Capital One and CLI

[simplynoir]

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@RJCE wrote:

I use my Amex card for just about everything. I have a $9000 limit on it. Started at just $1000 a year and half ago. Also, Discover just increased my limit to $8800 from $7000. You can't do much with $500 or risk hurting the utilization percentage. I believe using a card responsibly should be rewarded, not penalized like Capital One does.

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I don't understand the reasoning/logic here. If the worry is utilization just make multiple payments on the card so it always stays low/nil before the statement hits. It's not like there's a huge leap between $500 and your old SL AMEX of $1000 where you use it as your main driver. That's how people with low limits get CLIs and this is with any card; this isn't just a CapOne "issue". If people could get CLIs with a small recurring charge on their card I can't even imagine the chaos.

[Total80sKid]

I've been bucketed.

My score has gone up at least 75 points and I can't upgrade my secured to unsecured nor can I upgrade my QS1 to a non AF QS.

Also have very low limits on both.

$500 on the 3yr old secured platinum
$850 on the QS1

[Anonymous]

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@simplynoir wrote:

Oh, definitely. Gardening and tending to what your have already is always a solid plan. Once those new cards hit a year the credit score ding should be minimalized from the AAoA and inquiries you took.

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Funny thing about the inquiries on the cards I got from late May until last weekend, that - I only took HP's on two cards, Walmart and Apple FCU. Overstock and Penfed were SP's - and I can tell you, I was left with my mouth literally hanging open, quite bewildered, to get Penfed's flavor-of-the-month card on a SP!

[Total80sKid]

And they are def going in the SD.

I've carried balances on them, which they are making plenty off me, and it's not hard to carry a balance with small limits.

Amex started me at $1k

Target has me at $2500 now after carrying a 90% balance when I had my SL of $500

Amazon just raised my $800 SL to $2k while I was carrying a 70% balance.

Cap1 seems great for some, but I'm not going to put a lot of spend through a card with a co. that doesn't even consider unsecuring a card or removing the annual fee after a perfect 3yr relationship of paying on time and always double the min.

To each their own.

[simplynoir]

Yeah it's unfortunate that CapOne does it but it is what it is. Why some view them as strictly rebuilders then find greener pastures if they don't want to reapply especially with a triple pull which some balk at.

[Anonymous]

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@601fluguy wrote:
Well... I see cap1 will be in my sock drawer one day. Im not will to take a hp on all 3 cb to get better treatment, their loss.

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I'm planning to SD my secured Platinum from here on out and pay it down till the balance reaches zero or I BT the remaining, since that card has served its purpose, and then close it once my new cards have gotten enough aging on them to offset any ding to the AAoA from so doing (though I may be remembering incorrectly about whether that would be an issue or not).

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@simplynoir wrote:

Yeah it's unfortunate that CapOne does it but it is what it is. Why some view them as strictly rebuilders then find greener pastures if they don't want to reapply especially with a triple pull which some balk at.

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It depends on what happens once I'm able to apply for a new Cap One product. If I can get a new Quicksilver and combine it with my current one, that's all to the good. If not, then maybe it's time to search for a better and more generous rewards Mastercard.

[Total80sKid]

Yea, the 3B pulls just to POSSIBLY be given a regular QS with a higher limit is not remotely appealing to me.

In Nov and Dec when it's time to pay the AF's, I will ask one more time to get upgraded or at least have the fees waived. If not, it will be me singing in a Timberlake voice, 'Bye Bye Bye!'

[simplynoir]

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@Anonymous wrote:

I'm planning to SD my secured Platinum from here on out and pay it down till the balance reaches zero or I BT the remaining, since that card has served its purpose, and then close it once my new cards have gotten enough aging on them to offset any ding to the AAoA from so doing (though I may be remembering incorrectly about whether that would be an issue or not).

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If you do close your account they stay on your CR up to 10 years so the impact should be minimal especially once the other cards age more. I would rather SD and let them close unless you want your deposit back; dunno how secured cards work on that front to tell you.

[Anonymous]

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@simplynoir wrote:

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@Anonymous wrote:

I'm planning to SD my secured Platinum from here on out and pay it down till the balance reaches zero or I BT the remaining, since that card has served its purpose, and then close it once my new cards have gotten enough aging on them to offset any ding to the AAoA from so doing (though I may be remembering incorrectly about whether that would be an issue or not).

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If you do close your account they stay on your CR up to 10 years so the impact should be minimal especially once the other cards age more. I would rather SD and let them close unless you want your deposit back; dunno how secured cards work on that front to tell you.

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Well, I understand that once you close a secured card, or if the issuer closes it for non-use once your balance is down to zero, you get your deposit refunded. I put $500 into that card in December 2015 and I'd kind of like to have it back...

[simplynoir]

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@Anonymous wrote:

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@simplynoir wrote:

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@Anonymous wrote:

I'm planning to SD my secured Platinum from here on out and pay it down till the balance reaches zero or I BT the remaining, since that card has served its purpose, and then close it once my new cards have gotten enough aging on them to offset any ding to the AAoA from so doing (though I may be remembering incorrectly about whether that would be an issue or not).

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If you do close your account they stay on your CR up to 10 years so the impact should be minimal especially once the other cards age more. I would rather SD and let them close unless you want your deposit back; dunno how secured cards work on that front to tell you.

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Well, I understand that once you close a secured card, or if the issuer closes it for non-use once your balance is down to zero, you get your deposit refunded. I put $500 into that card in December 2015 and I'd kind of like to have it back...

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There you go then that's an incentive to close it if I ever saw one lol.