Can you close one card and add cl to another?

[GApeachy]

Just completed credit steps on Cap1 QS $750cl (7 months old).  Would it be possible to close this card and possibly move the cl to my second card?  What would you do?

[Remedios]

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@GApeachy wrote:

Just completed credit steps on Cap1 QS $750cl (7 months old).  Would it be possible to close this card and possibly move the cl to my second card?  What would you do?

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Cap One does not allow account combination at this time. 

[GApeachy]

Too bad.  Well, would it be a good or bad idea to close it?  I see on the forums to ditch the bucketed cards.

[Anonymous]

Just keep it if it doesn’t have a fee. They could open up account combinations again at any time and it’s not like it’s hurting you having another card building credit history. 

People are way too quick to throw away Capital One cards. Unless it’s the QS1 with an AF, it’s never a bad idea to keep a Cap card around. 

[nax]

Give it some time, and check out this post.

https://ficoforums.myfico.com/t5/Credit-Cards/Capital-One-Account-Combine-CAN-IT-BE/m-p/5604836#M164...

[GApeachy]

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@nax wrote:

Give it some time, and check out this post.

https://ficoforums.myfico.com/t5/Credit-Cards/Capital-One-Account-Combine-CAN-IT-BE/m-p/5604836#M164...

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I think I saw one of those messages when I was registering my new card......that would be awesome!!  Thanks for posting.

[GApeachy]

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@Anonymous wrote:

People are way too quick to throw away Capital One cards.

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Thanks Saeren....I didn't think of it that way.  (throwing money away)

[Anonymous]

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@GApeachy wrote:

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@Anonymous wrote:

People are way too quick to throw away Capital One cards.

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Thanks Saeren....I didn't think of it that way.  (throwing money away)

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It’s not throwing money away per se, it’s throwing away that relationship. Capital One has some things going for them - they’re not known to get upset when you have to carry balances, they offer virtual credit card numbers through their Eno service which lets you make purchases online safely, they have 24 hour customer service, they have no FTF, and I have heard more than one person around here call them “old reliable” because when other cards get declined for stupid reasons Cap cards don’t and they’re also very good with their fraud practices. 

Its also been my personal experience that even their bucketed cards can grow - it’s just not as quickly as we are used to. I managed to grow from $300 QS to $8250, it just took me 4 years to do so and I didn’t see any growth beyond the steps increase until a bit over a year went by and I got an auto CLI to $1250. 

Sometimes it seems like people put Capital One on the same level as Credit One and it’s really not like that at all. Yeah the QS1 is awful and notoriously difficult to get out of with a PC offer so I get the frustration there but Capital One was there for many of us when others wouldn’t touch us. They sent me an offer for the Platinum in the mail 4 years post-DC when I hadn’t done anything to help my credit and indeed had suffered numerous setbacks including a repo 2 years post DC, a judgment for the repo shortly after, multiple cell carriers going to charge off around the same time, and then medical bills going up too — and then they instantly approved me for $300. I wouldn’t have had a rebuild until much later if Capital One didn’t send me that offer because all I was getting were the horribles like Credit One filling my mailbox and was convinced I was never going to have credit again. 

I will always keep a Capital One card in my wallet, both because this is my oldest card, and because it’s old reliable. If I have a charge I need to make overseas, for example, Capital One has never failed me. There are actually two sites I make a purchase from once or twice a year that every other card I have to call the issuer, including NFCU, and tell them it’s not fraud. Capital One dinged me with a text the first time asking if I made the charge, I said yes, never had it kick back again.  

[GApeachy]

Oh wow, great story.  I didn't realize your card grew that quickly.  A year is nothing to me anymore, I just thought a bucketed card meant no growth ever.  I'd be thrilled to have your cl,  "Old Reliable" and you're right, they gave me an unsecured cc and cli my credit steps just like they said they would do.  

[Anonymous]

They do grow if you use them and treat them right but they really want to be your primary. If you have a 2% card, obviously that’s not going to happen, but you also get the age benefit of keeping it open and should you decide you want another card later, they will likely give you a much larger SL. 

The thing with Capital One is they don’t give you limits if you don’t need them. If you’re letting less than 8.9% of your card report, why would they give you a CLI?

As for the bucketing, we actually do know that Capital One has to move people into buckets as they become more favorable because their top ABS bucket has no customers less than 5 years old in it. It’s literally impossible to get there if you’re bucketed for life. The question becomes though, what does it take to get moved out of that bucket?

Since I was able to grow my card with $2K CLIs, I obviously got moved out of the worst bucket and since the card is now 5 years old, I probably have a decent chance of ending up in their top tier ABS bucket at some point after my BK falls. 

I also probably have more room to grow on this particular card if I were to start using it again when my income goes up but for now it’s getting very sporadic use because I have the PayPal card but if my PayPal card ever ticks me off, I won’t hesitate to close it and make my QS my daily driver again. I also kind of miss not having my cash back right away. Waiting until the statement is annoying when you’re used to waiting 2-3 days for a charge to finalize lol.