I have an Orchard Bank MC ($500 with recently-raised limit of 29.9%!) and a CapOne MC that's my "main" card ($1500 at 17.9 purchases/24.9 cash). My CapOne was as low as 11.99% right before they changed the terms under the new credit laws.
My dilemma is whether it's smart to pay down or pay off the Orchard Bank card. I suspect CapOne would like me to run a balance, but I got burned when HSBC and IKEA parted ways right after I'd PIF'd. (They lowered my credit limit before closing it--and even claimed I paid late, which I'm disputing like mad).
I decided to pay Orchard down to 1% UTIL and sockdrawer it. My next step is to throw more money at Wal-Mart (9.16.81 at 29.9%) and wean myself off of it. It is a nice juicy limit. With half the CapOne balance at 24.9% for a cash advance while traveling (complicated), I'd like to hack that down ASAP. Finally, I have Macy's (686.82 at 24.5%). My original plan was to pay everything off all at once, which is my tendency, but I want and need to put some money into other things (a long-delayed house repair, one month's pay cushion while I build an emergency fund), and this seems the best way to progress on all fronts.
Anyone have any insights about how or whether to ask CapOne to add my old limit to my existing CapOne card? Once everything is back in order, I want to go on a massive rate-lowering campaign across the board--mortgage, car, credit cards, everything--so this is the motivation for paying down the cards AND keeping them under 15% UTIL from this day forward, with the possible exception of work travel because my limit's so tiny.
Along those lines, I also wonder when would be the best time to call CapOne's back door and ask very nicely for a grownup's limit. As I move into heavier business travel on my own card (job-hunting and presentations), I'd like to be able to put an entire trip's expenses on one card if need be. Sometimes I can, but not without bumping up against the existing limit.
Starting Score: 550
Apparently, some people were getting CapOne CLIs without even asking for them:
I'd settle for a rewards card at my current interest rate. 
@poet wrote:Apparently, some people were getting CapOne CLIs without even asking for them:
I'd settle for a rewards card at my current interest rate.
This is true but seems about as random as getting a CLI from Target... My friend still has his $500 9 year old Cap 1 card, 768 Fico and Citi at $7200, Amex at $4600 (brand new), and Bloomingdales.
I know they were telling customers that they could not initiate a CLI request but after I called in solely to express my disappointment with them thus far (I went on and on for a good 10 minutes.) the rep put in a request for a CLI at my request. It was denied immediately. I'm not sure if they did it or if she knew the request would not go through (my account was less than a month old at that point). I did receive a letter from them though explaining the denial:
Recently you contacted us about increasing your credit limit. We're writing to let you know that,
unfortunately, we were not able to approve the increase for the following reasons:
Your Capital One account is too new
Credit bureau information is missing or unavailable
A credit limit increase on your account is not currently available upon request
In accordance with our policy, our associates have little power to reverse this decision. Although we
were unable to fulfill your request at this time, Capital One may periodically conduct account reviews
and increase the credit lines of those who qualify. If your line is increased after a Capital One initiated
review, we will notify you separately.
We regret any inconvenience and look forward to continuing to serve you. Thanks for being a Capital
One® customer.
To close or not to close... that is the question...!
They've been good to me, but only like a casual date, not like a marriage. I may PIF this card and close it.