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New Capital One Card Don't want it!

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Chala
Contributor

New Capital One Card Don't want it!

Hi to start off my credit is poor my FICO 8 Experian 622 - TransUnion 624...don't know my Equifax FICO but Equifax Vantage score is 655.
 
Credit Karma recommended if i apply for a new card kept my utilization up to par, that would raise my score 15 points. So i went for it, from Capitol One. But when i found out what my credit line would be i was not happy. A measly $300.00. Bottom line i don't want it. I did not activate it yet, can i send it back or is it to late and will it hurt my credit? Thank you.
Message 1 of 43
42 REPLIES 42
Brian_Earl_Spilner
Credit Mentor

Re: New Capital One Card Don't want it!

It's too late, your scores already took a hit. To be honest, your scores are barely in fair territory so you don't really have very many options that won't rip you off. Without more info about your credit like accounts, lates, collections, etc, we can't help you. Post the details of your credit report and we can start pointing you in the right direction.

    
Message 2 of 43
Chala
Contributor

Re: New Capital One Card Don't want it!

Can't i call them and demand a higher credit line? I just got $5000.00 from Discover 5 months ago. $300? Credit report to come soon!

Message 3 of 43
Anonymous
Not applicable

Re: New Capital One Card Don't want it!

Hey,

 

Like it was said before, without your credit profile it is hard to help you. You CS is very very limited, I am not impressed at all that they only gave you $300 as a CL, to be honest. Again, like it was said before, it is too late, you credit report already took the hit BUT that's not all bad!

Think about it, now you have an additonal $300 for your credit utilization ration. What I mean by that is:

If you have $1000 and use $100 a month (let's say), your utilization ratio is 10%. Now you have even more of a credit line overal. Only $300, I get it BUT let's imagine that you already have another credit card that has $600 CL, your new credit card just gave you an extra $300 which is actually 50% if your other credit line so you increased your overal credit available 50%! 

The number of credit cards/ loans that you have open also play a big role. Banks like to give credit cards to people that already have credit cards. The first 3 credit cards are the hard ones to get because the banks don't "know" you, they don't know if you can handle a credit card and, in your case, based on your credit score, they may not trust you with a high credit line YET. Capital One was my first credit card and I still have it. I started with 1k Credit line and after 6 months they increased to 1.5k. I don't use that card because I get more value out of my other cards, I only have that one because it is my oldest acount. Anyways, back to you!

Like we said before, without knowing your credit profile is hard to help you. How many cards do you own? What is your utilization ratio? Have you ever missed a payment? What is the credit line available? With a low 600s credit score, you will need to fix that before applying for a card and expect high limits. I wanna say that high limits (let's consider high limits over 1k in your case), you will need an avaerage score of 680 at least. I hope that was helpful! 

Message 4 of 43
Anonymous
Not applicable

Re: New Capital One Card Don't want it!

Congrats on the Capital One card!

Message 5 of 43
Chala
Contributor

Re: New Capital One Card Don't want it!

Thanks for your replies. Ok here we go Five open accounts

 

2 Credit cards

Discover: Available Credit: $1,070 Total Credit Line: $4,500

MCU Visa: Credit line $800.00 Maxed out

One Car Lease: Just started $16,331.00 Over  39 Months

Two Collections One for $150.00 the other for $100.00

 

Payment  History: Excellent

 

Utilization: Horrible 66% of Credit Card Limit Used

 

Negative Marks: As stated above two accounts in collections

 

Age of Credit: Poor 7.3 years MCU Visa being the oldest

 

Credit Inquiries: Good very low

 

Available credit: Poor $1,797.00 of Available Credit

 

I did not mention the new Capital One Platinum $300.00 Credit Line untouched

 

Bottom line much work is needed, thanks much to all providing advice!

 

 

 

 

Message 6 of 43
Anonymous
Not applicable

Re: New Capital One Card Don't want it!

Hey!

Yeah, you got some work to do but don’t surrender! I, one day, was in the same position as you, the only difference is that I did not have any collections.
Anyway, you gotta reduce your utilization ratio ASAP. That’s probably the main thing (that you can control) that is hurting your credit score. Work on paying that card that is max out first.
I bet that if you were to bring your utilization ratio to something like 20%, you could go to a 660ish credit score easy. Try not to add any hard pulls for the time being on your credit report. Back to the capital one card, it makes sense that they only gave you $300 of CL based on your credit profile so don’t get upset about it because a credit line of $300 should have been expected in your case. Banks like to give credit cards to people that don’t need it, haha! Kinda silly but it makes sense. If you have a credit card that is max out, why would they give you another one (thinking like a bank*)?Anyways, just keep working on it.
I know that I just mentioned “don’t get more hard pulls” BUT a way to reduce your credit ratio is actually getting more credit, haha! If you wanna go this route, you could apply for like the Amazon store credit card or some other store credit cards (as those are extremely easy to get because they want you to be loyal to that store and spend money there) and expand your credit line. Let’s say you get an Amazon STORE credit card (don’t go for the visa one, you won’t be approved!) and let’s say that they give you a $500 credit line. Your utilization ratio would go down because now you have more credit available. You could use that card to make a couple of purchases but as it doesn’t have an annual fee (like the majority of store credit cards) it could be a sock drawer card!
I actually took this route on my credit card journey only a couple of months ago and it worked pretty well for me BUT keep it in mind that because these cards are easy to get, they are not 100% guarantee chance of approval as there’s no such thing but the chances are high(er). Oh, and fix those accounts in collection! I hope I was helpful!
Message 7 of 43
Chala
Contributor

Re: New Capital One Card Don't want it!


@Anonymous wrote:

I know that I just mentioned “don’t get more hard pulls” BUT a way to reduce your credit ratio is actually getting more credit, haha! If you wanna go this route, you could apply for like the Amazon store credit card or some other store credit cards (as those are extremely easy to get because they want you to be loyal to that store and spend money there) and expand your credit line. Let’s say you get an Amazon STORE credit card (don’t go for the visa one, you won’t be approved!) and let’s say that they give you a $500 credit line. Your utilization ratio would go down because now you have more credit available. You could use that card to make a couple of purchases but as it doesn’t have an annual fee (like the majority of store credit cards) it could be a sock drawer card!


But that would be one more hard pull

Message 8 of 43
CreditInspired
Community Leader
Super Contributor

Re: New Capital One Card Don't want it!

Demand ??? 😂🤣

OK, had to do it.

Hi OP and welcome to MyFICO

Getting a CC, a loan, etc., is a privilege, not a generous handout because someone feels they deserve it.

As long as a CCC has not discriminated against you via their lending practices, it is nothing you can do.

Yes, just close the card if you’re unhappy. On the other hand, take this opportunity to treat this as a lesson learned. It could have been a decline.

Go to the garden and work on the things that are keeping your scores low.

GL2U

|| AmX Cash Magnet $40.5K || NFCU CashRewards $30K || Discover IT $24.7K || Macys $24.2K || NFCU CLOC $15K || NFCU Platinum $15K || CitiCostco $12.7K || Chase FU $12.7K || Apple Card $7K || BOA CashRewards $6K
Message 9 of 43
Brian_Earl_Spilner
Credit Mentor

Re: New Capital One Card Don't want it!


@Chala wrote:

Can't i call them and demand a higher credit line? I just got $5000.00 from Discover 5 months ago. $300? Credit report to come soon!


No, you can't. Cap1 doesn't do recon. I only glanced at the financials posted, but need more info. An excellent payment history can still have lates with the most recent being at least 2 years old. The types of lates will determine the impact. 30 days fade over time. 60+ will stay strong until they fall off. Open collection accounts count towards your DTI ratio and can be used in factoring utilization by some lenders. Need to know how old they are and how much you owe. If they're recent enough, that will explain the low SL. You can't compare to Discover as their decisions don't make any sense. We have people here with 800+ scores and over $250k income that have been denied for discover. I'm on my 15th month of a secured discover while people with mid-500 scores get graduated at 7 months. Discover is a wild card and you can't base how good your credit is with what they give you.

    
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