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Capital one credit card help

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New Visitor

Capital one credit card help

I am just now starting to build my credit back up and do not use credit cards regularly, after applying got approved for a capital one platinum credit card with a limit of 300 ( fairly depressing given what I make and how much I do spend in a month, although I havent needed or used credit lines in the past outside of a mortgage I put half down on and have perfect history) I have an account that I cant remember what happened but is restricted and capital one wont lift restriction, (500 limit journey card that was opened in 2011) I need tips on the fastest way to get my limit up and what I should do with the old account anything and everything please!

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Moderator

Re: Capital one credit card help

Hi and welcome to the forums @Metro1 

 

You have a starter Cap One card which may or may not grow. All you can do is use it and hope that yours is one of those few that will actually grow. You're most likely enrolled in steps program, meaning you will get a modest increase usually after 5th statement 

You may also want to see if product change is available. You might be able to get a PC to QS and at least get some cash back. Usually you'd want to wait at least three months and it may not work on a first try 

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

 

As far as restricted card, if it's been that way for a long time and it's paid off, you may want to close it. If the restriction is not lifted after a few years, it probably wont happen. It's an older account, it cannot be used for fraudulent purposes, so you may also want to consider leaving it alone. 

Even if the restriction was lifted, that card is in purgatory, will not grow, you're not a student, so I'm really not sure you have any use for it. 

 

Are those your only revolving credit accounts or do you have others? 

Message 2 of 6
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Community Leader
Super Contributor

Re: Capital one credit card help


@Metro1 wrote:

I am just now starting to build my credit back up and do not use credit cards regularly, after applying got approved for a capital one platinum credit card with a limit of 300 ( fairly depressing given what I make and how much I do spend in a month, although I havent needed or used credit lines in the past outside of a mortgage I put half down on and have perfect history) I have an account that I cant remember what happened but is restricted and capital one wont lift restriction, (500 limit journey card that was opened in 2011) I need tips on the fastest way to get my limit up and what I should do with the old account anything and everything please!


Hi and welcome to myFICO,

 

We can't help you without DPs (data points).

 

  • 3 FICO scores (EQ, EX, TU) -- not VS (vantage scores)
  • Age of oldest account (AoOA)
  • Age of Youngest account (AoYA)
  • UT (untilization)

So in the meantime, if you don't belong to a CU, I suggest joining one. You should also apply for a secured card and put a large deposit on it since you make a decent income. Then use that card responsibly for 3-6 months and then try for a CLI. Afterward, see if you have any prequals on Discover and/or Amx websites. 

 

Since you are rebuilding, I also suggest you visit that forum which offers a plethora of information and insight. Matter-of-the-fact, I'll ask a Mod if your post should be moved there.

 https://ficoforums.myfico.com/t5/Rebuilding-Your-Credit/bd-p/rebuildingcredit

 

GL2U


DEC 2019: EX 816, TU 820, EQ 810
DEC 2018: EX 777, TU 783, EQ 799

|| AmX Cash Magnet $40.5K || NFCU CashRewards $30K || Discover IT $24.7K || Macy's $20K || NFCU CLOC $15K || CitiCostco $12.7K || NFCU Platinum $12.5K || Apple Card $6.5K ||
Message 3 of 6
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Re: Capital one credit card help

Thank you for the starter card info, my plan was to run it up to max every week and pay in full being sure to have it payed off before capital one posts to bureaus, assuming usage plays a big part in how they hand out CLI's.

 

The restricted card is by far my oldest account but is an active account giving me a much longer history and no use on a 500 limit so im between a rock and a hard place as to if i should cancel it or not very frustrating and it has been driving me crazy since ive started looking into this again about a month ago. But i guess the only way to really know is to do it.

 

I only have three active accounts hitting my credit report, both of these capital one accounts and  a mortgage. The mortgage has a perfect payment history. I have been fortunate enough to buy or pay for everything I need in cash (cars, home repairs, vacations, etc) but with prices of properties in the dc area I will need to apply for another loan and I want to ensure I am in the best spot possible. I am sure I wont be making these mistakes of not using credit in the future

 

 

Message 4 of 6
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Re: Capital one credit card help


@Metro1 wrote:

Thank you for the starter card info, my plan was to run it up to max every week and pay in full being sure to have it payed off before capital one posts to bureaus, assuming usage plays a big part in how they hand out CLI's.

 

The restricted card is by far my oldest account but is an active account giving me a much longer history and no use on a 500 limit so im between a rock and a hard place as to if i should cancel it or not very frustrating and it has been driving me crazy since ive started looking into this again about a month ago. But i guess the only way to really know is to do it.

 

I only have three active accounts hitting my credit report, both of these capital one accounts and  a mortgage. The mortgage has a perfect payment history. I have been fortunate enough to buy or pay for everything I need in cash (cars, home repairs, vacations, etc) but with prices of properties in the dc area I will need to apply for another loan and I want to ensure I am in the best spot possible. I am sure I wont be making these mistakes of not using credit in the future

 

 


I would leave restricted card alone. It's not like you're putting charges on it and forgetting to pay. Cannot be used for fraudulent purposes. All it's doing is aging. When you're ready, close it.  It will remain on your CR up to 10 years. It can fall of earlier, though. 

 

If you'll have three active revolving accounts, you'll be fine. Dont cancel low limit card quite yet. Build some positive history with them because of that other card. It may not be exactly ideal but you already took three HPs for it, it lowered AAoA, so make a lemonade. 

Dont apply for any more cards, let the ones you have age, and in about a year or maybe a little bit longer, you'll be in a lot better place. 

All you need now is time.

 

Message 5 of 6
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Senior Contributor

Re: Capital one credit card help


@Metro1 wrote:

Thank you for the starter card info, my plan was to run it up to max every week and pay in full being sure to have it payed off before capital one posts to bureaus, assuming usage plays a big part in how they hand out CLI's.


Welcome, @Metro1. Smiley Happy

 

Usage plays a big part in Capital One CLIs. But as mentioned, CLIs may be a problem with this particular card. If you apply for a second Capital One card a year or so down the road, it'll probably come with a higher starting limit, and it will likely be much easier to increase the limit.

 

FICO likes it best if there's a small balance on a single card. It doesn't like all cards at zero; there's a noticeable penalty for that. Assuming that the two cards you've mentioned are your only two cards, you'll want to leave a small balance (at least $5 but not much more) on the newer card. You don't have to pay interest to do that. Simply bring your balance down to a low number in time for the statement to cut, the same way you were planning on bringing your balance to zero.

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