Capital One Credit Limit Increase Secrets

Discuss anything related to interest rates & fees, like balance transfer offers, low rate cards, annual fees, etc.
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JMK
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Postby JMK » Fri Jun 01, 2012 12:34 pm

I too had the same thing happen...They will not increase my limit from $750 on two MC Platinums I have with them. Never been late, always paid in full and credit is excellent. I have quit using them and have since gotten AMEX BCP(2k limit) and Chase Sapphire Preferred(5700k limit). If these Cap1 cards werent my first credit cards, then they would be canceled immediately.
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MemberSince99
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Postby MemberSince99 » Fri Jun 01, 2012 1:06 pm

gufstefson wrote:I had a credit limit of $750 for about 11 months on my Capital One Platinum (the version for so-so credit with $19 annual fee). I thought that it might be time to qualify for a credit line increase but when I called the lady was very polite but checked and said my account was not eligible at this time. 2 questions for you guys.

1) What is the policy/criteria for judging increase eligibility? Do all Capital One credit cards follow the same policy or would I have better luck with one type over another, like the Cash Rewards. I was thinking of applying for it, think if I did I would be given a higher limit than what my Platinum has, the same limit, or a lower limit?

2) Any secrets I should know about to qualify or is it all based on math? If I own my car outright and my rent is low (both of which are the case) should I mention that because it would make me more creditworthy in their eyes? Is it possible to speak with someone in risk management (whatever dept has the power to override the system) and present my case for an increase? Please share any secret tips that the a novice like me doesn't know about.

Thank you in advance for responses. This forum I have found to be an excellent resource!


Odds are good that you have a starter (rebuilder) card that may never increase beyond the current limit of 750 dollars. Their rebuilder cards typically give you one increase after 6 months of good credit behavior, and then you may go 10 years before seeing another increase (if ever).

The bottom line is they are good cards to start off rebuilding with, but once you get your score and credit reports back in order, you simply will need to dump the card after getting something that will grow with you, as these were never intended to. You might slip through the cracks but for everyone who does 50 people never see a CLI past the first one.

They do not really tell you this, but you simply need to move on to better when you are ready. A year ago, I had only a 500 dollar limit Cap One card. I was eligible for it to go to 750 after 6 months, but frankly I found the toy limit just too stifling to be worth using it. I had decent scores then (around 750) and called up to ask if they could give me a usable limit. Answer: no, simply put. And, they will not even tell you that you could qualify for something better based on your score and profile - they will leave that to you to figure out. I closed the card in frustration and the next one I applied for was a "prime" Cap One last December, where they gave me a 3000 dollar starting limit. I was floored at the time. I thought why don't they tell you this in order to keep your business, but in my experience the average Cap One CSR couldn't care less whether they keep your business or not - they are delighted to close your account and save the company a few hundred bucks in exposure, you'd think tthey got bonuses based on how many accounts they close out in a day.

YMMV but that's my experience with them. Use them to rebuild with but once you get better DUMP them and don't look back, ever, even just for fun.

Yatko
 
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Postby Yatko » Mon Jun 04, 2012 3:39 pm

Just one question, how do you combine the credit limits to be able to close one of your cards (Cap One)?
Thank you!

MemberSince99
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Postby MemberSince99 » Mon Jun 04, 2012 3:56 pm

Yatko wrote:Just one question, how do you combine the credit limits to be able to close one of your cards (Cap One)?
Thank you!


You would have to call and ask them to do that for you. Most accounts I've read of this get the same answer as asking for a CLI - no. A few get lucky, but hey someone wins the lottery too so YMMV, but I wouldn't think it would be all that likely they will do it. Can't hurt to ask the worst that they can say is no.

card slayer
 
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Postby card slayer » Sat Jun 16, 2012 12:56 pm

This has already been mentioned by the other contributors to this thread, but I also had Capital One as my starter cards when I began college, and as already stated, they are easily the worst lender out there. The first card they sent me back then had a $500 limit I believe, with $3 monthly fee...and then I was sent another offer for another credit card from them about a year later, and for some foolish reason I applied for that one too and believe it had with a $750 or $1,000 limit (can't really remember) but with no fees.

Now I can't exactly remember the time period, but several years after I got the first card, they called me up and gave me a limit increase from $500 to a whopping $1,700 and added rewards to the card. At that point in time I already had two or three other credit cards from much more consumer friendly lenders, each with limits ranging from $5,000 - $7,500...so the CLI they gave me was a joke. I'm also certain that before they called me to give me the increase, I probably requested an increase 5+ times over the years.

Then on the second Capital One card I had, one day out of nowhere, I logged in and saw that the limit had been bumped up to $4,750...and I received a call confirming this a few days later, but they would not throw in a rewards program or anything with this card, which was disappointing since I had become used to rewards programs by this point in time with my other cards. At any rate, it took years of flawless payment activity along with opening accounts through other lenders before they gave me the CLIs on both cards. Phone calls, emails, requests, and threats were useless...and I had done all of the above over the years.

But let's fast forward to this year (2012). In January I had a 780 FICO, cards with $20k+ limits...and of course, my Crapital One cards which I've had since the inception of my credit history. I finally decided that a $1,700 card with its $3 monthly fee was just throwing away 36 bucks a year, since the cards with the other banks easily compensated for that credit line, so I cancelled it after months/years of either trying to get the fee knocked off or the limit bumped up once more. They wouldn't let me move the limit from one card to the other or combine the accounts either. So I wasn't going to keep paying $36 a year for a card I never used just because it was my oldest card.

I know it definitely is not the greatest idea in the world to knock out your account with the longest credit history, but fortunately, the second card I had opened up with them a year later had no fees so I decided to keep that one.

It already goes without saying that even today, I still can't get an increase or rewards program added to the second card with the $4,750 limit, and this is coming from someone with 15 years of flawless payment history, constant debt to limit ratios below 10% across all my cards, and a FICO score hovering around 800. I'm fine with this though. The other lenders get to enjoy all the swipe charges and merchant fees and so on that come from my spending, and they deserve it, as they worked WITH me instead of against me to get my limits up to the levels they are at today. Capital One, on the other hand, is lucky that I was naive enough to establish myself with their cards back when I was inexperienced and innocent (the preferred traits they look for in their customers as a predatory lender). But these crooks will never see more than $5 - $10 a month charged to this card (which I guess works out to somewhere between 10 or 20 cents a month for them from merchant fees?) ever again, while I get to keep the benefits of the lengthy and perfect history.

If you are just starting out in the credit game, do not do business with these people. Get yourself a card from a credit union or local bank instead.

LKGG18
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Postby LKGG18 » Sun Jun 17, 2012 4:04 am

These cards are not meant for people who want to periodically increase your credit limit. You can tell by the way the CSR told you to apply for other cards. These cards are here to rebuild your credit. When you are not able to get a CLI anymore, that means you are at its potential of the card to get a higher credit limit. This is where you want to apply for other credit cards with less restrictions of the credit limit increase. Capital One has been very aggressive on their CLI's during this economic downturn and was praised on this due to them being aggressive.

IT doesn't mean you are a bad person, but they are taking responsibility upon themselves to limit credit limit increases on cards that are for people who are building credit.

MemberSince99
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Postby MemberSince99 » Sun Jun 17, 2012 8:33 pm

Actually they are very good for starting out in the credit game, or rebuilding. And that's frankly about it. They make at most a half-hearted effort to appeal to anyone else, their bread and butter is people new to credit and people rebuilding their credit.

I wouldn't hesitate to use them if I were in that position, but otherwise, I'd steer clear as once you can get better there is no need for them. Even with 750 scores and a great credit track record, you are not going to see CLI from them, and if you aren't in that range, well your odds certainly won't increase.

They serve their purpose but once you can get better who needs them?

And their customer service is bar none the worst I've ever experienced. Anything you ask, you will get a 5 minute monologue read from a script that may or may not have anything to do with your question. I've personally given up in frustration after a few of these because I knew I wasn't going to get an answer. Even if by some miracle you get a direct answer to a question, you could call tomorrow and get exactly the opposite answer to the same question. It really is Peggy in action. To me, that's almost as bad as the fact that your odds of a CLI is about your odds of seeing Bigfoot.

lucasoil4u
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Postby lucasoil4u » Mon Jul 02, 2012 12:08 pm

I had 500 with them for the longest time. Got Discover Card with 5500 and They upped it at the time that I got the Discover Card. They dont like to up it for no reason that is for sure.

MemberSince99
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Postby MemberSince99 » Mon Jul 02, 2012 2:38 pm

I'm surprised honestly they would up it for any reason at all. I know for a fact it does not bother them in the least to close your account - they were always thrilled to close mine out, probably more so than I was. I always pictured the weekly meetings with the CSRs going something like them being encouraged to get people to close their accounts to save Cap One potential liability, the one who gets the most dollars of liability saved gets a reward for the week. At most companies earnings would be the key metric but at Cap One I bet having the smallest possible limits and risk exposure came FAR above earnings in the priorities. I so do not miss dealing with them. I hope I'm never in a position to have to do so again as long as I live.

bernhardtra
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Bye Bye Capital One

Postby bernhardtra » Wed Jul 11, 2012 6:57 am

My HSBC card is now a Capone card. This means I had three cards with them. I recently closed the oldest with them. After 2 years of having the card and being bumped 1 time from 300 to 500 and nothing more I have given up the worst card with them. While the score does drop from closing the account, I saw this happen, it was small and it will still report to credit bureaus. So no problem. I have another card with another company with a longer history still open and I have a card with a $2,500 limit with another. I have a gas card that seems to like to raise the limit nicely. The new card with the higher limit will raise my score.

I could find no method which obtained me a CLI. I used the account for 3 times the credit limit a few times. I stopped using the card. I used the card for small purchases. I begged, demanded, pleaded, used logical conversations, nothing seemed to work. The one thing I never did was carry a balance, well somehow I did pay them $1.38, it must have been an oversight or day late payment. (I never miss a payment date, but maybe I paid a second, third, or fourth payment that month a day late.)

I now have two cards with them after I even closed the longest account. I haven't seen a CLI happen on one card in since the first one at the 5th month and that was over a year ago. The other one, from HSBC, is not yet a year old, but they wait until the first year to determine a CLI in most cases. This is the best of the cards, as it has rewards and no annual fee.

Be strategic and get away from them. That is what I did. When you get one of their cards with no annual fee, keep it. Why close it, it has no annual fee. Use it if it has rewards for whatever you can get out of them. Transfer you balances from other accounts and then pay them off the day they post. (I actually pay them sometimes days before they post hoping the system will notice what the leaders can't) It doesn't cost anything to transfer the payment. Being that it is free, I abuse it, not because I have to, just because they won't give me a better limit. It is rather funny what I do to try and prove the point to them.

Since I can keep the balance at zero at all times if I desire I simply use wise money management and keep the money as long as I can. :ppp In fact I think I will transfer my small gas card balance right now to them and pay it. :shoot: They need to have at least 3 classifications of clients, not 2.
EX 686 TU 690

Cap One $500 6/10 closed no CLI 7/12
Cap One $2000 9/10
Household $500 9/11
Merrick Bank $2800 10/07
Marathon $900 10/11
Bealls $950 10/11
Marathon Visa $2500 6/12 Yeah finally a good limit card!
Barclays Rewards MC $1500 8/12
Belks $800 8/12
Walmart $1000 8/12



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