topic Cap One - Limit? in Credit Cards

Cap One - Limit?

elsijfdl — Fri, 07 Nov 2008 23:42:20 GMT

I currently have a Capital One Visa Platinum card, the limit is sitting at $800. Is it true that the card can not have a limit higher than $3,000, and there is no possibility to product change? I ask because I'm wondering whether it is even worth it to run any money through the card, as opposed to getting goodwill with a card that will grow to a reasonable limit ($10k+).

My biggest issue is it is the only visa I have and I would like to have at least one Visa, otherwise I might not even bother with using the card.

Re: Cap One - Limit?

GFer — Sat, 08 Nov 2008 00:37:31 GMT

Why not hang on to it at least until you outgrow the card. Honestly, I wouldn't even close it then, simply for the history. How long have you had the card? Are your scores and reports healthy enough to accomodate another card at this time?

Advice can vary without knowing more info.

Re: Cap One - Limit?

moonman — Sat, 08 Nov 2008 01:18:46 GMT

You probably would have to apply for a higher tier capital one card for one with higher limits.

Re: Cap One - Limit?

Anonymous — Sat, 08 Nov 2008 03:23:26 GMT

3k cap is typical for lowest tier, later you could get a good or excelent credit card(10\20k caps respectivly) and combine limit

Re: Cap One - Limit?

Anonymous — Sat, 08 Nov 2008 05:51:33 GMT

@GFer wrote:
Why not hang on to it at least until you outgrow the card. Honestly, I wouldn't even close it then, simply for the history. How long have you had the card? Are your scores and reports healthy enough to accomodate another card at this time?

Advice can vary without knowing more info.

closing a credit card will not delete you history for 10 years

Re: Cap One - Limit?

Karatz — Sat, 08 Nov 2008 07:46:10 GMT

@elsijfdl wrote:
I currently have a Capital One Visa Platinum card, the limit is sitting at $800. Is it true that the card can not have a limit higher than $3,000, and there is no possibility to product change? I ask because I'm wondering whether it is even worth it to run any money through the card, as opposed to getting goodwill with a card that will grow to a reasonable limit ($10k+).

My biggest issue is it is the only visa I have and I would like to have at least one Visa, otherwise I might not even bother with using the card.

I had one of those cards. Combined another Cap 1 card on to it and now the limit is $9300.00. I don't think you are limited there with anything, just a matter of how you work it.

Re: Cap One - Limit?

GFer — Sat, 08 Nov 2008 13:34:30 GMT

@Anonymous wrote:
@GFer wrote:
Why not hang on to it at least until you outgrow the card. Honestly, I wouldn't even close it then, simply for the history. How long have you had the card? Are your scores and reports healthy enough to accomodate another card at this time?

Advice can vary without knowing more info.

closing a credit card will not delete you history for 10 years

I'm well aware of that. The point I was trying to make was what good comes from closing the tl? Regardless, of anyone's scores--we can all benefit from more history.

Re: Cap One - Limit?

elsijfdl — Sat, 08 Nov 2008 16:20:05 GMT

My experian fico score is around a 675-695 (depending on my balance that month) and I have a total of 7 credit cards right now which is why I ask.

Luckily I was just able to convert a Bank of America WorldPoints card to a Bank Americard so I think that might be my new go-to Visa.

My Cap One card still (somehow) is my lowest APR (7.65%) so I'm thinking of keeping it just for that, but I'm just concerned in a few years the credit limit will be more hurt than good, especially when I have 6 other cards.

Re: Cap One - Limit?

Anonymous — Sat, 08 Nov 2008 18:33:49 GMT

@Anonymous wrote:
3k cap is typical for lowest tier, later you could get a good or excelent credit card(10\20k caps respectivly) and combine limit

Yes, you are correct. but I have heard some people can get 30K thru Cap1. not sure how since 98% of the time the max you can get it thru Cap1 is 20K.