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 Nov 06, 2012 12:40 pm

steve123hwd wrote: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!!!!


That's Capital One. August of 2011 I had a 500 dollar limit card with a 39 dollar AF. I just found that very limitiing and I called and asked for a CLI. No dice, absolutely would NOT do it. I got the same old song and dance everyone gets from them. I then closed the card. In December of last year, I got frustrated my scores would not go up, and applied for a No Hassle Cash Rewards. Instant approval for 3k. They will not tell you that you may be eligible for better products or try to help you get them to keep a customer, they will just sound relieved you are closing your 500 joke card and saving them from that potential liability. You'd think they were paid based on how many accounts they can get people to close so they protect the company from defaults.

In short, they have terrible CS and they don't really seem to care, and in fact the attitude I got from them was they seemed DELIGHTED to close my account and why didn't I call sooner. They are one weird company. They are fine to start with but once you get better dump them and never look back is the best advice I can give. They serve their purpose like that beater first car you got, once you can afford better dump it!


MemberSince99
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Postby MemberSince99 » Tue Nov 06, 2012 12:44 pm

bernhardtra that is funny they did that 3 times for you. You shoulda kept calling with any luck who knows how many times they would waive it.

I saw the same attitude, they are GLAD to see you go. Usually at most companies if you've been a good customer they try to retain your business. Not Cap One - you want to close sir that's GREAT thank you very much for making my day! I think I could have given them a 100 dollar bill and not gotten a happier response! I can imagine when the execs get together they must sit around and say oh yeah we lost 12,500 customers this week, let's hold a company party to celebrate the good news! What a bizarre outfit they are.

As I've said they are fine to start with, but you sure as hell don't want to be with them 3 to 5 years later. And apparently they don't want that either!

silver6054
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Postby silver6054 » Tue Nov 06, 2012 3:11 pm

MemberSince99 wrote:bernhardtra that is funny they did that 3 times for you. You shoulda kept calling with any luck who knows how many times they would waive it.

I saw the same attitude, they are GLAD to see you go. Usually at most companies if you've been a good customer they try to retain your business. Not Cap One - you want to close sir that's GREAT thank you very much for making my day! I think I could have given them a 100 dollar bill and not gotten a happier response! I can imagine when the execs get together they must sit around and say oh yeah we lost 12,500 customers this week, let's hold a company party to celebrate the good news! What a bizarre outfit they are.

As I've said they are fine to start with, but you sure as hell don't want to be with them 3 to 5 years later. And apparently they don't want that either!

To come (a little) to their defense, they are not ALL bad, even for no rebuilders. I have two cards, the first with a $15K, second with $30K, and these were useful because of the lack of foreign transaction fees. Until recently, the second was my major "default" card (for use with "other" where no card had a special offer) with a 1.25% cashback with no annual fee. Once I forgot to pay one of the cards, and once I called they immediately reversed the late charge and interest.

That said, when I tried to convert the card to the newer cash back, that was of course absolutely impossible, I would have to apply for a new card.

Still, not the worst. I recently applied for a Barclays card, and they gave me a $4.7K CL, the lowest I have had for 30 years. And nothing obvious to do with my credit, since then I got two cards with much higher CLs.

tvshopper
 
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Postby tvshopper » Fri Nov 09, 2012 9:09 am

I recently took a Capital One card. I had a Barclay's card with Frontier Airlines (used to be Midwest Airlines). The Barclay's had a credit limit of $22,000. Capital One issued me a card in June with a $7,500 limit. I immediately asked for a limit raise as we run up to $4,000 - $5,000 per month through our card. We pay off the card in full every month. But, with the overlap, we could exceed that $7,500 limit. They denied me.

I have no idea why and they don't give any specifics. I have an awesome credit rating, plenty of cash on hand, pay off the card, etc. So, fast foward to this month (I have now paid off the June, July, August, September and October bills, in full--have a $0 balance other than current transactions).

I just asked for a limit increase and was denied again. I like the rewards on this card (cash back) and am thoroughly frustrated by this lack of limit increase. What do I do? Is there another card that people recommend? When will I get a limit increase? Can I move up the food chain to get one? How?

Thank you for your input.

Jslimm1985
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Postby Jslimm1985 » Fri Nov 09, 2012 9:51 am

I'm SOL. Reading a lot of these posts is depressing me.

I have one of the secured Capital One cards marketed for those who are building their credit. I believe I started with a $250 limit then it went to $500 within a year. It's been at $500 for 6-7 years now. I no longer use it. At one point in my very novice and inexperienced credit card ownership, I maxed it out. To a total of $535 which is still being reported as we speak. I've applied maybe 2x for a CLI to no avail (obviously).
There's nothing more I'd like to do than to close it out and flip Cap One the bird but at this point I'd be committing credit suicide by closing my second oldest account.

Any suggestions? I just don't want to be 40 yrs old with 21 years of credit history showing a card with a $500 limit and a high balance of $535
Revolvers
Credit Union MC 3/2004 ($6K)
Capital One Platinum 3/2005 ($500) :mad:
Dell Financial Services CC 2/2007 ($2.5K)
USAA Cash Rewards World MC 10/2011 ($9.5K)
AMEX BCE 01/2013 ($10K)

Chargers
AMEX Gold 1/2011(NPSL)

EXP 721 (01/02/2013) Amex
EQU 695 (01/10/2013) PenFed
TU 705 (01/22/2013) MyFico

"Please don't thank me for serving, I want to thank you for letting me serve on your behalf"

Ratfacedudeguy
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Postby Ratfacedudeguy » Tue Nov 13, 2012 10:29 am

Closing that card out might not be as suicidal as you think. Even if you close it, you'll still have it reporting as "Paid As Agreed" for the next 10 years, and thereby counting towards your Average Age of Account (AAoA) during that time frame. By the time that 10 years is up, I'm sure you'll have plenty of other accounts that will have strengthened your AAoA. The only way that this scenario would have an overly harmful affect is if that $500 limit was a substantial fraction of your total open lines of credit, in which case your overall utilization ratio would be increased to a potentially harmful level. If your utilization is low, and if your other credit lines are substantially high such that $500 won't make much of a difference, then you'll be just fine closing it out.

EDIT: Just looked over your sig. You'll be fine man. Close it out without a worry.
Amex Green - NPSL - 05/12
Amex Zync - NPSL - 06/12
Discover it - $7750 - 11/12
Chase Sapphire Preferred Visa Signature - $5000 - 11/12
SECU Platinum Visa - $5000 - 08/08
Bank of America Cash Rewards Platinum Plus Visa - $3000 - 06/08
Citi Diamond Preferred Mastercard - $3000 - 05/12
GECRB Old Navy Visa - $2500 - 11/12
Chase Amazon Visa - $2000 - 11/12
Chase Freedom Visa - $2000 - 07/12
Citi Thank You Visa - $1000 - 06/12
Amex Blue Cash Everyday - $1000 - 01/13

Jslimm1985
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Postby Jslimm1985 » Tue Nov 13, 2012 2:52 pm

Ratfacedudeguy wrote:Closing that card out might not be as suicidal as you think. Even if you close it, you'll still have it reporting as "Paid As Agreed" for the next 10 years, and thereby counting towards your Average Age of Account (AAoA) during that time frame. By the time that 10 years is up, I'm sure you'll have plenty of other accounts that will have strengthened your AAoA. The only way that this scenario would have an overly harmful affect is if that $500 limit was a substantial fraction of your total open lines of credit, in which case your overall utilization ratio would be increased to a potentially harmful level. If your utilization is low, and if your other credit lines are substantially high such that $500 won't make much of a difference, then you'll be just fine closing it out.

EDIT: Just looked over your sig. You'll be fine man. Close it out without a worry.


Thank you for the insight. I just didn't know how severe the effects would be. There's just no room in my portfolio for it. I'm thankful Crapital one extended credit to me but no sense in having a card that doesn't grow with me.
Revolvers
Credit Union MC 3/2004 ($6K)
Capital One Platinum 3/2005 ($500) :mad:
Dell Financial Services CC 2/2007 ($2.5K)
USAA Cash Rewards World MC 10/2011 ($9.5K)
AMEX BCE 01/2013 ($10K)

Chargers
AMEX Gold 1/2011(NPSL)

EXP 721 (01/02/2013) Amex
EQU 695 (01/10/2013) PenFed
TU 705 (01/22/2013) MyFico

"Please don't thank me for serving, I want to thank you for letting me serve on your behalf"

Ratfacedudeguy
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Postby Ratfacedudeguy » Tue Nov 13, 2012 3:06 pm

Jslimm1985 wrote:I'm thankful Crapital one extended credit to me but no sense in having a card that doesn't grow with me.


Yup, that's the general concensus with Crapital One exactly. It was also my second oldest trade line, and I was glad to have closed it out -- it was truly a moment of liberation.
Amex Green - NPSL - 05/12
Amex Zync - NPSL - 06/12
Discover it - $7750 - 11/12
Chase Sapphire Preferred Visa Signature - $5000 - 11/12
SECU Platinum Visa - $5000 - 08/08
Bank of America Cash Rewards Platinum Plus Visa - $3000 - 06/08
Citi Diamond Preferred Mastercard - $3000 - 05/12
GECRB Old Navy Visa - $2500 - 11/12
Chase Amazon Visa - $2000 - 11/12
Chase Freedom Visa - $2000 - 07/12
Citi Thank You Visa - $1000 - 06/12
Amex Blue Cash Everyday - $1000 - 01/13

Jslimm1985
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Posts: 80
Joined: Wed Sep 05, 2012 8:13 am
Location: Fort Dix, NJ

Postby Jslimm1985 » Tue Nov 13, 2012 7:07 pm

Ratfacedudeguy wrote:Yup, that's the general concensus with Crapital One exactly. It was also my second oldest trade line, and I was glad to have closed it out -- it was truly a moment of liberation.


Now that I think about it. I may wait until Oct of 2013 to close it out. At that point, the one late payment I've had with them will be cleared from my report. Am I being a tad over the top? Or does this sound feasible?
Revolvers
Credit Union MC 3/2004 ($6K)
Capital One Platinum 3/2005 ($500) :mad:
Dell Financial Services CC 2/2007 ($2.5K)
USAA Cash Rewards World MC 10/2011 ($9.5K)
AMEX BCE 01/2013 ($10K)

Chargers
AMEX Gold 1/2011(NPSL)

EXP 721 (01/02/2013) Amex
EQU 695 (01/10/2013) PenFed
TU 705 (01/22/2013) MyFico

"Please don't thank me for serving, I want to thank you for letting me serve on your behalf"

bernhardtra
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To make Ratfacedguy Jealous!

Postby bernhardtra » Tue Nov 27, 2012 4:12 am

Don't hate me, but this will make you jealous! I got a credit limit increase from them! It went from $500 to $2000 and they removed the annual fee! Want to know the secret? Send me $5 at this address....... Just kidding, let me tell you.

I filed a complaint with the Better Business Bureau! They responded the same day! They said they would contact me after my account was manually reviewed. I should have been a bit suspicious because the lady refused to talk to me about anything with the account. I even offered her the card number. You know what? They were referencing my Household account, so I am sure this is why they did not want to talk to me much. Maybe they had a plan or maybe it was an honest mistake. I think it wasn't an honest mistake!

So I didn't know this until they called me back to discuss the results. When I was told I had to wait every six months for a CLI, I was like what? I have never gotten an increase other than the credit step. Then she explained that she was referencing my Household account. She did say that she would forward the complaint to the appropriate Capone department and they would call me within 24-48 hours. That did not happen, but I did get a message from the BBB to accept or reject their offer. I rejected it and got another one a few days later saying they had talked to me about it. In both rejections I clearly stated I was not concerned with the Household account to make the point clear.

I then called them back at Household and got the phone number for the Capital One division. I did ask for it from Household before but they said they did not have it. Ha ha. So I called and I spoke with their executive complaints department and first she said she would remove the annual fee permanently and follow up within 24-48 hours. Well it happened, she called me back.

In the original phone call she asked what I wanted and I told her $3500. She asked the lowest I would accept and I told her $2500. When she called me back on Black Friday I had just finished all of my Christmas shopping. So she had good timing, ha ha! She informed me that my limit was being raised to $2000. So she did not even meet my minimum, but hey it was something! Actually, considering who we are speaking of, it was a lot.

I asked what the future will hold and she told me it will be reviewed periodically. Like I am going to believe that! It probably means that I will have to call them back again or file another complaint. I have yet to get a notice from again from the BBB and I hope that Capone has misplaced it or forgotten about it so they get it counted against them! If I do, I will send it back rejected again since the account is still blocked from customer initiated credit limit increases!

In the immortal words of Fletch: Want the number: 1-800-955-1455 Here it is! You might want to act fast before they change it. After all we know they don't want to be bothered with realistic requests from customers. You should make sure you also file with the BBB too, just to be safe and taken seriously. :cool:
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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