@Anonymous wrote:
Hello,
My Capital One platinum card is my oldest trade line of 20 years. Ironically, it's also the card with the lowest credit limit at 2900. Every time I asked for a CLI, it's always a denial with different reasoning each time from low payments, financial obligation is too high, too many inquiries, low card usage, etc. Each time that I've corrected whatever denial reasoning that was highlighted, I get a new one. Has anyone else encounter this dilemma with Capital One? Have I've reached the maximum credit limits that they are willing to give me and it's a lost cause? After all, it was basically a student card that I've applied for in college. The only reason I haven't close this card is because it's my oldest account. How much of a hit to my Fico score if I closed this card?
Keep in mind capital one uses a previous report from a month or 2 prior to your CLI request so sometimes it will take longer. The card could be bucketed or you havent put a lot of usage in it. Whats your current credit score at? Whats the overall balance on your cards and your overall utilization? Any derog marks? How much do you use the card? Even though they list the reasons, there is usually a main reason for not giving a higher limit which sometimes may be the usage of the card in the last 6 months. Have you checked to see if you can do a product change to QuickSilver, VentureOne, or SavorOne instead and spend a bit more for 3 to 6 months (usually cycling through it if you can)? If you do want to close it, the only thing that it will do is lower your overall utilization and the card will remain on your report for 10 years from the date it was closed. So if you did close it the only hit in your score would be due to the increase of utilization, which depending on your report, number of cards with limits, balances, etc., it may be no hit or very little like a point or 2.
