Capital One refuses to grow with me

[Anonymous]

I received my first actual credit card with Cap1 QS1 in March of 2016. As I was just starting out I received a SL of $300. Since then my FICO has increased to 748, and I have at least five other accounts now. In February I decided to start gardening and received other credit cards with much higher limits. After requesting a CLI from Capital One they bumped it to $400. While my youngest accounts Barclay and AMEX SPG gave me a starting limit of 2.5k and 10k. They have increased my credit lines to 5k and 15k (AMEX) without me even asking.

I really like Capital One QS1, but it seems I do not fit their profile since they cannot increase my credit limit or even upgrade me to the QuickSilver which has no annual fee.  Would my FICO score take a dive if I just close the card with them? 

Any input will be appreciated

[Anonymous]

With 5 other cards since then (only 1.5 years ago) and significantly higher SL, your credit score would only take a small, and temporary, hit. It'll be temporary since your average credit age goes down, so depends when you got your 5 other cards.

If it were me, i would ditch them. No point keeping such a low limit card with little to no prospective IMO. Take your business elsewhere. 

[driftless]

Cap One seems to treat some of their customers very well and others not so much.  I would not hesitate to close your Cap One account.  Closing cards is a natural part of the rebuilding process.  You might want to keep an eye on Cap One's prequalified page in the future.

[NRB525]

There would not be a significant effect on your score by closing. 

Capital One has a tendency to put a ceiling on how high each card can go, specific to the cardholder. One step to consider is a new application for the no-AF QS. It will be HP on each of the three bureaus, but you may get a much better limit, and the better card features. 

[Anonymous]

I agree there. Even though it is one of my favorite cards due to the cash back and no foreign transaction fee. They pretty much remained the same including their APR @ 23.99% so I pay it off in full every month. Even though I've read that a further review is normally a denial with Capital One I will wait on them. Fingers cross! 

[Anonymous]

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@Anonymous wrote:

With 5 other cards since then (only 1.5 years ago) and significantly higher SL, your credit score would only take a small, and temporary, hit. It'll be temporary since your average credit age goes down, so depends when you got your 5 other cards.

If it were me, i would ditch them. No point keeping such a low limit card with little to no prospective IMO. Take your business elsewhere. 

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That's not correct.  When you close a card it continues to report and age on your credit reports generally for 10 years so there is no effect on your AAoA.  Where it can change your score is if it affects your overall utilization.  However because the OP's limit is small, that won't be the case here.

[Appleman]

Have you checked the Cap1 pre-qualification site?

I was stuck with a Cap1 card that would not budge beyond $3,900 despite 800 credit at the time.

Applied for a Venture card was given $20,000 opening line. Something with their algorithms for credit increases seems a bit screwy to me.

If you are paying an annual fee, I would say it is time to move on and close the card.

[Anonymous]

I had not had any offers with them pop up. Even spoke with a representative about the upgrading to the QS with no annual fee, but the option was not available. But now that you mentioned the annual fee it might be better not to be impulsive and wait another three months since the AF won't be due til around March.

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@Appleman wrote:

Have you checked the Cap1 pre-qualification site?

I was stuck with a Cap1 card that would not budge beyond $3,900 despite 800 credit at the time.

Applied for a Venture card was given $20,000 opening line. Something with their algorithms for credit increases seems a bit screwy to me.

If you are paying an annual fee, I would say it is time to move on and close the card.

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[K-in-Boston]

Don't feel like you're the only one, lynskey!  My Venture One card is a Frankenstein creation of 6 credit cards opened and combined at random points from the late '90s to 2004, half of which weren't even CapOne cards when they were originally opened (CapOne has bought out a lot of other lenders over the years).  I have never once in my life received a CapOne credit line increase and they won't budge on the 25.99% APR.

I think your plan to hold off is a good strategy.  Try the link that MyLoFICO posted here to see if you can upgrade to a no-fee card in a few months if you decide to keep it.  Otherwise, unless your cards are all maxed out and that's making a big difference with your overall utilization (which is very doubtful with that limit) it's not really going to make any difference whatsoever in your scores.

[Tazman81]

You should check out some of the other threads on captial one.  Usually if you have a "starter" card, it will not grow too much.  You typically end up having to get one of their cards for better credit to see the higher limits.

See if you can Product Change your QS1 for the regular QS card using the below link.

https://verified.capitalone.com/sic-ui/#/esignin?Product=Card&Action=ProductUpgrade 

If they let you product change, then you typically keep your same account number, and you should likely be able to get the type of credit line increase you are looking for.  One thing to be careful of.  Read the site VERY carefully.  Sometimes the offer you to product change from your current QS1 to another QS1...  You do not want that.  You want the regular QS card which should have no annual fee.