Where do I go from here...

Discussion in 'Credit Talk' started by CR, Nov 27, 2000.

  1. CR

    CR Well-Known Member

    Hi all,

    I have been trying to get Cap 1 to increase my $200 limit on a card that was opened for me after an old Cap 1 account had been charged-off. I can't them to give in on an increase. It doesn't matter what I say(even threatening to close the account). They tell me the same thing over and over again. This type of account does not get limit increases. I have had it since 06/99, never over the limit, never paid late. They did approve me for another Cap 1 visa in 09/00, same credit limit. I am planning to close this account in the next few months, of course I'm concerned about doing this since it is my oldest account. It is my oldest but what's the incentive for keeping it open? I will wait a while longer on the newer Cap 1 account but will probably close it too. So what's my next move? Here's my history:

    Cap 1 Visa 06/99 limit 200
    FCNB MC 02/00 limit 525 (plan to add more funds to this one)
    Cap 1 Visa 09/00 limit 200
    Chevron CCB 10/00 limit 300
    Aria 11/00 limit 500

    I have been trying to rebuild for about a year now (was too young and too stupid); I still have a couple of collections I am paying on. Just a few more months and those will be paid in full. I am happy about what I have accomplished. I have a secure (government) job earning just under $30000.00 per year. All of these accounts are current and never late or over the limit (FCNB was late once, payment never made it there). Should I just sit tight for a while and let these mature a little longer? Is there anything else that I should try and apply for that might improve my scores? I'm trying to think ahead, I'd like to buy a home in 2 years. All help and suggestions are appreciated.
  2. Momof3

    Momof3 Well-Known Member

    I never had to deal with Cap 1, maybe others can help you there. I know the limit is LOW, but I would keep the card until atleast the 2 year mark, though I would be tempted to close it too, but since that is your oldest account I would persevere with the card until it reaches 2 years. From what I have read Aria, it this the persona card??, anyway they seem to be generous the increases, so you may want to keep good with them and your balance low and hope for increases with them. I don't know much about FCNB either. But I would sit tight just a bit and once you pay off collections and establish some good credit history. maybe some better offers will come along.

  3. RichGuy

    RichGuy Guest


    I would definitely keep the older CapOne Visa for at least two years, and until you get some better cards (not necessarily prime, just normal cards with no annual fees.)

    It looks as if you prefer the newer CapOne Visa because at least they might raise the limit on that one. However, the newer one won't get raised very much very soon. You could still be stuck at $500 two years from now.

    The real purpose of a CapOne Visa is not to obtain more credit. Anyone who expects that gets disappointed. The real purpose of a CapOne Visa is to build a credit record. The account that stays open the longest works best for that purpose, regardless of the credit limit. That's why I recommend that you keep the older Visa open. The newer one you could either close or leave open, it doesn't matter.

    To qualify for some cards, you need to have two accounts on your credit record, each of which has been open for at least two years. Barry N. said he was told that by an AmEx rep regarding their Green Card. Recent experience tells me that may be the case for Sears as well. If you just hang in there with the older CapOne Visa, you could qualify for better credit cards faster than any other way. Those, in turn, would be good signs that you could qualify for the mortgage.
  4. sam

    sam Well-Known Member

    not sure which cap 1 you have, but i have the secured cap 1, and so does my gf, we've gotten credit increases to the date on the 6th month, every time we ask. "Can i have a credit increase? Hold on. Ok you've got another $100 or $200". blah blah.

    They are required to tell you, by the way, why the computer won't give you an increase.
  5. Larry

    Larry Guest

    ADVICE: Keep the oldest account (Cap1). That will open doors for you in the future. Never pay late, Never wait for last minute, pay online, it saves a world of trouble. Rotate the usage of your cards.

    My situation, which looks a lot like yours, is this:

    1) $200 sec cap1 7/99; inc on 7/00 to $350
    2) $500 unsec cap1 8/00
    3) $500 unsec NextCard 8/00
    4) $2500 unsec (Silver) Citibank 11/00

    I trully believe the oldest cap1 card helped me get the Silver Citibank card (and Roni of course had a lot to do with it).

    What's on Sight: A Discover card later in mid 2001, and then an attemp to get an AMEX in 12/01. Then I'll probably treat Dogman to dinner in Frisco. :)

    Good luck CR.. it's not easy, but keep at it !
  6. RichGuy

    RichGuy Guest

    I was referring to the unsecured CapOne Visa, which I have. It used to be that they issued the MC for secured accounts, and Visa for unsecured. If they issue secured Visas, my statement still stands for unsecured Visas. BTW, getting $100 increases every 6 months could still leave you at $600 after 2 years, similar to what I mentioned.

    CapOne does have a variety of policies for its 100 or so different market segments, and some cardholders may do better and some worse than you or me. I still think that expecting limit increases from a CapOne unsecured Visa leads to guaranteed frustration. The card is a far better source of credit history than of actual credit.

    Good to hear from you, Sam.

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