Done with CAP 1, sad CLI story

[Slim1Der]

Still trying to have love for Cap one since it was my rebuilder card and my oldest trade line besides my AU Citi Account. It's 56 month old (Cap 1). Anyway, I think I started with like $500 CL, then it took forever to get up to $750. I think that I tried for a CLI a few times and then they ended up giving me one. Then every time I tried, they denied me for whatever reason. A few years passed and they gave me an auto CLI to $2250, I was FLOORED. Then maybe a year ago they gave me another one for $500. Currently sitting at $2,750. So I decided to just try for one thinking they would be generous. Now mind you, I have since built up $191,000 worth of credit since this. So I push the love button, I get the dreaded 10 day message. I go to check the reason after a few days. They say my payments have been too small! I had about $1200 on there I was taking advantage of last year a 0% BT. Paying it down $100/month. Finally I paid it when it was down to $850. Paid it to zero then tried for the CLI and they come at me with that crap. 

Slim

[FinStar]

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@Slim1Der wrote:

Still trying to have love for Cap one since it was my rebuilder card and my oldest trade line besides my AU Citi Account. It's 56 month old (Cap 1). Anyway, I think I started with like $500 CL, then it took forever to get up to $750. I think that I tried for a CLI a few times and then they ended up giving me one. Then every time I tried, they denied me for whatever reason. A few years passed and they gave me an auto CLI to $2250, I was FLOORED. Then maybe a year ago they gave me another one for $500. Currently sitting at $2,750. So I decided to just try for one thinking they would be generous. Now mind you, I have since built up $191,000 worth of credit since this. So I push the love button, I get the dreaded 10 day message. I go to check the reason after a few days. They say my payments have been too small! I had about $1200 on there I was taking advantage of last year a 0% BT. Paying it down $100/month. Finally I paid it when it was down to $850. Paid it to zero then tried for the CLI and they come at me with that crap. 

Slim

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An item to keep in perspective OP, you likely got this card during the darkest period of your credit rebuild?  So, Capital One doesn't typically hand out stellar SLs and products during the not-so-perfect  years of a rebuild.  Now, that being said, it looks like it has grown somewhat (can't complain really since the CL is not $500 to this very day).

I would be willing to bet if you applied today (not encouraging, just a theory) and if your profile is more optimized since your BK, you'd probably get a nicer SL with say a QS or Venture?  then you can fold good ole 56-month Capital One to the new one.  Things usually stop growing for rebuilder cards after you reach a certain threshold so just look back at all what you have accomplished over the years and decide where you want to take things next.

[Slim1Der]

Thanks for the info!

Now let's say I do that, would I lose the 56 month tenure?

[elim]

Grab a Venture (and Bonus) combine in 6 months, keeping your oldest card at a much higher limit.

[CH-7-Mission-Accomplished]

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@FinStar wrote:

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@Slim1Der wrote:

Still trying to have love for Cap one since it was my rebuilder card and my oldest trade line besides my AU Citi Account. It's 56 month old (Cap 1). Anyway, I think I started with like $500 CL, then it took forever to get up to $750. I think that I tried for a CLI a few times and then they ended up giving me one. Then every time I tried, they denied me for whatever reason. A few years passed and they gave me an auto CLI to $2250, I was FLOORED. Then maybe a year ago they gave me another one for $500. Currently sitting at $2,750. So I decided to just try for one thinking they would be generous. Now mind you, I have since built up $191,000 worth of credit since this. So I push the love button, I get the dreaded 10 day message. I go to check the reason after a few days. They say my payments have been too small! I had about $1200 on there I was taking advantage of last year a 0% BT. Paying it down $100/month. Finally I paid it when it was down to $850. Paid it to zero then tried for the CLI and they come at me with that crap. 

Slim

---

An item to keep in perspective OP, you likely got this card during the darkest period of your credit rebuild?  So, Capital One doesn't typically hand out stellar SLs and products during the not-so-perfect  years of a rebuild.  Now, that being said, it looks like it has grown somewhat (can't complain really since the CL is not $500 to this very day).

I would be willing to bet if you applied today (not encouraging, just a theory) and if your profile is more optimized since your BK, you'd probably get a nicer SL with say a QS or Venture?  then you can fold good ole 56-month Capital One to the new one.  Things usually stop growing for rebuilder cards after you reach a certain threshold so just look back at all what you have accomplished over the years and decide where you want to take things next.

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I agree with this, but the better option would be to get one or more new Ventures and Quicksilvers and fold those new 10K and 5K limits into the old card.  I did this with my SO and we now have a 50K Cap 1 with an open date in the 1990s.

[FinStar]

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@Slim1Der wrote:

Thanks for the info!

Now let's say I do that, would I lose the 56 month tenure?

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If you go for another Capital One card (see which fits your overall profile), and you get approved, you wait about 6+ months to combine the old one into the new one (chances are you may get a better APR on the newest if your overall profile is good).  During the account combination process, the old account will be closed.  So, you will still get an extra ~10 years (give or take) of postive history on the closed account in addition to the prior 56 months. 

Unfortunately, Capital One doesn't have a "backdating" feature that carries on with new cards.  But, I'm sure Capital One could view or recognize how long you've been a customer.  The new account may lower your AAoA slightly, but you would have to decide what's best for you in the end.

[FinStar]

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@elim wrote:

Grab a Venture (and Bonus) combine in 6 months, keeping your oldest card at a much higher limit.

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I wouldn't necessarily keep the old one if the newest account ends up with better terms (i.e. APR).  Otherwise, if he combines the newer product into the old one, growth will be inhibited since the old product coding would be preserved (i.e. rebuilder card with higher CL).

[FinStar]

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@CH-7-Mission-Accomplished wrote:

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@FinStar wrote:

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@Slim1Der wrote:

Still trying to have love for Cap one since it was my rebuilder card and my oldest trade line besides my AU Citi Account. It's 56 month old (Cap 1). Anyway, I think I started with like $500 CL, then it took forever to get up to $750. I think that I tried for a CLI a few times and then they ended up giving me one. Then every time I tried, they denied me for whatever reason. A few years passed and they gave me an auto CLI to $2250, I was FLOORED. Then maybe a year ago they gave me another one for $500. Currently sitting at $2,750. So I decided to just try for one thinking they would be generous. Now mind you, I have since built up $191,000 worth of credit since this. So I push the love button, I get the dreaded 10 day message. I go to check the reason after a few days. They say my payments have been too small! I had about $1200 on there I was taking advantage of last year a 0% BT. Paying it down $100/month. Finally I paid it when it was down to $850. Paid it to zero then tried for the CLI and they come at me with that crap. 

Slim

---

An item to keep in perspective OP, you likely got this card during the darkest period of your credit rebuild?  So, Capital One doesn't typically hand out stellar SLs and products during the not-so-perfect  years of a rebuild.  Now, that being said, it looks like it has grown somewhat (can't complain really since the CL is not $500 to this very day).

I would be willing to bet if you applied today (not encouraging, just a theory) and if your profile is more optimized since your BK, you'd probably get a nicer SL with say a QS or Venture?  then you can fold good ole 56-month Capital One to the new one.  Things usually stop growing for rebuilder cards after you reach a certain threshold so just look back at all what you have accomplished over the years and decide where you want to take things next.

---

I agree with this, but the better option would be to get one or more new Ventures and Quicksilvers and fold those new 10K and 5K limits into the old card.  I did this with my SO and we now have a 50K Cap 1 with an open date in the 1990s.

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This could be a viable alternative, provided the OP doesn't want to tank their AAoA too much and may get a temporary ding on scores.  Just depends on the OP's long term results I suppose.

[elim]

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@FinStar wrote:

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@elim wrote:

Grab a Venture (and Bonus) combine in 6 months, keeping your oldest card at a much higher limit.

---

I wouldn't necessarily keep the old one if the newest account ends up with better terms (i.e. APR).  Otherwise, if he combines the newer product into the old one, growth will be inhibited since the old product coding would be preserved (i.e. rebuilder card with higher CL).

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  might be right, my last venture was 12.9%

[CH-7-Mission-Accomplished]

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@FinStar wrote:

---

@elim wrote:

Grab a Venture (and Bonus) combine in 6 months, keeping your oldest card at a much higher limit.

---

I wouldn't necessarily keep the old one if the newest account ends up with better terms (i.e. APR).  Otherwise, if he combines the newer product into the old one, growth will be inhibited since the old product coding would be preserved (i.e. rebuilder card with higher CL).

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I wouldn't worry about the APR at all.  If you ever have to carry a balance, you had better do it on a CU card or a 0% balance transfer.  Getting 14.9% versus 24.9% on Cap 1 is still a crappy deal if you can't PIF.