@whiteknight1971 wrote:
I opened up a Cap1 Journey card a year ago in early September. Starting limit $ 300, after 6 months to a whopping $ 500, and now after a year it sits at $ 750
I called yesterday and turned it into a Cap1 Quicksilver Sig Visa. Hopefully now I will be getting some decent CLI.
I've read on FICO forums that it's possible. http://ficoforums.myfico.com/t5/Credit-Cards/Capital-One-Quicksilver-VISA-Platinum-to-Signature/td-p...
"
Let me clarify a couple things with regards to how CapitalOne works... I'll preface by saying I've been a customer since 1999, and have had everything from starter secured cards, to rewards, etc... and have dealt with conversions, multiple accounts, etc.
CapitalOne has products, and segments. Every customer is assigned a product (ie VentureOne, Venture, Quicksilver One, Quicksilver, Platinum, Platinum Prestige, etc). Every customer is also assigned a segment (Secured, Gold, Platinum, Standard, Signature\Elite). When you apply for a card, the approval comes with a product and a segment. The product is generally determined by CapitalOne's standards of credit worthiness. The Segment is a combination of CapitalOne's assignment, alongside Visa and Mastercard's contractual criterial for Signature\World Elite status. Only ONE of those criteria is that the limit must be $5000+ ... there are many others. As far as system goes, once you've been assigned a segment, you're stuck with the segment for the LIFE of that particular account. So say you open a secured card, then in 2 years want to go to a Platinum\Standard card... you must re apply and be approved into a new segment. If you want to go from a Platinum card to a Visa Signature segment, you must reapply and open a new account. There is nobody within the entire company that will ever be able to convert a CapitalOne Quicksilver Visa to a CapitalOne Quicksilver Visa Signature... EVER... has never happened and won't be happening.
With that said... there are many ways to get credit line increases to put you into the same credit line average as those with signature. For years I had the standard 1% capitalone no hassles rewards\cash card\venture, then I switched to quicksilver. I have a Chase Mileage Club card with $50,000 limit, I have various other cards through B of A, etc that have $20k+++ limits, but I have always loved my CapitalOne card... mainly because no foreign transaction fees and super easy and quick cash back account credits... it's just such an easy card to use.
So 4 years ago I had a card with a $2500 limit (at the time was the CapitalOne No hassle cash card, that ugly green thing)... I wanted to use it as my every day card, but they kept turning down my request for a CLI because I paid it off every month. I explained I do that with all of my cards... they said I needed to carry a balance to be deemed to have need for more credit. I explained the catch-22 that I don't use the card because it doesn't have enough limit to use when I'm overseas for 2-3 weeks at a time. They denied. I escalated to the Executive Office. After about 2 weeks of process, they agreed to manually pull and review my credit report, and call me back. The analyst called and agreed that my credit was good (802 credit score - zero debt\liabilities, plenty of assets\income). So they asked how much I wanted. I said $10,000. Done. Simple as that. However, going back to the segment above... my card was still a Quicksilver Visa Platinum (not signature because like I said the segment on an account can never be changed)...
So for the last couple years I've been happy with using it... but now more and more third-parties are offering special discounts and promotions to Visa Signature cardholders, so the conundrum is back. I have 7 cards that are Visa Signature, but the CapitalOne card, the one card I WANT to be, is not. I called my contact at the EO to see if maybe things had changed, but he explained again that it's not CapitalOne that determines the attributes required for Visa Signature or World Elite, it's the contract with Visa\MC. He explained that I should just apply for the Quicksilver (or whichever card I want) on CapitalOne's website, and that if I meet the segment requirements they'll open another account. He said CapitalOne used to allow 2 accounts per customer, now they allow 4. Good.
So I went on CapitalOne's website, Applied for the Quicksilver card... and low and behold, $25,000 Credit Limit, Quicksilver Visa Signature! Yay! I was expecting $5,000 Visa Signature knowing how conservative CapitalOne is, but it's good to know that they actually make sense of applications these days.
Bottom line I finally have the $25k Visa Signature (Segment) Quicksilver (Product) card! To me CapitalOne makes it a hassle to change accounts, but as far as ease of use, problem-free use, etc, they're tops. I'm so happy.
Hopefully many of you with questions in here will have gotten some answers from this post. I know there's a lot of misconceptions out there regarding why things work the way they do at Capitalone and I hope this helps you!"
