Credit One Platinum Upgrade Question

[vermontcred]

Hello, I have a Credit One Platinum.

I am trying to increase the limit as it's only $500 and I have other cards with 10k-20k.

I have an offer to upgrade my card to the X5 Visa.

If I do this, does it act as the same account? I dont want a new credit card account and don't want to affect the age.

Also do they do a hard inquiry if I do this?

End goal is keep the age of the account, no hard inquiry, and increase the limit.

Am I better off upgrading or asking for a CLI on current card?

[citymunky]

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@vermontcred wrote:

Hello, I have a Credit One Platinum.

I am trying to increase the limit as it's only $500 and I have other cards with 10k-20k.

I have an offer to upgrade my card to the X5 Visa.

If I do this, does it act as the same account? I dont want a new credit card account and don't want to affect the age.

Also do they do a hard inquiry if I do this?

End goal is keep the age of the account, no hard inquiry, and increase the limit.

Am I better off upgrading or asking for a CLI on current card?

---

Without much details, most us are going to say close the card completely since you hold cards with credit limits (CLs) of $10K-20K. With limits that high you are well pass the re/building stages. Credit One payment history will remain of your profiles for up to 10 years. The only way most would even consider keeping that card open if there was no annual fee (AF) or you getting postive value in rewards from the card to offset the AF. 

[imtherealghost]

From what I recalling it showing up as an offer with my account as well as getting the same offer in the mail is that it would be a new account with no hard inquiry. The letter specifically stated there was no hard inquiry because of the existing relationship. 

I will see if I can dig it up to confirm but probably has been shredded by now. I didn't go with it as I didn't see the point of another card with a low limit.

Good luck 

[Jeffster1]

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@citymunky wrote:

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@vermontcred wrote:

Hello, I have a Credit One Platinum.

I am trying to increase the limit as it's only $500 and I have other cards with 10k-20k.

I have an offer to upgrade my card to the X5 Visa.

If I do this, does it act as the same account? I dont want a new credit card account and don't want to affect the age.

Also do they do a hard inquiry if I do this?

End goal is keep the age of the account, no hard inquiry, and increase the limit.

Am I better off upgrading or asking for a CLI on current card?

---

Without much details, most us are going to say close the card completely since you hold cards with credit limits (CLs) of $10K-20K. With limits that high you are well pass the re/building stages. Credit One payment history will remain of your profiles for up to 10 years. The only way most would even consider keeping that card open if there was no annual fee (AF) or you getting postive value in rewards from the card to offset the AF. 

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This. 

[Blender]

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@Jeffster1 wrote:

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@citymunky wrote:

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@vermontcred wrote:

Hello, I have a Credit One Platinum.

I am trying to increase the limit as it's only $500 and I have other cards with 10k-20k.

I have an offer to upgrade my card to the X5 Visa.

If I do this, does it act as the same account? I dont want a new credit card account and don't want to affect the age.

Also do they do a hard inquiry if I do this?

End goal is keep the age of the account, no hard inquiry, and increase the limit.

Am I better off upgrading or asking for a CLI on current card?

---

Without much details, most us are going to say close the card completely since you hold cards with credit limits (CLs) of $10K-20K. With limits that high you are well pass the re/building stages. Credit One payment history will remain of your profiles for up to 10 years. The only way most would even consider keeping that card open if there was no annual fee (AF) or you getting postive value in rewards from the card to offset the AF. 

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This. 

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These.

[ptatohed]

The Platinum X5 has an AF of $95.  It has a spending cap on 5% cats of $5,000 / yr.  If (and only if) one spent exactly $5,000 in the allowable cats (gas, grocery, certain utils), it's a 3.1% CB at best.  Not bad I guess but spend less than or more than $5,000 and that CB % drops.  There are cards that get 5% in these cats with no AF.  

https://www.creditonebank.com/credit-cards/platinum-x5-visa