Capital One Platinum Questions

[xcv]

I opened a Capital One Platinum card that I opened almost 3 years ago, and it's the oldest open credit card on my CR. It only has a $300 credit limit so it's pretty limited. I opened a Capital One Quicksilver card ~5 months ago with a higher CL. I didn't know that it was possible to change/upgrade credit cards before the fact, or else I would've tried that first.

The Platinum card is pretty useless to me however, but I don't know if I particularly want to keep holding onto it. Do I have any options of changing it / etc without ruining my average age of credit? I just got a Discover card fairly recently as well so I don't think another hard inquiry is on the table for me.

[draychi]

How old is the Cap1 Platinum? Ask for a CLI online... you should get a one-time increase easy due to the age. I opened one a few months ago with a $500 SL and got an increase to $600 in 2-3 months.

Not sure how many cards you have open, but if these Cap1's are the only cards you have, don't close them.

There is no reason to close any card that doesn't have an AF or isn't contributing to your score and utilization.

[xcv]

@draychi So here's the bad thing, in 2019 I was kind of irresponsible with it and had 2 30 day lates, 1 60 and 1 90 (which I plan on trying to get GW away). In 2020 I had 1 30 day late in May of 2020. In the 14 months since then though I've been on time with everything.

I did request a CLI in March 2021, but it was rejected saying the account was recently past due, recent monthly payments have been too low (I've PIF every month most of the time at least), and balance on revolving accounts is too high.

I think I could try again in a couple of weeks though as my statement drops at the start of September and paying in full should clear any flags up.

[draychi]

Those lates will eat you up.

That 'May of 2020' late payment, contact them and ask for a COVID-19 hardship pass. Not sure what your work situation is, but 2020 lates are the most forgiving if you mention the Covid bs. I've seen this work for people the last 1.5 years in certain situations.

Some other advise... keep your checking account full ($500+) and setup automatic payments on ALL your cards to pay the monthly min. This way, you won't miss a payment. If you have a savings account, use that as an overdraft backup... win/win.

Aside from a BK or CO, multiple late payments within 2 years will mess you up if you don't have the on-time payments to saturate them.

I wouldn't worry about a CLI right now... I'd get those late payments off if you can.

[draychi]

Keep the Cap1 Plat open, along with the second Cap1.

Keep the Discover open.

It sounds like you have a thin file... don't close these cards, just fix them.

[xcv]

I was going to try that for 2020, but what about the 2019s? I feel like I could goodwill all of those away since they were grouped closely together (and based off seeing people's recent CapOne GW threads). I think I'd have a hard time doing it across multiple years though. Unless I can just goodwill the 2019s first and then a month later goodwill the single 2020 one?

I already created a second savings account to autopay all of my expenses from luckily. haha.

[xcv]

Gotcha. I also had an auto loan open, funny enough with capital one, who approved me for up to $100k @ ~4%. I opened one and ended up having it all paid off this month within 5 months of opening it so I'm anticipating a score drop. Didn't have any late payments on that one though.

[draychi]

Is the 2019 account caught up? Just have the lates? If so, that's all GW and luck.

I mentioned the 2020 Covid hardship because most lenders were offering relief of some sort during 2020, especially with the government pressure.

The auto loan... I'm not sure the outcome as I don't know your whole credit profile. The positive is it's a paid off car loan with montly payments added to your credit. AAoC isn't as important as people make it seem unless your total history is under 1-2 years.

[SUPERSQUID]

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@xcv wrote:

I was going to try that for 2020, but what about the 2019s? I feel like I could goodwill all of those away since they were grouped closely together (and based off seeing people's recent CapOne GW threads). I think I'd have a hard time doing it across multiple years though. Unless I can just goodwill the 2019s first and then a month later goodwill the single 2020 one?

I already created a second savings account to autopay all of my expenses from luckily. haha.

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The spreadsheet method has always worked for me to keep track of all of my cards and due dates, i have been using a spreadsheet for decades and never missed a payment on any card for 20 years before my bk and since. i just use a grid on paper and write the info for each card in and put the amt and date when i paid and then a check mark next to that line. when that month is over i slide that sheet into a protective sleeve and keep it in a loose leaf binder and then make out a new sheet for the next month.. it works excellent like clock work. i know some people do the spreadsheet on their pc but i am from the old school.

[Gollum]

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@xcv wrote:

I opened a Capital One Platinum card that I opened almost 3 years ago, and it's the oldest open credit card on my CR. It only has a $300 credit limit so it's pretty limited. I opened a Capital One Quicksilver card ~5 months ago with a higher CL. I didn't know that it was possible to change/upgrade credit cards before the fact, or else I would've tried that first.

The Platinum card is pretty useless to me however, but I don't know if I particularly want to keep holding onto it. Do I have any options of changing it / etc without ruining my average age of credit? I just got a Discover card fairly recently as well so I don't think another hard inquiry is on the table for me.

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Close the $300 credit limit credit card. Your credit history is really new, so that card's three years won't make much difference in the long run, and you'll be happy to be rid of it.