I've had Cap One for a little over a year. We all know CapOne is bad about increases (smaller than Providian) and does NOT report limits. Since obtaining a Cap One, I've gotten Providian MC (CL $2600), Action Card (CL $1000), Providian Visa (CL $1800) and Discover Plat (CL $5k). My question is, should I cancel my CapOne. It's currently NOT being reported on my Equifax report (my best) so the removal won't hurt my FICO there. My CL is $600 and I was going to transfer the balance to my 1.9% Discover anyhow. Since they don't report limits, it is probably actually HURTING my TU and Experian scores. OR, should I try to negotiate with them for another type of card? Your opinions are greatly appreciated.
Hi Shantel. I'm in the minority, I'm sure; but, despite CapOne's stinginess, I prefer them over Providian. CapOne is more responsive and provides better customer service. However, having said that, if I were in your position, my inclination would be to cancel your CapOne card, especially since your Equifax score won't take any hits. You're right - $600 isn't a very generous limit. When you call to cancel, though, speak to retention and se what you can get. Just maybe the rep will see his way clear to granting a big increase. And, while you're at it, try to get the APR lowered, too. The truth is you have nothing to lose. If the rep doesn't offer the terms you want, then politely cancel. Good luck and let us know what you decide. Donna
Send your proposal through planet feedback ask for lower APR and higher credit line. I went from $500 to $1500 this way. The card was already at 9.9% so I left well enough alone. They responded in less than a week. If your not happy with the response then cancel out by transferring the balance.
