Capital One Upgrade

[Uncle_Money]

Hey guys,

So I have 3 Capital One cards. All with low limits and terrible APRs (expect for one). So I decided to combine one of them (can't combine all right now) with my lowest APR card, which is 8.74% on my platinum card. Great APR but limit still sucks at $1,250.

Today I was offered the option to upgrade to their QuickSilver card so I took that since I didn't have any rewards on the platinum account. They also increased the limit an additional $500 (yay!) to bring the credit line to $1,750 + $1,100 from the old account, which brings the new credit line to $2,850. This is still very low for me but I'll take it.

QUESTION 1: Will the account closure ding my score? I could be wrong but I'm guessing the answer is no since the credit limit was transferred and I still have the one account. I'm actually looking to close my other Capital one account and also combine into the new QuickSilver card.

QUESTION 2: Will the QuickSilver card grow in terms of limit increasing over time? My Capital One cards were basically stuck at low limits for years even though my FICO middle score is 740 now.

Thanks,

Uncle Money

[Meanmchine]

Question 1 is a no.  both credit lines will be combined so you wont have a possible util hit. and aaoa should not see a ding

Question 2  I too have old Cap1 accounts. One is 10 years old and the other is 8 years.  They refuse to increase the CLs and always come up with a lame excuse.

Its to a point i ust keep those cards open for the AAoA boost. Sometimes i get the feeling that Cap1 just doesnt care about these geriatric  accounts

Hope that helps

[creditguy]

Question 1. No, the old closed account would still remain as a positive TL for up to ten years.

Question 2. Yes, how much though depends on several factors including spend and pay habits, but yes overall this card can and will grow. Congrats on your progress and good luck growing this card.

[RonM21]

Just curious OP, when you say they offered you the upgrade, was that initiated by them?

[Uncle_Money]

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@RM21 wrote:
Just curious OP, when you say they offered you the upgrade, was that initiated by them?

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No, I called them, asked if I was eligible for an upgrade and was told yes to the QuickSilver card. Then, I was told to try a credit limit increase and was given a measly $500 increase!

[Anonymous]

The only thing I have to add is on question one. My closure reported before my PC new CL reported. I took a slight hit and then bounced back the next month when the account updated with the higher limit. I think it's because my Utl increased in that short time frame because the closure reported first.

[Anonymous]

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@tamaralig wrote:

The only thing I have to add is on question one. My closure reported before my PC new CL reported. I took a slight hit and then bounced back the next month when the account updated with the higher limit. I think it's because my Utl increased in that short time frame because the closure reported first.

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Ditto this. 

[jawbrkr]

Is that a certainty that closing an account after combination does not decrease your score? My scores went down a few points after I combined two cap1 cards and closed one of the accounts. I searched my report for anything that may have been behind that and found nothing other than the account closure.