I've been doing some reading here on the forums and watching videos on YouTube about bucketed cards with capital one. I know this topic has been exhausted and there's multiple threads on it. I would just like to see if there's been any recent info or some fresh DP's about this topic. Wondering if it's worth it to keep the accounts open for years and get some super small cli's. Or... cancel both wait a year or two and get a card with a bigger limit. Or just simply not be bucketed. I know the whole well.. it's no AF so it's not hurting to keep them open etc. I know they report for 10 years after closing. Just looking for fresh DP's or potentially new info. Thanks
Before anything. Ignore YT. Many of us have/had a bucket card. Majority once they grew their files. Closed out the accounts. I closed both buckets after obtaining the 3 below. With $24,900 total credit line out of all the cards in your siggy. I'd hold on to them for padding. Once CLI's and better SL's appear as your file grows. Then shut them down. If it isnt broken dont fix it.
Agree with @FireMedic1
It took me about 4 yrs of growing my credit and responsible usage for companies to begin giving me significant increases and starting lines. It's hard to be patient when you're a myFICO member, but.. be patient. 😆
@NoMoreE46 Yeah I've been thinking about it. The only reason I haven't is because they've waived the AF for the last two years. Although it's not giving me rewards, it provides little padding, and reports age and payment history. I told myself if they do try and change me an AF this year I will close it. If they don't, well..I'm not sure.
I've got a couple of bucketed Cap1 cards that are about to turn 7 in a couple of months. They've only reached $2400 but I've received larger SLs for each subsequent card.
They are two of my oldest cards so I've kept them opened. I don't plan to ever apply with Cap1 again so I'm ok as things are.
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My quicksilver started at $2K and I've only ever gotten the promised $500 increase on it after I had it six months. There's no annual fee, and the 1.5% cash back isn't the greatest reward but I keep it around due to age and no FTF. If the limit was lower I would close it though.
I just closed my CAP1 card. It was a QS1 and only made it to $700. You will hear all kinds of advise, but in the end you have to decide what's ok with you.
I tried paying it off every month. Running the card up then paying it off. Not using it for a few months... which really upset me because once I used it CP1 would send in an off cycle balance update to the credit bureau for $20. 🤔
I thought about it and although I was thankful for their approval when I did my rebuild it was not worth it for me. I felt for me I did not want someone to do a manual review and find a $700 CAP1 card on my credit report. After Chase approved me I moved on.
I am glad I did. CAP1 always gave me some crazy reason for denial and always from EQ. Other Cards getting approved or CLI from an EQ pull.
Like I said this is your call. It will stay on your report for like10-years. Good Luck whatever you decide.
I do not believe in waisting my time every month with a credit card
that has poor rewards, an AF or "bucketed".
In ten years keeping both the Quick Silver and your oldest card the "Open Sky"
would mean 2 months average age of account difference from closing both tomorrow.
The reason accounts stay for 10 years is that it is enough time to let your current and new
cards age. My time playing with a card every month for 10 years is worth more than 1 month
average age of accounts, per card.
Current Card in 10 years:
Without QS and Open Sky
