topic Re: Struggling with Capital One (Obviously) in Credit Card Applications

Struggling with Capital One (Obviously)

Anonymous — Sun, 22 Oct 2017 15:17:47 GMT

I'm looking for a little guidance from some experienced Capital One customers.

What does Capital One like to see for spend on their cards.

Large purchases? Carrying a balance? Mulitple payments or one large payment? Etc.

I only have a $500 limit to work with...

I 3 years ago got a Capital One secured platinum visa. This June is was unsecured and therefore I PC to Quicksilver One. Granted no problem, however they will not budge on my horribly low limit. Check my signature I have way better limits. I want to continue my relationship with Capital One, as I am looking to get the Venture card next year.

Anyway, every time I apply it says "A credit limit increase is not available upon request because Capital One is evaluating account activity at assigned credit limits."

I have even gone to the extent of emailing Richard (CEO) and working with the EO.

I literally hit a brick wall everytime because I have to appease their system in some manner. When I inquire what i need to do with the representives and EO they give broad/general answers that are not helpful. It has been 3 months now and I am getting a little frustrated because they should be able to allow humans to make changes! I have a 100% payment history with all credit lines and utilization sits around 14%. No reason i cant handle a better credit line. Ultimately it is a catch-22 because I can't spend a lot (or show my normal spend) because I have such a low limit.

I know they are ridiculous with this kind of stuff anyway, but i want to beat the system!! Any suggestions are welcome.

Thanks in advance!

Re: Struggling with Capital One (Obviously)

AverageJoesCredit — Sun, 22 Oct 2017 15:19:42 GMT

Best way to beat Capital Ones system is to get another lenders cc

Re: Struggling with Capital One (Obviously)

woodyman100 — Sun, 22 Oct 2017 20:26:02 GMT

@AverageJoesCredit wrote:
Best way to beat Capital Ones system is to get another lenders cc

^^^^^^^^^^^^^^^^This^^^^^^^^^^^^^^^^^^

Re: Struggling with Capital One (Obviously)

woodyman100 — Sun, 22 Oct 2017 20:30:50 GMT

@Anonymous wrote:
I'm looking for a little guidance from some experienced Capital One customers.

What does Capital One like to see for spend on their cards.
Large purchases? Carrying a balance? Mulitple payments or one large payment? Etc.
I only have a $500 limit to work with...

I 3 years ago got a Capital One secured platinum visa. This June is was unsecured and therefore I PC to Quicksilver One. Granted no problem, however they will not budge on my horribly low limit. Check my signature I have way better limits. I want to continue my relationship with Capital One, as I am looking to get the Venture card next year.

Anyway, every time I apply it says "A credit limit increase is not available upon request because Capital One is evaluating account activity at assigned credit limits."

I have even gone to the extent of emailing Richard (CEO) and working with the EO.

I literally hit a brick wall everytime because I have to appease their system in some manner. When I inquire what i need to do with the representives and EO they give broad/general answers that are not helpful. It has been 3 months now and I am getting a little frustrated because they should be able to allow humans to make changes! I have a 100% payment history with all credit lines and utilization sits around 14%. No reason i cant handle a better credit line. Ultimately it is a catch-22 because I can't spend a lot (or show my normal spend) because I have such a low limit.

I know they are ridiculous with this kind of stuff anyway, but i want to beat the system!! Any suggestions are welcome.
Thanks in advance!

I don’t like the sound of that!

Re: Struggling with Capital One (Obviously)

CreditMagic7 — Sun, 22 Oct 2017 21:34:09 GMT

@AverageJoesCredit wrote:
Best way to beat Capital Ones system is to get another lenders cc

That statement is pretty much it in a nutshell if you ask me.

I have some cards i set for always PIF and i have others i choose to roll balances on from time to time.

A weird issue i have going with them is they are by far and away my singlemost highest outrageous APR card so it stays PIF or BT card only.

The only way out for me is to apply for another of their cards (3 HP's) and spin the wheel on the chance of a more reasonable APR this time. At 23.99% this thing would be a vaccum machine for interest if you rolled on it and besides i don't like keeping high apr cards in my lineup anyway.

But Capital One does not do APR reductions where most all other Lenders do.

Re: Struggling with Capital One (Obviously)

JR_TX — Sun, 22 Oct 2017 21:38:03 GMT

Based on your profile you should be at the very least $2-3$K CL with Cap1 now. You got your card back when your profile was way less than what it is now. That’s a classic case of what we call here at myFICO land as being “bucketed”. That card will never grow or maybe will top at $1K someday. If you really like Cap1 then you’re better off applying for a new card with them and get a much higher CL. Check out their pre-qual site and see what it brings you. But be aware of their 3X HP (1 each CRA) when you app though.
Best of Luck and keep us posted

Re: Struggling with Capital One (Obviously)

Gidgetmom — Sun, 22 Oct 2017 22:18:25 GMT

@JR_TX wrote:
Based on your profile you should be at the very least $2-3$K CL with Cap1 now. You got your card back when your profile was way less than what it is now. That’s a classic case of what we call here at myFICO land as being “bucketed”. That card will never grow or maybe will top at $1K someday. If you really like Cap1 then you’re better off applying for a new card with them and get a much higher CL. Check out their pre-qual site and see what it brings you. But be aware of their 3X HP (1 each CRA) when you app though.
Best of Luck and keep us posted

Exactly what I was going to say!

If your file has improved and you get prequal offer (single APR shown on offer) from the website, I would apply for a new card and combine the $500 card into it. Cap One is one of the easier lenders to get in with, but the one of the hardest cards to grow, in my opinion. Just depends if you want to take a triple pull for a better limit.

2 years ago I started with a $300 QS1. Through applying for new cards and combining limits over those 2 years, I now have a QS with a $16,550 limit. Just remember, combining limits resets the CLI clock, which is one request every 6 months.

Good luck!

Re: Struggling with Capital One (Obviously)

Anonymous — Mon, 23 Oct 2017 02:37:57 GMT

You are not alone OP. Just like you I also started off with their secured card! Which recently just graduated. Also stuck at $500 and no CLI since graduating. I have an EO that's also working on my case. But as many have already suggested. Applying for one of their cards would be your only way out of their bucket. I do have a checking account with them that receives all my direct deposit, So I hope that helps me a bit, but if not. I may step out of the garden early next year to replace that card with the BofA cash rewards. Hope you get your case resolved.

Re: Struggling with Capital One (Obviously)

AverageJoesCredit — Mon, 23 Oct 2017 12:08:37 GMT

Its crazy, if someone asked me WHATS IN YOUR WALLET?, i can honestly say not Cap One. I just think there are too many loops to jump through along ones credit journey, no pun intended

Re: Struggling with Capital One (Obviously)

Anonymous — Mon, 23 Oct 2017 13:23:46 GMT

@CreditMagic7 wrote:
@AverageJoesCredit wrote:
Best way to beat Capital Ones system is to get another lenders cc
+1

That statement is pretty much it in a nutshell if you ask me.

I have some cards i set for always PIF and i have others i choose to roll balances on from time to time.

A weird issue i have going with them is they are by far and away my singlemost highest outrageous APR card so it stays PIF or BT card only.

The only way out for me is to apply for another of their cards (3 HP's) and spin the wheel on the chance of a more reasonable APR this time. At 23.99% this thing would be a vaccum machine for interest if you rolled on it and besides i don't like keeping high apr cards in my lineup anyway.

But Capital One does not do APR reductions where most all other Lenders do.

While I have never had Cap1 do a permanent APR reduction, I have gotten multiple 6-9 month APR reduction promos on both my cards over the years. They tell me when a promotion ends to call up and check to see if I can get another, and usually I can so it ends up being almost back to back lowered reduction.. usually 4-5%.

Re: Struggling with Capital One (Obviously)

Anonymous — Mon, 23 Oct 2017 15:48:49 GMT

C1 will bucket certain types of cards and certain starting profiles. QS1 cards IMO do not grow regardless of income and scores. Once you can PC again to a "regular" QS it will grow when PCed. Also when you scores hit 700 across the board you may want to apply for a new "regular' QS The later has worked well for many people.

Re: Struggling with Capital One (Obviously)

Shooting-For-800 — Tue, 24 Oct 2017 01:01:01 GMT

OP - Have you check the prequal page for Cap One? If your credit score is 50+ points higher than it was when you opened your 500 card, chances are you will be prequal for a QS and a much better SL. They have glass ceilings for some accounts but no customers. One card wont get a $500 CLI but the same person gets a $5,000 new card.

I have found Cap One to be fantastic.

They have some weird analytics, but they treat me like a king.

I started out with a $3,000 card after BK 4 years ago now I have $80k plus a 2.49% 72 month car loan.

Here is what I did...

Use your Cap One for everything you can.

Make as payments weekly or more.

You want to show them that you limit is not high enough.

If you have a $300 limit, charge $200 and pay $200. Charge $100 and pay $100.

I have made 10 payments in a month on a single card.

My $3k card went to $3.5k. I opened another $3k card and it went to $3.5k. My first card then went to $12.5k. I opened another card and got $10k SL. I closed the $3.5k that would not get any more CLi. I opened another $10k card. etc etc. Then combined 4 cards into 2.

Then after CLI denials, I applied for new card and got $30k at 13.99%.

So now I have 3 large cards that I charge $4k-$10k per month total and still pay WEEKLY.

I make well over $1000 in cash back and use 0% offers for 18 months for 2% fees.

The key is showing them you NEED more credit and you can HANDLE more credit and that you are LOYAL to them.

Good luck.

YMMV.

Re: Struggling with Capital One (Obviously)

Anonymous — Tue, 24 Oct 2017 01:35:59 GMT

Woody: Neither did I!

JR_TX: Yeah with a normal bank that is what i am thinking on the CL, but i guess Capital One is just not a normal bank. I have read about being bucketed and that seems to be the case...

Clark_D_Shark: Yeah once a secured card has graduated it should be able to grow! My oldest account should not be my lowest account.

The Bank of America cash rewards card is excellent. I highly recommend. SL was 5000, 3 months i took the HP on TU and they doubled my limit to 10100. Just last week for 6 months i took another HP and got 17200. My fastest grower by far. Cash back bonus categories are well rounded, 3% Gas, 2% grocery & wholesale. Just like you though my checking account is with Bank of America and that may be why I have been given excellent limits. Good Luck!

Shoot for 800: Thats terrific advice.

I would totally move forward with that except I just have way better rewards with just about every card.

Applying for a new card atm is not an option. I do plan to get the Venture down the road. However if i put that serious of spend through the card I would lose. Between BCP, Citi Double Cash and Discovers lucritive 5% back and cashback match offer I would be an idiot hahah. 1.5% is low and im realizing it is just not worth my effort to grow what i have.

Thanks all for the advice. I don't think i am going to do much with this card anymore. Maybe they will be relavent in the future.

Re: Struggling with Capital One (Obviously)

Anonymous — Tue, 24 Oct 2017 01:38:21 GMT

Oh and about the Pre-Qual offers, I have none.

Does anyone know if Capital One has any hard and fast rules like Chase?

I have opened roughly 10 accounts in the last year so that may make it a no on a new account for Cap1.