Credit Cards

[slothy]

Called Capital One yesterday for a CLI, I was declined - this is what they sent me

"

Thank you for contacting Capital One® regarding your account. Unfortunately, we cannot approve a
credit line increase for the following reason(s):
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.
We regret any inconvenience and look forward to continuing to serve you. Please keep in mind the
great benefits your card offers, like 24/7 online account management that allows you to change your
payment due date, make online payments, and set up e-mail or text alerts to notify you when you
approach your credit limit. To manage your account online, go to www.capitalone.com.
If you have any questions about this decision, please give us a call at 1-800-955-7070. Thank you for
being our customer.

Sincerely,
Capital One Customer Care Team"

[Cadillac-XTS]

Welcome to the Cap 1 world

[Dustink]

Crap1 strikes again...

[youngandcreditwrthy]

Hmmmmm I think it's that time of the month for me (time to ask for a cli w Crapital One) LOL

They suuuuckkk. Lol

[migliogiorni]

I put both of my Crap One cards down.  2 less hastles to worry about!

[Iincognito]

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migliogiorni wrote:

I put both of my Crap One cards down.  2 less hassles to worry about!

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+1

I agree. Capital One's "builder card" business model has not changed. There are other builder card options out there that will grow with you.

[jsucool76]

That is the reason they've been giving recently, but according to some of the exec CSRs that people spoke with, they are actually reviewing their policy, so we can be hopeful of a CLI within the next 10 years or so  

I just got statement #4 from them though, can't wait for my credit step CLI  

[roxy382]

I have the cash back card for "excellent" credit. I got the same lines about CLIs that they feed to the rebuilder cards.

[youngandcreditwrthy]

Yep Roxy, I had that one, and I closed it. I got a lot of cashback; I ran $3000 through it in like three months. My stupid limit was $500.

[Elcid89]

Capital One makes money on these cards via the annual fee. It's the model for this product.

Given that they are marketed to consumers with marginal credit, the expectation is that the lure of potential cash back will entice these consumers to get the card. CO fully expects them to charge the card up and then carry the balance, which is limited by the ridiculously low CL's they give.

In that scenario, they are looking at a potentially very small cash back exposure that is more than offset by the annual fee that they collect.

Best advice with these cards? They serve a limited purpose. Get them if you can't get anything else, and use them solely to get you to the point where you can get something better, then close them with all possible haste.