topic Re: Multiple Capital One Accounts Into One? in Credit Cards

Multiple Capital One Accounts Into One?

shane82388 — Mon, 13 Dec 2010 01:49:57 GMT

So I have a Capital One account and its my only credit card at the moment. It has $500 limit and has had the same limit for a long time...granted, I've not really given them any reason to bump it up cuz ive carried a pretty high balance for a long time.

I've been improving my credit score and i've noticed ive started getting pre-qualified for unsecured cards again...not anything good, but getting approved for anything makes me feel like im making progress.

I tried the pre-qualify thing for Capital One and they said i was pre-qualified for 3 different cards.

*Capital One Classic Platinum

*Capital One No Hassle Cash Rewards

*Capital One Standard Platinum

I know i need more revolving accounts and I need to increase my overall credit limit. I was going to do this with a secured card but since im getting the O-K for an unsecured card i figure i would just do that...

My question here is if I open a second Capital One card, can I just combine that card into my old Capital One card in like 6 months, so I will only have a single Capital One card but with a larger limit, all the while still keeping my oldest credit card account open?

Re: Multiple Capital One Accounts Into One?

lovely222 — Mon, 13 Dec 2010 06:02:04 GMT

I have a CapitalOne Platinum MasterCard with a limit of $750. I think it was a rebuilding card. I called a few months ago to ask for CLI when I was doing my first 6 month CLI increase-ask from a bunch of creditors. I was told by the rep that I was not eligible for a CLI on this card because in the terms they said that this was the most they would give me on this card. I then asked if I could combine a new account with this one if approved, but she told me that combining cards was not possible. I've read in these forums that it is, but haven't heard that in awhile. Good luck!

TU: 702 (12/10) | EQ: 699 (12/10)

Goal: 750+

Re: Multiple Capital One Accounts Into One?

Anonymous — Mon, 13 Dec 2010 16:29:31 GMT

Hi,

I called Cap1 yesterday and the rep said they don't combine cards
I have two credit cards by them, both initially started with $500 but jumped each to $750 in 4 months.

Re: Multiple Capital One Accounts Into One?

score_building — Mon, 13 Dec 2010 16:41:25 GMT

They no longer combine

Re: Multiple Capital One Accounts Into One?

shane82388 — Mon, 13 Dec 2010 22:01:03 GMT

Thats annoying....kind of makes me not want to get two of the same banks cards...im kind of a fan of streamlining and consolidating just for organizations sake. It just seems silly to have two of the same thing from the same bank. But i guess i can understand why...FEES. They probably want both annual fees instead of one.

I wonder if since my original card doesn't have an annual fee (just a $5 mo. membership fee all of a sudden) and is sure to have a higher interest rate than any other card I would be getting from them (29.40%)...they would combine them...carrying over the monthly fee to the old card?

Also, do you guys think its a good idea regardless, to just get another card from them since they are pre-qualifying me for it at this point, regardless of if they will combine them or not, just to improve my credit score and my overall available credit to debt ratio?

Re: Multiple Capital One Accounts Into One?

lovely222 — Mon, 13 Dec 2010 22:30:11 GMT

I still doubt that they will combine them. They can be pains with things like these.

I am in favor of getting a new card to increase your util, but are you sure you want one with Capital One? I say shop around for the best card with the best terms before applying. We can help you more if you post your credit scores and current util and inquiries.

Re: Multiple Capital One Accounts Into One?

shane82388 — Mon, 13 Dec 2010 22:45:52 GMT

Well the reason I was thinking of going with Capital One again is because I was able to get pre-approved for an unsecured card with them...Up until recently i wasn't getting pre approved for anything but secured cards. Well them and Orchard bank, but the Capital One card terms seem much better...less fees etc. I dont know of other places to get pre approved for a better card...

*My credit Karma is 659...

*My equifax fako score is 591...

*Currently have a little shy if $400 on my one Capital One card with $500 limit.

*No Inquiries on my credit report at all.

so take that for what you will...Im assuming im in the low 600 range +/- 15 or so...basically right on the cusp of being approved for unsecured and secured cards.

Re: Multiple Capital One Accounts Into One?

lovely222 — Mon, 13 Dec 2010 22:50:06 GMT

Based on your info, I think it makes sense to apply for the CapOne card, it can help you reach your credit improvement goals if approved. Please keep us posted!

Re: Multiple Capital One Accounts Into One?

Anonymous — Mon, 13 Dec 2010 22:54:42 GMT

I say pay that card down first before you apply. You are at 80% util right now at that's not good. Maybe getting the util down will boost yours scores up and you can be in a better position for a better unsecured card.

Re: Multiple Capital One Accounts Into One?

shane82388 — Tue, 14 Dec 2010 03:58:57 GMT

I was thinking if i got this other card, transferring some of the balance off my first card to the new card to spread the balances out while at the same time increasing my overall credit limit.

Then maybe just pay that original balance down that would now be divided over two cards, and threaten to cancel the new card if they dont combine them...I'm sure 3-6 months of having the lower utilization and a higher overall limit would qualify me for some kind of better card, so the threat to cancel the 2nd Capital One card wouldn't be an empty threat really anyway.

Is it likely that at some point in the future Capital One will start allowing cards to be combined again if they dont budge?

Re: Multiple Capital One Accounts Into One?

lovely222 — Tue, 14 Dec 2010 20:40:38 GMT

Did you ever apply for the card and if so what was the outcome? Maybe if you threaten them they will change, but I really doubt it. They told me they are "conservative".

Re: Multiple Capital One Accounts Into One?

Anonymous — Tue, 21 Dec 2010 00:33:46 GMT

I'd do the no hassle cash rewards.

Re: Multiple Capital One Accounts Into One?

JayRizzo — Tue, 21 Dec 2010 02:31:06 GMT

Apply as Average Credit. Select the No Hassle Cash Rewards card. Their order goes: Top: No Hassle Cash Rewards Middle: Classic Platinum Bottom: Standard Platinum. Internally, if you're not approved for a Rewards, they down-sell you on the next card down -- Classic Platinum and so forth. So, just like ocboy949 said, Go For the Rewards.

Re: Multiple Capital One Accounts Into One?

shane82388 — Wed, 22 Dec 2010 23:58:57 GMT

So I was thinking of just applying for the Cash Rewards one but I just wanted to confirm that its possible to transfer some balance from my current Capital One card to this new one...Not just another company's card balance to a Capital One card...

anyone know if thats possible for sure?

I want to have the option to spread out my balance over two cards so it will lower my utilization and it looks like this card would have a lower APR on that balance that I transfer than the old one I have. (29.40%...ridiculous)

Re: Multiple Capital One Accounts Into One?

score_building — Thu, 23 Dec 2010 00:16:02 GMT

@shane82388 wrote:
So I was thinking of just applying for the Cash Rewards one but I just wanted to confirm that its possible to transfer some balance from my current Capital One card to this new one...Not just another company's card balance to a Capital One card...

anyone know if thats possible for sure?

I want to have the option to spread out my balance over two cards so it will lower my utilization and it looks like this card would have a lower APR on that balance that I transfer than the old one I have. (29.40%...ridiculous)

Not permitted to BT between accts with the same ccc.

Re: Multiple Capital One Accounts Into One?

shane82388 — Thu, 23 Dec 2010 01:40:15 GMT

I had a feeling that would be the case...

Oh well, I suppose it still would increase my utilization ratio overall.

If i was to get rid of this card in 6-12 months assuming i can get approved for a REAL prime card by that time that i actually want, is the AAoA going to be hit really hard or not really since it wouldnt be too old of an account and i dont really have too ling of a history to begin with? (about 3 years 7 months)

Re: Multiple Capital One Accounts Into One?

shane82388 — Thu, 23 Dec 2010 12:09:43 GMT

So heres what happened...

Pre-Approved for card. I have a 659 Credit Karma score...as if that means anything, but still...its gone up for the 400's...so i know there has been major progress regardless.

Medium utilization on my only other credit card account.

I've been down to zero hard inquiries for over a year now.

REJECTED. I'll get the answer why in 7-10 days apparently...wonder what BS they will come up with...

Anyone know if you can have them manually reconsider or something? Perhaps for the vanilla platinum card as opposed to this rewards one that i tried for since i was pre-approved for it also?

They didnt try to down sell me for the Standard or Classic Platinum card either...so i dono if i missed something or if im not approved for those ones either now?

God this is so depressing...especially when you're beginning to be pre-approved again at multiple places after so long of being denied by all...its like a mirage or something.

Re: Multiple Capital One Accounts Into One?

JayRizzo — Thu, 23 Dec 2010 12:49:09 GMT

Shane, I also mentioned this on CreditKarma for both the Classic & Rewards Platinum cards... contact Capital One's Personal Account Specialists department directly at 877-513-9959. They're the ones that assign offers, upgrades, and down sell to accounts. Just let them know that you just applied so it's still new. If you wait until you receive the letter in the mail, then you'll have to wait 45 days to re-apply. Number one that I tell everyone, BE COURTEOUS!!! Speak soft and say Happy Holidays and all that jazz. Let them know you were interested in their Classic Platinum card and look forward to being a Capital One customer, etc.

Re: Multiple Capital One Accounts Into One?

shane82388 — Thu, 23 Dec 2010 21:43:31 GMT

Thanks for the help Jay.

That sounds worth a try, but I was just wondering if i should not mention im already a capital one card holder or not? I dont know if this would be viewed as good for bad? Is there anything to avoid mentioning or saying?

Also, how should i go about phrasing it? Something like this...?

"Hi, I just applied for the No Hassle Cash Rewards card last night, that I was pre-approved for online, and I actually ended up being declined. I was reading around online and I saw that I may actually have technically been 'approved' for the Classic or Standard Platinum card but I'd need to call Capital One to have them check and see. So I was just wondering if you could confirm this for me?"

Lemme know what to say, im not a terribly smooth talker on the phone to credit card companies and the like. haha

Re: Multiple Capital One Accounts Into One?

JayRizzo — Thu, 23 Dec 2010 23:27:21 GMT

I couldn't have phrased it better myself... that's perfect! If you get any static from the first person, just ask for a Senior Account Specialist (Executive Account Specialist or Escalation Account Specialist -- same difference). You might want to say you heard it from other Capital One associates rather than online because if you call just the generic customer service number on the back of the card, they will only try to give you as much information as they know... not much which is why they transfer you to the Applications department. The number I provided in the prior post is for those Account Specialists who have the ability to approve. Only if asked, would you have to mention that you're an existing customer. Once they verify your info, they'll know already.