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Valued Contributor
Posts: 1,985
Registered: ‎01-24-2012
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Re: Ridiculous.


Rhaeny wrote:

I know you don't like what they've done, but take a deep breath and relax.  You aren't the first and won't be the last person that they screw over.

 


I'm not sure how denying a credit limit inrease can be considered "screwing someone over". An increase is not a right, it is a privilege. Default4 didn't say what the limit is and Capital One may have a set limit that they consider not eligible to be increaed upon request once it is reached. It's funny that when another issuer declines an increase everyone just says to try again and that it's not personal. However, when it is Capital One, everyone says to either not use the card or close it because it is worthless.

Frequent Contributor
Posts: 268
Registered: ‎06-26-2009
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Re: Ridiculous.


navigatethis12 wrote:
 
However, when it is Capital One, everyone says to either not use the card or close it because it is worthless.


That`s about the short summary of the limited shelf life of a Capital One account :smileyvery-happy:

EQ- 647, EX- 641, TU- 644
Sept `13 - ZERO Debt, 100% Liquid, AND a climbing credit score. Eat your heart out Dave Ramsey!
Contributor
Posts: 223
Registered: ‎06-28-2013
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Re: Ridiculous.

You got to undertand that Cap1 issues cc to a medium to high risk segment of consumers as thier primary target. That beeing said, they will give a consumer a cc when Chase and or Discover won't. So they have to deal with that, if your CL is not high if you default, then the loses won't be high either. It's just a business decision, one happy consumer that has already take the necesary steps to grow in credit terms, will outgrow thier high risk profile consumers. So Peggy at CS will systematically reject all CLI, why? cause Cap1 does not give them period. So to bypass Cap1 policy you need to contact the boss (CEO), and they will truly (or not), revise the account and do what they think is a good business decision for them. Thats it, you might like it you might not, but they do the right decision for the type of buisness they manage.




Gardening until 03/11/15 last mistake ,,, 07/05/2013

Barclay FICO 610
Valued Contributor
Posts: 1,507
Registered: ‎07-24-2011
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Re: Ridiculous.

[ Edited ]

navigatethis12 wrote:

Rhaeny wrote:

I know you don't like what they've done, but take a deep breath and relax.  You aren't the first and won't be the last person that they screw over.

 


I'm not sure how denying a credit limit inrease can be considered "screwing someone over". An increase is not a right, it is a privilege. Default4 didn't say what the limit is and Capital One may have a set limit that they consider not eligible to be increaed upon request once it is reached. It's funny that when another issuer declines an increase everyone just says to try again and that it's not personal. However, when it is Capital One, everyone says to either not use the card or close it because it is worthless.


Because that's the way the OP feels so I just used words relating to his feelings.  Yes we all know (or at least we should) that credit is a privilege, but that doesn't stop the feeling that some people get when turned down.  And yea I wonder too about the CL and length of time OP has had the card.  That all does a play a factor in this.  

 

 EDIT:  Just reread and the account has only been open 6 months but the response from Cap1 was that the account isn't eligible period for ANY increases.  OP what is your CL with Cap1 and what other CC's do you have, what are your limits and length of time?


Major CC's - Barclay's ($5.5K) | Barclay's Sallie Mae MC ($5K) | DCU ($7.5K) | Discover IT ($1.4K) | Genisys Visa ($1.4K) | NFCU Visa ($22K) | Navcheck ($15K) | Chase Freedom ($5K) | SDFCU Visa ($8K) | Amex BCP ($9.5K) | Amex Delta ($10K) |Store CC's| -Amazon ($4K) | Catherines ($850) | JCP ($4K) | Macy's ($1.7K) | Avenue ($850) | Victoria's Secret ($1.4K) | Walmart ($4.1K) | Paypal SC ($1.3K) | HSN ($2.5) | Sears ($2.6K) | Sams Club ($4.1K) |Goal|: Age with grace to 750 across the board |Last app|: 3/3/2014
Established Contributor
Posts: 643
Registered: ‎07-03-2012
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Re: Ridiculous.

Alright so I sent an email. I think it's silly, but we'll see what happens. I have other issues with Cap1 this isn't just about my limit. I also fully understand that they don't have to give me an increase. My problem is the reason they give. Tell me that it's all you want to give me instead of saying that my "type" of account is ineligible. If it has to do with me then I would be fine with their choice not to extend me more credit. Their wording suggests that just because it was originally a $500 limit credit building account that it will never be anything else. The EO had no problem giving me a CLI and rewards despite that. In my opinion this is a failure of the way their policies are written and what the computer thinks it can and can't do. 


Established Contributor
Posts: 643
Registered: ‎07-03-2012
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Re: Ridiculous.

The card is coming up on being two years old. It has been six months since the EO originally made changes. At that time I asked them for $5k they only gave me $2k. That's where it is now. That was what they were willing to give me then and I was fine with it as it was reasonable compared to my profile at the time. 


Established Contributor
Posts: 643
Registered: ‎07-03-2012
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Re: Ridiculous.

I'll also add that people on this forum I suspect are generally going to be considered outliers and very different from the normal customer. I would think that the response most people have when their credit improves drastically would be to just close the account when the issuer is not willing to work with them. Had it not been for what I have learned on this site and various other resources the account would have been closed around the six month mark. That's when I got Discover and AMEX. 


Super Contributor
Posts: 10,247
Registered: ‎04-22-2013
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Re: Ridiculous.


Default4 wrote:

I'll also add that people on this forum I suspect are generally going to be considered outliers and very different from the normal customer. I would think that the response most people have when their credit improves drastically would be to just close the account when the issuer is not willing to work with them. Had it not been for what I have learned on this site and various other resources the account would have been closed around the six month mark. That's when I got Discover and AMEX. 


Not sure that's true!   I think a lot of people just keep the credit card (if there is no AF).  Some get new ones, some keep using the same one for years, particularly if it is issued by "their" bank.

Established Contributor
Posts: 522
Registered: ‎07-18-2013
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Re: Ridiculous.

Would someone please send me the information for the Cap1 EO?  I'd like to contact them about my 9 year account.  Thank you.

Frequent Contributor
Posts: 324
Registered: ‎04-12-2013
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Re: Ridiculous.

Well you might consider your profile has changed in 6 months but some issuers require more patience. Getting cli from CapOne has been difficult for most members. 2000 is a good limit for non af CapOne card. Use it sparingly to keep it alive. Many prime cards issuers were among the biggest balance chasers during last crash. Having a diversified lender portfolio is always recommended.


PNC Secured 2000 (Dec12), Chase Amazon 2000 (Apr13), CapOne Newcomer 2500 (May13), Citi dividend 3000 (May13), Discover IT 1000 (Jul13), Amex BCP 6000 (Jul13), Chase Southwest 10000 (Jul13), Chase Marriott 12000 (Oct 13), BofA Travel Rewards 5000 (Dec13)

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