More CAP ONE Commentary - CLI and Good Info

[Anonymous]

Wow, I am continually amazed at how the feedback for Capital One is just all over the map.  Some people love them, some hate them, others are cancelling because of the AF (when they knew there was an AF when they applied), etc.

My experience to date has been GREAT with them, and here is why:

May '08 - Applied and approved for the Platinum card, CL - $1,250 (looks like the "Good Credit card and I'll explain why at the bottom)

Aug '08 - After reading about CLI's from them mostly coming through additional cards, then combining, I app'd for another Plat card and got a CL of $500 - called the day I received the card and combined the accounts into a single card with $1750 limit.

Sep '08 - Received the Credit Steps increase and new limit is $2,500 (yay!)

Oct '08 (today) - called to inquire about a CLI and was give $750 more - new CL of $3,250

NOTES:  Called backdoor number 877-513-9959 and spoke to the nicest lady for about 15 minutes.  She told me that they wanted my Cap One card to be "the number one card in my wallet", and I told her "It is.....I used it as my primary card on my vacation in August, as you can see by the $1500 in charges" (which I paid down to $200 immediately upon return). 

That's when she told me that I had used the "magic words" and indicated that the $750 increase was an existing offer she could extend to based on our conversation.

IMPORTANT INFO:  The rep did indicate that "regular usage" was a key factor in their CLI decisions.  She specifically said that you can't not use the card (i.e. sock drawer) and then call up a year later and ask for a CLI - won't happen!

Anyway, it was a VERY pleasant experience and I was quite pleased with the service and results from my call.  While I have 3 other cards with much higher limits, I'll continue to use my card with them.

[FretlessMayhem]

Congrats! Though, this is bittersweet as it means I probably won't get a CLI on my Cap One card I haven't used since last January. Looks like I'm stuck at $3800.

Oh well, I'll stick with cards that actually reward me for using them.

[shyboy]

i just called the number but no luck for me.

i'll try in a few months from now when i start using the card more. 

[score_building]

just kinda quirky, they're probably one of the only issuers to force a large segment of their card holders to reapp (3 inqs) for better cards and then try to combine -or be stuck with the low limit wankers they initially apped for 4 ever more-not so nice. 

if you app for a good card with them from the outset and are approved typically everything will come up roses if you use and pay as you indicated. 

FretlessM, unless you have one of the few high limit cards they offer for excellent credit, you must know that 3800 is a small fortune in cap1's eyes, be happy!  or - reapp and combine if you can go no further on current card if you really want a higher limit badly. that's the only way to go further as far as i know if you've hit a ceiling on a cap1 card.

[Anonymous]

Forot to summarize how I knew I had the "good credit" platinum card. 

The next tier down (average credit) platinum card had a CL range of $500-$3,000 as listed on their web site.  Since my card now has a limit of $3,250, which exceeds the $3,000 on the "avg credit" card, I must have the "good credit" card whic has potential limit of $10,000.

[Anonymous]

Hey,

I have a question, but first the background.

I have had a CapOne card since April of this year, I went from a $300 CL to a $1100 CL since then, it does carry a $39 AF and a 14.9% APR.

Today, I applied for another CapOne card and ended up with a $750 CL and 0 AF on the new card and a 12.9% APR (0% until October 2009).  

When I get the new card and call to combine the two CL's, will they combine it on the card with the better terms (The card I just got approved for)?

Thanks in Advance!

[score_building]

yes you can request the better card terms and also age i think and then it's up to their discretion how they'll combine.  several posts indicate success receiving the more favorable terms upon combining.  congrats, you're on your way to a higher cap1 cl !

[Anonymous]

Yep, concur.  They gave me the option of combining both ways (old to new, new to old) based on my preference.  Since my terms were identical for both, I chose to combine into the older card to keep the additional history/aging.

[weezie]

Oh, I think Capital One just tells people whatever strikes their fancy at the time.  Personally, I wouldn't put too much stock in that "usage" script. 

My Capital One is definitely a subprime card.  The interest rate is 13.90%, the AF is $59, and I started with a $300 CL.  It has no rewards or other features.  I've never combined cards; never had more than one card.

I've used it fewer than 4 times over the past year and just noticed I was given an automatic $300 CLI last month, maybe the month before.  So, now the CL on this subprime card that I basically never use is $6300 when, I think, they tell people the limit on the category of card that I have is something like $3000.

So I think you can use it you want, or don't if you don't and it probably won't make much difference.  Just my opinion !

[Anonymous]

i got one of their starter cards from ages ago $500 limit, AF, etc.  it simply just won't go over this small limit and i understand why.  i don't hate Capital One, i just think i've outgrown them.  or at least, outgrown this card.