@Anonymous wrote:
Hello All,
Recently been building my credit back this year and taking more of an intiative to understand my current situation.
I opened up Discovered IT secured in March, with a $500 to gather some kind of starting point again, which bumped me up over 50 points in the 2 months I have PIF. I was preapproved through Amex and pulled the trigger on the BCE somehow got approved. I am in their steps program for the time being and will try the 3x CLI because why not.
Now my reasoning for this post is because in 2013 I opened a Cap1 card with a $300 limit. I maxed that out and have 9 late payments ranging from 30+ to 150+ late. The account has never been CO or sent to collections and I haven't bothered with Cap1 since I PIF 4/2016. I called Cap1 last year seeing if I can get a new card since the account is restricted and I was told that I would not get a new card since the account will never be reopened. I asked why the card was still open and was told that it will stay open unless I wanted it closed. I said no not thinking to much into it at the time.
Now fast forward to today and I pull my CR. Cap1 has been reporting I have paid in full currently since 4/2016. The account is listed as current; paid or paying as agreed and have been updating to CRA since last paid. Also Cap1 is reporting my limit of $300 and also a high balance of $436. Apparently this is very uncommon because I have yet to find another example of this besides one person.
Now my question is what could be done or should be?
- With both the Discover and BCE I will have a $1000 Limit. With Cap1 still reporting that makes it $1300. Should I attempt a GW or let it work out.
- Cap1 is my oldest account at 4 years 4 months. The lates are killing my score severly. But attempting to get rid of the account will my score balance out since I have accounts that are current?
- With the current strategy I could utilize the AZEO guide since Cap1 is basically an active account but again it is negative. Should I attempted on getting a 4th card to distance myself from the lates?
Additional info:
EQ: 638
TU: 628
EX: 658
From CR: High Balance: High balance of $436 from 11/2015 to 05/2018
Credit Limit: Credit limit of $300 from 11/2015 to 05/2018
Pay Status: Current; Paid or Paying as Agreed
Date Opened: 9/10/13
Date Updated: 5/9/18
Link to a similar case
Cap One did the same thing to me back in 2012 (and yes, my highest balance showed as being higher than my limit as well). I ended up leaving it "open" until 2015 or so when I decided it wasn't doing me any good and closed it. If you using it to boost credit age or feel that you need an that extra open limit/account showing on your report, leave it open; otherwise, closing it won't hurt since it stays on your report for up to 10 years.
Closing it won't make the lates disappear, though. Only 7 years time will do that.
