General Question

lilikoi's avatar

Will I win this game with Capital One?

Asked by lilikoi (10079points) May 12th, 2010

I have a stupid card with them with a limit that is less than a grand. It is pathetic. I’ve asked them to raise it several times and they said I cannot initiate the process; they have to do it from their side. I haven’t got a limit raise in the last two years.

I don’t want to close the account because it is the oldest and I don’t want the credit score hit. If I call them and tell them I’m sick of their low-ball scheme and want to close my account will they counter by offering to raise the limit? Does anyone know if I open a different card with them if I could then consolidate this account into the new one without taking the credit score hit?

I am sick of this lemon.

Please do not lecture me on credit card responsibility.

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18 Answers

robmandu's avatar

Attempting to close an account in good standing will often lead to them making offers you might not normally receive… like raising the limit or reducing the interest rate.

Credit cards are available from so many vendors though, no reason why you should stick with one that makes you unhappy with their service.

Close it. Move on. Don’t sweat the (negligible) hit to your credit score.

jpwilson25's avatar

I agree that threatening to close your account couldn’t hurt, especially if you are in good standing with them (something credit card companies value nowadays). Though I partly disagree with the statement about the hit to your credit score being negligible if you close it.

It’s my understanding that old accounts play a decent role in determining you credit score, especially ones that are used fairly often. It may play to your advantage that the limit is quite low though. If you end up closing your account with them, I would definitely look into opening another with someone else as having a higher available credit limit is probably more important than the age of the account… which I guess is the reason you’d like a raise in your limit to begin with.

kevbo's avatar

Dig around on consumerist.com. They have tons of tips, tricks, and stories for dealing with CC companies. Especially look for executive customer service and executive e-mail carpet bomb.

robmandu's avatar

Credit Score is another name for predictive modeling of credit worthiness. As such, companies like Fair Isaac Corporation are constantly re-evaluating their statistical approach and developing new techniques.

Unless you’re about to purchase a new car or home, I wouldn’t worry about credit score – however it’s being calculated this year – and instead focus on getting the best credit card for my needs and being diligent about maintaining a good account standing.

Jeruba's avatar

I would divest myself of any relationship with them as quickly and cleanly as possible if I were you.

lilikoi's avatar

Thanks everyone.

It is true that their terms are INSANE…it just hasn’t affected me since I never run a balance or anything. The only good thing is I think they are one of (if not the) only one that still doesn’t charge fees when you make charges from abroad. Not that I can buy much anyway with their crap limit. And now, if you go over, you pay like a $30 fee or something which is probably why they won’t raise my damn limit. Plus they call you constantly! /rant

I probably should just really close it. I have an AMEX and like it much better, but need a Visa or MC for practicality’s sake. Any company recs?

jaytkay's avatar

Any company recs?

If are eligible to join a credit union, they have better rates on almost everything.

For bank cards, you can search through tons of offers at
http://www.bankrate.com/credit-cards.aspx

CMaz's avatar

Pay it off. Toss it in the drawer.

Jeruba's avatar

I would say go to your own bank and ask them for an application for their credit card. Don’t choose any that is based in Wilmington, Delaware.

robmandu's avatar

@Jeruba, why’s that? Because they’re likely a Delaware Corporation?

Just curious.

Tropical_Willie's avatar

@lilikoi

I’m with ChazMaz pay it off. Put it in the drawer and don’t use it. They may come looking to see why you a no longer a “Customer”. You should keep the account open, there is no minimum monthly charge to the account.

kevbo's avatar

See if you are eligible for USAA. You will keep them for life. Guaranteed.

jazmina88's avatar

they wont raise the limit, but they may lower the interest rate,.
dont close it.

I had 3 cap 1 cards, now 1 with a combined limit.

Jeruba's avatar

@robmandu, which remark are you asking about?

lilikoi's avatar

@kevbo I’m not. Boo! They sound great!

john65pennington's avatar

I have a loanable pair of scissors for your Capital One no good credit card.

Whats in your wallet?

meagan's avatar

Thats odd. I’ve had a card with them for like nine months, and my limit is like 1,500 right now. I just buy a few things every month with it. Are you using the card?

kevbo's avatar

@lilikoi, I was on my iPhone earlier, but now that I look at the site, I think anyone is eligible for a credit card. Click here and expand “Other Individuals.”

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