Just a quick question. I have had a Cap 1 account since June 98. It was an account that was reopened after a chargeoff on a prior account. They offered $200 unsecured as long as I agreed to repay back the the charged off amount. Since that time I have called on numerous ocassions to ask for a credit limit (always pay more than the limit, never late, never over the limit). Every time I call I am turned down. They reps always state that this time of account does not allow them to increase my limit. The last time I called (Wed, I think) I told the Rep that I wanted to close it. He stated he would try to give me an increase. A minute later, he came back and said he couldn't do it, for the same reason. I told him that I would call back after my most recent payment posted for a final balance (about $75.00) and I would close it. The rep said fine but it would be two billing cycles before the account actually was closed. Here's my question. Do I pay it off and close it being that this is my oldest account on my credit report? (I have a partially secured FCNB that will be a year old in February) They don't seem to want to budge on the increase. Any ideas? I have a second Cap 1 (unsecur/opened 09/00). The rep assured me that after three months they would review this account for an increase. Should I believe that? Thanks for listening and any advice you all might have.
RE: Cap 1
You should probably keep your account open at least until your 2 year anniversary, especially since it is your oldest account. Lenders like to see length on accounts. It is more profitable for them. It costs them more to open accounts for customers who do not keep their accounts for at least one to two years (so they say). I know it's frustrating, but hang in there for a little while longer. Good luck!