topic Re: Credit Line increase in Credit Cards

Credit Line increase

Chanduwar — Fri, 17 Jul 2009 19:32:57 GMT

Did any one recently get a credit line increase from Capital One? I have had an account from the last one year with them. Need a CLI very bad.

Anyone has a back number where I can call?

Chanduwar

Re: Credit Line increase

Anonymous — Fri, 17 Jul 2009 19:41:54 GMT

DH has had an account with them for many years & no CLI but they did a intrest increase.

Re: Credit Line increase

Anonymous — Fri, 17 Jul 2009 19:43:09 GMT

My credit line has remained at $1,000 since 2004. I've never missed a payment, and have even had a balance of about $900 which was all paid off. Still...no credit line increase.

Re: Credit Line increase

Anonymous — Fri, 17 Jul 2009 23:00:13 GMT

it seems to me you have to call cap one with a good reason like "I want to make you my number one card. I've never gotten a cli I did not ask for. Use that back door number listed here on this forum.

I started with them at 300 and now at 5400 and haven't called in long time.

Message Edited by casinoannie97 on 07-17-2009 03:59 PM

Message Edited by casinoannie97 on 07-17-2009 04:00 PM

Re: Credit Line increase

Anonymous — Fri, 17 Jul 2009 23:38:11 GMT

Several on here (including myself) have found calling in the last couple of months that Capital One are no longer offering customer initiated credit line increases. I called the back door number, regular number, even spoke to the retention department and it was all a no go "No customer requests for credit line increases will be taken at this time"

*shrug*

Re: Credit Line increase

Anonymous — Sat, 18 Jul 2009 13:20:51 GMT

that's too bad. then they are giving them automatically???

Re: Credit Line increase

Anonymous — Sat, 18 Jul 2009 14:44:34 GMT

@Anonymous wrote:
that's too bad. then they are giving them automatically???

By"automatically", I think they mean "never".

Re: Credit Line increase

Anonymous — Sat, 18 Jul 2009 15:04:39 GMT

Would be a real rarity these days. I have had an account for 4 years and it went from initial $500 to $1000 2 years ago. But since, nothing. I asked for CLI recently and they said as "a business decision they are not offering any customer requested CLI's at this time."

They said they will review account periodically and potentially offer or raise CL's in that manner.

So, if you need more credit, you will need to look elsewhere, IMO

Re: Credit Line increase

Anonymous — Sat, 18 Jul 2009 15:12:46 GMT

Someone posted here quite recently that they had just received an immaculate CLI from Cap1. A big one too if i remember correctly.

Re: Credit Line increase

score_building — Sat, 18 Jul 2009 15:36:13 GMT

creditwherecreditisdue wrote:
Someone posted here quite recently that they had just received an immaculate CLI from Cap1. A big one too if i remember correctly.

yep, cli to 5500 i think from triple digits or 1k but don't remember exactly, in any case it was a recent post of a nice cli from cap1.

but i got the same scripted response as tx and others re: no customer initiated cli and i'm not holding my breath on a lucky auto 'cause nobody luvs me... it's true... not like they do... lol. (400 to 750 in 8+ years )

Re: Credit Line increase

Anonymous — Sat, 18 Jul 2009 16:20:14 GMT

@score_building wrote:
@Anonymous wrote:
Someone posted here quite recently that they had just received an immaculate CLI from Cap1. A big one too if i remember correctly.

yep, cli to 5500 i think from triple digits or 1k but don't remember exactly, in any case it was a recent post of a nice cli from cap1.

but i got the same scripted response as tx and others re: no customer initiated cli and i'm not holding my breath on a lucky auto 'cause nobody luvs me... it's true... not like they do... lol. (400 to 750 in 8+ years )

That is sad! Pitiful in fact. But we all love you!

Re: Credit Line increase

score_building — Sat, 18 Jul 2009 17:49:34 GMT

much appreciated!

Re: Credit Line increase

Anonymous — Sun, 19 Jul 2009 04:44:09 GMT

We recently closed our joint account when they threatened to up the interest from LIBOR formula [currently at 5.5 total] to Prime-plus-something, which would have been around 12.

The card was from 1993 with a limit of 7900. It was tough to get rid of such a fabulous CL and terms and history, but the interest would have more than doubled. Oh, well.

Re: Credit Line increase

MarineVietVet — Sun, 19 Jul 2009 05:36:53 GMT

@Anonymous wrote:
We recently closed our joint account when they threatened to up the interest from LIBOR formula [currently at 5.5 total] to Prime-plus-something, which would have been around 12.

The card was from 1993 with a limit of 7900. It was tough to get rid of such a fabulous CL and terms and history, but the interest would have more than doubled. Oh, well.

What was your balance on the card? And you closed it because your rate was going to go all the way to 12%? My LOWEST rate is about 17% I believe. I'm only asking because I've learned here that there are few good reasons to close a card with such a long history. And what does it matter what the rate is if you PIF each month? The rate could be 1000% but if no balance is carried forward then the interest owed will always be 0.

I've also learned from this site and others that you only use a card to purchase something when you have the cash on hand to pay it off immediately. Having said all this..........it only took me a little over 3 decades to learn some of these lessons. Oh the interest I must have paid over these many years.

7/09
TU-742
EQ-779

Time can heal all wounds and a low FICO.

Re: Credit Line increase

pattycake — Sun, 19 Jul 2009 05:39:59 GMT

I got the same response, that they are not offering CLI's at this time. Oh, well.

Re: Credit Line increase

Anonymous — Sun, 19 Jul 2009 06:26:43 GMT

Marine, this was our 'treat it as a loan' card and we had true emergencies a couple years back that were still on the card; none of the CCC's were complaining then, oddly. At 5.5% it's about the same as most mortgages, which is pretty crazy. So we pay the minimum and have put all other resources to paying off the far nastier cards. And so far, not a bad job financially, but once your balances reach zero, it's pretty common to get a lowered CL on the cards you just paid off or, like the recent rash of Chase-Wamu outrages, outright cancelation even with responsible use and no balance. Crazy.

It feels lousy working so hard to get your debt down only to get your CL lowered. If that wasn't a problem I would have kept the Cap One open, but I figured they'd just lower the CL once we paid it down or off, and then I'd be poorer for not closing it to begin with. I prefer the speedier payoff with no mystery.

Re: Credit Line increase

Anonymous — Sun, 19 Jul 2009 17:03:17 GMT

I was told a month ago too that our capital one cards weren't going to get any cli any time soon. We have had our cards for a few years now too and never got a cli. I called in and asked about the credit steps program and they said our cards weren't eligible for that either. I think once we pay them off they will just collect some dust in the sock drawer. If I remember correctly they have the highest interest rates of our cards too.

My new goal is to get them paid off and our First Premier card too.

Re: Credit Line increase

Anonymous — Sun, 19 Jul 2009 17:14:58 GMT

Everyone's goal should be to rid themselves of revolving debt ASAP!

Re: Credit Line increase

Anonymous — Sun, 19 Jul 2009 17:15:33 GMT

A few months back I heard someone got a credit line increase with them, and now their rate has gone WAY up. If you take it, double check the terms before accepting it.

Re: Credit Line increase

Anonymous — Sun, 19 Jul 2009 18:13:15 GMT

@Anonymous wrote:
A few months back I heard someone got a credit line increase with them, and now their rate has gone WAY up. If you take it, double check the terms before accepting it.

Generally speaking these are two independent decisions. There are no "terms" on a CLI. A CL is just a number on a computer screen that gets made bigger. Not "accepting" a CLI is no insurance against a ratejack. It is using a CL that leaves one vulnerable to an RJ, not the size of the CL. That is not to say that the size of you CL makes it more likely that you will be RJ'ed, but rather the carrying of some portion of your CL as a revolving balance, that exposes you to the consequential effects of an RJ.