topic Re: Cap1 Questions in Credit Cards

Cap1 Questions

Charmante — Fri, 10 Apr 2020 01:30:07 GMT

This is 2 Threads In One... Lol

1) Does Cap1 offer Consolidation of Credit Limits? Can I turn my 3 cards into 1 bigger one?

2) I have 3 Cap1 cards... Is there a limit or can I keep adding more?

TOPIC 2:

Is Cap1 ALWAYS so skimpy with CLI's? Seriously... And is there a way or secret to loosening their belt...?

My wife has a Cap1 WM that is 13 YEARS OLD. Never Late.

Zero inquiries.

710 score.

Total debt of $700

The ONLY factors against her is that she closed ALL her accounts except this one card (the Cap1 WM). So she doesn't have but this one active... BUT has about 10 closed and ALL are Never Late. Including a paid off Auto Loan...

THEY ONLY APPROVED an Increase of $250... Really...?

And this card has taken 13 years to reach $1,300... It went from $1,050 to $1,300 today...

How is it growing so impossibly slow...

NOTE: Out of curiosity I applied for the Upgrade LOC (SP Pre-Qual) in Her name. $8,000 instant approval...

But her perfectly paid 13 year old card gets $250 for a total of less than $1,500...?

Advise...?

Thank you all!

Re: Cap1 Questions

Mv350 — Fri, 10 Apr 2020 01:36:06 GMT

Cap1 Does not combine cards at this time. They always tell people that it may be back in the future but with no luck.

Cap1 for CLI's likes to see heavy use, and paying off the card for bucketed cards. I have seen many $100 increases. I have also seen a $1000 increase. So you never really know. You can always apply for a higher level card like the Savor One or Venture/Venture One and it may bear mow fruit.

Re: Cap1 Questions

AllZero — Fri, 10 Apr 2020 01:37:41 GMT

Credit Card Asset-Backed Securities (ABS) and why some subprime card never grow or graduate

Re: Cap1 Questions

Charmante — Fri, 10 Apr 2020 01:41:21 GMT

You mention a higher level card... Is the WM card considered a bucket card? I thought it was one of their top tiers...?

Re: Cap1 Questions

Charmante — Fri, 10 Apr 2020 02:01:48 GMT

Wow @AllZero that is very intriguing... So a couple questions:

1) Can we open her a New Cap1 BUT KEEP this well aged one open?

If we open a new one (but do NOT close the old one) will the New Card still be rated Subprime or would it be rated Prime (even with the old one open)?

2) Based off what I said: 710, no debt, no inquiries, paid auto, 7-10 closed Never Late cards (AVG. 9 years old), the 1 open WM Cap1 @ 13 yrs w/ $1,300 limit AND Upgrades offer of $8,000

Own home. Income of $100,000

What is your best GUESS of the SL on a new Cap1 App? Say a Venture or Savor...? Or Spark...?

Thanks!

Re: Cap1 Questions

elixerin — Fri, 10 Apr 2020 02:05:10 GMT

13 years... sign to either play a new game or find some new issuers sauce

edit: nobody here can guess a SL (unless we have a CapOne underwriter hidden among us ), i can say from reading a lot here people have had bucketed beginner-tier cards for a very long time and upon applying for the "tier up" cards were welcomed much better by Cap

Re: Cap1 Questions

Charmante — Fri, 10 Apr 2020 02:38:04 GMT

Can you guide me please: Which cards are "bucketed" and which ones are top tier? Can you walk me up the ladder? From lowest crap card to highest tier card? So I'll know my path. Lol

Thank you!

Re: Cap1 Questions

AllZero — Fri, 10 Apr 2020 02:42:40 GMT

@Charmante wrote:
Wow @AllZero that is very intriguing... So a couple questions:

1) Can we open her a New Cap1 BUT KEEP this well aged one open?
Yes, you can apply for a new Capital One card. Yes, you can keep the well aged one open. I would recommend keeping old accounts open if they do not charge a monthly/annual fee.

If we open a new one (but do NOT close the old one) will the New Card still be rated Subprime or would it be rated Prime (even with the old one open)?
Not knowing the complete profile of DW. I would guess she has a better profile than when she originally had when first approved. Thus, she may be in the position to get out of the "bucket" by applying for a new Capital One card.

I would recommend checking out Capital Ones prequal site and see if there are any offers for their Prime cards.

2) Based off what I said: 710, no debt, no inquiries, paid auto, 7-10 closed Never Late cards (AVG. 9 years old), the 1 open WM Cap1 @ 13 yrs w/ $1,300 limit AND Upgrades offer of $8,000

Own home. Income of $100,000

What is your best GUESS of the SL on a new Cap1 App? Say a Venture or Savor...? Or Spark...?
I don't know Capital Ones computer algorithm and what they base it on. I can only guess DW would receive more a favorable starting limit and terms than previously.

The odds are in her favor. However, you or she would have to determine does she want to incur 3 hard pulls and if the card suits her spend.

There are a lot of lenders and reward cards out there. Take your time to research which ones are fitting her needs.

See comments in red.

Re: Cap1 Questions

AllZero — Fri, 10 Apr 2020 02:46:45 GMT

@Charmante wrote:
Can you guide me please: Which cards are "bucketed" and which ones are top tier? Can you walk me up the ladder? From lowest crap card to highest tier card? So I'll know my path. Lol

Thank you!

If the starting limit was $300 - $500, it's probably in a bucket. If no or slow credit limit increases in certain amount of time as you and DW has experienced, it's probably in a bucket.

Re: Cap1 Questions

Charmante — Fri, 10 Apr 2020 03:20:37 GMT

That's what irks me the most is how the Pre-Quals do not advise WHAT you'll get...

Discover, AMEX, Citi, and Chase all Pre-Qualified her. But only say "Approved". Lol

Only 2 made full offers...

Upgrade @ $8,000

Toyota Visa (Comenity) @ $9,000

Truthfully not quite the limit we need...

We average about $10k-$20k monthly spending (so we just use our Debit Cards) SO would prefer a CL of $15-$35k...

Thought about opening the $8k Upgrade just cause it has good rates and I figure maybe the bigger limits would increase soon after?

BUT... The Disco, AMEX, Citi, or Chase MAY offer what we need BUT who knows? Silly they don't advise "THIS is what you'll get. Want it?". Lol

Re: Cap1 Questions

AllZero — Fri, 10 Apr 2020 03:30:21 GMT

@Charmante wrote:
That's what irks me the most is how the Pre-Quals do not advise WHAT you'll get...

Discover, AMEX, Citi, and Chase all Pre-Qualified her. But only say "Approved". Lol

Only 2 made full offers...

Upgrade @ $8,000
Toyota Visa (Comenity) @ $9,000

Truthfully not quite the limit we need...

We average about $10k-$20k monthly spending (so we just use our Debit Cards) SO would prefer a CL of $15-$35k...

Thought about opening the $8k Upgrade just cause it has good rates and I figure maybe the bigger limits would increase soon after?

BUT... The Disco, AMEX, Citi, or Chase MAY offer what we need BUT who knows? Silly they don't advise "THIS is what you'll get. Want it?". Lol

Are you in BB&T footprint? They offer soft pull prequals.

Have you considered joining a credit union.

Are you eligible for membership to Navy Federal Credit Union?

There's a lot of lenders out there that offer points and cash back rewards cards.

Even if you received a low credit limit from AmEx, they have the potential to grow quite quickly. The Definitive Amex 3X CLI Guide

Re: Cap1 Questions

Charmante — Fri, 10 Apr 2020 04:10:51 GMT

Embarrassing story -- lol -- this board had me so **bleep** obsessed with getting my foot in door with NFCU (cause ALL ppl do is speak so GREAT of NFCU) so I lied. Lol I selected a military rank and lied... They approved me. Gave me a CC with an OBSCENELY big limit... I deposited a nice fat deposit. Then about 2 weeks later get a check in my mailbox and a letter "closing me out". Blah...

Re: Cap1 Questions

AllZero — Fri, 10 Apr 2020 04:20:01 GMT

@Charmante wrote:
Embarrassing story -- lol -- this board had me so **bleep** obsessed with getting my foot in door with NFCU (cause ALL ppl do is speak so GREAT of NFCU) so I lied. Lol I selected a military rank and lied... They approved me. Gave me a CC with an OBSCENELY big limit... I deposited a nice fat deposit. Then about 2 weeks later get a check in my mailbox and a letter "closing me out". Blah...

Yeah, that's not a good route to take. I'm guessing they have database(s) to check.

Re: Cap1 Questions

AllZero — Fri, 10 Apr 2020 04:22:36 GMT

Have you considered other credit unions if eligible? PenFed, BECU, Langley, local, etc?

Re: Cap1 Questions

Charmante — Fri, 10 Apr 2020 04:27:26 GMT

What is BECU? I have no military affiliations... Which seem to be required at all the best CU's... Lol

Re: Cap1 Questions

AllZero — Fri, 10 Apr 2020 04:30:40 GMT

@Charmante wrote:
What is BECU? I have no military affiliations... Which seem to be required at all the best CU's... Lol

https://www.becu.org

BECU Eligibility Question

@creditfanwrote:
It's possible to be an out of state member
here is my way in
paid $20 for NWCUF membership
snail mail this form with hand written https://www.becu.org/~/media/Files/PDF/6803_9115.pdf?la=en
included copies of driver license, SSN and welcome email from NWCUF
mailed it out a week+ ago and received a WELCOME email from BECU yesterday

p/s: I also did online first, but didn't work out for me