Cap 1 will close my $600 account due to non activity?

[maverick9]

Opened 6/2020.

 

They just emailed me that they are closing my account down for non activity for 1 year. 

 

It's $600 limit and I only used it to establish credit once again which I achieved. 

 

Can or should I try and keep it open for an aged account or can I not at this point? 

 

[jamied]

I think it's worth it worth trying to keep it open since four years in time can become 10 and that will look good in the eyes of the bank plus even a low-limit card can be useful for emergencies or small purchases

[supern8ural]

I'd try to keep it open, but if you now have better cards it's not the end of the world if it closes, especially if it's a $600 limit which tells me you're bucketed.

[ShawnPY1972]

On 10/9/2024 at 4:19 PM, maverick9 said:

Opened 6/2020.

 

They just emailed me that they are closing my account down for non activity for 1 year. 

 

It's $600 limit and I only used it to establish credit once again which I achieved. 

 

Can or should I try and keep it open for an aged account or can I not at this point? 

 

Use it once in a while.  They will increase your limit.

[Flyingifr]

11 hours ago, ShawnPY1972 said:

Use it once in a while.  They will increase your limit.

They might - but with a $600 Limit expect only a $25-$30 or so increase. With Crap 1 once you are bucketed you stay in that bucket for life. People who app and get a Crap1 card when they are re-building will find that Crap-1's CLI policies towards them can quickly make their card unusable. I had a Crap-1 card once - got it when I was re-building and after my FICO scores passed 800 at all 3 bureaus I asked for a CLI above the $500 I had. I got a CLI - it was from $500 to $527. Meanwhile Amex had given me a $30,000 line. Guess which card resides gathering dust in my sock drawer (hint - it isn't Amex)

[maverick9]

4 hours ago, Flyingifr said:

They might - but with a $600 Limit expect only a $25-$30 or so increase. With Crap 1 once you are bucketed you stay in that bucket for life. People who app and get a Crap1 card when they are re-building will find that Crap-1's CLI policies towards them can quickly make their card unusable. I had a Crap-1 card once - got it when I was re-building and after my FICO scores passed 800 at all 3 bureaus I asked for a CLI above the $500 I had. I got a CLI - it was from $500 to $527. Meanwhile Amex had given me a $30,000 line. Guess which card resides gathering dust in my sock drawer (hint - it isn't Amex)

This is exactly my situation. I have 40k limits (with Amex too), but Cap 1 will not increase me from $600. 

 

I'm going to let it go. I only used it to build my credit and now all my scores are over 830. 

I asked for CLI's but they didn't care. So the hell with them. 

[Burgerwars]

I always rotate through my credit cards every three or four months to keep them active. Often I just add $5 to my Amazon gift card balance that I'll eventually use. The worst that has happened to me is a large credit line has been reduced because I haven't been utilizing it. This is very rare and hasn't happened with my Capital One account. Since your credit line is only $600, there really isn't room to reduce it.

My suggestion is buy a pencil then immediately pay it off.

 

[Flyingifr]

8 hours ago, Burgerwars said:

I always rotate through my credit cards every three or four months to keep them active. Often I just add $5 to my Amazon gift card balance that I'll eventually use. The worst that has happened to me is a large credit line has been reduced because I haven't been utilizing it. This is very rare and hasn't happened with my Capital One account. Since your credit line is only $600, there really isn't room to reduce it.

My suggestion is buy a pencil then immediately pay it off.

 

With that credit line he may get TD for getting too close to his Maximum Credit.

[ShawnPY1972]

18 hours ago, Flyingifr said:

They might - but with a $600 Limit expect only a $25-$30 or so increase. With Crap 1 once you are bucketed you stay in that bucket for life. People who app and get a Crap1 card when they are re-building will find that Crap-1's CLI policies towards them can quickly make their card unusable. I had a Crap-1 card once - got it when I was re-building and after my FICO scores passed 800 at all 3 bureaus I asked for a CLI above the $500 I had. I got a CLI - it was from $500 to $527. Meanwhile Amex had given me a $30,000 line. Guess which card resides gathering dust in my sock drawer (hint - it isn't Amex)

 

I started off last year with $500 and Im at $2,500.00.  I pressed the button in June this year and they did an increase on their own last week.

[Flyingifr]

6 hours ago, ShawnPY1972 said:

 

I started off last year with $500 and Im at $2,500.00.  I pressed the button in June this year and they did an increase on their own last week.

Obviously, you are not bucketed. What was your credit like when they issued the card to you?

[ShawnPY1972]

On 10/12/2024 at 4:49 AM, Flyingifr said:

Obviously, you are not bucketed. What was your credit like when they issued the card to you?

 

I had several late payments with two banks but the late payments were in the 6th year.  My credit is 760 now with nothing derogatory.

 

I pay off my card monthly charging at least a grand each month.

Edited October 13, 2024 by ShawnPY1972

[Flyingifr]

10 minutes ago, ShawnPY1972 said:

 

I had several late payments with two banks but the late payments were in the 6th year.  My credit is 760 now with nothing derogatory.

 

I pay off my card monthly charging at least a grand each month.

With a mid 700's score you may be in a different Crap 1 bucket than I am. My scores now are all solid 800's but when I got the Crap 1 card my scores were in the 500's.

[jamied]

On 10/11/2024 at 11:41 AM, Burgerwars said:

I always rotate through my credit cards every three or four months to keep them active. Often I just add $5 to my Amazon gift card balance that I'll eventually use. The worst that has happened to me is a large credit line has been reduced because I haven't been utilizing it. This is very rare and hasn't happened with my Capital One account. Since your credit line is only $600, there really isn't room to reduce it.

My suggestion is buy a pencil then immediately pay it off.

 

Or you could just use different cards for different stuff. Like, have one for groceries, one for gas, one for rent, whatever. That way, each card gets used regularly without you having to worry about it. Just pay them off when you use them, and you're good to go