Cap One New App - Asking for All Advise/Input

[Anonymous]

Hello All. Would like suggestions/input regarding my current Cap One card and my current credit rebuilding journey.  I have been in true rebuild mode for a little over 1-year. In 2004 I agreed to payoff with a collection agency for my Cap One card and upon completion Cap One issued me another card with a starting limit of $200 and potential to grow to $2500. Well ... it grew once ... to $500 where it has remained since. I tried many times for a CLI and was advised not eligible, but keep up your good pmt history. I finally got someone to admit that my card "product" will probably not increase and I should apply for a new card.

My question: should I waste the inquiry on a new Cap One card, or focus on my current cards and look for a better card prospect in the future?

Current Cards:

BofA AMEX - $1000

Chase - $3800 (prev WaMu)

HSBC - $1800

HSBC (Direct Merchants Bank) Discover - $1100

Macy's - $1800

New York & Co - $590

Target (store card) - $1000 

Thanks in advance for your help and suggestions.

[moondog7324]

My advice- groom what you have- you've got a good mix and some Prime cards(boa,chase) why go back to Cap1- thats a step backwards.  I believe your credit 'rebuilding' has peaked- You've done well and should try to keep what you have- The only exception are the HSBC cards- do you pay fees to them? I would consider weeding them out if you the fees are real high.

We tend to get impatient if we aren't apping- and get caught up in the thrill of obtaining new credit. If you look at the high achievers- they have cards they have kept current for a long time- QUALITY not QUANITITY!

Message Edited by moondog7324 on 05-24-2009 11:13 AM

[KingAdrock]

You could apply for a better card, then combine the two. That seems to be the way Cap One does things. Although if you re-apply it will mean a hard on all 3 CRs. Whether you want that, or even want a new card from Cap One is up to you.

[Anonymous]

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@Anonymous wrote:

Hello All. Would like suggestions/input regarding my current Cap One card and my current credit rebuilding journey.  I have been in true rebuild mode for a little over 1-year. In 2004 I agreed to payoff with a collection agency for my Cap One card and upon completion Cap One issued me another card with a starting limit of $200 and potential to grow to $2500. Well ... it grew once ... to $500 where it has remained since. I tried many times for a CLI and was advised not eligible, but keep up your good pmt history. I finally got someone to admit that my card "product" will probably not increase and I should apply for a new card.

My question: should I waste the inquiry on a new Cap One card, or focus on my current cards and look for a better card prospect in the future?

Current Cards:

BofA AMEX - $1000

Chase - $3800 (prev WaMu)

HSBC - $1800

HSBC (Direct Merchants Bank) Discover - $1100

Macy's - $1800

New York & Co - $590

Target (store card) - $1000 

Thanks in advance for your help and suggestions.

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Have you considered going with Credit Unions?  I would think you will get much better CL's there.

[Anonymous]

I have only used credit unions all my life.  My first cc was via a credit union. That being said, the branched for which I am a member are conservative.

[score_building]

have you considered alliant or affinity for eg.? these strong major and regional cu may have more to offer you than your local.  i received healthy CL from them both, while cap1 refused to offer any cli whatsoever.

with cap1 it is often an uphill battle to grow a low limit card as you have no doubt experienced (unless you had the good luck of being enrolled in their 'credit steps')  for me the app and combine route hasn't worked because i haven't had room for 3 inqs for a wing and a prayer on a new cap1 card in my app trajectory.  i've been reserving apps for cu and banks like usaa, us bank where growth looks more promising.

i made progress last year finally getting my low limit cap1 from 500 to 750 (backdoor numbers) but going forward i will probably greatly limit use since they are limited in their willingness to extend a more useful CL, rather than deal with the bother (triple inq) of app and combine.  with cap1 i think it takes persistence, patience and a bit of luck and timing to boot. 

if you are willing to app and combine, this seems to be one of the only surefire ways to break through to higher limits... unless you get lucky with them and they offer a large surprise cli as some members with low limit cards have reported.  now with their 'business decision' not to offer customer initiated cli etc., they are not looking too promising as an issuer imo, at least not in the short term.

Message Edited by score_building on 05-26-2009 09:24 AM

[Lyythine]

Like previous posts have stated..  A CU might be your best option.  If you are eligible for either NFCU of USAA I would suggest those as they both have given me substantial credit when no one else would(or would give me low cl).  If not, I would suggest Alliant, since many here on the forums seem to have great stories about them. I myself have never dealt with them, but hundreds of post cant be wrong.

 Also, if you havent had bad experiences (ie: chargeoff) with them in the past, Citi is now offering a "rebuilding" card called the Citi Forward card.  Citi is a great card company and generous with CLI once you are established with them.  Might be another option for you thats not a CU

[Anonymous]

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@moondog7324 wrote:

We tend to get impatient if we aren't apping- and get caught up in the thrill of obtaining new credit. If you look at the high achievers- they have cards they have kept current for a long time- QUALITY not QUANITITY!

Message Edited by moondog7324 on 05-24-2009 11:13 AM

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Well said.....moondog7324