Recouping credit.

I have a Yamaha Card through Capital One with a $10k credit limit. Received notification that the account is being closed due to Capital One no longer being the finance option for Yamaha. Yes I realize financing through a card is stupid and I've paid the price (literally). But I'm not a fan of losing $10k in my available credit. How does one go about recouping that credit? Do I bargain with my current creditors? My financial adviser is off for the holidays (inside joke), so I look to SVTP for advice.

Contact Capitol one and see if the account can be switched to a different card, im sure if its in good balance they would do it

Credit card companies LOVE allowing new cardholders to start with transferring a balance to the new card. Many will give you special bonuses for doing so. A lower interest rate, two months forgiveness before charging interest on new purchases, sometimes even a cash bonus for doing the transfer. Just pick what features you want on a new card and call them. The person you will be talking to probably gets a spiff for getting you into the new card. I know someone that actually got a way better interest rate by switching her balance to a new card. It saved her about 80 bucks a month and helped her pay off a stupid buying decision over a year earlier than she could have with the original card.

I'm assuming you don't have a balance. I'd speak with Capital One about switching it the their cash back card. Depending on how old the card is, you may take a hit for closing a seasoned account and then another hit for opening a new one.

I only keep my Capital One cards because they I've had them for a long time, but use my Amex and Chase for everything. If you're worried about your available credit, I would get an Amex card. They ramp up their credit limits fast.

TOPLESS_SVT said:

Contact Capitol one and see if the account can be switched to a different card, im sure if its in good balance they would do it

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Capital One is a company I'd like to avoid...

oldmodman said:

Credit card companies LOVE allowing new cardholders to start with transferring a balance to the new card. Many will give you special bonuses for doing so. A lower interest rate, two months forgiveness before charging interest on new purchases, sometimes even a cash bonus for doing the transfer. Just pick what features you want on a new card and call them. The person you will be talking to probably gets a spiff for getting you into the new card. I know someone that actually got a way better interest rate by switching her balance to a new card. It saved her about 80 bucks a month and helped her pay off a stupid buying decision over a year earlier than she could have with the original card.

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No balance on the card, just lose of credit.

Screw-Rice said:

I'm assuming you don't have a balance. I'd speak with Capital One about switching it the their cash back card. Depending on how old the card is, you may take a hit for closing a seasoned account and then another hit for opening a new one.

I only keep my Capital One cards because they I've had them for a long time, but use my Amex and Chase for everything. If you're worried about your available credit, I would get an Amex card. They ramp up their credit limits fast.

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. I spoke with capital one (many years ago) and "combining" credit lines is done the way Oldmodman suggested. but I have no balance with capital one and haven't for +2 years. I would just like to keep my credit stats is all.

Edited to add: I have an AMEX blue cash preferred card and don't see myself using anything differently. The card is awesome for my needs.

How long have you had all your cars? That will be your biggest deciding factor on how your credit will be impacted.

Screw-Rice said:

How long have you had all your cars? That will be your biggest deciding factor on how your credit will be impacted.

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Unfortunately it is one of my older cards '08ish. The amex is the youngest 1.5years.

ssj4sadie said:

Unfortunately it is one of my older cards '08ish. The amex is the youngest 1.5years.

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That sucks, the only reason I keep my Cap cards are because they're 10 years old.

with good standing credit, and a low balance, why not request an increase with your amex card and once granted close the other card off.

What's your main gripe with Capital One? Just curious because I have one (cash back) for my business and haven't had any issues at all. I've had it for 10+ years. Again, just curious about any negatives with Capital One.

TOPLESS_SVT said:

with good standing credit, and a low balance, why not request an increase with your amex card and once granted close the other card off.

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I will probably do that. I already have a pre-selected offer to increase my limit by $3k, why not ask for another $7k...

CobraBob said:

What's your main gripe with Capital One? Just curious because I have one (cash back) for my business and haven't had any issues at all. I've had it for 10+ years. Again, just curious about any negatives with Capital One.

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My oldest line of credit is through Capital One, $750. About 11 years ago it was put on hold for a late payment. Paid the card off and it went back into "good standing" yet somehow still on hold (couldn't use the credit). Talked to them and they said that despite it being in good standing I would have to apply for a new line of credit. I left it alone and periodically I check to see what can be done, same answer. It shows on my credit report, but not in a negative way as far as I'm aware. Since then I try and avoid Capital One. In the short amount of time I've had my AMEX it has been a great experience. Customer service wise and rewards, I don't see myself jumping ship from AMEX.

let them close it, and get another card (if your other cards have low balance)