Credit Line increase

[creditwherecreditisdue]

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@score_building wrote:

@creditwherecreditisdue wrote:
Someone posted here quite recently that they had just received an immaculate CLI from Cap1. A big one too if i remember correctly.

yep, cli to 5500 i think from triple digits or 1k but don't remember exactly, in any case it was a recent post of a nice cli from cap1.

but i got the same scripted response as tx and others re: no customer initiated cli and i'm not holding my breath on a lucky auto 'cause nobody luvs me... it's true... not like they do... lol. (400 to 750 in 8+ years )

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That is sad! Pitiful in fact. But we all love you! 

[score_building]

much appreciated!

[Anonymous]

We recently closed our joint account when they threatened to up the interest from LIBOR formula [currently at 5.5 total] to Prime-plus-something, which would have been around 12.

The card was from 1993 with a limit of 7900.  It was tough to get rid of such a fabulous CL and terms and history, but the interest would have more than doubled.  Oh, well.

[MarineVietVet]

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@Anonymous wrote:

We recently closed our joint account when they threatened to up the interest from LIBOR formula [currently at 5.5 total] to Prime-plus-something, which would have been around 12.

The card was from 1993 with a limit of 7900.  It was tough to get rid of such a fabulous CL and terms and history, but the interest would have more than doubled.  Oh, well.

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What was your balance on the card? And you closed it because your rate was going to go all the way to 12%? My LOWEST rate is about 17% I believe. I'm only asking because I've learned here that there are few good reasons to close a card with such a long history. And what does it matter what the rate is if you PIF each month? The rate could be 1000% but if no balance is carried forward then the interest owed will always be 0.

I've also learned from this site and others that you only use a card to purchase something when you have the cash on hand to pay it off immediately. Having said all this..........it only took me a little over 3 decades to learn some of these lessons. Oh the interest I must have paid over these many years.

7/09
TU-742
EQ-779

Time can heal all wounds and a low FICO. 

[pattycake]

I got the same response, that they are not offering CLI's at this time.  Oh, well.

[Anonymous]

Marine, this was our 'treat it as a loan' card and we had true emergencies a couple years back that were still on the card; none of the CCC's were complaining then, oddly.  At 5.5% it's about the same as most mortgages, which is pretty crazy.  So we pay the minimum and have put all other resources to paying off the far nastier cards.  And so far, not a bad job financially, but once your balances reach zero, it's pretty common to get a lowered CL on the cards you just paid off or, like the recent rash of Chase-Wamu outrages, outright cancelation even with responsible use and no balance.  Crazy. 

It feels lousy working so hard to get your debt down only to get your CL lowered.  If that wasn't a problem I would have kept the Cap One open, but I figured they'd just lower the CL once we paid it down or off, and then I'd be poorer for not closing it to begin with.  I prefer the speedier payoff with no mystery.

[Anonymous]

I was told a month ago too that our capital one cards weren't going to get any cli any time soon. We have had our cards for a few years now too and never got a cli. I called in and asked about the credit steps program and they said our cards weren't eligible for that either. I think once we pay them off they will just collect some dust in the sock drawer. If I remember correctly they have the highest interest rates of our cards too.

My new goal is to get them paid off and our First Premier card too.

[creditwherecreditisdue]

Everyone's goal should be to rid themselves of revolving debt ASAP!

[dee]

A few months back I heard someone got a credit line increase with them, and now their rate has gone WAY up.  If you take it, double check the terms before accepting it. 

[creditwherecreditisdue]

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@dee wrote:
A few months back I heard someone got a credit line increase with them, and now their rate has gone WAY up.  If you take it, double check the terms before accepting it. 

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Generally speaking these are two independent decisions. There are no "terms" on a CLI. A CL is just a number on a computer screen that gets made bigger. Not "accepting" a CLI is no insurance against a ratejack. It is using a CL that leaves one vulnerable to an RJ, not the size of the CL. That is not to say that the size of you CL makes it more likely that you will be RJ'ed, but rather the carrying of some portion of your CL as a revolving balance, that exposes you to the consequential effects of an RJ.