Cap One Combine or CLI on activation?

myfico5378 · ‎08-12-2008

I currently have a 3 year old Cap One card that has an AF of $29, but has the lowest of my rates (12.15%) so I'm carrying a high balance (92%) on it while trying to pay off my other cards. I saw an attractive BT offer from Cap One on a new card that had a variable rate of 8.65% after the promo. I went ahead and app'ed because WaMu really ticked me off when they rate jacked me and I wanted to BT the balance from that card.

Unfortunately, Cap One sent me the card and it only has a $500 limit and a $39 AF. I'm not completely surprised since I've got high utilization right now, but this limit doesn't really help me out much. I can't BT anything to it.

Given this scenario, would you...

A) Call and request a CLI on activation (I don't know if they ever do a CLI on activation, but I'm guessing no?)?

B) Call and ask to combine this card with the older one (will they do that at activation or do you have to wait a few months?) and also ask for the AF on the older card to be removed?

C) Put a tank of gas on it every month and PIF in hopes that they will CLI in a few months and then try to combine with older card?

D) Tell them to take this card and shove it?

If it matters at all, my scores are EQ 642, EX 651, TU 644

Thanks!!

Anonymous · ‎08-12-2008

Go with option C. You already took the INQ hit (on all three CRs) so keep the card. I just combined my 2 CapOne cards, and I'd only had the second one for 3 or 4 months (just long enough to get the 'Credit Steps' CLI on it). They let me combine with no problem.

Anonymous · ‎08-12-2008

Good luck with CLI, I tried that on activation the other day and nope. I have a $300 CL for the life of the card, why? "We're a conservative lender." Whatever, I'm not going to close it, but I'm not going to use it.

myfico5378 · ‎08-13-2008

Thanks for the replies!

I think you are right. I think option C is probably the best move. My only concern is the first card already has a $3100 limit because I previously combined a card with it. I think the max cl for that card is supposed to be $3000, but maybe that is a moot point since they've already exceeded that? I hope so!