I am going to try to keep this short. I have 2 CO cards (one I have had for almost 2 years, in fact, will be next month, and the other that is a little over a year old). My first card went unsecure within 6 months but my other card has been stuck secured this whole time. I also have only gotten the automatic increase to $500 after 5 on time payments. My older card got a $100 increase towards the end of last year when I requested a CLI. I also just upgraded it to a QS1 card last weekend. Problem is, I don't seem to be able to get these cards to grow any further. I tried applying for the basic Platinum, as well as another QS1 but got denied because they said I had too many accounts. Any advice as to what I should do? I would hate to be stuck with these with no chance of getting higher CLI (and going unsecured with the 2nd card).
Capital one has been known to bucket cards. They view your credit profile when you applied and your current scores/reports seem to not matter as much. Once a subprime account always a subprime account. You will have to reapply with them to see any real growth.
Capital one has been giving a lot a lot of AA lately so something is up with them. They have had a lot of chargeoff’s which has given them a lot of pause and reevaluating risk.
Although the secured cards are now graduating and seem to be getting some CLI action. This is a new trend that seems to apply to cards opened after a certain date in 2016 or 2017 ( can’t remember which year). Not sure of the real growth potential of those accounts. Other members may have more on that.
Capital one has a 1/6 rule. So depending on when you last opened an account. You might have been denied for opening an account in the past 6 months.
My suggestion is wait till you are Prequalified for the venture or regular QS and you will see a much better SL.
Capital one has been giving a lot a lot of AA lately so something is up with them. They have had a lot of chargeoff’s which has given them a lot of pause and reevaluating risk.
Although the secured cards are now graduating and seem to be getting some CLI action. This is a new trend that seems to apply to cards opened after a certain date in 2016 or 2017 ( can’t remember which year). Not sure of the real growth potential of those accounts. Other members may have more on that.
Capital one has a 1/6 rule. So depending on when you last opened an account. You might have been denied for opening an account in the past 6 months.
My suggestion is wait till you are Prequalified for the venture or regular QS and you will see a much better SL.
That’s a good point JAG. I didn’t think of that. I assumed when I was posting it was because of 1/6 since the OP didn’t really specify but your reason makes much more sense now that I remembered that
I figured as much. So should I close the secured card or hope that it goes unsecured soon and combine it with my other card? If I do close it, how long before I can open a new account?
You can combine two unsecured cards but I don’t think it’s possible to combine secured and unsecured.
You can close an account and reapply at any time unless you are subject to 1/6.
What are you scores ? It doesn’t make a lot of sense to close a secured card and open a subprime card that won’t really grow either.
You can close an account and reapply at any time unless you are subject to 1/6.
What are you scores ? It doesn’t make a lot of sense to close a secured card and open a subprime card that won’t really grow either.
Both my CO accounts are over a year old. My scores are 596 right now but should be updating tomorrow (per Creditwise, who have been pretty **bleep** accurate) and be higher. I am pretty sure I can get the QS1 or Platinum but if those are going to stick me with low SL and not grow much, then I will just wait.