Since rebuilding my credit I have had 4 cards with CapOne.
The first I closed because they would not take off the annual fee. I was getting plenty of cards with no fee at the time. I was unaware of the EO office at the time.
The second card I combined into my HSBC/Household card because my HSBC card was getting no love ever.
The third card was a card I opened to try and leverage CapOne to do something positive with my HSBC card, as it had the lowest interest rate. This card was a Signature card, so it was a bit odd to me that the APR was higher than the HSBC card they took over.
I now have a $20,000 limit regular MasterCard with them that I know will probably never get any love from. However, I don't really care. I tried many times to get them to lower the APR on it. They tell me silly things like they can't lower the APR because the card act doesn't allow them to, but they can give me a temporary APR reduction. (Stupid answer, because if the card act didn't allow it, then it wouldn't even allow it for a temporary sitituation. Who writes their scripts?) Since it is now my oldest car I don't have a desire to close it.
If I ever need to file bankruptcy I am going to transfer all my balances to that card so that it's the only company I burn. After all we all know they will open me a card in the future anyway regardless of anything. I figure if that need ever arises, not planning on it just thinking forward, then I will have only one card in the bankruptcy and a lot of other cards still reporting for 3 years after the bankruptcy falls off. After all I would be smart enough to close them right before I did it. It is not plan B, more like plan Z. I figure it would be better to be nice to those that have been nice to me. If the court asked me why I did this, I would simply say I was trying to refinance the debt I did have and when I had it all transferred, that was when I realized how unmanageable it was. Using CapOne to rebuild on would then be the sweetest irony.....
It is by will alone I set my mind in motion.....
Always follow these rules: Only take a HP for a new account. Always use the best rewards card for that reward category. Don't close a card unless you know you really should. Never use more than 35% of a credit limit. Recon as much and as best you can. Use the introductory period to the best advantage. Get the signup bonus. Whenever possible PIF or balance transfer so you pay less in interest. Never give an excellent rating when it is actually the norm. Always look for a discount as more is always better.
Always accept candy from strangers because they have the best candy or from people you know have good candy.
