05-01-2013 06:40 PM
Hello all...for reference, below is the email that I finally sent to the Cap1 EO after following some recommendations and suggestions from myFICO members:
I am writing to you today in the hopes that you are able to assist me in my request.
First, let me extend my thanks to Capital One for being instrumental in helping me build my credit to the healthy level it is today. However, my present credit limit and lack of any rewards on my current account does not allow me to utilize and enjoy my account to its fullest potential.
Therefore, I would like to change my Capital One Platinum Mastercard to a rewards level card with no annual fee, and a corresponding credit limit of $3,000. However, I would like this to be a soft-pull only, not a hard pull of my credit report.
If you require any further information, please feel free to call me at your convenience.
Thank you for your time and kind consideration.
I sent this on Friday night, and received a call on Monday, for which I was unavailable. Today I called back a nice lady and she went through all my requests and concerns:
1. Even though my account is not eligible for PC, she offered me a rewards program that would give me 1% back, similar to the Cash Rewards Card. I accepted this and she said she would contact me as soon as it is implemented. The rewards button on my account website appeared within an hour of the call. I was amazed...that was so fast!
2. She asked me what CL I was looking for and I said $3,000. She asked if I would accept a counter offer if needed and I accepted. She said my request will be immediately forwarded to UW and I will be contacted with a decision (within 72-hours). It hasn't even been 24 hours and when I went online to check my account I saw the CL...$1,500.00. Not the $3K I asked for, but it is double my limit which is just fine with me (for now...).
3. She said my concerns about the AF will also be forwarded to UW and a decision will be made. I called to check about the AF and it has been waived! She suggested to just call back when the next one is due (July, 2014) to see about another waiver.
She then asked me what my income is, what my housing payment is, and if I want to add any investments. I answered her questions and then she said all my info will be forwarded and she will contact me as soon as decisions are made.
The whole process was quick and not nearly as stressful as I had thought. I would have never emailed, or even known about emailing, the EO if it wasn't for the advice on myFICO. I will post my final results when they are available. The rewards are a done deal, which is far more than I was getting and ever hoped top get from Cap1, so IMO it is already a win! Thanks so much for your great comments and help.
All in all...a very satisfactory outcome, especially since I would have never done any of this without myFICO members' help and invaluable information. Thanks to you all!
CONGRATS on your success!!