The impossible just happened -- Capital One gave me a credit increase

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czannah
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The impossible just happened -- Capital One gave me a credit increase

Postby czannah » Wed Jun 11, 2014 7:59 am

I just got a Capital One Credit Limit Increase... I don't know what witchery this is, but let me explain.

Some time ago I decided to get a new credit card and went with Orchard Bank, part of HSBC. It was a starter cards and as is standard procedure, I requested increases every 6 months. I think the card went from an initial $300 limit to $500. Then OB sold their accounts to Capital One (C1). I did my research and found out about C1's horrid history with CLI's So I was expecting never to get a limit increase because I did not want to close this old account. Also, I still believe that they did not inform me that the C1 card would have an annual fee. Great plan but I caught it and they waived it for a year. Anyway I hadn't used the card practically since I got it (they gave a new card with the history of the old one) because Well, what was the point? Well I decided I would be giving the once in a lifetime CLI request soon, so I decided to show some use, put like $50 on the card. As I just happened to be on today to verify my due day, when I saw the CLI request option. A quick search said that the request would not generate an inquiry, so I said why not. And surprisingly the request was approved, from 500 to 3500. My personal opinion is it was a mixture of offering a one time increase for transfer cards, and my bump in income.

Now being the pessimistic intelligent person I am, I still don't trust them. I expect that will never happen again, and I will, as a matter of principle will never pay that annual fee, at some point i'll see if they will downgrade the card to a no fee card while maintaining the history.

Just wanted to share the shock of my day.
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HotrodBill
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Postby HotrodBill » Thu Jul 17, 2014 12:57 am

Congrats. They just gave me a 3k increase. I almost fell out of my chair when I heard the automated system say it
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yfan
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Postby yfan » Thu Jul 17, 2014 1:51 am

Same thing just happened to me. I had had my $500 CO card for a while, when a month or so ago, got a Quicksilver VISA with a $3K limit (plus the offer to increase it to $3500 after 3 months' use and on-time payment). Earlier in the week, I used online chat to ask Capital One to move my old card (MC) to a Quicksilver-type rewards program and they did, no questions asked. And I tried a CLI today, and instantly got it up to $3500.

supercoolman
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Postby supercoolman » Thu Jul 17, 2014 2:10 am

it was even funnier for me. I called to close a card I've using, but they wouldn't increase CL on it. the CSR told me it's closed and I destoryed the physical card right away. I logged in a week after because I have other accounts with CO and saw that not only the CC wasn't closed, they 2X my CL. I then called and closed that card.

MemberSince99
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Postby MemberSince99 » Thu Jul 17, 2014 6:34 am

You know it's kind of ironic but I think Cap One has opened up a bit to where they are more likely to give you a CLI than Discover is.

yfan
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Postby yfan » Thu Jul 17, 2014 8:57 am

MemberSince99 wrote:You know it's kind of ironic but I think Cap One has opened up a bit to where they are more likely to give you a CLI than Discover is.


I only just got a Discover card, but my experience is that Discover gives you a higher limit than other cards initially though.

MemberSince99
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Postby MemberSince99 » Thu Jul 17, 2014 10:23 am

It's always YMMV. They always gave me my lowest limits and I never got a CLI from them. But others have a different experience, like you. So, it really just all depends.

mdl28
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Postby mdl28 » Thu Jul 17, 2014 4:24 pm

So I gave it a shot and got a CLI to 4k from 1k. Soft pull, not bad.
I care so little about that card company, I don't list them. However I do have a CO card. Never used, still was given the CLI, interesting.
MDL

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jumbo
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Postby jumbo » Fri Jul 18, 2014 9:46 am

mdl28 wrote:So I gave it a shot and got a CLI to 4k from 1k. Soft pull, not bad.

How did you know it was a Soft pull, do they specify it, or did you check your CR after you got the CLI?
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mdl28
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Postby mdl28 » Fri Jul 18, 2014 3:40 pm

jumbo wrote:How did you know it was a Soft pull, do they specify it, or did you check your CR after you got the CLI?


It states on website that checking to see if you're eligible for a CLI will not effect your score. It asks general info about income etc., and came back with an offer for a CLI to 4k. I could accept it, accept some of it or request more. I'm thinking if I'd request more, a hard pull would be required. I'll keep a look out for an inquiry regardless.
MDL

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