Obtaining high Cap One limit

For just about anything you want to get off your chest about credit cards.
13 posts
MemberSince99
Centurion Member
Centurion Member
 
Posts: 4913
Joined: Sun May 20, 2012 4:35 pm
Location: WI

Re: Obtaining high Cap One limit

Postby MemberSince99 » Sun Apr 26, 2015 7:12 am

Cap One is the current fad card of the month on FICO because these guys that have been stuck in Commenity Bank land can finally get a huge limit if they can't get NASA and didn't jump on the Duck card bandwagon and got closed down.

Kind of ironic that Cap One has done that, but that's another story. That's how I started out with credit again - the Cap One 500 limit card with a 39 annual fee and no rewards. Given how long it takes them to restore your available credit after you pay, the tiny toy limit, and the absolutely horrid customer "service" (and I use the term loosely here), it just wasn't worth the hassle and I shut it down and went without a credit card for a while because frankly if that's all I could get, I'd rather go back to cash.


takeshi
Centurion Member
Centurion Member
 
Posts: 1733
Joined: Wed Jun 05, 2013 3:12 pm
Location: US

Re: Obtaining high Cap One limit

Postby takeshi » Mon Apr 27, 2015 8:55 am

planman wrote:if i have nothing on my credit file. What trade lines are the best ones to get and how old should they be to get a high limit Cap One?

Best for what? Best is always highly subjective on any topic and you need to clarify your criteria.

We can't tell you that adding X as a TL will improve your odds of getting a "high" (also subjective) limit with CO. Your credit determines the limit that you qualify for with any creditor. It's not just a matter of specific tradelines and their age but of all the usual factors:
http://www.myfico.com/crediteducation/w ... score.aspx

planman wrote:I make $125000 a year. How many trade lines would I need to get the 10-20 k cards?

It's not just about number of tradelines. Creditors have varying underwriting criteria and we aren't aware of all the details for even one given creditor so we can't answer your question. Your entire credit profile needs to match the underwriting criteria for a creditor for such limits. If you have nothing then you have a lot of building to do. You can't run until you've sorted out how to walk first.

Get 2-3 starter cards. Build some positive payment history with them. Either they'll grow with you or you'll need to take some action to get them to graduate/grow and/or replace them with better cards. However, at this stage you need to focus on simply qualifying for starter cards and if you can't get approved for unsecured then you may need to go secured.

Nixon
Centurion Member
Centurion Member
 
Posts: 1078
Joined: Mon Nov 03, 2014 11:12 am
Location: Great Southwest

Re: Obtaining high Cap One limit

Postby Nixon » Thu Apr 30, 2015 1:12 am

MemberSince99 wrote:Cap One is the current fad card of the month on FICO because these guys that have been stuck in Commenity Bank land can finally get a huge limit if they can't get NASA and didn't jump on the Duck card bandwagon and got closed down.

Kind of ironic that Cap One has done that, but that's another story. That's how I started out with credit again - the Cap One 500 limit card with a 39 annual fee and no rewards. Given how long it takes them to restore your available credit after you pay, the tiny toy limit, and the absolutely horrid customer "service" (and I use the term loosely here), it just wasn't worth the hassle and I shut it down and went without a credit card for a while because frankly if that's all I could get, I'd rather go back to cash.



They seem to be handing out decent limits with the Venture.

Bonus doesn't hurt either for an EQ/TU pull. ;)
Image



Return to “General Credit Card Talk”

Who is online

Users browsing this forum: No registered users and 2 guests