Capital One Credit Limit Increase Secrets

Discuss anything related to interest rates & fees, like balance transfer offers, low rate cards, annual fees, etc.
77 posts
MemberSince99
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Postby MemberSince99 » Tue Jul 31, 2012 3:18 pm

You have way better cards you won't miss them.

I'm sure he wasn't sorry to see you go, in fact honestly when I cancelled my cards the CSRs sounded delighted to be closing the accounts. I suspected they must get a bonus for relieving Cap One of a potential 500 dollar liability.


EaglesFan2006
 
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Postby EaglesFan2006 » Fri Aug 03, 2012 4:12 pm

I just had a very similar chat experience to striker78's...just curious what the denial letter actually says the reason is, since they don't hard pull credit...

MemberSince99
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Postby MemberSince99 » Mon Aug 06, 2012 8:18 am

EaglesFan2006 wrote:I just had a very similar chat experience to striker78's...just curious what the denial letter actually says the reason is, since they don't hard pull credit...


If I were to take a wild guess, it would repeat how much Cap One values his business and the opportunity to serve him, and that unfortunately at t his time Cap One is not accepting customer initiated credit line increases (when are they for that matter but that's another story). It will say that periodically all accounts are reviewed for eligibility for a credit line increase and that if his account is found to be eligible, he will be notified and the new limit will be effectively immediately. (they won't mention the odds of this happening are roughly the odds of digging up a treasure chest in you back yard - why ruin the mood).

They will conclude by thanking him for the opportunity to serve him and ask that if he has any further questions or concerns to please contact them (they won't mention it will do about no good, but he certainly can contact them).

That's pretty much what it will say, and the translation of what it means.

striker79
 
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Postby striker79 » Tue Aug 07, 2012 12:09 pm

EaglesFan2006 wrote:I just had a very similar chat experience to striker78's...just curious what the denial letter actually says the reason is, since they don't hard pull credit...


The letter I received is the same as every other letter. It is the most generic letter that "This Capital One account is not currently eligible for a credit line increase upon request. We're
reviewing our policy for increasing credit limits. While we do this, we won't be able to offer you more credit."

I have applied about 8 times, and it is the same thing each time.

MemberSince99
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Postby MemberSince99 » Tue Aug 07, 2012 4:27 pm

And I bet you could do it 8 more and get the same results.

bernhardtra
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Postby bernhardtra » Sun Aug 12, 2012 9:23 pm

HipHopSays wrote:i have had a capOne for 10 years and the limit has been 1K for .... ten years. i have attempted to get CLI from capOne and the only concession i recently received was a 2% APR decrease (to 17.4%). about three years ago during my annual capone CLI calls the cust rep encouraged me to apply for another capone acct .... which i did and was approved for 1K a year later it was up'd to 4K. i guess i should thank the stars for small favors as i do not have an annual fee. you are probably better off applying for another capone ....


But why should you have to reapply? Seriously, why? I get my credit report often, I have a card with Merrick Bank and they have an inexpensive service which costs $6 a month. (I doubt you really need to bank with them to sign up for it, just go to the login page and read the ad, it changes every few months, but don't worry. Don't see it now, check back.) I also have Credit Karma which is free and can be used on a daily basis. The paid service used to let me see who did soft inquiries on my credit. I found out that Capone was checking my report almost every 2 weeks. No new offers, no CLIs. I now have new accounts showing and am not able prequalify with Capone.

I think they have a strategy or three. 1. Many fee cards for those with damaged history and no CLIs or very few. 2. Tell their customers they can reapply, then they will do a Hard inquiry to keep the customers score a bit lower. 3. Keep the score low, by keeping the limit low. I am pretty certain they also have policies about how an account must be used to get certain offers or CLIs. I have done some newspaper research and they don't seem to change until they must and get slapped with a fine.

They want your credit score low so they can continue to offer you products which have a fee. As many of these they can get to increase revenue. If you have an AF on multiple accounts, they like that. Their card products are designed in steps too. Secured, plain AF card, rewards AF card, mid-range card, upper range card, prime spender cards. The count on some facts.
1. Most people will not close their accounts. This has a negative affect on a credit score.
2. Most people will not reapply or if they do, they will do so with Capone. This lowers their score and increases the revenue they get.
3. Most people will believe what they tell you.
4. Most people will apply for cards and be declined if they are in a rebuilder or new category. This will keep their score down, this means they will be able to keep you and whatever fees you pay them.
5. Most people will carry a balance month to month. (You idiots who want to rebuild, don't do this. Pay it off each month. The more you pay it, the less you pay, the more rewards you earn. Don't let more than 30% of your balance in relation to your limit report each month.)
5. Most people will not think of asking for their product line to be changed.
6. They want to make as much money as possible for themselves.

These generalizations can certainly make it almost predictable what they will tell you and how they prefer to do business. For those of us who are proving to them we now understand it, they are not good to respond to us.

They have recently given out increases to some of their customers. You better believe it was to the ones who have credit cards with other companies and whose limit was higher. If I were one of these customers and am paying a fee for the card, I would call right now and demand they reverse the fee or change the card into a no annual fee card with benefits. You account might already qualify for it, but you won't know until they decide to tell you. If you got the increase and it was actually a good one, you probably also qualify for it. Match your credit history, not your score, and the accounts you currently have. You want what you ask for to be a little bit better than what you have. It might work, it might not. Think about how long these accounts have been reporting, their limits, their rewards. Don't use the card until you get what you want. They are trying to make money off you, but they won't offer you anything until they have to.

If you have a cash rewards card with them, redeem the cash. For those of you who carry a balance, do this often. It might only save you a few dollars a year, but it is a few dollars a year. If you carry a balance, change your spending habits and your paying habits. Switch everything to the card that can be paid by credit card and pay the money to the credit card. Get in control of your paying habits. Pay as often as you can so that you can pay off the balance before the next statement. Even if you still use the card, pay the card often. You will at some point have no money and have to restrict your spending or you will have already gotten it under control. What you will stop doing is paying interest! You really shouldn't need to do this, unless an emergency came up.

Use only 30% of your available credit. This will look good on your report. In the worst case scenario that you have to use your full credit limit, but you are making payments often, you can schedule the payment before the statement cut off or payment date and delay using the card for a day or two. When the statement cuts, this will probably be the balance they report to the bureaus. This will look good to other credit granters in the month you apply for a card. You should also get cards that are nearly impossible to use. I have 4. (No annual fee cards such as department store cards.) I have some in states I don't live, but might visit or my family lives there. I use them around Christmas time, birthdays, holidays, etc. to purchase a gift and then pay the card off immediately.

When you can get other good limit Visa/MC cards so that Capone notices this. They know which ones are what and what they have to offer you at this point. When you get these cards don't use them for a while. Use your Capone card for a few months. Then pay it off and don't use it. Use the other cards or one of them, but make sure you make purchases on both of them. Put a the biggest charge you come across on one of the cards. This sets your highest usage, which is key. But the new laptop that you have already saved for and pay it off the next month. Heck, buy it for a friend who doesn't have credit cards but does have the cash! If they have the cash but need something ordered, I will buy it for them, just gimme the cash now.

When you are using the other cards and not theirs, they will eventually notice this and be more likely to give you something to win you back as customer. They just need to see that it is worth their time. They are in it to make as much money as they can, keep your score or you trapped with them as long as they can.

Why reapply? Just be patient, do the right thing, and get others to offer you cards. Take the best cards offered. Don't close accounts with no annual fee, you need their history. Use them just enough they won't get closed. Your Walmart card could be more useful to you than your AF card from them. In the beginning get 2 cards with them, then get other cards, stop using their cards, don't get trapped by credit and lot's of it. Use it responsibly. As long as you have cards with higher limits, that have shown you can make a large purchase and pay it off, you will be in the best sorts. You have to have leverage on them, more than their leverage is on you.

The sooner you get higher limits on other cards, the better. Then other companies will more quickly look for you! First, ask about upgrades. Occasionally use the card so they won't close it. Even if it is twice a year, once around the time the AF is due. Find companies that will give higher limits and take more risks. Then wait, wait for offers. Find the right offer that meets your needs. This might take months and maybe it should. The longer the history you have with other companies, the better. When you have the ultimate account you want relax. Use only that account! (Well keep some of the accounts happy so they don't get closed.)

The key strategy here is not Capone, but if you want their prime cards you have to signal in some manner that you are ready for it. You need to show that you can use the account properly and get other credit and use that wisely. Either they will have to keep up or lose business. You have to make credit work for you and you have to abide by the rules. Each company has their own rules also, Capone does not seem to have good rules for everyone about CLIs. Don't keep reapplying, apply elsewhere at some point.
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

Errin1
 
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Postby Errin1 » Sun Sep 23, 2012 12:28 pm

I've had a Cap One Platinum CC for 8 years . Used it as a rebuilder. My CL is at it's max (4K) so compared to others on this forum I guess I'm lucky. I haven't had an increase in 6 years and that's ok. I use it once in a blue moon and I am hard pressed to close the account because my APR is so low ( 7.15%) Do you think they'd let me upgrade ???

bernhardtra
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Postby bernhardtra » Wed Oct 17, 2012 11:25 am

Ratfacedudeguy wrote:I just closed my Crapital One account. I did it through the online chat and the CSR was obviously juggling my conversation with at least one other person's, so about 3 or 4 times I saw questions pop up on the screen that were obviously not directed towards me. No retention efforts were given, as expected, and at this point I really don't care about having cut them out of my wallet for good.


Oh why did you go and do that? Wasn't the amusement enough for you? I was gonna tell you how to make it profitable for you.

About a month before my annual fee was to hit I called and asked about having the AF removed completely from my account. I did not ask them to waive it, I was careful never to mention that word. I used a good selection of English words so that it could not be blamed on me for what they did. In fact they did it twice the same day and then the next month too. Yup, that's right all I wanted was a PC and they waived the AF. Three times they waived it!

I also have had that personal note strategy used on me at least a dozen times. I simply say why bother, since they don't actually review the account for a CLI, it won't make a difference. And reality is that the person who might actually review the account for a CLI is not going to read the notes. It is merely their new psycho-babble. Just like their psycho-babble about the credit limit being up to date. If it were up to date, it would be in line with the other cards I have. $1500, $2500, $2600, etc. I even had a gas card and a store card with higher limits that are less than a year old. In fact the gas card has never been used for more than $175 in a month and mostly only gets used for one purchase a month.

It really is amusing to hear their psycho-babble and analyzing it. I wonder who they get to write their scripts? If the job pays well I will take it as I am certain I with all the experience I have speaking with them I could do it even better! That would be a sweet job! A bit morally degrading in some aspects, but still an amusing one.

Script We value our customers privacy so we don't give them high credit limits or increases. If a customers card were to be stolen, then it would expose the risk to the consumer by the person committing the fraud if they were to charge the entire limit if it were high. So we protect our customers with a low limit for their benefit. I am sure you can see the benefit of this for your safety. We appreciate the time you have taken to reach out to us, but be assured we are doing everything we can to keep your account secure and safe. Did you have any other issues I can help you with today? Remember, we value you as a customer and are here to keep you happy and satisfied.

See I could do it. I did everything I could to turn around you question with a foolish explanation that has no impact on reality. The reality being that chances are if someone stole my card I would simply report it and only have to pay the max of $50 according to credit card regulations about theft. I insured I made a statement about how concerned we are for you as a customer and how we are striving to keep you safe. I have thanked you for the time you spent to speak with us. (Now please go to my Linked In page and recommend me.)

We should set a date for as many Capone customers to call and request a CLI and spend as much time on the phone as possible to insure that it affects their business in a real way where they might notice or be a little hurt by it. If we could get 1000 people to call on the same day and take at least 30 minutes of their time it might actually have an impact on their business, even if it nets us nothing. I would suggest on Black Friday. Imagine the impact to their business that day in regards to their Prime Card holders who might otherwise be affected! Just think about it!!
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

steve123hwd
 
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Location: america

Capital One is crazy!!!!

Postby steve123hwd » Sun Oct 21, 2012 2:24 pm

i have an 800+ Credit score and never missed anything in my life. i have a few hundred k in credit on various cards. I have a $3k limit on this stupid ass capital one platinum card. i need at least $5-10k a month which i pay off. after 2 years of asking for increases, i said screw it!

I then applies for a business card from them and they gave me $20,000 credit, yes you read that right. everything is the same except i used it in my company name. I don't get t!!!!

bernhardtra
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Postby bernhardtra » Tue Oct 30, 2012 7:38 pm

Well 7 months later and I have closed one of my cards with Capone. They did not waive the annual membership fee or increase the credit limit. They were more than happy to close the card. Some banks use a system which identifies what type of customer you are, profitable, nonprofitable, which is based on a few factors. The factors include; using your card, not using the card, contacting customer service, asking for things, etc. If Capone uses such a system then it certainly doesn't take their actions into account! So I closed the card and even though they have made money off this card they didn't even try to keep me as a customer. While I don't carry a balance and pay them interest I have used the card heavily. I used it for 7 times it limit in the last year. This should be a signal to them, but sadly, it is not.

My other account is still open. When the annual fee was coming due I called and asked if they would switch my product to one that does not have an annual fee. They would not, but they did offer to waive the annual fee in advance. I told them do whatever they want, but what I want is a card with no annual fee. They waived the annual fee, in fact they waived it more than once. I laughed about this. When the annual fee posted on the account I called and asked to be upgraded. They said no but offered to waive the annual fee. I said this is not what I am asking for, but they can do whatever they want. So the annual fee got waived 3 times and I made sure that I never actually asked for it. I did not want they to come back and blame me somehow, it is Capone.

I have tried everything to get a CLI from them. I opened new cards with higher limits. I have used the cards. I have not used the Capone card. I have used the Capone card. I have used the card for 3 times it's limit one month, making sure to pay it off each time I got to the limit. (I did not want a fee for doing so.) This card accounts for 0.5% of my total available credit now. I have threatened to close the account, nothing. I have never been late or actually gone over the limit. I finally let them have some interest even one month and leaving the balance high. That did not work either.

They now have been saying for months that credit limit increase requested by customers are not allowed for certain accounts, but that they are reviewing their policy on credit limit increases. My question is how long does that policy review actually take. I real company would not take 6 months to review a policy. It seems they invent something new to say to customers so they will be placated. Well it is not happening, I am not placated and have gone back to not using the card. They have oddly even stopped doing soft pulls on my credit report, which used to happen about every week or two. Yeah I don't really like their policies and it appears a vast base of their cardholders don't either.

A few somehow get different treatment than others which makes me wonder if those are Prime cardholders or PR. I don't think Capone would be dumb enough to use a strategy of posting many positive comments. They know that we would see through that quickly. However, using a strategy of an occasional posting might actually work and retain customers. It is based on the concept of Hope. If we have a little hope, then we might stick with them longer. Without that hope, even if it is small, we would probably simply escape.
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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