Aug/Early Sep:

- Amex BCE - $3.5k limit - most likely will hit 3x CLI, though not sure when - grocery card. Wife's AU here

- Chase Marriott Siggy - $7k limit - vacation card (spending ~1-2k month here, PIF or near, to get points for the vacation)

- Chase United MileagePlus Siggy - $6k limit - vacation card & wife's AU here for all but groceries. PIF or near PIF

- BarclayCard Rewards for Avg Credit - $1.3K - gas and minor utilities, PIF

- Discover IT - $1k - revolving categories, PIF most of the time (sometimes i carry ~$15 balance for couple of packs of cigarettes)

- Walmart store card - $150 - just to check TU score and pack of cigarettes or cup of coffee

- Amazon store card - $400 - kindle books ($20-50, PIF)

Opened July:

- Cap 1 platinum - $0.5k - has small AF, small limit, not using it at all

Opened Jan:

- CU secured CC - $1k - using it to pay one gym membership, PIF.

So, now few questions:

- What do I do with Cap 1? I don't use it, but it will contribute negatively now to my avg credit card limit (I'd like to reach $2k average first, $5k by end of next year)

- Can i expect auto-cli on Walmart and Amazon cards (both from GE) in 4 months, or i will have to initiate it myself?

- Any advice on mid-term strategy with Discover and Barclays? Do i need to ask CLI or wait for auto-luv, and when to ask if i need to?

- Any other advice? (and i know i'm in the garden so deep it's called a forest now)

Thanks

Re: What to do with Cap One and other cards

myjourney — Wed, 25 Sep 2013 18:31:04 GMT

So, now few questions:

- What do I do with Cap 1? I don't use it, but it will contribute negatively now to my avg credit card limit (I'd like to reach $2k average first, $5k by end of next year)

Contact EO for CLI's

- Can i expect auto-cli on Walmart and Amazon cards (both from GE) in 4 months, or i will have to initiate it myself?

You will have to call for CLI's for best results

- Any advice on mid-term strategy with Discover and Barclays? Do i need to ask CLI or wait for auto-luv, and when to ask if i need to?

Discover we are currently seeing them available for CLI's at the 4 month mark but you will have to call and ask if you have any with a SP with CSR or if by luv button ....

By luv button if you ask for to much it will ask to do a HP at which time you can cancel the request

Barclay look for a CLI at the 6 month mark also read my thread about ways to increase the odds of a CLI with Barclay

- Any other advice? (and i know i'm in the garden so deep it's called a forest now) Don't have to say it Lol ......Bravo

Re: What to do with Cap One and other cards

Anonymous — Wed, 25 Sep 2013 18:58:07 GMT

@myjourney wrote:
So, now few questions:
- What do I do with Cap 1? I don't use it, but it will contribute negatively now to my avg credit card limit (I'd like to reach $2k average first, $5k by end of next year)
Contact EO for CLI's

Thanks for advice.

When and how do i need to contact EO?

Re: What to do with Cap One and other cards

Anonymous — Wed, 25 Sep 2013 19:01:51 GMT

Also, what do I do if EO CLI fails? Close the card? Or just put i into socks drawer?

Re: What to do with Cap One and other cards

myjourney — Wed, 25 Sep 2013 19:02:39 GMT

@Anonymous wrote:
@myjourney wrote:
So, now few questions:
- What do I do with Cap 1? I don't use it, but it will contribute negatively now to my avg credit card limit (I'd like to reach $2k average first, $5k by end of next year)
Contact EO for CLI's

Thanks for advice.

When and how do i need to contact EO?

First do this

Log on to your account select statements and document

Click doc's and see if you have been enrolled in the credit steps program and I assuming this card was approved in july of this year

If so follow the program for an auto CLI and 1 month after that email EO for another CLI

Send me a PM and I will forward contact info for EO

Re: What to do with Cap One and other cards

Anonymous — Tue, 01 Oct 2013 22:20:25 GMT

Additional question here. Just chatted with my CU CSR and they have told me that the only way to get graduated from a secured card is to actually request a new card from them. How can that be?

Should I close the card? I wuldn't like to do that as it's my oldest one, but i wouldn't like to pay $35 AF for a card that i don't use either.

Re: What to do with Cap One and other cards

09Lexie — Tue, 01 Oct 2013 22:28:36 GMT

Some secured cards do not graduate. A closed card or TL may remain on your CR's for up to 10 years. If you don't use the card, it doesn't provide any benefits and there's an AF seems like a waste of money

Re: What to do with Cap One and other cards

mongstradamus — Tue, 01 Oct 2013 23:28:41 GMT

@09Lexie wrote:
Some secured cards do not graduate. A closed card or TL may remain on your CR's for up to 10 years. If you don't use the card, it doesn't provide any benefits and there's an AF seems like a waste of money

I was thinking of retiring my secured cards after i got my BCP Freedom and Discover IT , or should i wait till before i have to pay AF for next year?

Re: What to do with Cap One and other cards

Anonymous — Wed, 02 Oct 2013 01:22:28 GMT

@Anonymous wrote:

- What do I do with Cap 1? I don't use it, but it will contribute negatively now to my avg credit card limit (I'd like to reach $2k average first, $5k by end of next year)

While I understand, I don't think that is a measure used by anyone for anything. So why care?

Re: What to do with Cap One and other cards

Anonymous — Thu, 03 Oct 2013 15:40:53 GMT

@Anonymous wrote:
@Anonymous wrote:

- What do I do with Cap 1? I don't use it, but it will contribute negatively now to my avg credit card limit (I'd like to reach $2k average first, $5k by end of next year)

While I understand, I don't think that is a measure used by anyone for anything. So why care?

In the end, it is easier to manager few accounts with high limits than multiple accounts with low limits.

With my spending patterns (i.e. i spend $800-$1k a month on groceries) rotating cards would be difficult, and keeping a card that i would have to take out of drawer once a month to buy a pack of cigarettes just to keep this account reporting is not a good idea, in my opinion.

So, as Cap1 is unlikely to give me increase, and my secured card will not graduate, i've requested closure of Cap1, and will be closing my secured CC in November or December - it'll free me up $1k that I would better spend on some present for my family.

Re: What to do with Cap One and other cards

Anonymous — Thu, 03 Oct 2013 16:19:19 GMT

I think the situation of a secured card is much different than just having low limit cards. I would get my money back too if you have better cards now. But if they were regular low limit cards, and my main problem was maintaining them, I would just stop maintaining them unless I desperately needed the utilization they gave me. It doesn't matter who closes the account in the scoring, so let them close it whenever they feel like it (it might take years in some cases), and just don't stress yourself about maintaining them.

But in the grand scheme of things, pulling a card out of a drawer every few months (would they close it if you use it every 2 months? 3 months? 6 months?) doesn't seem a problem if those cards are doing something for you. And it seems to me a very small price to pay for the AAoA alone. You can't buy time, iow.

Re: What to do with Cap One and other cards

hot4u — Thu, 03 Oct 2013 16:32:48 GMT

@Anonymous wrote:
I think the situation of a secured card is much different than just having low limit cards. I would get my money back too if you have better cards now. But if they were regular low limit cards, and my main problem was maintaining them, I would just stop maintaining them unless I desperately needed the utilization they gave me. It doesn't matter who closes the account in the scoring, so let them close it whenever they feel like it (it might take years in some cases), and just don't stress yourself about maintaining them.

But in the grand scheme of things, pulling a card out of a drawer every few months (would they close it if you use it every 2 months? 3 months? 6 months?) doesn't seem a problem if those cards are doing something for you. And it seems to me a very small price to pay for the AAoA alone. You can't buy time, iow.

Agree...

Re: What to do with Cap One and other cards

Anonymous — Thu, 03 Oct 2013 16:53:15 GMT

OK, but how about an unsecured CapitalOne with a $39 AF and $3,000 CL? I obviously want to get it PC'ed to another card when I get some positive TL's going, but what if I can't? The card is officially my oldest, open revolving account (by 5 days, but still). I only have 4 open accounts right now, and I'm not planning on opening any new ones for the next several years, just CLI's. Is my strategy flawed and I should be opening up a lot more accounts in the next 2 years?

Re: What to do with Cap One and other cards

Kenny — Thu, 03 Oct 2013 17:00:06 GMT

@Anonymous wrote:
OK, but how about an unsecured CapitalOne with a $39 AF and $3,000 CL? I obviously want to get it PC'ed to another card when I get some positive TL's going, but what if I can't? The card is officially my oldest, open revolving account (by 5 days, but still). I only have 4 open accounts right now, and I'm not planning on opening any new ones for the next several years, just CLI's. Is my strategy flawed and I should be opening up a lot more accounts in the next 2 years?

I don't see why the EO wouldn't be able to remove the AF. Hope all goes well!

Re: What to do with Cap One and other cards

Anonymous — Fri, 04 Oct 2013 01:38:10 GMT

@KennyS2006 wrote:
@Anonymous wrote:
OK, but how about an unsecured CapitalOne with a $39 AF and $3,000 CL? I obviously want to get it PC'ed to another card when I get some positive TL's going, but what if I can't? The card is officially my oldest, open revolving account (by 5 days, but still). I only have 4 open accounts right now, and I'm not planning on opening any new ones for the next several years, just CLI's. Is my strategy flawed and I should be opening up a lot more accounts in the next 2 years?
I don't see why the EO wouldn't be able to remove the AF. Hope all goes well!

Thanks, I hope so too! Would calling the EO when I just got the card be too soon?