Capital One CLI?

[Jayla127]

I have a Capital One credit card which I received last August. They gave me a credit limit of $500.00. Since then, I received an CLI of $250.00. So, the other night I wanted to see what my chances would be and request for another CLI.  I was denied because they said I had a returned check. I told the customer service rep. that I've made all payments on time; never late.  He told me. "Yes, you are never late with payments but my Jan payment was returned.  My payments are due every 28th of the month and I pay it on the 15th of the month. I paid an extra payment that month to bring down my credit balance and the customer service rep took down the wrong bank information even though we went over it twice to make sure she had the correct info. I feel I shouldn't be penalized for someone else's mistake. But, Cap1 will not budge. They told me try again in a couple of months!  Is there anything else to do or just leave it along?

[JayRizzo]

The CSR saw a slip-up on your payment history and used it to mess with your mind as part of his own entertainment.  You never had a chance for a customer-initiated CLI with Capital One.  That's not their process.

[Jayla127]

Thanks for the response!

What is their process? Just jerking people around!  Is this a card I should keep to build credit history on my credit report? And, then eventually close out?

[DI]

Yes, the return payment issue is just a scapegoat.  Had the return payment not occured their excuse would have been your account isn't eligible for a line of credit increase. 

[Jayla127]

Should I keep the card until I build my credit score?

[DI]

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@Jayla127 wrote:

Should I keep the card until I build my credit score?

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Absolutely!  Is there an annual fee associated with the card?

[Jayla127]

Yes, $39.00

[BundiFan]

Since there is an AF you could cancel it and it would stay on your report for 10 years and help you out on AAoA until it fell off then.  On the downside once you do close the card you then lose it limit counting against your total utilization of CC's.  If you have other cards without AF's and higher limits then feel free to close it.  Just make sure you do it before the AF is due.

[DI]

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@Jayla127 wrote:

Yes, $39.00

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Until you get  approve for a few  prime cards with a decent starting limits, its best that you keep the card open even with the AF.  Soon as you get a few  prime cards, I'd close the Cap One card if you carry no balance on it.  The card will continue to report for 10 years after closure. 

[Jayla127]

Where can I find a list of prime cards? And, when will I know to apply for one? Do I apply once my credit score reaches 650 and better?