topic Re: What's with Cap1? in Credit Card Applications

What's with Cap1?

ksiss — Tue, 10 Feb 2015 01:58:26 GMT

So a little back story. My Cap 1 platinum card was my very first CC that I received in 08 when I was first starting out, building my credit. I was very thankful at the time, because it wasn't a secured card nor did it have an AF, which I was very grateful for considering that I had zero credit history at the time. I utilized the card, paying it off monthly, and within the year was able to CLI from $500-$1500. I relatively quickly moved on to better cards, namely my USAA World MC that I currently have a $21,000 CL on. I believe I last used my Cap1 Platinum card in 09.

Fast forward to last week, when I received an offer in the mail from Cap1 to upgrade my very first card to a Quicksilver card. "Oh nice! Cap1 seems interested in getting me back on board!" Or so I thought as I logged into my account to accept the offer. What can be more perfect than to be able to upgrade the oldest card on my CRs without any hard pulls or applications and for a practically defunct card to be useful to me again so that I can continue to gain that oh so valuable time toward account age? Well there was just one matter that needed to be taken care of, before this switch was going to be at all useful to me. That paltry $1,500 CL! I mean, what good is the card to me, when one tank of gas can make a pretty significant impact on my credit utilization? So I quickly and easily accepted the offer for the product change and then promptly applied for a CLI. Surely Cap1 can see with my current income, and obvious interest in their offer, that it would be sensible to give me a dignified credit limit so that I have incentive to use the card. Well, when I submitted the application for the CLI I was disappointed to see that it wasn't an instant decision and needed to be reviewed. 2 business days later, I receive the reply. Denied...nothing...nada. Reason? No recent utilization of the Platinum card.

So what's the deal with Cap1? Why are they going to offer me this "upgrade" in hopes that it will spur me to utilize their card again, but pretty much make it worthless to me with an almost insulting CL? Makes absolutely no sense.

Re: What's with Cap1?

Anonymous — Tue, 10 Feb 2015 02:04:45 GMT

@ksiss wrote:
So a little back story. My Cap 1 platinum card was my very first CC that I received in 08 when I was first starting out, building my credit. I was very thankful at the time, because it wasn't a secured card nor did it have an AF, which I was very grateful for considering that I had zero credit history at the time. I utilized the card, paying it off monthly, and within the year was able to CLI from $500-$1500. I relatively quickly moved on to better cards, namely my USAA World MC that I currently have a $21,000 CL on. I believe I last used my Cap1 Platinum card in 09.

Fast forward to last week, when I received an offer in the mail from Cap1 to upgrade my very first card to a Quicksilver card. "Oh nice! Cap1 seems interested in getting me back on board!" Or so I thought as I logged into my account to accept the offer. What can be more perfect than to be able to upgrade the oldest card on my CRs without any hard pulls or applications and for a practically defunct card to be useful to me again so that I can continue to gain that oh so valuable time toward account age? Well there was just one matter that needed to be taken care of, before this switch was going to be at all useful to me. That paltry $1,500 CL! I mean, what good is the card to me, when one tank of gas can make a pretty significant impact on my credit utilization? So I quickly and easily accepted the offer for the product change and then promptly applied for a CLI. Surely Cap1 can see with my current income, and obvious interest in their offer, that it would be sensible to give me a dignified credit limit so that I have incentive to use the card. Well, when I submitted the application for the CLI I was disappointed to see that it wasn't an instant decision and needed to be reviewed. 2 business days later, I receive the reply. Denied...nothing...nada. Reason? No recent utilization of the Platinum card.

So what's the deal with Cap1? Why are they going to offer me this "upgrade" in hopes that it will spur me to utilize their card again, but pretty much make it worthless to me with an almost insulting CL? Makes absolutely no sense.

It doesn't matter that your credit has improved or that your income is higher to them. Your product remains a subprime product in their internal systems and that is all it will ever be, unfortunately. What can you do about it? Give them the boot.

In the future if you feel like applying for a better product, feel free to do so but don't expect any miracles. The Venture however is currently giving out respectable limits and CAN be PC'd to VentureOne or QS.

Re: What's with Cap1?

NRB525 — Tue, 10 Feb 2015 02:13:11 GMT

@ksiss wrote:
So a little back story. My Cap 1 platinum card was my very first CC that I received in 08 when I was first starting out, building my credit. I was very thankful at the time, because it wasn't a secured card nor did it have an AF, which I was very grateful for considering that I had zero credit history at the time. I utilized the card, paying it off monthly, and within the year was able to CLI from $500-$1500. I relatively quickly moved on to better cards, namely my USAA World MC that I currently have a $21,000 CL on. I believe I last used my Cap1 Platinum card in 09.

Fast forward to last week, when I received an offer in the mail from Cap1 to upgrade my very first card to a Quicksilver card. "Oh nice! Cap1 seems interested in getting me back on board!" Or so I thought as I logged into my account to accept the offer. What can be more perfect than to be able to upgrade the oldest card on my CRs without any hard pulls or applications and for a practically defunct card to be useful to me again so that I can continue to gain that oh so valuable time toward account age? Well there was just one matter that needed to be taken care of, before this switch was going to be at all useful to me. That paltry $1,500 CL! I mean, what good is the card to me, when one tank of gas can make a pretty significant impact on my credit utilization? So I quickly and easily accepted the offer for the product change and then promptly applied for a CLI. Surely Cap1 can see with my current income, and obvious interest in their offer, that it would be sensible to give me a dignified credit limit so that I have incentive to use the card. Well, when I submitted the application for the CLI I was disappointed to see that it wasn't an instant decision and needed to be reviewed. 2 business days later, I receive the reply. Denied...nothing...nada. Reason? No recent utilization of the Platinum card.

So what's the deal with Cap1? Why are they going to offer me this "upgrade" in hopes that it will spur me to utilize their card again, but pretty much make it worthless to me with an almost insulting CL? Makes absolutely no sense.

OP, you are thinking about utilization incorrectly in this case.

Utilization, to squeek a few more FICO points out of your existing score, can be managed, yes, for new apps.

Utilization, when you are trying to get a CLI from a bank like CapOne, needs to be heavy. Will it ding your FICO a few points? Yes. Will it get you a higher CLI if you run charges through a limit like $1,500? Most likely, especially with CapOne. Does CapOne care that your FICO is dinged from that utilization? Not in the least, as long as you are paying according to terms, preferably PIF.

Nixon is probably correct, this card may have reached it's limit, but you have this card to use to show CapOne what your spend and payment ability is. I would suggest using it rather heavily (like 60% heavily) and PIF after statement each month. Before long, when you app for a new Quicksilver or Venture, you will see a larger CL on those cards as a new app. And, yes, likely a double or triple pull to get the new card. That's the price of admission to a higher limit CapOne card.

Good luck!

Re: What's with Cap1?

ksiss — Tue, 10 Feb 2015 02:16:32 GMT

Yeah, it's funny, because I had already given them the boot for several years, but I guess I was mistaken on the "value" of this offer. I'm frankly surprised that they never closed the account on me since I haven't used it in 6+ years. Oh well.

Re: What's with Cap1?

Anonymous — Tue, 10 Feb 2015 02:17:07 GMT

A $30K Venture credit line is just a few clicks away.

Re: What's with Cap1?

ksiss — Tue, 10 Feb 2015 02:21:27 GMT

@NRB525 wrote:
@ksiss wrote:
So a little back story. My Cap 1 platinum card was my very first CC that I received in 08 when I was first starting out, building my credit. I was very thankful at the time, because it wasn't a secured card nor did it have an AF, which I was very grateful for considering that I had zero credit history at the time. I utilized the card, paying it off monthly, and within the year was able to CLI from $500-$1500. I relatively quickly moved on to better cards, namely my USAA World MC that I currently have a $21,000 CL on. I believe I last used my Cap1 Platinum card in 09.

Fast forward to last week, when I received an offer in the mail from Cap1 to upgrade my very first card to a Quicksilver card. "Oh nice! Cap1 seems interested in getting me back on board!" Or so I thought as I logged into my account to accept the offer. What can be more perfect than to be able to upgrade the oldest card on my CRs without any hard pulls or applications and for a practically defunct card to be useful to me again so that I can continue to gain that oh so valuable time toward account age? Well there was just one matter that needed to be taken care of, before this switch was going to be at all useful to me. That paltry $1,500 CL! I mean, what good is the card to me, when one tank of gas can make a pretty significant impact on my credit utilization? So I quickly and easily accepted the offer for the product change and then promptly applied for a CLI. Surely Cap1 can see with my current income, and obvious interest in their offer, that it would be sensible to give me a dignified credit limit so that I have incentive to use the card. Well, when I submitted the application for the CLI I was disappointed to see that it wasn't an instant decision and needed to be reviewed. 2 business days later, I receive the reply. Denied...nothing...nada. Reason? No recent utilization of the Platinum card.

So what's the deal with Cap1? Why are they going to offer me this "upgrade" in hopes that it will spur me to utilize their card again, but pretty much make it worthless to me with an almost insulting CL? Makes absolutely no sense.
OP, you are thinking about utilization incorrectly in this case.

Utilization, to squeek a few more FICO points out of your existing score, can be managed, yes, for new apps.

Utilization, when you are trying to get a CLI from a bank like CapOne, needs to be heavy. Will it ding your FICO a few points? Yes. Will it get you a higher CLI if you run charges through a limit like $1,500? Most likely, especially with CapOne. Does CapOne care that your FICO is dinged from that utilization? Not in ththanks e least, as long as you are paying according to terms, preferably PIF.

Nixon is probably correct, this card may have reached it's limit, but you have this card to use to show CapOne what your spend and payment ability is. I would suggest using it rather heavily (like 60% heavily) and PIF after statement each month. Before long, when you app for a new Quicksilver or Venture, you will see a larger CL on those cards as a new app. And, yes, likely a double or triple pull to get the new card. That's the price of admission to a higher limit CapOne card.

Good luck!

Thanks for the words of advice. I think that's a high price to pay for a Cap1 card though haha. Looks like I'll stick with mostly my USAA card. Thanks again.

Re: What's with Cap1?

Anonymous — Tue, 10 Feb 2015 02:24:18 GMT

@NRB525 wrote:
@ksiss wrote:
So a little back story. My Cap 1 platinum card was my very first CC that I received in 08 when I was first starting out, building my credit. I was very thankful at the time, because it wasn't a secured card nor did it have an AF, which I was very grateful for considering that I had zero credit history at the time. I utilized the card, paying it off monthly, and within the year was able to CLI from $500-$1500. I relatively quickly moved on to better cards, namely my USAA World MC that I currently have a $21,000 CL on. I believe I last used my Cap1 Platinum card in 09.

Fast forward to last week, when I received an offer in the mail from Cap1 to upgrade my very first card to a Quicksilver card. "Oh nice! Cap1 seems interested in getting me back on board!" Or so I thought as I logged into my account to accept the offer. What can be more perfect than to be able to upgrade the oldest card on my CRs without any hard pulls or applications and for a practically defunct card to be useful to me again so that I can continue to gain that oh so valuable time toward account age? Well there was just one matter that needed to be taken care of, before this switch was going to be at all useful to me. That paltry $1,500 CL! I mean, what good is the card to me, when one tank of gas can make a pretty significant impact on my credit utilization? So I quickly and easily accepted the offer for the product change and then promptly applied for a CLI. Surely Cap1 can see with my current income, and obvious interest in their offer, that it would be sensible to give me a dignified credit limit so that I have incentive to use the card. Well, when I submitted the application for the CLI I was disappointed to see that it wasn't an instant decision and needed to be reviewed. 2 business days later, I receive the reply. Denied...nothing...nada. Reason? No recent utilization of the Platinum card.

So what's the deal with Cap1? Why are they going to offer me this "upgrade" in hopes that it will spur me to utilize their card again, but pretty much make it worthless to me with an almost insulting CL? Makes absolutely no sense.
OP, you are thinking about utilization incorrectly in this case.

Utilization, to squeek a few more FICO points out of your existing score, can be managed, yes, for new apps.

Utilization, when you are trying to get a CLI from a bank like CapOne, needs to be heavy. Will it ding your FICO a few points? Yes. Will it get you a higher CLI if you run charges through a limit like $1,500? Most likely, especially with CapOne. Does CapOne care that your FICO is dinged from that utilization? Not in the least, as long as you are paying according to terms, preferably PIF.

Nixon is probably correct, this card may have reached it's limit, but you have this card to use to show CapOne what your spend and payment ability is. I would suggest using it rather heavily (like 60% heavily) and PIF after statement each month. Before long, when you app for a new Quicksilver or Venture, you will see a larger CL on those cards as a new app. And, yes, likely a double or triple pull to get the new card. That's the price of admission to a higher limit CapOne card.

Good luck!

Maybe.

I hardly used my QS cards in the months preceding my Venture approval for $10,000.

Re: What's with Cap1?

NRB525 — Tue, 10 Feb 2015 02:24:46 GMT

With high 700's scores? You may want to think about that. The $30k Venture is indeed a possibility for your future if you use this card heavily for a short time, and check the Prequalification for the Venture and only go when it is at the 13.9% rate.

A triple pull fades quickly. A $30k CapOne Venture card is likely to be around for a long time.

Re: What's with Cap1?

NRB525 — Tue, 10 Feb 2015 02:26:18 GMT

@Anonymous wrote:
@NRB525 wrote:
@ksiss wrote:
So a little back story. My Cap 1 platinum card was my very first CC that I received in 08 when I was first starting out, building my credit. I was very thankful at the time, because it wasn't a secured card nor did it have an AF, which I was very grateful for considering that I had zero credit history at the time. I utilized the card, paying it off monthly, and within the year was able to CLI from $500-$1500. I relatively quickly moved on to better cards, namely my USAA World MC that I currently have a $21,000 CL on. I believe I last used my Cap1 Platinum card in 09.

Fast forward to last week, when I received an offer in the mail from Cap1 to upgrade my very first card to a Quicksilver card. "Oh nice! Cap1 seems interested in getting me back on board!" Or so I thought as I logged into my account to accept the offer. What can be more perfect than to be able to upgrade the oldest card on my CRs without any hard pulls or applications and for a practically defunct card to be useful to me again so that I can continue to gain that oh so valuable time toward account age? Well there was just one matter that needed to be taken care of, before this switch was going to be at all useful to me. That paltry $1,500 CL! I mean, what good is the card to me, when one tank of gas can make a pretty significant impact on my credit utilization? So I quickly and easily accepted the offer for the product change and then promptly applied for a CLI. Surely Cap1 can see with my current income, and obvious interest in their offer, that it would be sensible to give me a dignified credit limit so that I have incentive to use the card. Well, when I submitted the application for the CLI I was disappointed to see that it wasn't an instant decision and needed to be reviewed. 2 business days later, I receive the reply. Denied...nothing...nada. Reason? No recent utilization of the Platinum card.

So what's the deal with Cap1? Why are they going to offer me this "upgrade" in hopes that it will spur me to utilize their card again, but pretty much make it worthless to me with an almost insulting CL? Makes absolutely no sense.
OP, you are thinking about utilization incorrectly in this case.

Utilization, to squeek a few more FICO points out of your existing score, can be managed, yes, for new apps.

Utilization, when you are trying to get a CLI from a bank like CapOne, needs to be heavy. Will it ding your FICO a few points? Yes. Will it get you a higher CLI if you run charges through a limit like $1,500? Most likely, especially with CapOne. Does CapOne care that your FICO is dinged from that utilization? Not in the least, as long as you are paying according to terms, preferably PIF.

Nixon is probably correct, this card may have reached it's limit, but you have this card to use to show CapOne what your spend and payment ability is. I would suggest using it rather heavily (like 60% heavily) and PIF after statement each month. Before long, when you app for a new Quicksilver or Venture, you will see a larger CL on those cards as a new app. And, yes, likely a double or triple pull to get the new card. That's the price of admission to a higher limit CapOne card.

Good luck!
Maybe.

I hardly used my QS cards in the months preceding my Venture approval for $10,000.

This is the key part of that sentence

OP sent this card to the deep freeze for SIX YEARS. That qualifies as "Hardly Used".

Re: What's with Cap1?

Anonymous — Tue, 10 Feb 2015 02:38:26 GMT

that sucks...ohh cap 1 is not impressing me so far

Re: What's with Cap1?

NRB525 — Tue, 10 Feb 2015 02:40:08 GMT

@Anonymous wrote:
that sucks...ohh cap 1 is not impressing me so far

How so? Do you have the card yet?

Re: What's with Cap1?

Anonymous — Tue, 10 Feb 2015 02:41:15 GMT

@NRB525 wrote:
@Anonymous wrote:
@NRB525 wrote:
@ksiss wrote:
So a little back story. My Cap 1 platinum card was my very first CC that I received in 08 when I was first starting out, building my credit. I was very thankful at the time, because it wasn't a secured card nor did it have an AF, which I was very grateful for considering that I had zero credit history at the time. I utilized the card, paying it off monthly, and within the year was able to CLI from $500-$1500. I relatively quickly moved on to better cards, namely my USAA World MC that I currently have a $21,000 CL on. I believe I last used my Cap1 Platinum card in 09.

Fast forward to last week, when I received an offer in the mail from Cap1 to upgrade my very first card to a Quicksilver card. "Oh nice! Cap1 seems interested in getting me back on board!" Or so I thought as I logged into my account to accept the offer. What can be more perfect than to be able to upgrade the oldest card on my CRs without any hard pulls or applications and for a practically defunct card to be useful to me again so that I can continue to gain that oh so valuable time toward account age? Well there was just one matter that needed to be taken care of, before this switch was going to be at all useful to me. That paltry $1,500 CL! I mean, what good is the card to me, when one tank of gas can make a pretty significant impact on my credit utilization? So I quickly and easily accepted the offer for the product change and then promptly applied for a CLI. Surely Cap1 can see with my current income, and obvious interest in their offer, that it would be sensible to give me a dignified credit limit so that I have incentive to use the card. Well, when I submitted the application for the CLI I was disappointed to see that it wasn't an instant decision and needed to be reviewed. 2 business days later, I receive the reply. Denied...nothing...nada. Reason? No recent utilization of the Platinum card.

So what's the deal with Cap1? Why are they going to offer me this "upgrade" in hopes that it will spur me to utilize their card again, but pretty much make it worthless to me with an almost insulting CL? Makes absolutely no sense.
OP, you are thinking about utilization incorrectly in this case.

Utilization, to squeek a few more FICO points out of your existing score, can be managed, yes, for new apps.

Utilization, when you are trying to get a CLI from a bank like CapOne, needs to be heavy. Will it ding your FICO a few points? Yes. Will it get you a higher CLI if you run charges through a limit like $1,500? Most likely, especially with CapOne. Does CapOne care that your FICO is dinged from that utilization? Not in the least, as long as you are paying according to terms, preferably PIF.

Nixon is probably correct, this card may have reached it's limit, but you have this card to use to show CapOne what your spend and payment ability is. I would suggest using it rather heavily (like 60% heavily) and PIF after statement each month. Before long, when you app for a new Quicksilver or Venture, you will see a larger CL on those cards as a new app. And, yes, likely a double or triple pull to get the new card. That's the price of admission to a higher limit CapOne card.

Good luck!
Maybe.

I hardly used my QS cards in the months preceding my Venture approval for $10,000.
This is the key part of that sentence
OP sent this card to the deep freeze for SIX YEARS. That qualifies as "Hardly Used".

With a $1,500 CL that didn't grow over that period, It should have been closed and not just deep frozen.

Re: What's with Cap1?

NRB525 — Tue, 10 Feb 2015 02:43:55 GMT

It should have been used heavily, then several years ago when OP's scores crossed 720, a new CapOne card apped for, is how things should have gone down.

Re: What's with Cap1?

Anonymous — Tue, 10 Feb 2015 02:46:16 GMT

@NRB525 wrote:
It should have been used heavily, then several years ago when OP's scores crossed 720, a new CapOne card apped for, is how things should have gone down.

Why should the OP put use on a card with a low limit like so just to get a new approval with a high CL. Best to just close this card and revisit this company later on.

Re: What's with Cap1?

NRB525 — Tue, 10 Feb 2015 02:51:19 GMT

@Anonymous wrote:
@NRB525 wrote:
It should have been used heavily, then several years ago when OP's scores crossed 720, a new CapOne card apped for, is how things should have gone down.
Why should the OP put use on a card with a low limit like so just to get a new approval with a high CL. Best to just close this card and revisit this company later on.

Because CapOne, much like Discover, Doesn't want to advance high limits on the theory that someone might use the card.

That's what people here are finding out, finally in February 2015, after all the gnashing of teeth: the Eureka moment for many: Use the CapOne card, show them your payment history, and then apply for a new card with them so they can reevaluate and go to a different tier of qualification.

I'm surprised at your comment. You were pointing out the internal tiers of all their cards. I agree with that. It implies one must periodically formally reset their relationship with CapOne when building by going through the apping process. It's no different than apping another card, except this is how CapOne operates. Very similar at Chase, except by the time people app serious cards with Chase, they've got history with Credit One, Cap One, or other secured cards.

Re: What's with Cap1?

Anonymous — Tue, 10 Feb 2015 03:01:22 GMT

I see where you are coming from.

And indeed one must reset their relationship with them to suit their needs which is why if the OP really wants to continue to be a Capital One cardholder they should apply for a completely new account from them and preferably a known "heavy hitter" card.

I will say though, an unsolicited upgrade to QS does not seem to be that common but it is painfully obvious that this card will not break it's bounds any time soon if it has not done so already.

Re: What's with Cap1?

Kenny — Tue, 10 Feb 2015 03:06:50 GMT

Best bet is to contact EO and request a CLI and explain everything you've stated here. You might get a good response. Who knows...

Re: What's with Cap1?

NRB525 — Tue, 10 Feb 2015 03:18:30 GMT

@Anonymous wrote:
I see where you are coming from.

And indeed one must reset their relationship with them to suit their needs which is why if the OP really wants to continue to be a Capital One cardholder they should apply for a completely new account from them and preferably a known "heavy hitter" card.

I will say though, an unsolicited upgrade to QS does not seem to be that common but it is painfully obvious that this card will not break it's bounds any time soon if it has not done so already.

Agreed. The denial feedback indicates some usage will be required of the existing card for best results. Assuming OP even wants to continue with CapOne.

My main point is, don't hate the bank for following its' procedures, adapt to the requirements within reason.