Hi guys! I recently discovered these MyFico boards only in the past month; I've been lurking and reading (and learning a LOT!), and today I am finally compelled to share some big news!!
First though, I want to give a BIG THANK YOU to all contributors here. Thank you all for sharing your experiences, strategies, tips, backdoor numbers, etc.!
I can't believe what just happened to me, and I will not blame anyone if they think I am making this up, for what I'm about to say is truly unbelievable for someone in my credit situation. (based on what I've learned from all of your posts)
First, let me share the background and setup to my awesome PC experience:
On Labor Day of this year, I apped and was approved for my very first credit card under my own name/social security number/identity (Capital One Journey with a credit limit of $1000). Prior to that, I've only been an authorized user on 3 of my parents' credit card accounts. There was absolutely no other history whatsoever. (no baddies, no payment history, an absolutely empty slate). The only thing that will show on a lender's pull is 3 inquiries (1 for EXP, 1 for EQU, 1 for Transunion:: because Capital One does triple pull). In fact, my credit profile is so new that only Experian can at this time generate a report (I ordered through MyFico). When I tried to order Equifax and Transunion (also through MyFico), they've said I need at least one card for 6 months time to actually get a report generated by them.
My credit history is so new that on this day (October 13) I don't even think Capital One has even begun to report anything to the credit bureaus yet. My statement for the Journey card is generated on the 13th of every month. For the first statement (generated on Sept 13), the balance was 135. (So 13.5% utlilzation...this statement came out only 11 days after account opening) This first low utilization percentage was completely a happy accident. At the time, I hadn't read up about manipulating the balance on your statement. However, when today's statement was produced, I had been prepared. A couple of days earlier, I paid down my balance, and only let 18 dollars remain. So, that's 1.8% utilization for the Oct. 13 statement.
As of this writing, I really believe none of this account activity has been reported yet. From what I've learned, Capital One starts reporting on new accounts in a few days after your second statement.
Anyway, this is just background. So today (Oct 13, Sunday) I was really curious about modifying my rewards structure. The Journey card gives 1% cash back on all purchases, plus a 25% bonus if you pay the bill on time. Therefore, it's an effective 1.25% rate, which isn't that bad. But I like I said, because I've read here about people being able to contact the Capital One Rewards Department and ask for changes and modifications to their reward structure (for example: applying the Venture rewards structure to a Quicksilver card), I thought I'd give it shot.
My plan was to ask if 1.25% can be changed to 1.5% (to make it like Quicksilver's rewards). I was not going to ask for anything else - No CLI, No PC....just please alter my rewards!
The number I called is on this link from the Capital One website: http://www.capitalone.com/contact/credit-cards/?Log=1&EventType=Link&ComponentType=T&LOB=MTS%3A%3ALC...
It's the 800 number listed beside "Rewards Center." From what I've read on here, you guys have basically said Executive Office, online chat, and front-line CSRs (the Filipinos), and also checking for upgrades yourself from your online account are really hit or miss, when it comes to modifying rewards. And a lot of people have said that if you are just concerned with changing rewards and not PCing or doing CLI, to just call the Rewards Center.
Now is where it gets incredulous. I called the Rewards Center, and I spoke with a representative named Amber. (By the way, the Rewards Center call center is in Richmond, Virginia, so this is one department that is not outsourced).
I stated my request simply: "In the past couple of months, I've kept very low balances on my monthly statements. However, I'd be more inclined to use my card more for purchasing, if there could be a better reward structure. I'm not asking for a limit increase or for a product change. I'm just wondering if you would consider improving my rewards terms from 1% (with 25% bonus for ontime payments) to a 1.5% rate (witih no caveats). Do you think you're able to do anything?"
Amber said she would check her "computer system" to see if I was eligible for anything. A few seconds later, she announced that I could upgrade my Journey to Quicksilver with no annual fee and 1.5% cash back rate. She said if I agreed to the terms over the phone, then a new Quicksilver card would be mailed to me with the same account number as my Journey, and as soon as I activated the new card, the new 1.5% reward structure would be in effect no later than 7 days from activation.
I said I had a few more questions before she got into reading me the terms. (here's the unbelievable part): I asked her: since my Journey is a Visa Platinum, the Quicksilver I'm getting is Visa Platinum too, right? She said: No, You will be receiving the Visa Signature, and you'll be able to access the Visa Signature benefits around 30 days after card activation.
I was astounded, and I couldn't even speak for a few seconds... I then asked her to confirm what we all already know here: I said...but Amber, I thought Signature was only available if one had a certain credit limit, and I don't think my limit qualifies (I never during our conversation told her what my limit actually is: $1000).
Her response: It doesn't matter how low or how high your credit limit is. The Quicksilver card is by its nature a Visa Signature card. So you will receive a Visa Signature card and have the Signature benefts, no matter what your limit is!
Needless to say, I agreed to her offer, and the new card is on its way. She said my Journey could be used until I activate the Quicksilver. She said after I activate the Quicksilver then I could dispose of the Journey card.
My last question to her was: Did doing any of this affect my credit score? In other words, was there a credit pull of any sort (hard or soft)? She said no...she said all card member accounts are reviewed periodically for possible upgrades to rewards, products, clis, better apr rates...etc.., and she said her computer system just happened to have indicated that I was eligible to upgrade to Quicksilver Visa Signature.
My question to you all is: IS this a Fluke on their part? How the hell am I getting a Visa Signature when this Journey is my ONLY card... and I've only had it for 2 billing cycles?
Did showing 1.8% utlization do the trick? That's the only thing that I could think of that could have influenced in their "computer system." Also, have any of you guys ever heard of a Visa Signature being issued for a card with a $1000 limit???
I really thought that that was not possible. Maybe in a few days..........my credit limit will have an Unsolicited increase to $5000???
My mind is still reeling from this, you guys... And I"m sorry to make you read through all of this to get to what happened. Anyway, what do you guys think? Is this too good to be true? Did they make a fluke mistake? Will this offer be revoked? or do you think I'm really getting a Siggy?! I guess I'll have to wait and see what actually comes in the mail.
Seriously... how does this happen to a guy that only has ONE tradeline (with a $1000 limit)...........2 billing cycles on it, and a credit history totaling only 1 and half months????
Any feedback, thoughts, opinions, would be greatly appreciated. I swear I am not making this up!!
