Capital One Credit Card Limits.....

[injustifiiable]

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@pjnsydsmoma wrote:

Hi! I'm New here. I have two cards with capital one a $230 secured card that I have had for almost a year and a half and a $750 unsecured card that I have had about a year. I recently applied for a third card with capital one because they have really treated me well and help me build my credit score and I was able to get approved for financing on a newer car. So I wanted to apply for a cashback rewards card, and I was denied. The adverse action letter came in the mail and basically it said that they did not run a credit report on me and that basically I was denied because of the amount of capital one accounts I have. So is there a limit to the amount of accounts one can have with capital one? Has anyone every received this type of rejection and then later been able to get another account with capital one? I researched the rewards cards and decided to go with capital one because I am familiar with them and they treat me well. I don't want to run my credit anytime soon in the next few months if I should just wait it out on capital one. Any suggestions or recommendations?? Thanks a bunch!

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Yep, two is the limit with Capital One.

A way to circumvent this is to apply for one of their partner cards....Here are the ones I know off-hand:

• SonyCard Visa
• PlayStation Visa
• Orbitz Visa
• MTV Visa

Apparently they don't count these toward the limit. There might be another one I missed. Keep in mind, some of these come in two versions; one for Average Credit and one for Excellent Credit. You probably want the Average versions.

Hope that helps.

[Wolf3]

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@pjnsydsmoma wrote:

Hi! I'm New here. I have two cards with capital one a $230 secured card that I have had for almost a year and a half and a $750 unsecured card that I have had about a year. I recently applied for a third card with capital one because they have really treated me well and help me build my credit score and I was able to get approved for financing on a newer car. So I wanted to apply for a cashback rewards card, and I was denied. The adverse action letter came in the mail and basically it said that they did not run a credit report on me and that basically I was denied because of the amount of capital one accounts I have. So is there a limit to the amount of accounts one can have with capital one? Has anyone every received this type of rejection and then later been able to get another account with capital one? I researched the rewards cards and decided to go with capital one because I am familiar with them and they treat me well. I don't want to run my credit anytime soon in the next few months if I should just wait it out on capital one. Any suggestions or recommendations?? Thanks a bunch!

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They have a limit of 2 on their cards so you would need to product change your unsecured card.   You might call and ask about that.  

Co-branded cards are separate, so you if you want one of those, the 2 card limit does not apply.

If you are looking for larger limits, you might increase your secured card deposit.   It helped me get a cash rewards card with them with a good limit.  

If you are looking for higher credit limits,

[compassion101]

Didn't know about the capone 2 card limit.

I have 2 CapOnes and 2 HSBC which are now converting to Cap1. The HSBCs are 300/500 limits and I was gonna get rid of one anyway due to annual fee, the Cap1s are 1500/5000 so good limits for me. Wonder how they will treat this.

Any suggestions for a rewards card? I'm optimizing my scores and will be applying in about 2 months, scores should be 690-720 by then. Cant do chase and citi due to 8 year old BK.

[TiggerDat]

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@bandlp08 wrote:

Hey Everyone!!!!!!!!!!        I have a question cause I have heard so many different things.  I have a Capital One Plat Card limit is 750 , Capital One Sparks Business Card limit 750 and  a Orchard Bank Card limit of 320 which was just taken over by Capital One. Had all of them for over a year. They wont go up on the limits. Which really sucks to me. I pay on time and I dont go over my limits.

    So here is what I dont understand. I asked them for limit increases 2 times on each one. I was always declined. So last week I applied for a Sony and Orbitz Credit Cards wich is through Capital One. Both were approved. Sony for 300 and Orbitz for 500. Why if I dont qualify for a increase will they give me 2 New cards???? Is there something Ican do? I really want to have more of a limit.  Anyone have any ideas

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First, if there are annual fees then they want those first.  Second, with a low credit limit it increases the likelihood of an over the limit fee.  Third, if there is any way in H*ll they can charge you a fee, then you can bet the Ranch on it they will try.   I just read an article at Business Week about CapOnes strategy for fee income.  Until they don't have to classify as a subprime cardholder then they won't.  You are better off opening an account with another company when your score reaches about 675.  Then you they might notice and raise your limit.  Some have suggested this is one of the only ways you can get them to notice you.  Their rationale is that as long as they can keep you down, they will.  When you have a bargaining chip then they have to take notice.  I think CapOne keeps a fairly good tab on your credit report, they seem to do soft pulls on my bureau at least once a month from Experian.  They also want you to do all the work and apply for the card from them so that they can convince you to keep the fee paying open so that it reports to your credit bureau if you are approved.  Sometimes they even won't approve you for a card if you have others with them and a certain amount of time has not expired.  I just got a $2500 credit limit from WFNNB Marathon, so I will be hopefully closing the basic CapOne $39 AF card.  I have heard that once you have a card with a good limit, they seem to take notice and raise your limit.  I have also heard that sometimes if you close an account with them they also take notice and reinvite you back with a different offer, but probably still a HP to finalize the deal. 

Ask me again in about two months and I might be able to tell you one way or another if either of these works.  It is the two year mark with one account at CapOne and I plan on closing it unless they waive the annual fee.  I only need one card for international transactions and one card with auto insurance waiver insurance.  So for the time being I only really need the other CapOne card.

I hope some of this helps you.

[TiggerDat]

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@bandlp08 wrote:

I have 5 with Capital One.  I guess I should give you back ground. I had a bankruptcy discharged in Nov of 2009. So I am just starting over.  Capital One was the first to give me a chance and I know they are poop but hey I had to start somewhere.  I have...........

                                                                                                                                   Capital One Plat $750

                                                                                                                                   Capital One Sparks Business $750

                                                                                                                                   Capital one Sony $300

                                                                                                                                   Capital One Orbitz $500

                                                                                                                                   Orchard Bank which is now Capital one $320

                                                                                                                                   First Premier $300

                                                                                                                                   Merrick Bank $700

                                                                                                                                   Credit One $500

                                                                                                                                   Maurices Store Card $250

                                                                                                                                   Catherines Store Card $150

                                                                                                                                   Firestone $900

Yes there are a few there. I tried to get a mix of cards and Heck I will be the first to admit some are poop but in all honesty I thought I was doing good and building credit but  I have not got above a 630 score across the board. The Sony and the Orbitz have rewards which I like.  All cards have less than 28% balance if any balance at all.  I make around 89,600 a year.  So if anyone can help me out maybe tell me what I can do to increase limits or should I get rid of one or two of them. If so which ones. I want to  have bigger limits and bump my score up. I would love to see a 700!!!!!!

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If you make that much, take $5000 and open a secure card with any bank, even Merrick would love to have you open one.  But I think that Wells Fargo has one for $25 a year.  However, you could try a WFNNB Visa card.  (I think one of your cards is a WFNNB card.)  I just opened a WFNNB Marathon Visa card with a 677 TU score and a 667 Experian score.  They actually only did a soft pull, I already have a Marathon card and Bealls of Florida card with WFNNB.  You might need to wait until the Maurices Store Card is over $500 as a limit.

[john398]

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@injustifiiable wrote:

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@pjnsydsmoma wrote:

Hi! I'm New here. I have two cards with capital one a $230 secured card that I have had for almost a year and a half and a $750 unsecured card that I have had about a year. I recently applied for a third card with capital one because they have really treated me well and help me build my credit score and I was able to get approved for financing on a newer car. So I wanted to apply for a cashback rewards card, and I was denied. The adverse action letter came in the mail and basically it said that they did not run a credit report on me and that basically I was denied because of the amount of capital one accounts I have. So is there a limit to the amount of accounts one can have with capital one? Has anyone every received this type of rejection and then later been able to get another account with capital one? I researched the rewards cards and decided to go with capital one because I am familiar with them and they treat me well. I don't want to run my credit anytime soon in the next few months if I should just wait it out on capital one. Any suggestions or recommendations?? Thanks a bunch!

---

Yep, two is the limit with Capital One.

A way to circumvent this is to apply for one of their partner cards....Here are the ones I know off-hand:

• SonyCard Visa
• PlayStation Visa
• Orbitz Visa
• MTV Visa

Apparently they don't count these toward the limit. There might be another one I missed. Keep in mind, some of these come in two versions; one for Average Credit and one for Excellent Credit. You probably want the Average versions.

Hope that helps.

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For what its worth I applied  for the MTV card after having Sony and 2 other Cap 1 cards and I was declined saying I had too many cap 1 cards and no CR was pulled

[injustifiiable]

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john398 wrote

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For what its worth I applied  for the MTV card after having Sony and 2 other Cap 1 cards and I was declined saying I had too many cap 1 cards and no CR was pulled

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Really? That kinda sucks. How recent was this?

[TiggerDat]

I think the reason that Capone is only allowing 2 cards is that they had to settle a lawsuit from the West Virgina Attorney General about their practice of giving many cards with low limits and fees.  They don't really seem to do anything until they get sued.  It is easy to Google it. 

I have tried to their pre-approval system to be told that I do not have any offers.  I think this is because I already have 2 cards with them.  (Yeah, both low limits and no CLI's)

[jsucool76]

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@bernhardtra wrote:

I think the reason that Capone is only allowing 2 cards is that they had to settle a lawsuit from the West Virgina Attorney General about their practice of giving many cards with low limits and fees.  They don't really seem to do anything until they get sued.  It is easy to Google it. 

I have tried to their pre-approval system to be told that I do not have any offers.  I think this is because I already have 2 cards with them.  (Yeah, both low limits and no CLI's)

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Went a couple months back here  

Your best bet for cap1 if they won't grow with you and you actually want a better card from them is to just close yours and apply for one of their primes if you can qualify for it. Yes you'll get hit with 3 inqs and your aaoa will take a hit but that's just the way they operate. 

But if I was given a $500-$750 limit I wouldn't try to apply for a new card from them 6 months later and expect a huge limit, you'll probably just end up with another $500-$750 limit 

[TiggerDat]

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@jsucool76 wrote:

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@bernhardtra wrote:

I think the reason that Capone is only allowing 2 cards is that they had to settle a lawsuit from the West Virgina Attorney General about their practice of giving many cards with low limits and fees.  They don't really seem to do anything until they get sued.  It is easy to Google it. 

I have tried to their pre-approval system to be told that I do not have any offers.  I think this is because I already have 2 cards with them.  (Yeah, both low limits and no CLI's)

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Went a couple months back here  

Your best bet for cap1 if they won't grow with you and you actually want a better card from them is to just close yours and apply for one of their primes if you can qualify for it. Yes you'll get hit with 3 inqs and your aaoa will take a hit but that's just the way they operate. 

But if I was given a $500-$750 limit I wouldn't try to apply for a new card from them 6 months later and expect a huge limit, you'll probably just end up with another $500-$750 limit 

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I think it is silly to have a customer reapply, unless they want you to have multiple inquiries.  Multiple inquiries would lower your score and prevent your from getting credit from other lenders.  If they were to approve you for another card with a low limit and an annual fee, then you would owe them more money for multiple low limits.  If you were to go over your limit or be late then you would more likely do the same on another account with them.  This really sounds like a great trap, I mean strategy for them.  Hit, hit, hit.  That would keep your score lower.  The Aaoa would lower your score to if you closed one and applied for another.  Wow this really is a trap, I mean strategy for them to retain you as a customer for a longer period of time.

Yeah, I just applied elsewhere!  Got a good limit too, with rewards.