topic Re: Capital One in Credit Cards

Capital One

dieselcafe — Tue, 22 Jul 2008 22:14:19 GMT

I applied for a Capital One Platinum Mastercard and was approved for $300. They sent me a letter in the mail 3 weeks after I got the card that if I make my payments on time for 3 months, they will increase my CLI after the 5th statements. Today, I applied for a Platinum Prestige Mastercard and was approved for $500. Should I keep the Platinum card with $300 or should I cancel it? Thanks.

Re: Capital One

Anonymous — Tue, 22 Jul 2008 22:22:13 GMT

If it not costing you anything I would just keep it. Meaning no fee's...

Re: Capital One

smallfry — Tue, 22 Jul 2008 23:37:57 GMT

Keep the card. Two revolving lines will help rebuild your credit quicker than 1 will.

Re: Capital One

unknown_entity — Wed, 23 Jul 2008 04:40:18 GMT

Keep both of them. Call and get a CLI after your 3rd payment posts and you'll still get the one before your 5th statement posts that they mentioned in the credit steps letter.

Re: Capital One

Red1Blue — Wed, 23 Jul 2008 04:58:17 GMT

Keep them both. After few months you can ask them to combine both cards thus you can have larger credit limit.

Re: Capital One

dieselcafe — Wed, 23 Jul 2008 11:03:28 GMT

I already made 3 payments in less than 2 months. Can I still call them for CLI or I have to wait for 3 months? I talked to one of the reps at Cap One for CLI last week and he told me that my account is too young to get a CLI.

Re: Capital One

Anonymous — Wed, 23 Jul 2008 11:25:46 GMT

They don't just mean 'make three payments and we'll give you a CLI' - they mean that you have to make the payments due on your first three statements on time, and then you'll get it (although it takes a while, it doesn't just appear straight after you've made the payment). Otherwise you could just send them three payments in the first week and sit back and wait for that automatic CLI... which would be nice, but sadly not how they do things!

I got my Capital One card last September, and the CLI didn't appear until January. But I've since learned from reading on here that it's possible to call and ask for a CLI after you've made that third payment (ie the payment due on the third statement, just not the third payment you ever make to them), and then you'll still get the credit steps auto-CLI as well whenever that's finally triggered.

Message Edited by fevmlo on 07-23-2008 07:25 AM