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Valued Contributor
TiggerDat
Posts: 1,070
Registered: ‎10-15-2011
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Re: Capital One / HSBC no longer doing credit limit increases?

Yeah, the only way to get a CLI from Capone if you are a subprime cardholder is to call their backdoor number or file a complaint with the BBB.  I filed a complaint and they actually did something about one of my accounts.  They wanted to talk about my Household account and it took me a day to figure that out.  My Household account has gotten 1 credit limit increase and I am told I have to wait until the 6th month after that to get another.  Which is coming up in about 3 weeks.  While talking to their executive team I was told by them that in January when I get a limit increase it should be in live with the other cards that I have now, but I am not holding my breath on that! 

 

On the actual Capone card they raised the limit from $500 to $2000 and took off the annual fee.  Now if I can only later product change it to a miles card then I would be happy!  I actually have a few new cards this year because of Capone's CLI policies.  If they had given me limit increases on the 2 cards I had with them I wouldn't have even applied for new cards!  I closed one of them this year when they would not waive the AF or give me a CLI. 

 

I am tired of their rhetoric!  They say silly things like they are a conservative lender.  Reality: Conservative lenders do not lend to people with short or damaged credit history.  Your credit limit is up to date.  Reality: If my credit limit were up to date, then it would match the limits on my cards from actual conservative lenders.  We review your account periodically for offers such as credit limit increases.  Reality: If people have gone 2, 5, 10, or even longer years without a limit increase from your company then this is obviously not true.  If my account had been reviewed they would have noticed that I have used the card for 10 times it's credit limit in the last year alone and known the limit was too small and that I have made payments up to 4 times in one month alone and have never gone over my limit and given me more credit to use!

 

The reality with Capone is that they have strategies to keep their subprime cardholders held down and trapped and they don't grow with those of us who have done the right thing.  They are very narrow in regards to what they will do until you call their corporate office exec team and then they might not do as much as you would like, but if you have been with them a while they will do something if you have done good with your account.



Rethink every purchase you make, before you make it. Use the card with the best rewards. Pay in full each month. Redeem rewards often. Use the cards online shopping for more discounts. Smile, knowing that being thrifty allows you to actually get more out of the same amount of money!
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SlabOfBacon
Posts: 54
Registered: ‎04-17-2009
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Re: Capital One / HSBC no longer doing credit limit increases?

I'm worried too. My Orchard Bank card is my oldest card, and it's at a 1800 limit. 

 

Two useless Cap One cards sitting in a sock drawer, one at a 750 limit, the other 1250. They haven't budged in 2 years. Even called the exec backdoor because I was honestly trying to see if they could merge them somehow.. (they won't) and they won't do a CLI either. No PC either. 

 

The cards are essentially useless to me, but i haven't canceled them yet because I didn't want to have nearly $2k drop off my total available credit. So, they sit in the drawer for now. I use them every 6 months or so to buy new socks for the drawer.

Creditkeeper 6/12
TU: 678
EQ: 665
EX: 673
Walmart FICO: 680 (6/12)
Valued Contributor
TiggerDat
Posts: 1,070
Registered: ‎10-15-2011
0

Re: Capital One / HSBC no longer doing credit limit increases?


SlabOfBacon wrote:

I'm worried too. My Orchard Bank card is my oldest card, and it's at a 1800 limit. 

 

Two useless Cap One cards sitting in a sock drawer, one at a 750 limit, the other 1250. They haven't budged in 2 years. Even called the exec backdoor because I was honestly trying to see if they could merge them somehow.. (they won't) and they won't do a CLI either. No PC either. 

 

The cards are essentially useless to me, but i haven't canceled them yet because I didn't want to have nearly $2k drop off my total available credit. So, they sit in the drawer for now. I use them every 6 months or so to buy new socks for the drawer.


Have you tried filing a complaint with the Better Business Bureau?  When I did that they called me pretty quickly.  They however wanted to talk to me about my Household Bank account, which I think they did purposely.  It actually took me a little time to realize that.  I made sure that I rejected the offer from the business and stated that they were trying to discuss an account that I had no interest in discussing.  They eveltually did something for the right account.  They don't want a bad mark from the BBB!  I think this is due to the fact that in regards to legal issues and public awareness.  If you have done well with them and they don't have a good reason to not grant you a CLI, then I would suggest this option!  Are you sure you talked to the executive office?  (I just mean you didn't call the backdoor number which some people think is the executive offices, but in reality is another team.  That team specializes in soothing customers without really doing anything for them.)



Rethink every purchase you make, before you make it. Use the card with the best rewards. Pay in full each month. Redeem rewards often. Use the cards online shopping for more discounts. Smile, knowing that being thrifty allows you to actually get more out of the same amount of money!
Member
guardsman54672
Posts: 20
Registered: ‎12-19-2012
0

Re: Capital One / HSBC no longer doing credit limit increases?

If you are not using these (useless) cards, I would suggest you pay off any balances owed (if any) and immediately notify the Credit Bureaus.  Additionally request the following statement be attached to each reported account "Account paid in full.  Account is closed by  card holder" . The number of credit cards you have is not  the primary concern of a credit grantor but rather the history of the payments for the cards you use.  Closing accounts such as these simply infers that you are, or have become, more financially stable.  The purpose for the statement in your credit report is because many creditors fail to notify the credit bureaus themselves for several months or even at all.  (Title 15 U.S.C, section 1681 et seq)

Valued Contributor
TiggerDat
Posts: 1,070
Registered: ‎10-15-2011
0

Re: Capital One / HSBC no longer doing credit limit increases?


guardsman54672 wrote:

If you are not using these (useless) cards, I would suggest you pay off any balances owed (if any) and immediately notify the Credit Bureaus.  Additionally request the following statement be attached to each reported account "Account paid in full.  Account is closed by  card holder" . The number of credit cards you have is not  the primary concern of a credit grantor but rather the history of the payments for the cards you use.  Closing accounts such as these simply infers that you are, or have become, more financially stable.  The purpose for the statement in your credit report is because many creditors fail to notify the credit bureaus themselves for several months or even at all.  (Title 15 U.S.C, section 1681 et seq)


Closing accounts is not a good idea.  If you close too many at one time it will affect your credit score.  Closing accounts with no fee is a bad idea, since your are paying anything for them once the balance is paid off.  Try as hard as you can to get them to wither waive or remove the AF first.  Then simply don't use them.  Average age of accounts is an important factor in a credit score.  Since mine is a little low it is actually reducing my score by about 20 points.  Creditors do look at age of accounts! 

 

The number of accounts you have does affect your credit score.  It is recommended to have at least 3 or 4 accounts for best results to your score.  This shows that you can handle multiple accounts.  Handling one account is not a problem, as just about everyone could make the minimum payment on one account!  Having to make a payment once a week is a bit more strategy.  It shows that you can handle making multiple payments and can manage your money properly. 

 

Closing accounts may 'imply' nothing.  One company may think you closed the account because you are afraid of credit, nothing more.  It might also mean other things yes, but it does not give any indication to lenders that you are more financially stable.   In fact some lenders won't give you credit if you don't have accounts open and being used.  That is the reason some people are declined; lack of accounts, is a common reason for denial.

 

Yeah these may be viewed as 'useless' in some ways, but in other ways they are useful.  It would be better to wait to close these accounts once they are replaced with better accounts.  It would also be better to get any AF removed and simply not use them often.  This will show to creditors that you are not tempted to go out and spend lot's of money and can manage multiple accounts. 

 

I have repaired my credit and established an active payment history on one account of 6 years.  I now am able to get some better cards with no AFs and much higher credit limits.  When I got my first limit over $2500 I saw a nice boost to my credit score.  I did not close any accounts until I had done that.  The only account I closed was a Capone card where they refused to waive the AF or raise the limit.  This was before I was aware of the exec office number or had even thought of using the BBB to help me get a limit increase.  When I did use them I got a much better limit!  My account of 6 years is the only account that I have with a fee and for the time being I am not closing that account!  I won't close that account until I get the Prime card that I want with rewards, low interest, and no AF.  No, they won't ever not charge me a fee, but since they were my first card I don't mind!  At some point I will mind!  If they had different policies for other card members I would feel differently.  They don't so I don't.  Capone has this option, you just have to go about the right way to get it to happen!



Rethink every purchase you make, before you make it. Use the card with the best rewards. Pay in full each month. Redeem rewards often. Use the cards online shopping for more discounts. Smile, knowing that being thrifty allows you to actually get more out of the same amount of money!
Valued Contributor
p-
Posts: 2,655
Registered: ‎06-05-2008
0

Re: Capital One / HSBC no longer doing credit limit increases?

[ Edited ]

bernhardtra wrote: 

Yeah these may be viewed as 'useless' in some ways, but in other ways they are useful.  It would be better to wait to close these accounts once they are replaced with better accounts.  It would also be better to get any AF removed and simply not use them often.  This will show to creditors that you are not tempted to go out and spend lot's of money and can manage multiple accounts. 


+1 !!!

 


SlabOfBacon wrote:

I'm worried too. My Orchard Bank card is my oldest card, and it's at a 1800 limit. 

 

Two useless Cap One cards sitting in a sock drawer, one at a 750 limit, the other 1250. They haven't budged in 2 years. Even called the exec backdoor because I was honestly trying to see if they could merge them somehow.. (they won't) and they won't do a CLI either. No PC either. 

 

The cards are essentially useless to me, but i haven't canceled them yet because I didn't want to have nearly $2k drop off my total available credit. So, they sit in the drawer for now. I use them every 6 months or so to buy new socks for the drawer.


 

My Capital One subprime rebuilder is now a prime 10k Cash card, and my Orchard card has had the Annual Fee removed for life...  And will product change into a prime card in the next 6 months.  My two oldest revolvers will soon both be prime high limit cards.

 

My patience has paid off, and yours will too.  Eliminate the AF and keep the cards.  Get your scores over 700, and then email the exec office (don't call) and get a nice PC and CLI.  The tools are all here.

 

Also, it helps if you are actually using the cards...

12-15-14: FICO EXP: 813 - EQU:802 - TRAN: 756 - AVG: 790 +240 points from JUN 2008 - MY CREDIT JOURNAL


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