topic Re: Capital One in Credit Cards

Capital One

keith021 — Tue, 15 Feb 2011 03:01:15 GMT

How long does Capital One usually take to process and approve credit card applications? My sister and I both applied tonight and her application was approved INSTANTLY. I received the 7-10 days notice --I called in, but was told to call back within 24-48 hours because it is still being processed.

Re: Capital One

JayRizzo — Tue, 15 Feb 2011 04:07:29 GMT

Many Cap1 applicants get that 7-10 day message. This is primarily due to additional information that needs to be verified. You did the right thing by calling, but it may have been just a wee bit too soon. Give it 24 hours, then give them another call. They'll either have you verify your identity verbally through a series of questions or have you fax your ID or other information to confirm. When all checks out, you should have your card in about 10 days.

Re: Capital One

keith021 — Tue, 15 Feb 2011 05:09:58 GMT

@JayRizzo wrote:
Many Cap1 applicants get that 7-10 day message. This is primarily due to additional information that needs to be verified. You did the right thing by calling, but it may have been just a wee bit too soon. Give it 24 hours, then give them another call. They'll either have you verify your identity verbally through a series of questions or have you fax your ID or other information to confirm. When all checks out, you should have your card in about 10 days.

I hope that is the case. I applied last year and was given a denial almost immediately. I'm going to keep my fingers crossed....

Re: Capital One

keith021 — Tue, 15 Feb 2011 16:01:07 GMT

**UPDATE** My application was approved this morning! I wasn't giving a credit limit just yet. I was told to call back in a day or two for that information to be updated. Is there anyway to find out what my credit limit is?

Re: Capital One

DI — Tue, 15 Feb 2011 17:03:00 GMT

@keith021 wrote:
**UPDATE** My application was approved this morning! I wasn't giving a credit limit just yet. I was told to call back in a day or two for that information to be updated. Is there anyway to find out what my credit limit is?

Congrats! I can tell you you CL now. Between $300-$500. Which card you applied for?

Re: Capital One

keith021 — Tue, 15 Feb 2011 18:15:44 GMT

@DI wrote:
@keith021 wrote:
**UPDATE** My application was approved this morning! I wasn't giving a credit limit just yet. I was told to call back in a day or two for that information to be updated. Is there anyway to find out what my credit limit is?
Congrats! I can tell you you CL now. Between $300-$500. Which card you applied for?

Thanks! You're probably right because before my sister applied, we checked her FICO scores are they were all between 700-726 and she was approved with a limit of: $500. I believe I applied for either the Classic or Standard Platinum card.

Re: Capital One

DI — Tue, 15 Feb 2011 17:56:28 GMT

@keith021 wrote:
@DI wrote:
@keith021 wrote:
**UPDATE** My application was approved this morning! I wasn't giving a credit limit just yet. I was told to call back in a day or two for that information to be updated. Is there anyway to find out what my credit limit is?
Congrats! I can tell you you CL now. Between $300-$500. Which card you applied for?
Thanks! You're probably write because before my sister applied, we checked her FICO scores are they were all between 700-726 and she was approved with a limit of: $500. I believe I applied for either the Classic or Standard Platinum card.

Nothing has change about Cap 1. They're still dealing out $300- $500 CL.. I almost believed they base the initial limits on applicants age and if they're a student.

Re: Capital One

Anonymous — Tue, 15 Feb 2011 22:20:56 GMT

IMHO, if you have Good to Excellent Scores (as per Cap One standards) you should apply for their higher end card(s). I think someone should make a sticky informing everyone that Cap One DOES give out limits higher than 300-750. Based on your reports and the card that you apply for, they give out high limits as well. But their platinum card is not "platinum" at all.

Just my .02

Re: Capital One

keith021 — Thu, 24 Feb 2011 17:47:26 GMT

***Update***

DI was right; Capital One limits are usually between $300-$500. My application was approved with a limit of: $500. My sister and I both have FICO scores in the low to mid 700's with low utilization.

Re: Capital One

tsquad131 — Thu, 24 Feb 2011 17:52:36 GMT

its very rare to get approved for anything higher nowadays unless its a venture card and they are stingy with Credit limit increases

Re: Capital One

JayRizzo — Thu, 24 Feb 2011 19:02:38 GMT

Hey do you recall if you and your sister selected "Average" or "Excellent" credit while applying online?

Re: Capital One

DI — Thu, 24 Feb 2011 19:39:20 GMT

Capital One needs to start upgrading long-time cardholders accounts. They rather for us to apply for new accounts and stick us with another low credit line card despite having excellent credit. Then they rather hurt cardholders credit scores by pulling all three credit reports rather than use the report(s) that they review every month during an account review.

Re: Capital One

keith021 — Thu, 24 Feb 2011 19:58:20 GMT

@JayRizzo wrote:
Hey do you recall if you and your sister selected "Average" or "Excellent" credit while applying online?

We both selected "Excellent" credit. After a few moments, a list with a few cards we most likely would be approved for appeared with the most likely one at the top.

Re: Capital One

climbinghigher — Thu, 24 Feb 2011 20:42:17 GMT

I received an offer from Cap One after 4 years into a bk. I applied and received a card with a 200.00 limit. They gave me automatic 100.00 increases over a period of about 2 years. Then one day they sent me checks and raised me to 1500. That was about 8 years ago and no increase since. I received an offer 09/2010 for a rewards and was approved for 500.00. On 02/2011 they raised it to 750.00. I have been with them for 12 years, never late, never over limit and pay off every month.

Re: Capital One

JayRizzo — Thu, 24 Feb 2011 21:47:22 GMT

Most of you already know that I, personally, do not like "any" lending institution because I saw the way they treated customers about a year ago and now acting like it never happened and have customers beating down their door and calling recon numbers begging to acquire their products. But, we must live and interact with them each day.

I'm not here to defend any company, but to give good advice to new members seeking assistance. But let's all be aware that lenders are "not" obligated to give us anything at all??? It appears some people have the notion that they are entitled to the universe because they are doing what we are already supposed to do... pay our bills.

Re: Capital One

vish1 — Thu, 24 Feb 2011 21:54:51 GMT

@JayRizzo wrote:
Most of you already know that I, personally, do not like "any" lending institution because I saw the way they treated customers about a year ago and now acting like it never happened and have customers beating down their door and calling recon numbers begging to acquire their products. But, we must live and interact with them each day.

I'm not here to defend any company, but to give good advice to new members seeking assistance. But let's all be aware that lenders are "not" obligated to give us anything at all??? It appears some people have the notion that they are entitled to the universe because they are doing what we are already supposed to do... pay our bills.

+200

In addition to this, we need to understand how to pick our friends, do you pick incompatible people for your friends and then expect them to change for you? They (cap1, orchard, chase, amex, bofa .....) have are all different CCCs like different people and everyone runs business in a different way, we (any one looking for credit) need to do all the due diligence before you click the apply/submit button.

I feel it is absolutely unfair to expect a CCC to give you more credit just because someone else who has a different business model did. Offcourse it's a good data point and worth a discussion with the CCC but IMHO can not qualify to become an expectation.

Re: Capital One

JayRizzo — Thu, 24 Feb 2011 21:57:31 GMT

I agree, Vish1, and couldn't have said it better!

Re: Capital One

DI — Fri, 25 Feb 2011 01:00:08 GMT

@JayRizzo wrote:
Most of you already know that I, personally, do not like "any" lending institution because I saw the way they treated customers about a year ago and now acting like it never happened and have customers beating down their door and calling recon numbers begging to acquire their products. But, we must live and interact with them each day.

I'm not here to defend any company, but to give good advice to new members seeking assistance. But let's all be aware that lenders are "not" obligated to give us anything at all??? It appears some people have the notion that they are entitled to the universe because they are doing what we are already supposed to do... pay our bills.

How are they suppose to remain in business and keep the shareholders happy with that type of notion?

Re: Capital One

vish1 — Fri, 25 Feb 2011 01:04:32 GMT

@DI wrote:

@JayRizzo wrote:
Most of you already know that I, personally, do not like "any" lending institution because I saw the way they treated customers about a year ago and now acting like it never happened and have customers beating down their door and calling recon numbers begging to acquire their products. But, we must live and interact with them each day.

I'm not here to defend any company, but to give good advice to new members seeking assistance. But let's all be aware that lenders are "not" obligated to give us anything at all??? It appears some people have the notion that they are entitled to the universe because they are doing what we are already supposed to do... pay our bills.
How are they suppose to remain in business and keep the shareholders happy with that type of notion?

Shareholders/investors only understand the Profil / Loss part of the business, they dont care how you run business.

Re: Capital One

JayRizzo — Fri, 25 Feb 2011 01:20:47 GMT

I'll even use Cap-1 in this example. Yes, they will give low limits to many, but are not obligated to increase and so far they've remained in business. They have multiple products and entice the greed of the customers by suggesting to apply for a new card. It sounds stupid, but is actually one heck of a business model for them to get more revenue from those who fall pray to it in hopes of getting a higher limit just to be disappointed when their new line is low. I'm sure their stakeholders are very happy!

Absolutely right, Vish1

Also, one of our members have a great signature line that states something like "...it's only a business transaction..." Sorry, if I can't quote it word for word, but lenders don't give a rat's patootie about the well-being of it's customers -- we've seen their true colors about a year ago!!!

Check out the Card Game and see if you still feel the same about lenders: PBS Frontline http://video.pbs.org/video/1342007771/