What to do about Capital One Visa $500 limit.

[Anonymous]

Yes I burned Cap 1 a little in CH7 but all my other cards have far more reasonable limits $2,000 an up.

I cannot get approved for a CLI with Cap1 and there is a small annual fee I think $35.

One of my Discovers just gave me a $500 CLI so it will be a wash on utilization and since it's <1 year old it won't hurt my AAoA.

Am I wrong for wanting to close this card?  It's pretty worthless without a higher limit.

Also come June DCU will give me a nice increase on my Visa so I will have a card with a high enough limit to charge everything each month and pay in full instead of splitting it.

Anyone think I should keep it open and have a small auto pay on it, shred the card and forget about it?  $35/year is not that bad but card does nothing for me with a $500 limit.

[simplynoir]

Assuming you can't product change it to a no AF card then close it no point in keeping a card that has no use for you. You're still young in your rebuild and the card will keep reporting up to seven years in any case.

[marmaladepie]

While the annual fee sucks, in the rebuilding phase I would keep it for the first year and reassess before the next AF hits to see if the limit has increased. It works out to under $3/mo.
Cap1 gave me two rebuilder unsecured cards 8-9yrs ago. Also measily SL limit $300. I was a beggar without a choice. And now that limit is $19,800 and is a no fee card. So its a good relationship from my point of view.

[GApeachy]

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@Anonymous wrote:

since it's <1 year old it won't hurt my AAoA.

Did you already complete the Credit Steps?  And if so, how long ago did you complete?  Have you called a CSR and asked if you have any upgrades available?  Like posted above, since it will continue to report for a loooong time you might want to let it grow, however slow it may be, and have it report at a higher cl later. (No crystal ball...it's frustrating)  I'm playing the same waiting game, but I don't want a $500 cl reporting for 7 so years- so a little $ here and a little $ there on future cli's might not hurt but it's a gamble either way.  Good luck! 

[Anonymous]

It graduated from $300 limit to $500 limit those are the only credit steps I am aware of for this account. It is almost 1 year old.  

I don't need the credit but need a credit card with a usable limit.  I put through thousands per month with Discover.

If this is not going to give me a reasonable limit soon I don't need it/don't want it.

Ficos all above 670 and like I said once my DCU Visa hit's 1 year they will give me  a nice limit.

Can't get a human on the phone when I try it says CLI's are only given through the automated system or online.

I have a car loan with Cap1 too in good standing.

My overall utilizaiton is about 19% and 2% on all Visa/MC/Discover which total over $10,000 in total limit I just want a car with a a high enough limit so I can use it as I please and PIF once or twice a month.

[FireMedic1]

Rebuilder cards will never be the long term card to keep down the road. But! They are doing more good than you think. $3 a month is a whole lot cheaper than the vulture cards and believe it or not its helping you BUILD credit. Starter cards are the concrete that lays the foundation for the mansion to be built on. In time as with some of your newer cards the house will be built. Its not the company. Its the customer thats rebuilding.

I had to endure the starter/bucket cards. The price you have to pay to rebuild. Once better things started to come in. They were laid to rest. See RIP below. They may suck now. But you'll be thankful in a couple years they got you where you'll be then. Good luck on your journey. And get your util %'s down. Your losing points. That may affect CLI's with other cards when time comes to asking.

[Anonymous]

Yes but I don't think I need it nor do I think it's helping in the least.

• Discover IT $2,400 limit
• Discover Miles $2,500 limit
• Barclays Apple Card $1,500 limit
• Credit One $2,250 limit ** in my case low interest no fees but interest accrues when charge posts
• Merrick Bank $2,000 limit ** high interest
• Avant $750 limit ** low interest no fees
• DCU Visa $1,000 Limit low interest ** was told come 1 year (June) I should be able to get a very healthy increase

All off the above cards have a $0 or near $0 balance.

So really what good is Cap1 doing me?

It's not an old card it's <1 year old I'll see what other comments get posted but if nothing convincing I'll ditch it Monday.,

[FireMedic1]

Well now that you listed everything. You dont like it. "Ditch It" Why apply in the first place with those cards anyway? Trash it and be done with it if its such a pain. Lifes too short to worry about 1 card and its CL. Good Luck!

[pinkandgrey]

CLOSE IT. If you don’t use or want it, don’t have it. Plus, it’s Cap One so it’s almost definitely bucketed. 

[Anonymous]

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@FireMedic1 wrote:

Well now that you listed everything. You dont like it. "Ditch It" Why apply in the first place with those cards anyway? Trash it and be done with it if its such a pain. Lifes too short to worry about 1 card and its CL. Good Luck!

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best advice ever!