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New Member
Anthony81
Posts: 3
Registered: ‎03-19-2009
0

Capital One Credit Increase

[ Edited ]

I got a Capital One Card alittle under 3 months ago (already got 3 statements) with a 300 limit and I'm enrolled in credit steps. 750 in 4 statements (i hear this lags behind a month or so), and 1000 in 7 statements. Or whatever, my credit scores are in the Low to mid 600's depending on who you look at. I make all my payments on time, and recently paid off my Capital One Car loan with no issue. The only issue on my credit report is 2 paid collections from 4 years ago and 1 that's is from 6 years ago that I'm disputing.

 

I've read a lot on this board if you call the Capital One after the 2nd or 3rd statement is cut you can get a credit limit increase prior to your Credit steps program kicking in. Everyone says that there is always something they can do but its you have to call back again and again. I've called twice today (Back door number 9939 and spoke with a SR. Speclist Supervisor) trying to get a CLI because right now I have 0% interest and I'm interested in transferring some smaller card balances over to Capital one and paying them off this summer prior to the offer ending in early fall. But of course by the time I get my first increase it hear it will be most likely late July early Aug since they lag and then at that point there is no point.

 

My question being is have any of had any luck with calling back more then once and finally getting someone to do anything? Anyone with a similar background credit wise got them to do it? Any magic words? Or something you did or was it just luckt that you got a hold of the right person who was willing to work the issue. It seems as if most of them just ask your last 4 of your SSN and/or birthdate and say "Oh the system isn't letting any customer started CLI on your account"

 

Thanks.

Message Edited by Anthony81 on 06-04-2009 07:38 AM
Contributor
jdsays
Posts: 91
Registered: ‎05-08-2009
0

Re: Capital One Credit Increase

Have you tried the backdoor #??  Sometimes you need to get to someone a little higher up.  When I called shortly after I got my card a couple weeks ago, I was immediately sent to a "Senior Account Specialist" and it seemed like she had more authority than a regular CSR.

 

But Im definitely interested to see if you have any luck because I was thinking the same thing, that Id like to have a higher limit before my 0% expires because it does me no good to have a measely $300 limit right now...


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New Member
Anthony81
Posts: 3
Registered: ‎03-19-2009
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Re: Capital One Credit Increase

Oh yeah that reminds me I have been calling the back door 9939 number. I spoke with a Sr. Speclist Supervisor thing.

Frequent Contributor
ralbusta
Posts: 309
Registered: ‎04-07-2008
0

Re: Capital One Credit Increase

Cap 1 isn't giving CLIs like they used to. More than likley you're going keep getting no regardless of your situation. I have two cap 1 cards and I was able to get an early increase on the first card but not the second.

 

In my experience the credit steps increases haven't lagged at all, always got mine on the 4th and 7th statement date.

 

Good luck.

Regular Contributor
Chris_1970
Posts: 104
Registered: ‎08-01-2008
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Re: Capital One Credit Increase

Just curious. What is credit steps and how do you enroll. DW just got a new Cap1 card and I am wondering if this is something she could do or do you have to do it when you app. for card? I've looked on their site and I didn't notice anything on there  about it. Her CL is $500 and she just received the card last month. I myself have a Cap1 that I opened in 12/2006 with an initial CL of $750 and it has never changed.
Contributor
jdsays
Posts: 91
Registered: ‎05-08-2009
0

Re: Capital One Credit Increase

[ Edited ]

Credit Steps is a program that comes with certain cards.  I dont believe you can enroll in it.  I think its probably for the lower limit/rebuilder cards.  It was presented when was approved for the card and again in an email I received from them.

 

The program works like this:  make your payments on time, dont go over your limit for 3 statements and on the 4th you get an automatic increase.

Message Edited by jdsays on 06-04-2009 12:32 PM

Starting Score: EQ: 590 TU: 599
Current Score: EQ: 642 TU: 683
Goal Score: 720 by 12/31/10


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Contributor
Roxlie
Posts: 81
Registered: ‎05-02-2008
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Re: Capital One Credit Increase


jdsays wrote:

Credit Steps is a program that comes with certain cards.  I dont believe you can enroll in it.  I think its probably for the lower limit/rebuilder cards.  It was presented when was approved for the card and again in an email I received from them.

 

The program works like this:  make your payments on time, dont go over your limit for 3 statements and on the 4th you get an automatic increase.

Message Edited by jdsays on 06-04-2009 12:32 PM

Not necessarily lower limits.  I was approved for 3k and that card was enrolled in creditsteps.  By the time it was done, the CL was 4k.  $500 each time.

Established Contributor
Susyquk
Posts: 504
Registered: ‎03-27-2009
0

Re: Capital One Credit Increase

They didn't tell me I had it but when I got my 4th statement my credit limit had gone from $300 to $750 and when I got my 7th statement it had gone up to $1500... but yeah, i didn't know I was in it until i got that increase, on a bad note when i called after 6 months they told me that my card was not eligable for customer initiated CLIs so I guess the $1500 will be about it for me until I change the card and I am waiting for some age before I do that

Chris_1970 wrote:
Just curious. What is credit steps and how do you enroll. DW just got a new Cap1 card and I am wondering if this is something she could do or do you have to do it when you app. for card? I've looked on their site and I didn't notice anything on there  about it. Her CL is $500 and she just received the card last month. I myself have a Cap1 that I opened in 12/2006 with an initial CL of $750 and it has never changed.

 

New Member
Nerdwallet
Posts: 4
Registered: ‎06-04-2009
0

Re: Capital One Credit Increase

[ Edited ]

It seems that these credit limit increases will happen less and less given the recent market trends. With the new legislation, companies are already beginning to prepare themselves for how the legislation will affect their revenue stream by taking a close look at which customers will no longer be profitable (at least in the short run). Ultimately this means that credit scores will be even more important and getting credit line increases will exponentially harder if they analyze your account to be unprofitable.

 

I think it'll be interesting to see how the different companies continue react to the recent events. Bank of America, Discover, US Bank have already began to increase rates and discontinue their less profitable cards. Capital One will likely follow.

 

Hope you do manage to succeed in getting that CLI and my advice is to keep calling as soon as you can.

 

(edited)

Message Edited by Scamp on 06-09-2009 06:48 PM
Regular Contributor
emartin82
Posts: 140
Registered: ‎12-29-2008
0

Re: Capital One Credit Increase

I was super nice to an account supervisor, and she told me that since March 2009, CapOne has ceased granting credit limit increases because the company has had staggering losses/defaults. She said they've begun initiating massive credit limit decreases, especially on customers who used to pay in full and now are carrying a balance, no matter how small. FYI.

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