myFICO Newbie needs advice

[Anonymous]

Hello all,

I'm new to myFICO but not new to credit cards and wanted to say this is the best free advice and forum I've ever seen.

I've read some reallly great posts and advice and can't speak highly enough of how supportive and informative everyone is.

I'm so glad I stumbled across this site.

With that being said I'm seeking advice on how to handle a situtaion.

Years ago when my business was doing well I had good credit scores (from 710 - 758) and lots of credit.

Then business deals dried up when the R.E. market crashed and as a result I wasn't able to pay all of my debts. As such my credit suffered and my scores dropped to the high 500s.

Fast forward I rebuilt my credit to the respectable level now of low 700 by first using secured cards then unsecured cards, then got a car loan at a great rate and finally purchased a home.

Now I maintain one secured credit card - Cap1 QS1 becuase it has the oldest history - about 6yrs.

Problem is it has a $750 cl and a "member fee" of $59. The secured card started with a $300 deposit and $300 limit and Cap1 has given me cli without me asking. In the past I've been able to have the fee waived but last year they wouldn't and this year I found myFICO.

I've read on this site about "back door numbers" which are brilliant and Googled the other recommendation - email the EO.

I emailed the CEO Thursday and have not received a response to my request of a cli and removal of the member fee.

Would it be a good idea to call the back door number and make my requests or should I just wait for the EO to respond?

Don't want to seem anxious.

Any advice would be greatly appreciated.

Thanks.  

[SomewhereIn505]

There are a lot of things your not saying that could help us. Which cards do you have now? What’s the utilization on them currently? What baddies do you have? What is your FICO scores (not FAKO from CK)?

As far as Cap One, did you try the online CLI? When was your last one? They’re grant them once every 6 months if your eligible.  Give the EO more time to respond, but that would not have been the way I would have initally gone through. 

[Anonymous]

OK.. Thanks for replying. Cards I have now and balances:

• Cap1 QS1 = Balance $83.98. CL = $750
• Cap1 QS = Bal $650. CL $3,000
• Cap1 Venture = Bal $3,398.26. Cl = $5,000
• Barclaycard = Bal $39.05 Cl = $4,200
• Discover = Bal $4,485.50 CL $6,000
• NFCU = Bal $17,754.28 CL $20,600

Car Loan = Remaining amt due $5,365.37 from $17,000 loan (no late pymnts)

No baddies. 

FICO score last updated 3/1:

EQ 698

TU 702

EX 702   

Did not try online cli. Last increase was maybe a year or two ago. When I called last year I was told by the csr that basically I maxed out on cli for this type of card (secured).

Thanks again for replying.

[Anonymous]

---

@Anonymouswrote:

OK.. Thanks for replying. Cards I have now and balances:

• Cap1 QS1 = Balance $83.98. CL = $750
• Cap1 QS = Bal $650. CL $3,000
• Cap1 Venture = Bal $3,398.26. Cl = $5,000
• Barclaycard = Bal $39.05 Cl = $4,200
• Discover = Bal $4,485.50 CL $6,000
• NFCU = Bal $17,754.28 CL $20,600

Car Loan = Remaining amt due $5,365.37 from $17,000 loan (no late pymnts)

No baddies. 

FICO score last updated 3/1:

EQ 698

TU 702

EX 702   

Did not try online cli. Last increase was maybe a year or two ago. When I called last year I was told by the csr that basically I maxed out on cli for this type of card (secured).

Thanks again for replying.

---

You currently carry nearly 48% utilization with Capital One. That may work against you when attempting a CLI. Your balances overall are quite high; and Capital One will know this because of the account reviews they do monthly. Do you pay in full (and these balances reported before you could pay them?) or are these ongoing balances? 

My main advice (besides paying down your balances) would be not to invest too much with Capital One. I am not going to trash them; they were my first card and have been good to me...but I am the exception rather than the rule. My mother opened her partially secured card ($99 deposit for $1000 credit line) 6 months after I got my student card. This was nearly 20 years ago. While my card was upgraded, had the APR lowered to 10.9% fixed and credit line increases...my mothers card has only increased to $1,600; they refuse to lower the APR and REFUSE to waive the AF (I believe it is $29 a year). My point is, Capital One is really the best of the best subprime lenders; they have fair fees and rates; they don't jerk you around like their copy cat Credit One. But with Capital One you have to accept that they will only go so far in your journey and eventually it is best to let them go.

Many people have gone crazy trying to understand Capital One's business model. It just isn't worth it. There are soooo many better creditors out there (you have two, Discover and NFCU).

[SomewhereIn505]

As you bring down those utilization’s, your scores will go up and more opportunities will become available to you. 

I would also also try to combine your Cap One cards. There is an online tool, on their website, which can help you do that. 

[Anonymous]

Thank you. I will heed your advice and not expect too much from Cap1.

But if they do decide to give me a cli and waive the member fee then that will be a plus.

Also a lower APR would be nice too. 

[Anonymous]

Wow, an online tool on their website that can help me combine my cards? Had no idea.

Again, so glad I stumbled upon this site. Between your and CO_NATIVE'S advice I've pretty much have already struck gold!

Thanks

[Cherekas]

---

@Anonymouswrote:

Wow, an online tool on their website that can help me combine my cards? Had no idea.

Again, so glad I stumbled upon this site. Between your and CO_NATIVE'S advice I've pretty much have already struck gold!

Thanks

---

Just a little tid bit about account combination with Cap one. The account you're attempting to combine has to be over 6 mos old and the account has to have a $0 balance. This information should be accessible on the site as well. Just thought I'd share this information because I noticed all of your Cap One accounts show a balance. 

[NRB525]

---

@Anonymouswrote:

Thank you. I will heed your advice and not expect too much from Cap1.

But if they do decide to give me a cli and waive the member fee then that will be a plus.

Also a lower APR would be nice too. 

---

Hopefully they waive the membership fee, but if not, it is time to close the secured card and save the fee. 

[Anonymous]

Can't the OP just unsecure the card and PC it to something that's a non-AF card at this point?