So I have been posting quite a bit lately about what I should do regarding my credit profile and I finally sort of got it down however I thought it would be a good idea to apply for a capone card so I could have Amex, Discover, Visa, and Mastercard. I went to prequalify and ended up getting the platinum(I have a lot of inquiries). Anyways I ended up getting approved for 300 which is mediocre compare to my other limits. I don't know what I was thinking. Anyways now I'm thinking of just ditching it even though it already hurt me. I am annoyed with myself because even though I know it is a bad idea to apply I still do it. Like I said thinking of closing it because it's just embarrasing to have that in my wallet and profile.
As of 11/28/2018
@Anonymous wrote:
Embarrassing how?
You apped impatiently and now you want to close an account in patiently. I assume you took a triple bureau hit for it. It's a great rebuilder card -- $300 works as well as $50,000 SL for rebuilding over two years.
Impatience unfortunately leads to even more problems later. Sock drawer the card with April 15 written on it. Charge a soda and PIF and sock drawer for 3 months. Then in July come back for advice on the next step.
Rebuilding needs 3 cards, any cards, and one loan. Then sit on it for 6 months doing nothing else but attacking bad debt or high utilization. Then come back with fresh FICO Scores and you'll have a new step to take.
I love my Capital Platinum I opened in May. Since then I've gotten Amex, us bank and Chase. Wouldn't have happened without that CapOne card.
I'm sorry but I always thought that rebuilding was for people that have negative items on their report like collections, late accounts, BKs and such. I don't have anything bad on my reports right now besides a little higher utilization that usual and my inquiries.
Are you looking to convert it to a quicksilver? Why did you get the Platinum?
Leave it to Cap One to be the One to Cap Op
Exactly my point. I have high limit cards and they only gave me 300 dollars. Like wow thanks. So HeavenOhio and AJC what do you think about my situation?
Also keep in mind that a $300 SL from CO is a starter limit that will always be viewed as a starter account. You could bring your score up to 850 and they will always have that account blacklisted from significant growth. Sure you may CLI it to $1000, then $1500 or $2500 but it will hit a ceiling and stay there forever. That's what CO does. I wouldn't fault you for closing it down.
As an off-topic aside, though, a $300 limit card is absolutely fantastic for testing utilization data points