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GonnaGitIt

Combine Limits Guidance Please

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Have a plan but just want your opinions...

 

1. Cap1 Platinum opened in 2014 with credit steps, upgraded to QS1. Current limit 2300.00, current balance 0.

 

2. Cap1 QS1 opened in May 2017. Current limit 2700.00

 

April CLI was a sorry $250. As of today, neither available for upgrade.

 

Thought process:

Want to get out from under the credit steps stigma by combining it to the QS1 card I was approved for. Currently have much better CL, $12 Amex, $9100 Discover, $7800 Citi. Trying to escape the smaller CL on the report.

 

Am I on the right track or will thr credit steps follow me?

 

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If you're going to combine, you should leave the older (2014) card open instead. Credit steps doesn't matter. High usage and PIF/low balance will get you better increases.

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Approximately what were your scores when you opened the QS1?

 

How many open revolving TLs do you have?

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Approximately what were your scores when you opened the QS1?

 

 

good question/point. if scores are a lot better, getting a new crap1 with a SUB and then wait until you can move the toy limits over might work better.

 

AAOA is not that big of a deal in this case.

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Approximately what were your scores when you opened the QS1?

 

How many open revolving TLs do you have?

Scores were in the neighborhood of 675 at the time. Currently are 720ish.

I have around 10 TLs that are majors and 3 store cards.

 

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Approximately what were your scores when you opened the QS1?

 

How many open revolving TLs do you have?

Scores were in the neighborhood of 675 at the time. Currently are 720ish.

I have around 10 TLs that are majors and 3 store cards.

 

Sent from my SM-N950U using Tapatalk

 

 

In all likelihood your older Capital One card will always have a subprime cloud hanging over it, which means that your newer QS1 (or a brand new card with a SUB) would be the one to grow over time.

 

Here is how my original Capital One card has(n't) grown with my qualifications, and I assure you it's not because I haven't requested CLIs at regular intervals.

 

bn5dMDh.png

Edited by cv91915

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Now that I have 4 new cards, I need to close the crappy cards. I have never been in a position to willfully close accounts, so this seems a bit odd to me although I understand it is necessary. We are ready to move along. Below are the turd CL I currently have

 

Issuer Issue Date Current CL

Credit One 6/01/14 $1350

Credit One 2/01/16 $1000

Continental Finance-Verve 6/01/14 $500

FSB Blaze 10/01/14 $1100

Webbank/Fingerhut 12/01/13 $400

***All have a 0 balance and have annual fees

^^^Closed

 

Below are the other CC TL currently reporting:

AMEX EVD 5/01/17 $4000

AMEX Blue 5/01/17 $1000 (Eligible for 3x CLI request 12/29/17)

CAP1 Platinum 6/01/14 $2050

CAP1 QS 5/01/17 $2700

DCU Platinum 5/01/17 $3000

Lowes 5/01/17 $337

 

Below are today's big girl approvals:

Citi Double Cash Back 11/08/17 $7300

Discover IT 11/08/17 $7000

BofA Cash Rewards 11/08/17 $5000

FNBO NRA 11/08/17 $3800

 

My AAOA is 9 yr 3 mo and oldest account is 17 years for both TU and EX. EQ is 7 yr 2 mo and 15 yr 8 mo respectively. Information is taken from MyFico.

 

Do you wait until there is some age on the newly reporting cards (say 6 months) and then start to close? Ideally I would like to avoid paying annual fees but need to weight opportunity costs. My preference is to close the Continental and Fingerhut first, those CL are most offensive and I think would weigh me down then most. I have never even used Fingerhut.

 

I added $23k today in TL to my portfolio (that sounds SO sweet) today so I'm struggling to find a reason to not close out $4 in garbage TL.

 

I agree with the above, but in the OP's case, he should keep the 2014 card open. IMO, he should get a Venture for the SUB then combine the 2 newest cards into the oldest card.

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Now that I have 4 new cards, I need to close the crappy cards. I have never been in a position to willfully close accounts, so this seems a bit odd to me although I understand it is necessary. We are ready to move along. Below are the turd CL I currently have

 

Issuer Issue Date Current CL

Credit One 6/01/14 $1350

Credit One 2/01/16 $1000

Continental Finance-Verve 6/01/14 $500

FSB Blaze 10/01/14 $1100

Webbank/Fingerhut 12/01/13 $400

***All have a 0 balance and have annual fees

^^^Closed

 

Below are the other CC TL currently reporting:

AMEX EVD 5/01/17 $4000

AMEX Blue 5/01/17 $1000 (Eligible for 3x CLI request 12/29/17)

CAP1 Platinum 6/01/14 $2050

CAP1 QS 5/01/17 $2700

DCU Platinum 5/01/17 $3000

Lowes 5/01/17 $337

 

Below are today's big girl approvals:

Citi Double Cash Back 11/08/17 $7300

Discover IT 11/08/17 $7000

BofA Cash Rewards 11/08/17 $5000

FNBO NRA 11/08/17 $3800

 

My AAOA is 9 yr 3 mo and oldest account is 17 years for both TU and EX. EQ is 7 yr 2 mo and 15 yr 8 mo respectively. Information is taken from MyFico.

 

Do you wait until there is some age on the newly reporting cards (say 6 months) and then start to close? Ideally I would like to avoid paying annual fees but need to weight opportunity costs. My preference is to close the Continental and Fingerhut first, those CL are most offensive and I think would weigh me down then most. I have never even used Fingerhut.

 

I added $23k today in TL to my portfolio (that sounds SO sweet) today so I'm struggling to find a reason to not close out $4 in garbage TL.

I agree with the above, but in the OP's case, he should keep the 2014 card open. IMO, he should get a Venture for the SUB then combine the 2 newest cards into the oldest card.

Proud to report CLIs since I posted

 

AMEX Blue upgraded to Preferred

AMEX EVD cli to $12k

Discover cli to $9100

Lowes cli to $5k

 

 

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There's 2 sides or more to this whole Crap1 situation.

 

1 being that it's the oldest Open account

2 it will not grow due to the bucket that it was opened under

 

If you want growth then you'll need to close it and move the limit to the newer card. Closing it won't affect your FICO score much since the account will stay on your reports for 10 years from DOC. Your Vantage score will skew lower since it only factors the open accounts and not all accounts.

 

I had 1 of many Crap1 cards that I ended up just closing last summer when they denied me for a new card with scores all above 800. I kicked them to the curb since the $1500 limit for the past 10-ish years had not grown. I didn't see much change in the scores though due to losing the account.

 

Credit is a "mental game" and once you get out of the bad habits you have to figure out when to get out of the bad accounts. Our notion is to hold onto every precious account when we start out but, when looking at the approvals coming in at over 3X your stagnant account from 2014 it's time to cut and go. I would roll the $2050 into the newer account and not look back. One less card to track and try to nurture into something more than a weed.

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There's 2 sides or more to this whole Crap1 situation.

 

1 being that it's the oldest Open account

2 it will not grow due to the bucket that it was opened under

 

If you want growth then you'll need to close it and move the limit to the newer card. Closing it won't affect your FICO score much since the account will stay on your reports for 10 years from DOC. Your Vantage score will skew lower since it only factors the open accounts and not all accounts.

 

I had 1 of many Crap1 cards that I ended up just closing last summer when they denied me for a new card with scores all above 800. I kicked them to the curb since the $1500 limit for the past 10-ish years had not grown. I didn't see much change in the scores though due to losing the account.

 

Credit is a "mental game" and once you get out of the bad habits you have to figure out when to get out of the bad accounts. Our notion is to hold onto every precious account when we start out but, when looking at the approvals coming in at over 3X your stagnant account from 2014 it's time to cut and go. I would roll the $2050 into the newer account and not look back. One less card to track and try to nurture into something more than a weed.

 

My recommendation has zero to do with AAOA. OP has a total of 12 CC's (2 additional store cards not in the list above), all opened within the last year. All cards, with the exception of the 2014 card, are considered new. OP should easily be approved for at least $10k on a Venture card. Combining both with the oldest card would be $14,750 at the very least. IMO, closing the 2014 card would be very foolish.

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There's 2 sides or more to this whole Crap1 situation.

 

1 being that it's the oldest Open account

2 it will not grow due to the bucket that it was opened under

 

If you want growth then you'll need to close it and move the limit to the newer card. Closing it won't affect your FICO score much since the account will stay on your reports for 10 years from DOC. Your Vantage score will skew lower since it only factors the open accounts and not all accounts.

 

I had 1 of many Crap1 cards that I ended up just closing last summer when they denied me for a new card with scores all above 800. I kicked them to the curb since the $1500 limit for the past 10-ish years had not grown. I didn't see much change in the scores though due to losing the account.

 

Credit is a "mental game" and once you get out of the bad habits you have to figure out when to get out of the bad accounts. Our notion is to hold onto every precious account when we start out but, when looking at the approvals coming in at over 3X your stagnant account from 2014 it's time to cut and go. I would roll the $2050 into the newer account and not look back. One less card to track and try to nurture into something more than a weed.

My recommendation has zero to do with AAOA. OP has a total of 12 CC's (2 additional store cards not in the list above), all opened within the last year. All cards, with the exception of the 2014 card, are considered new. OP should easily be approved for at least $10k on a Venture card. Combining both with the oldest card would be $14,750 at the very least. IMO, closing the 2014 card would be very foolish.

Checked the CAP1 pre selected and says nothing for me now. Should I just wait it out a bit? Would much rather be patient with favorable results. The comments are so appreciated and keep me looking at things in a different light. Always learning....

 

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Have you opened any other cards since these?

.

Citi Double Cash Back 11/08/17
Discover IT 11/08/17
BofA Cash Rewards 11/08/17
FNBO NRA 11/08/17

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now that crap1 limits crowbar-combos it should not be central for your long-term strategy. it could help you now via combos and dumping the subprime approval crap1.

 

closed cards still contribute to AAOA.

 

also, are you opted out or have frozen reports (which will opt you out)? That might explain the lack of a prescreened offer.

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Have you opened any other cards since these?

 

.

Citi Double Cash Back 11/08/17

Discover IT 11/08/17

BofA Cash Rewards 11/08/17

FNBO NRA 11/08/17

Yes, ebates with a 3100 cl and thats it.

 

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I am not opted out, rayher I had opted in to see what kind of offers would come my way.

now that crap1 limits crowbar-combos it should not be central for your long-term strategy. it could help you now via combos and dumping the subprime approval crap1.

 

closed cards still contribute to AAOA.

 

also, are you opted out or have frozen reports (which will opt you out)? That might explain the lack of a prescreened offer.

Sent from my SM-N950U using Tapatalk

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Have you opened any other cards since these?

.

Citi Double Cash Back 11/08/17

Discover IT 11/08/17

BofA Cash Rewards 11/08/17

FNBO NRA 11/08/17

Yes, ebates with a 3100 cl and thats it.

 

I am not opted out, rayher I had opted in to see what kind of offers would come my way

 

It can take over a month for opt-in/opt-out to take effect.

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Just discovered FNBO cli from 3800 to 7500. Only run gas charges through this card.

 

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