topic Re: Limit on # of Cap1 Cards? in Credit Cards

Limit on # of Cap1 Cards?

atarvuzdar — Fri, 24 Feb 2012 15:55:31 GMT

Hi all,

I have a Cap1 Platinum rebuilder and a Cap1 No Hassle Rewards for fair credit. I had tried to PC the Platinum into another No Hassle Rewards a few weeks back and was shot down. I see the NHRC is no longer available and has been replaced by the Cash. In fact, I received a pre-approval for the Cash. Perfect, I thought--I'll apply for the Cash and close out the Platinum, then I'll have two rewards cards. I figured I wouldn't mind the triple HP since I'm "obviously" good enough for their rebuilder and fair credit cards based on past apps.

So I applied and immediately got a denial. Sullen, I waited for the HP's to show on my reports, but it's been almost a week and no HP's have shown up. So, it makes me wonder if they auto-denied me because I have 2 cards already? Or because I have the NHRC? I didn't get any information from the denial screen as to why I was denied. Anyone have any thoughts on this?

I'm considering calling and mentioning that I would close the Plat and apply for the Cash, but I'm not 100% certain the reason I was denied was due to # of cards, or the like.

Re: Limit on # of Cap1 Cards?

Anonymous — Fri, 24 Feb 2012 16:10:56 GMT

I've heard of this limit before. Have you received a letter with the reasons for denial? You could try calling and asking about your application and if there is a 2 card limit. I'm curious myself, as I am going to close my 2 CapOne cards sometime this year, but I may also apply for the Cash card. I would like to know if I had to close first, or if I could apply first.

Re: Limit on # of Cap1 Cards?

Tommy5746 — Fri, 24 Feb 2012 16:20:29 GMT

@atarvuzdar wrote:
Hi all,

I have a Cap1 Platinum rebuilder and a Cap1 No Hassle Rewards for fair credit. I had tried to PC the Platinum into another No Hassle Rewards a few weeks back and was shot down. I see the NHRC is no longer available and has been replaced by the Cash. In fact, I received a pre-approval for the Cash. Perfect, I thought--I'll apply for the Cash and close out the Platinum, then I'll have two rewards cards. I figured I wouldn't mind the triple HP since I'm "obviously" good enough for their rebuilder and fair credit cards based on past apps.

So I applied and immediately got a denial. Sullen, I waited for the HP's to show on my reports, but it's been almost a week and no HP's have shown up. So, it makes me wonder if they auto-denied me because I have 2 cards already? Or because I have the NHRC? I didn't get any information from the denial screen as to why I was denied. Anyone have any thoughts on this?

I'm considering calling and mentioning that I would close the Plat and apply for the Cash, but I'm not 100% certain the reason I was denied was due to # of cards, or the like.

You would wind up with two of the exact same card which Cap one doesnt allow you to have.. you can have one of every card they offer, but no more than one of that particular card.. So, you couldnt have two no hassle cards, only one. The no hassle has been replaced by the new cash back card... hence, if you have the no hassle card you couldnt have the new cash back card because it is the same card as no hassle only with a new name. Make sense?

Re: Limit on # of Cap1 Cards?

Anonymous — Fri, 24 Feb 2012 16:23:32 GMT

I have a Sony Visa card with capital one and 2 plat master cards with capital 1

Re: Limit on # of Cap1 Cards?

Anonymous — Fri, 24 Feb 2012 16:38:57 GMT

you can only have 2 capital one cards. co branded cards are not taken into account.

if you check the pre-approval page while having 2 cards it'll come back as nothing offered, but if you close one of your accounts, there will immediatly be an offer for you.

This is from experience and personal knowledge from working at capital one

Re: Limit on # of Cap1 Cards?

Anonymous — Fri, 24 Feb 2012 16:46:36 GMT

@Anonymous wrote:
you can only have 2 capital one cards. co branded cards are not taken into account.

if you check the pre-approval page while having 2 cards it'll come back as nothing offered, but if you close one of your accounts, there will immediatly be an offer for you.

This is from experience and personal knowledge from working at capital one

Ok I just tried it having 2 capital one cards and 1 sony and I got this:

Congratulations! We think you'll like this pre-qualified card offer.
Capital One Platinum
Primary Benefit Get the credit you need. Plus, enjoy a $0 intro annual fee for the first year; $19 after that. Purchase APR 24.9% variable APR Transfer Information 24.9% variable APR; No transfer fee
Annual Fee $0 intro for the first year; $19 after that

You are also pre-qualified for:

Capital One® Cash

Primary Benefit
50% cash back bonus every year. Earn 1% cash back on all purchases.
Purchase APR
0% Intro APR until November 2012; 19.8% variable APR after that
Transfer Information
19.8% variable APR; No transfer fee Annual Fee
$39

I am not going to pull the trigger though

Re: Limit on # of Cap1 Cards?

Anonymous — Fri, 24 Feb 2012 16:50:30 GMT

@Anonymous wrote:
@Anonymous wrote:
you can only have 2 capital one cards. co branded cards are not taken into account.

if you check the pre-approval page while having 2 cards it'll come back as nothing offered, but if you close one of your accounts, there will immediatly be an offer for you.

This is from experience and personal knowledge from working at capital one

Ok I just tried it having 2 capital one cards and 1 sony and I got this:

Congratulations! We think you'll like this pre-qualified card offer.
Capital One Platinum
Primary Benefit Get the credit you need. Plus, enjoy a $0 intro annual fee for the first year; $19 after that. Purchase APR 24.9% variable APR Transfer Information 24.9% variable APR; No transfer fee
Annual Fee $0 intro for the first year; $19 after that
You are also pre-qualified for:

Capital One® Cash

Primary Benefit
50% cash back bonus every year. Earn 1% cash back on all purchases.
Purchase APR
0% Intro APR until November 2012; 19.8% variable APR after that
Transfer Information
19.8% variable APR; No transfer fee Annual Fee
$39

I am not going to pull the trigger though

thats the same offer everyone without a real offer will get. since the new average credit cash card was released they're giving everyone that offer.

Anyone with 2 capital one cards that are directly from capital one will be denied when trying to get a 3rd. unless its a business card.

Re: Limit on # of Cap1 Cards?

LS2982 — Fri, 24 Feb 2012 17:13:26 GMT

@atarvuzdar wrote:
Hi all,

I have a Cap1 Platinum rebuilder and a Cap1 No Hassle Rewards for fair credit. I had tried to PC the Platinum into another No Hassle Rewards a few weeks back and was shot down. I see the NHRC is no longer available and has been replaced by the Cash. In fact, I received a pre-approval for the Cash. Perfect, I thought--I'll apply for the Cash and close out the Platinum, then I'll have two rewards cards. I figured I wouldn't mind the triple HP since I'm "obviously" good enough for their rebuilder and fair credit cards based on past apps.

So I applied and immediately got a denial. Sullen, I waited for the HP's to show on my reports, but it's been almost a week and no HP's have shown up. So, it makes me wonder if they auto-denied me because I have 2 cards already? Or because I have the NHRC? I didn't get any information from the denial screen as to why I was denied. Anyone have any thoughts on this?

I'm considering calling and mentioning that I would close the Plat and apply for the Cash, but I'm not 100% certain the reason I was denied was due to # of cards, or the like.

It's possible they did not pull your reports. Have you contacted them about the situation?

Re: Limit on # of Cap1 Cards?

atarvuzdar — Fri, 24 Feb 2012 18:37:33 GMT

Thanks, everyone, for the responses.

I haven't called to inquire because, while I appreciate Cap1's business, their CSR's leave a lot to be desired (as I'm sure you all know!). I'll venture to call when I have the energy to deal with it.

Re: Limit on # of Cap1 Cards?

Gollum — Sat, 25 Feb 2012 09:13:39 GMT

@Anonymous wrote:
you can only have 2 capital one cards. co branded cards are not taken into account.

if you check the pre-approval page while having 2 cards it'll come back as nothing offered, but if you close one of your accounts, there will immediatly be an offer for you.

This is from experience and personal knowledge from working at capital one

If I google for

"capital one" multiple credit cards

the first hit is for a November 06, 2006 businessweek.com article titled

Cap One's Credit Trap

and subtitled

"By offering multiple credit cards, the lender helps land some subprime borrowers in a deep hole and boosts its earnings with fee income":

http://www.businessweek.com/magazine/content/06_45/b4008048.htm

I don't know if Capital One reports credit limits for NPSL credit cards like their Capital One Venture (Visa Signature) credit cards that they are currently trying to product change existing prime Capital One Visa Platinum credit card customers to. I suspect Capital One only began reporting credit limits because credit reports became available to consumers in 2003:

http://www.wikipedia.org/wiki/Fair_and_Accurate_Credit_Transactions_Act

I couldn't find anything on Capital One's website that said Capital One customers can have only two Capital One credit cards. Since you work/worked at Capital One, are you able to provide more insight? If so, please provide a URL (or a way to find that URL... like google for whatever) to back up that insight.

Re: Limit on # of Cap1 Cards?

bichonmom — Sat, 25 Feb 2012 10:14:58 GMT

@Anonymous wrote:
you can only have 2 capital one cards. co branded cards are not taken into account.

if you check the pre-approval page while having 2 cards it'll come back as nothing offered, but if you close one of your accounts, there will immediatly be an offer for you.

This is from experience and personal knowledge from working at capital one

+1 There have been threads about this... Cap One only allows 2 CCs, not including the co-branded ones. Someone else recently posted and was upset because they were denied a 3rd card and got a HP (or more like 3 HPs!) on their CR. They were only denied because they alread met the limit of Cap One CCs allowed.

Frankly, I think this should be blatantly explained on their website -- Or they should institute some protocol that automatically checks if you've met their limit BEFORE submitting the app and doing the HP. I would never have known this if I hadn't been reading the posts here.

Also, the pre-approval page is NOT taking into account the number of Cap One CCs you already have. Everyone knows (or should know) that pre-approval is anything but a guarantee of approval. And that applies to ANY CC.

It will be interesting to see what Cap One does when they transfer over the HSBC CCs. I wonder if they're going to close accts or increase their limit for everyone, or just grandfather in the HSBC cards and not allow them to get any new ones (which means that some people WILL have more than their current limit of 2 CCs.)

Re: Limit on # of Cap1 Cards?

Anonymous — Sat, 25 Feb 2012 10:37:22 GMT

nah they didn't pull your CR. the letter you'll get will say "Based on the application information, there are too many Capital One accounts - We made our decision based solely on the information you provided on your application. We did not use a report from any of the credit agencies, so your credit score won't be affected. If you feel you have additional information you wish to submit to us that might influence our decision, feel free to write to us at the address listed at the top of this letter. Please include the reference number on any correspondence."

Re: Limit on # of Cap1 Cards?

boomhower — Sat, 25 Feb 2012 11:42:32 GMT

Consider it a good thing. Two CapOne cards should be anyones own personal limit, one rebuilder to get started and one of their Prime cards down the road. Those triple hits are evil and their no CLI giving is reason enough for me to stay far far away.