It sounds like this Capital One Platinum (which, for full disclosure, I recently applied for and was approved - $3,000 SL) is bucketed.
Essentially, that means that this card with the $300 limit is not likely to ever change significantly. Additionally, it seems like - since this card is "bucketed" - that Capital One will essentially forever see the credit report | credit score on the day that you applied for this card (so, some three years ago for you).
Whether you keep this card or not....is your call. Some have said "keep it" and others have said "get rid of it".
For me, the points that I would consider (and my consideration might differ from yours as we very likely have different credit profiles and different goals.....):
1. Is there an AF (annual fee)? If yes, then I would lean towards not keeping it (but would consider other factors). If no, then leaning towards keeping it.
2. Is this your oldest credit card? If yes, then I would lean towards keeping it *BUT* I would have to look at the other credit cards. If it is the oldest card by one month or so, well....not likely a big deal. But if it is the oldest card by 2.5 years, then possibly a big deal (and I would lean on keeping it).
3. Does it offer any rewards | cash back | whatever? It is the Platinum, so no rewards, no cash back, no nothing, right? It does, however, provide you with credit. That - three years ago - was a big deal, I bet. Today? Sounds like not so much!
4. How many other credit cards do you have? Sounds like two - Discover and Capital One QuickSilver. Do these two cards fit your needs? Do you have enough "credit limit" between the two to do what you need to do? Hey, a CC with a $300 CL might be more helpful than one thinks. Sure, not likely, but.....
5. How important is "loyalty" to you? Totally your call here.
So, I submit to you that you consider the above five 'thoughts' and come up with something that fits your credit profile and current | future needs.
Starting Score: Exp 627
@xcv wrote:@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.
The card is doing more good for you than you think. As you posted its your oldest. Even closing it the lates will still ding you. You can have 500 on time payments but a late wipes out all the good. Place a streaming service on it and sock drawer it. Once you get better cards down the road. Then maybe shut the door. That 90 day late is going to haunt you for a while. All of us had to get cards to start the building that we didnt like. As the Stones sang. You cant always get what you want. One lates is tough to get Cap1 to GW. But a couple spread out lates is even tougher. Just move forward and keep on rebuilding and in time things will pass. Time flies and eventually you'll get where you want to be. I had to endure Cap's starter bucket cards. As better things came thru. Then I laid them all to rest. Keep it open till then.
