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Annoying Cap1 issue


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Need your opinion. My two lowest CLs are two Cap1 Quicksilver cards with CLs still well under $1000. I was denied a CLI yesterday due not using enough of my available credit. This is because I run more than the limit through every month and have to make 4-6 pmts per month. I called them but of course there's nothing they can do. Should I cancel one (or both) of them and reapply in hopes of getting a decent limit? I realize I'm not a very profitable customer to them, but this is really aggravating. If it makes a difference, one card started as a secured Platinum. It unsecured and later became QS1. The other one started as an unsecured Platinum and became a QS1. They've been open about two years and have each had two $100 CLIs. Thanks for any info. 

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11 hours ago, cleverpronoun said:

Should I cancel one (or both) of them and reapply in hopes of getting a decent limit?

 

How is your credit currently? 

 

The appeal of Capital One's cards is relative, depending on what your other options are.  

 

Absent a lucrative sign-up bonus, I would not open a third Capital One card without at least three compelling reasons to do so.

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My scores are now in the 650-680 range. I have been rebuilding for the last four years, starting to get CLIs and relatively decent SLs ($2000+). It's been a long slow process. I currently have 8 cards, only two being store cards. I have four cards opened within the last 1-2 years. I'm waiting for three or four small ($100-$700) 5+-year-old collections to age off. I'm not sure why I want a Cap1 card to be honest. I might just be better off letting things age and then trying for some better cards next year. Does that sound more feasible? If so, which ones would you suggest? I wouldn't mind a Chase card but realize I will need my score to go.up quite a bit and have my accounts age more. Thank you for your advice.  

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3 hours ago, cleverpronoun said:

My scores are now in the 650-680 range. I have been rebuilding for the last four years, starting to get CLIs and relatively decent SLs ($2000+). It's been a long slow process. I currently have 8 cards, only two being store cards. I have four cards opened within the last 1-2 years. I'm waiting for three or four small ($100-$700) 5+-year-old collections to age off. I'm not sure why I want a Cap1 card to be honest. I might just be better off letting things age and then trying for some better cards next year. Does that sound more feasible? If so, which ones would you suggest? I wouldn't mind a Chase card but realize I will need my score to go.up quite a bit and have my accounts age more. Thank you for your advice.  

 

Any Capital One card you open while your file is less than ideal is more likely to have an anchor tied to its potential limit. 

 

My FICO 8s are routinely at (and always near) 850 these days, and on the Capital One card I opened pre-2012 I still can't get a CLI > $1,000 at a time.

 

Any card you open now is going to ding your AAoA, which by itself isn't necessarily an awful thing if you get something in return.  I think another C1 card is going to be just as disappointing, so I wouldn't go down that path.

 

Do any of the issuers of your other cards combine limits?  If you are trying to grow your available credit, you might consider taking an AAoA hit for a new card with a portable limit.

 

16 hours ago, cleverpronoun said:

I was denied a CLI yesterday due not using enough of my available credit. This is because I run more than the limit through every month and have to make 4-6 pmts per month.

 

And re-reading this, you absolutely are using enough of your available credit, at least on the C1 card.  Are your non-C1 cards virtually unused?

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Thanks, I think I'll just steer clear of Cap1 and wait to see what my scores look like later in the year. Then I can decide on what to apply for. I hate to close these because my AAoA is short enough as it is. Maybe I'll just sock drawer them instead. I have a Discover that I just got my 2nd CLI on, a CU MC, and a AMEX Delta Gold. I do rotate them quite a bit but use Cap1 for the majority of purchases. Instead of using them I think I'll start using these other cards exclusively. I appreciate your advice. 

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Sorry for all the questions, but is sock drawering these Cap1 card the best route, or should I close them? Even though they haven't been open long, they're still among the oldest of my cards. Would my AAoA be affected? The loss of the CLs would be almost of no consequence, seeing how small the limits are. Thanks again. 

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On 2/28/2021 at 9:20 AM, cleverpronoun said:

Thanks, I think I'll just steer clear of Cap1 and wait to see what my scores look like later in the year. Then I can decide on what to apply for. I hate to close these because my AAoA is short enough as it is. Maybe I'll just sock drawer them instead. I have a Discover that I just got my 2nd CLI on, a CU MC, and a AMEX Delta Gold. I do rotate them quite a bit but use Cap1 for the majority of purchases. Instead of using them I think I'll start using these other cards exclusively. I appreciate your advice. 


If you have friends or family that are willing to add you to their good credit cards that they don't have to actually hand you to let you use, it'll increase your AAOA incredibly. My wife had 0 credit score and she got approved for 60k of credit limits after I added her to 2 of my amex cards with 20 years of history each.

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15 hours ago, distantarray said:


If you have friends or family that are willing to add you to their good credit cards that they don't have to actually hand you to let you use, it'll increase your AAOA incredibly. My wife had 0 credit score and she got approved for 60k of credit limits after I added her to 2 of my amex cards with 20 years of history each.

 

My experience with being added to my wife's Amex BCP in 2014, which on her credit report reflects a back-dated "1986 member since" date, was that I did not get the benefit of her history.  The tradeline for the account on my report show a 2014 "Date Opened".

 

This differs from most any other credit card, where the AU tradeline typically shows the same "Date Opened" as the cardholder's tradeline.

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7 hours ago, hdporter said:

 

My experience with being added to my wife's Amex BCP in 2014, which on her credit report reflects a back-dated "1986 member since" date, was that I did not get the benefit of her history.  The tradeline for the account on my report show a 2014 "Date Opened".

 

This differs from most any other credit card, where the AU tradeline typically shows the same "Date Opened" as the cardholder's tradeline.

 

Thinking a tad more clearly now ...

 

2014 was when Bev opened her account.  I likely was added as an AU in 2016.  So my account did backdate to her open date.   Just not to the "1986 member since" date reflected as her open date on her credit report.  (So ... "just like most any other credit card")

 

Presumably @distantarray's cards both actually were opened 20+ years ago.

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Also got denied a CLI from Neiman Marcus (Cap1) sitting at the SL of $700 for over a yr, not used much but always pd on time. I paid off a car note with Cap1 (6 yr note, pd off in 19 months) and they've been jumping through hoops trying to get me to finance another car. That's not EVEN going to happen now. 😠 

I'm going to start rewarding only those that show me luv, even if the list is short. It's just business, right? 

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21 hours ago, cleverpronoun said:

Also got denied a CLI from Neiman Marcus (Cap1) sitting at the SL of $700 for over a yr, not used much but always pd on time. I paid off a car note with Cap1 (6 yr note, pd off in 19 months) and they've been jumping through hoops trying to get me to finance another car. That's not EVEN going to happen now. 😠 

I'm going to start rewarding only those that show me luv, even if the list is short. It's just business, right? 

Considering the tenuous financial position of NM, it does not surprise me that they were not entertaining line increases.

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