topic Re: New Cap One Rewards Card CL Lower Than Current Cap One Card? in Credit Cards

New Cap One Rewards Card CL Lower Than Current Cap One Card?

Mandazoid — Wed, 31 Aug 2011 04:14:01 GMT

Back in February, I got a Cap One Classic Platinum MC with a CL of $500 and was enrolled in the credit steps program. Last week, my CL was increased to $750. In addition, my income has increased $3k per year since my application for the Platinum and my CS has jumped up by about 40 points. Otherwise, the only other change to my credit report is me continuing to pay off active student loan debt.

Since the Platinum was the only CC in my wallet, I wanted to expand a bit and applied tonight for the Cap One No Hassle Cash Rewards, as there were good odds that I would be approved. I was instantly approved online...with a $500 CL, $250 less than my current Platinum. Anyone know why that would be? I've heard of people doing something called a recon (I think that's what it's called), but how do I go about that and what do I say? Is a recon another hard pull?

So many questions...

Re: New Cap One Rewards Card CL Lower Than Current Cap One Card?

minimock — Wed, 31 Aug 2011 05:19:09 GMT

You, my friend have fallen into what I like to refer to as "The Capital One, Junior Burger Two Card Deal"

They wont give you a decent card with a decent CL, but they will gladly give you two Junior Burger cards today for a Prime card on Tuesday 4 years from now.

Dont feel like its just you. A BUNCH of people with good credit scores are in the same boat.

Re: New Cap One Rewards Card CL Lower Than Current Cap One Card?

Anonymous — Wed, 31 Aug 2011 05:28:20 GMT

It's my understanding that Cap1 hands out $300 and $500 limits like candy.

Don't feel bad...both my Cap1's are only $300. It's a bit ridiculous, but I s'pose it's better than not having any cards at all.

Re: New Cap One Rewards Card CL Lower Than Current Cap One Card?

PNut08 — Wed, 31 Aug 2011 08:14:51 GMT

I applied for a Cap 1 plat MC last year and only received a $500 CL. Meanwhile, I have bank of america and discover cards with 9500 and 4000 CLs, respectively. Hell, even my goodyear card has a 2000 CL. The Cap 1 card gets very little use.

Re: New Cap One Rewards Card CL Lower Than Current Cap One Card?

JonStur — Wed, 31 Aug 2011 12:09:23 GMT

A recon will not help you, sorry...when Cap1 issues a limit, especially on a rebuilder such as yours, that's it. Just use it, get cash back on your rewards and continue to build a good credit history. Then apply for their prime or another prime reward card..

Re: New Cap One Rewards Card CL Lower Than Current Cap One Card?

Mandazoid — Wed, 31 Aug 2011 13:23:51 GMT

That's what I was afraid of.

Thanks for the feedback, everyone!

Re: New Cap One Rewards Card CL Lower Than Current Cap One Card?

visorboy1974 — Wed, 31 Aug 2011 13:50:02 GMT

When I staerted out rebuilding, CapOne gave me a platinum card with a $1500 limit. That card has not budged one bit. 3 months later, they gave me a second card at $750. That was bumped up to $3250 over the years and converted over to the VentureOne card as well. There will be room for increases...probably not on both cards, but one will emerge as the dominant one that they're willing to play ball with you on.

Re: New Cap One Rewards Card CL Lower Than Current Cap One Card?

Mandazoid — Thu, 01 Sep 2011 15:44:26 GMT

That's heartening to hear. Thanks, visorboy!

Re: New Cap One Rewards Card CL Lower Than Current Cap One Card?

John060675 — Thu, 01 Sep 2011 20:22:19 GMT

You beat me to the punch. I am in the same situation and I was going to pose the same question. I have a platinum CC with a $1,000, which I have had since 2007. There has not been a CLI, but I was dealing with some financial problems so I could understand why it did not go up.

I just applied for and was approved for a rewards card with only a $500 limit. I am using it left and right to try to show them that I need more of a credit limit. Maybe it will work, maybe it will not.

Re: New Cap One Rewards Card CL Lower Than Current Cap One Card?

Mandazoid — Fri, 02 Sep 2011 15:06:57 GMT

Good luck, John!

You'll have to let me know if that works out for you or not.

Re: New Cap One Rewards Card CL Lower Than Current Cap One Card?

Anonymous — Fri, 02 Sep 2011 18:31:50 GMT

I have to agree that they give one account more luv than the other. This has been my experience. I have had my Visa longer - since 2/08 with a CL of $500 started at $500 it had been increased to $1800 by the fall - Still there today. Got the MC in about March 08 - started out at $500 - was at $1000 by the end of the year. Since then, no CLI allowed until they gave me 2 x $1500 CLI on the MC last winter. They had erroneously given many people two CLIs and took one back. They let me keep all of the first and some of the second since, at the time, my balance was so high. My MC is at $3500. Every time I call for a CLI on the Visa - they deny the request, but will do something like lower the APR on the MC. I called today - and instead of a CLI on the Visa (which is a rewards card), they made my MC a rewards card! I will take that, because, to be honest - the ony reason I even keep the Visa is that it is a rewards card. It is now one of the cards I am considering closing. After three years, I think it is safet to say they are not going to grow this account anymore.

Re: New Cap One Rewards Card CL Lower Than Current Cap One Card?

Anonymous — Fri, 02 Sep 2011 18:37:55 GMT

@minimock wrote:
You, my friend have fallen into what I like to refer to as "The Capital One, Junior Burger Two Card Deal"

They wont give you a decent card with a decent CL, but they will gladly give you two Junior Burger cards today for a Prime card on Tuesday 4 years from now.

Dont feel like its just you. A BUNCH of people with good credit scores are in the same boat.

You made me lol. I was drinking pepsi and of course, stuff happened through my nose that I will not re-live over here, or put you through the misery of reading

Re: New Cap One Rewards Card CL Lower Than Current Cap One Card?

climbinghigher — Sat, 03 Sep 2011 02:52:12 GMT

@Mandazoid wrote:
Back in February, I got a Cap One Classic Platinum MC with a CL of $500 and was enrolled in the credit steps program. Last week, my CL was increased to $750. In addition, my income has increased $3k per year since my application for the Platinum and my CS has jumped up by about 40 points. Otherwise, the only other change to my credit report is me continuing to pay off active student loan debt.

Since the Platinum was the only CC in my wallet, I wanted to expand a bit and applied tonight for the Cap One No Hassle Cash Rewards, as there were good odds that I would be approved. I was instantly approved online...with a $500 CL, $250 less than my current Platinum. Anyone know why that would be? I've heard of people doing something called a recon (I think that's what it's called), but how do I go about that and what do I say? Is a recon another hard pull?

So many questions... I have had a Cap 1 platinum card for 12 years stuck at 1500, and a rewards at 750. I was offered a Cap 1 Visa with an af 1st yr at 75 and 2nd yr at 90, payable by the month. I only keep the 2 Cap 1 cards for aoa.