I have 2 Capital One cards, Quicksilver with $12k and Savor with $10k. I use my Savor all the time, but not so much my Quicksilver. I plan to app for the Fidelity Rewards Visa soon which will be my 2% everything else card, so at that point my Quicksilver will be all but useless.
My options are to keep it alive with a periodic Altoids purchase or move as much of the credit over to my Savor and close it.
Keeping it open seems the best since it is my oldest active card, but if Capital One eventually just cuts my limit on it, I am thinking it might be better just to move some of the credit over to Savor now.
So, does anyone have first hand experience with Capital One lowering their limit? How often does it happen? Are there any spending habits would keep it from happening?
Do you really need the credit? That's the real question. Your not utilizing that credit currently, so it would seem you don't need it. Thus who cares what Capital One does in the future, just sock drawer it. I'm sure you'll get a big SL on the Fidelity Visa to replace it.
Aven:
RH:
typically you get a 'account review' letter saying they're going to lower your credit limit, but they give you a phone number to call to opt-out of the review and that's it
that's not to say they won't lower your credit limits for low spend, but if they do, so be it, I wouldn't really worry too much about it
there's also another plan of closing/product chagning (if it's offered) the quicksilver without reallocating the limit and leaving yourself the flexibility in terms of TCL w/Cap1 to get a Venture X at some point in the future
eventually
@Varsity_Lu wrote:I have 2 Capital One cards, Quicksilver with $12k and Savor with $10k. I use my Savor all the time, but not so much my Quicksilver. I plan to app for the Fidelity Rewards Visa soon which will be my 2% everything else card, so at that point my Quicksilver will be all but useless.
My options are to keep it alive with a periodic Altoids purchase or move as much of the credit over to my Savor and close it.
Keeping it open seems the best since it is my oldest active card, but if Capital One eventually just cuts my limit on it, I am thinking it might be better just to move some of the credit over to Savor now.
So, does anyone have first hand experience with Capital One lowering their limit? How often does it happen? Are there any spending habits would keep it from happening?
I'll say go ahead and move the credit to Savor if you can.
Cap1 doesn't like ppl sock drawing their cards, so they will send you a letter: Use it, or lose it .
I had to close my QS after they cut the limit for the same reason.
Need? No. But I have $22k of credit from Capital One and I really like them overall, so I' like to keep it if I can. People complain about how stingy they are with CLIs so I might as well try and hold on to it. I see me keeping Savor in my wallet a long time.
If I go the X route I'd most likely open a new account to get the SUB. The only PC I'd go with this is another no AF card which leaves me with Venture One. Not sure that's an upgrade.
I think I'll move $10k over to Savor which would give me $20k on that card. I use it a lot, do the chances of them lowering that is low I think. That will leave $2k on a sock drawer Quickdilver card that I will keep alive for account age purposes. Maybe I'll close it in a few years once my younger cards age so it won't affect my AAoA as much.