@SoCalGardener wrote:
@FinStar wrote:
@SoCalGardener wrote:
@CreditCrusader wrote:
@Drifter73 wrote:C1 seems to work more like a muscle the way their algorithms are working. In the sense, you have to exceed the normal 30% Utilization to trigger growth.
The problem is, using their cards heavily and earning milquetoast rewards in exchange for slightly higher limits (but the same meh rewards) really doesn't make a lot of sense to me.
I look at this from an opportunity cost perspective.
Every dollar I charge to a card with sub-par rewards is a dollar I could be charging to a card that actually rewards my heavy use.
^ This. Had I charged any of my recent large purchases on a QS card, on the *HOPE* that pushing my utilization to nearly 90% MIGHT yield a CLI somewhere down the road, I would've lost out on the 3, 4, 5% rewards I got by using other cards. I don't even remember what QS pays, is it 1%? 1.5%? Whatever, I know it's not 3% or 6%! So what would I end up with? A paltry cash back, a sky-high utilization percentage, and absolutely no guarantee that, later on, a CLI request would be successful (for once).
This is really why I just don't use them. Between pushing my utilization way up and getting paltry rewards, it's just not worth it. Now, if this method *guaranteed* a 5-figure limit the next time I request a CLI, well, maybe I'd reconsider.
Unfortunately, given Capital One's current lending practices (which changed very significantly in the past few years), I can't see them granting a 5-figure limit on any of the two cards even with any abundant amounts of spend. If anything, auto-CLIs have a bit more success (no guarantees of course) for those customers who have used their cards as a workhorse or primary means of spend. That said, only a sprinkle of those who were approved with significant auto-CLIs grace their presence in the Approvals subforum.
Since it's doubtful that Capital One will bring the account combinations in the foreseeable future (they haven't for >4 years and based on past customer experiences it's likely they won't), I would say this pretty much narrows the options.
Closing them (on your own schedule) will accomplish a few things: (1) no more feeling insulted about BT promotions and their associated APRs, (2) rewards instances that may cause customer service headaches when such promotions seem cumbersome, (3) not having to worry about nursing or monitoring the accounts given the limits don't meet your strategy any longer -- a 'want' vs a 'need' (i.e. CLs too low), (4) redistributes lending capital for those customers who will really use it (plenty of $100 or $200 CLIs can be made for others or new starter accounts) 🤷♂️
You probably don't realize it, but you've just single-handedly convinced me to close the cards!
Well, at least, lean very strongly toward closing the cards.
Your pointing out various things I've griped about before, such as the insulting BT offer I got, and the 'jumping through hoops' Chewy.com purchase, reminded me of just how much I dislike Cap1. Thank you!
Now I just need to decide whether I REALLY want to voluntarily close two cards--not something I ever thought I'd do, considering I've been at both ends of the 'feast or famine' credit landscape. Then decide if it should be one or both. Then do it!
As with anything, once something has served its purpose, it is not a bad thing to re-evaluate its long term benefits. If you chose to voluntarily close them, you can do it in one swoop or stagger them. The only difference would be when they eventually will drop off your CRs if you chose the latter. Also, if you decide to let them linger until they get closed on their own, Capital One traditionally sends a reminder of any inactive accounts and provide ample time to put some activity or let them be closed (some cards have been known to stay inactive for ~1.5 years before such notice generates).
You can always replace the closed limits (if it matters to you) by increasing those via SP on other cards that you have...like AmEx, Citi, Comenity, etc. -- if you're not planning on opening any new accounts in the foreseeable horizon.
@FinStar wrote:
@SoCalGardener wrote:You probably don't realize it, but you've just single-handedly convinced me to close the cards!
Well, at least, lean very strongly toward closing the cards.
Your pointing out various things I've griped about before, such as the insulting BT offer I got, and the 'jumping through hoops' Chewy.com purchase, reminded me of just how much I dislike Cap1. Thank you!
Now I just need to decide whether I REALLY want to voluntarily close two cards--not something I ever thought I'd do, considering I've been at both ends of the 'feast or famine' credit landscape. Then decide if it should be one or both. Then do it!
As with anything, once something has served its purpose, it is not a bad thing to re-evaluate its long term benefits. If you chose to voluntarily close them, you can do it in one swoop or stagger them. The only difference would be when they eventually will drop off your CRs if you chose the latter. Also, if you decide to let them linger until they get closed on their own, Capital One traditionally sends a reminder of any inactive accounts and provide ample time to put some activity or let them be closed (some cards have been known to stay inactive for ~1.5 years before such notice generates).
You can always replace the closed limits (if it matters to you) by increasing those via SP on other cards that you have...like AmEx, Citi, Comenity, etc. -- if you're not planning on opening any new accounts in the foreseeable horizon.
Yes, definitely. Very good points.
You know that one of my main gripes lately--not specific to Cap1--has been juggling too many cards. Well, what *I* consider too many cards! To someone like Mark, 15 cards isn't even in the same stratosphere! But, for me, I find it annoying having to stay on top of how long each card has been idle, and worrying about losing an account because I forgot to use it.
The thing is, considering that I've seen both feast and famine when it comes to credit, in a million years I never would have IMAGINED voluntarily closing two perfectly good cards. I mean, even though I'm not a Cap1 fan, there are people who are, and it's certainly one of the top banks and everything. Plus, it's not like my cards are starter cards or secured cards that I want to be rid of because of their history as such. Weighing everything....it makes the best sense to close both cards. After reading your post last night, I pretty much decided that's what I'm going to do, but I wanted to sleep on it for a day or two. Throwing away 2 x 10 years of history is not something to take lightly, so I don't want to end up regretting the decision!
@RSX wrote:That's why I suggested closing one. And then if you later have regrets, the other one will still be open - and a decision can be made in the future.
Yes, thanks, that's a very good point. I think the reason I'm leaning toward closing BOTH is because they're both low-limit, apparently bucketed, going nowhere cards! So why bother? But I'll definitely take your point into consideration before making a final decision.
To be perfectly honest, I'd like to be rid of Cap1 altogether. However, my WM MC has a 5-figure limit, so it fits my profile of what I want. I don't shop at WM very often, so the card's benefits that are specific to WM really don't do much for me. Since it's a general-purpose Mastercard, though, it's usable everywhere, not just WM despite its branding.
I have a Venture One that, through account combinations, sits at just under 10K, and has not had a CLI ever. I use it exactly once a year for a recurring charge and that's it. If they ever CLD it I will immmediately close it. If they ever take any kind of AA on it, I will close it. I have plenty of high limit cards now, and I don't need this anymore. Like many others, I only keep it open for history and sentimental value.
Cap One is great for rebuilding, and some have a great ride with their more premium offerings after their rebuild has progressed. But the constant fight for CLIs, new card apps to get better products, bucketing, etc etc etc just makes it not worth it when one's profile gets to the point where they can go other directions. Would I like the Venture X? Sure, and I have no doubt now that I'd be approved. But do I want a pull on all three bureaus to get it? Nope. Would I use it after the SUB? Probably no there too. Chase UR and Amex MR get the majority of my focus, as the value is higher there than in Cap One's Venture rewards.
If these cards have value to you, keep them open. But it doesn't sound like they do.
Cap1's refusal to increase limits is indeed frustrating. I only have one card (SavorOne) that I no longer get much use out of anyway given that it overlaps with my Amex BCP for grocery/streaming and Altitude Go for dining spend. But I decided to apply for the Venture X when it was introduced, as I planned to use the VX as my catch-all spend card -- and denied. I think they make app decisions on the Venture X with a coin toss. At any rate, I don't see the point in investing a lot of spend in a lender who is so restrictive on limits and punishes you with triple pulls in an attempt to get their new products!
And while juicing up the utilization might be the ticket to a CLI, I can't justify a ton of unoptimized spend on what is at best a gamble that Cap1's almighty algorithm will grant me an increase... I've seen enough DPs of $100 CLIs to know it's not worth it! 
Thanks for the additional input/comments. I've pretty much decided to close the $4,500 card; even though its limit is [slightly!] higher than the other, it's almost a year younger, so I think it makes sense to close it. The other will stay in my sock drawer except for an occasional cup of coffee or something...
It's funny how memories get confused, especially when your brain has been through both a brain tumor and sepsis! I really thought the two Quicksilvers were opened right around the same time, but it turns out one is about 9 months older. Oh well.
I can actually see myself keeping *both* cards, even though that's contrary to everything I've said! But they do add a [little] bit to my TCL, and they do have 10-ish hears of history on my reports. If I can just remind myself that Cap1 isn't important enough to get worked up about, I could be fine keeping them. In other words, just don't think of them in terms of requesting CLIs any more--just accept them for what they are, sock drawer them, and be grateful for their 10 years and growing history. It remains to be seen which way I'll end up going. My gut instinct is to close one, but we'll see.
@SoCalGardener wrote:Like so many other members, my CCs with Cap1 basically never get their limits raised. Each time I request a CLI, it's immediately denied for one reason or another, most of which don't even make sense. I've been thinking about this for a little while now, and wanted to gather opinions: should I close two of my three cards?
I have two Quicksilvers (one MC and one Visa), plus a Walmart Rewards MC. The first two are approximately 10 years old, the third one was acquired in 2019(?). It's the Quicksilvers I'm thinking about closing.
Their limits are $4,000 and $4,500 (just FYI, the WM MC's limit is $10,000). I literally cannot recall the last time any card was granted a CLI. Even if I *combined* the two QS cards (which I don't think they allow), the limit still wouldn't hit 5 figures. I'm trying to get all of my cards into 5 figures, but it looks very, very unlikely that that will ever happen with these two cards.
My AAoA is <8 years; my oldest card is 31; my newest account (an Amex loan) is 2 months old; my only HP (and only on TU) will fall off in April. My scores were in the 810s but are about to plunge, due to large purchases I've just made.
Considering their ages, I'm kind of hesitant to close these cards. But...on the other hand...since they're clearly bucketed and will never get higher limits, well, I don't know. The reason I don't use them is because of their low CLs. When I need to pick a card for a $3,000 purchase, I'm not going to use one with a $4,000 limit (and the sky-high utilization that would create), when I could choose one of my 5-figure cards instead, you know? Also, their APRs are a lot higher than my other cards; I don't generally carry balances on any card (unless they're on a 0% offer) but, still, I don't like high APRs just on principle.
Thoughts, please? What would you do? Neither card has an AF or anything, so sock-drawering them is not out of the question. Any and all input greatly appreciated!
I would hang on to them and use them now and then.
@SoCalGardener I am with you. And it's worse for me as I never wanted CapOne. I literally got backdoored into them. (They bought Cabelas and WMMC) I have lately been focused on simplification. No, they don't cost anything but the aggravation of having a loose end out there, having to check it, and once or twice a year walking into Cabelas is annoying, although the rewards are great. I do see the WMMC as gaining more value since Walmart is making smart moves, but worth keeping? Not sure about that.
