Capital One won't give credit increase -- close card?

MattMattMattUK

Marchitiello said:

BT_Broederbund said:

MalMonroe said:

I'd close it. But that's because I don't like Capital One. You really don't need it and don't owe them anything. It's not adding anything to your credit file. It's just there, doing nothing. If you don't intend using any of the other cards soon you could always freeze them for a while. 

Please ignore MalMonroe, their musings are rarely helpful.

I would close the Capital One card though, subprime cards are rarely a good look.

Just to be clear, credit providers do not see who are the issuers of credit, so they won’t know that that credit card account with £450 limit is from Capital One instead of Barclaycard or others. 

Therefore I would not close it yet, although only two years older then your second oldest card, it is still not yet 5-6 years worth of credit history overall.

are any of those card rewards, cashback or have other type of benefits?  You may not need to keep all of them open overtime but I would always keep one that I decide to be the oldest reference account.. I still have and will not close by choice my Barclaycard from 1999 and Amex from 2002, and although I have had around 7-8 cards minimum on the go, all the other rotates and the 3rd oldest is from 2016, but it is a discontinued card with forex free and cashback that I can still exploit, as do all my other cards

They will have a fairly good idea because no mainstream card provider is going to give someone a £450 limit. Anything under £1k is normally indicative of borrowing with a sub-prime lender.

Marchitiello

MattMattMattUK said:

Marchitiello said:

BT_Broederbund said:

MalMonroe said:

I'd close it. But that's because I don't like Capital One. You really don't need it and don't owe them anything. It's not adding anything to your credit file. It's just there, doing nothing. If you don't intend using any of the other cards soon you could always freeze them for a while. 

Please ignore MalMonroe, their musings are rarely helpful.

I would close the Capital One card though, subprime cards are rarely a good look.

Just to be clear, credit providers do not see who are the issuers of credit, so they won’t know that that credit card account with £450 limit is from Capital One instead of Barclaycard or others. 

Therefore I would not close it yet, although only two years older then your second oldest card, it is still not yet 5-6 years worth of credit history overall.

are any of those card rewards, cashback or have other type of benefits?  You may not need to keep all of them open overtime but I would always keep one that I decide to be the oldest reference account.. I still have and will not close by choice my Barclaycard from 1999 and Amex from 2002, and although I have had around 7-8 cards minimum on the go, all the other rotates and the 3rd oldest is from 2016, but it is a discontinued card with forex free and cashback that I can still exploit, as do all my other cards

They will have a fairly good idea because no mainstream card provider is going to give someone a £450 limit. Anything under £1k is normally indicative of borrowing with a sub-prime lender.

Plenty of reports of Barclaycard and other mainstream provider giving initial sub £1000 credit limits.

again, if you ever had to deal with an underwriter within a credit provider you will quickly see that they have no idea of who provides credit, even from the same banking group 🙈