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Capital One and Credit Limit Increases

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Anonymous
Not applicable

Re: Capital One and Credit Limit Increases


@jeffery581 wrote:

RE: I go to online bill pay and encounter several issues I have never experienced before with Amex, Chase, BOA. First off, you can't see pending transactions and it takes 3-5 days for a transaction to actually appear after point of sale. Secondly, you can't pay more than 10% of your oustanding balance, which as I already mentioned is horribly slow to update. 

 

 

 

HUH?


Sorry meant to say 110%...

 

With my other cards, I can make a payment in any amount, even if its greater than the outstanding balance at the time. Like I can make a payment of $200 even if my outstanding balance is $1. Granted there's not much reason to do that but in this case I knew how much I spent on that card ($100) and wanted to just pay it off. The problem was that all the pending transactions were taking a long time to post and although they already deducted the amount from my available credit line these transactions were not included in the outstanding balance.

 

This is not an issue with a larger CL b/c you never really spend close to that amount. However for people who are stuck with low limits from Cap One I can definitely see how its a problem - let's say your CL is $500, you make a transaction today that's $400 and you need to make another large purchase tomorrow. Cap One deducts that amount from your available credit line so you can only spend $100 more before you reach your cap and get slammed with a over limit fee. At the same time b/c your $400 transaction today takes 3-5 days to post to your account your statement balance is going to be $0 for awhile. You can't pay more than 110% of your statement balance which in this case is $0 so you are stuck. After the transaction finally posts and you pay down your bill, it takes another few days for your available credit line to return to $500, so again no using your card for that large purchase.

 

Really its just an inconvenience on the part of the consumer and makes it easy to go over your CL.

 

Does that make sense? It's kind of hard to explain in words but I have it figured out in my head lol

Message 41 of 46
Anonymous
Not applicable

Re: Capital One and Credit Limit Increases

For comparison - when I pay my Amex bill each month I notice that the total available credit goes back up to the full amount within 24 hours (I guess once they verify the payment has not bounced) and the payment posts in about 24-48 hours.

Message 42 of 46
dalebb
Valued Contributor

Re: Capital One and Credit Limit Increases

the differance between sub prime and prime accounts

 

Message 43 of 46
CS800
Super Contributor

Re: Capital One and Credit Limit Increases


@daveg38 wrote:

I just wanted to confirm today that I called and spoke through Capital One's backdoor and they verified there are not going to be customer initiated CLI's for a long while.  And most any card that has the 'Credit Steps' attached to it has a ceiling of $3000.


I used to have a card with a $500 CL with $60 AF and stuck at this CL for 4 years.

 

Before closing it I spoke ot a supervisor basically asking why no CLI in all these times. She said that this account had a ceiling of $3000. But after hearing that I was still not eligible, I closed it. I couldn't see myself justifying a $500 with a $60AF anymore. The card was always PIF and on time.




Message 44 of 46
chan85
Established Contributor

Re: Capital One and Credit Limit Increases


@Anonymous wrote:

@jeffery581 wrote:

RE: I go to online bill pay and encounter several issues I have never experienced before with Amex, Chase, BOA. First off, you can't see pending transactions and it takes 3-5 days for a transaction to actually appear after point of sale. Secondly, you can't pay more than 10% of your oustanding balance, which as I already mentioned is horribly slow to update. 

 

 

 

HUH?


Sorry meant to say 110%...

 

With my other cards, I can make a payment in any amount, even if its greater than the outstanding balance at the time. Like I can make a payment of $200 even if my outstanding balance is $1. Granted there's not much reason to do that but in this case I knew how much I spent on that card ($100) and wanted to just pay it off. The problem was that all the pending transactions were taking a long time to post and although they already deducted the amount from my available credit line these transactions were not included in the outstanding balance.

 

This is not an issue with a larger CL b/c you never really spend close to that amount. However for people who are stuck with low limits from Cap One I can definitely see how its a problem - let's say your CL is $500, you make a transaction today that's $400 and you need to make another large purchase tomorrow. Cap One deducts that amount from your available credit line so you can only spend $100 more before you reach your cap and get slammed with a over limit fee (Cap1 makes you opt into over limit fees, so if you try to put in a charge that will put you over and you haven't opted in, you will be flat out declined, so thats't not really a problem unless you decided to pay the fee in the first place). At the same time b/c your $400 transaction today takes 3-5 days to post to your account your statement balance is going to be $0 for awhile. You can't pay more than 110% of your statement balance which in this case is $0 so you are stuck. (Push your payments through your bank, yes it requires some planning on your part but if you are determined to use this card heavily you have to "work the system" so you are able to) After the transaction finally posts and you pay down your bill, it takes another few days for your available credit line to return to $500, so again no using your card for that large purchase.(i always pay through their website and my payments are generally available the next day... perhaps its because your making really large payments  on a new account?? They have held some of my payments before to make sure they clear, and I just call the number on the back of the card and they release it no problem. It takes about 3-4 days for them to be told that your check cleared or bounced.)

 

Really its just an inconvenience on the part of the consumer and makes it easy to go over your CL.

 

Does that make sense? It's kind of hard to explain in words but I have it figured out in my head lol


Cap1 may require a little more attention and you may not reap any rewards in the long run. Personally they were my first credit card ever, they are my largest set credit line right now at $2250, which is pretty generous considering their history and my limited credit history, and I just took out a new car loan with them. So for me they work out. My annual fee is low on my rewards card, and my other card with them has no fee and they already told me it won't grow so I know what to expect. If you are expecting BIG things from them, you might want to go ahead and close the card cuz they likely won't live up to your expectations and it will only frustrate you further... After getting on this forum, I expect NOTHING from Cap1 and am genuinely suprised when they do something right and customer friendly!

Current Debt Management:
$15k Trinity Financial Management (scheduled pay off late 2021)
$10k NFCU
$350/mth Bridgecrest Auto Loan
Goals: Pay off credit card debt & buy a new home before end of 2020

Long Term Debt:
Fed Loans - $150k
Navient - $100k

Taking a "if God don't do it, it won't get done..." approach to paying these off.
Message 45 of 46
123jv
Member

Re: Capital One and Credit Limit Increases

I started with capital 1 with a $ 500.00 CL. I charge my card five times at anytime during a 3 month period  and made 6 payments and got a $ 1,000 credit increase automatically with out calling. Made higher payments on my revolving credit only use about  30% and sometimes paid early before cut of time witch probably help getting my cli might not be the case but shows responsibility 

Message 46 of 46
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