topic Re: Quicksilver in Credit Cards

Quicksilver

Anonymous — Sun, 13 Jul 2014 12:55:50 GMT

A little background, I have been a CapOne customer since late 2006. Over the years, I have had 3 accounts with them. One was originally Orchard, one was a Platinum with credit steps and one is a no hassle rewards with no AF. Over time, I cancelled the first 2 cards because there was no hope for a decent CL and I built my credit up enough to qualify for Prime no AF cards. About a year ago, I was ready to cancel the last card because the card originally had an AF and the limit seemed to be stuck at $2k. The EO ended up PCing to the no AF card and quadrupled the limit, which was more in line with my other credit cards.

A few days ago I received a letter from Capital One saying I was pre-approved for the Quicksilver card. I read all of the information they sent, went to their website to check for any additional information and scoured the internet for even more info. After very careful consideration and verifying without a doubt that this was for the Quicksilver Visa with no annual fee, which CapOne describes as "for excellent credit" and not the Quicksilver One MC I decided to go ahead and take the bait. I received the bright, happy looking instant approval message! Congratulations! YOU'RE APPROVED!!!! Your credit limit is $500!!! For a second, I was a little disappointed because I thought the limit was only $5000 and then I realized there was a 0 missing. Went straight to instant chat and they too said Congratulations, your credit limit is $500. Called a "specialist" who congratulated me on my new card with the $500 limit. Asked to speak to a supervisor who said....well I'm sure you can guess. Every step along the way each person verified that this is the Quicksilver Visa with no annual fee "for excellent credit". Of course the only answer I got from ANYONE was the same old company line "we are a conservative lender" and an explanation of all the "great benefits" that come with my $500 limit.

I have no derrogatories, 100% on time payments, low utilization, a 4% debt to income ratio and not a single red mark with ANY of my creditors. This is from the same bank that sends me offers every single week telling me I am preapproved for an auto loan of $45k and a mortgage for $265k, but the best they can do for a credit card account is $500. Maybe I'm wrong, but I actually feel insulted to the point that I'm ready to completely cut ties with them, but they are my second oldest account and that card has a good limit. I emailed the EO so I should hear something from them within the next few days, but I was wondering if anyone has ever heard of CapOne issuing this card with such a ridiculously low limit? Is it possibly a mistake and when I receive the card it will actually have a much higher limit?

Re: Quicksilver

Themanwhocan — Sun, 13 Jul 2014 13:55:12 GMT

Congratulations!

I hope you received the standard $100 bonus when you spend $500 in the first 3 months.

Sometimes you just have to move on. I suggest the Fidelity Investments American Express card, for 2% cash back on all purchases. Then start applying for the cards with 5% cash back in useful categories.

Re: Quicksilver

MT936 — Sun, 13 Jul 2014 13:35:00 GMT

Time to move on. With a credit profile like you have stated you should apply for an Amex. They usually start you off with a good limit

Re: Quicksilver

pip3man — Sun, 13 Jul 2014 13:35:24 GMT

FYI Capital One is notoriously known for issuing mediocre CL... it's a known fact. I'm even more surprised ur not aware of that considering u have been with them since 2006. I recently had to request a $5k CLI with them via the EO and all they could really give me was an additional $500. Like seriously?! If they didnt have to be my oldest open card I woulda been done with them in a heartbeat. Anyways now u know how they conduct their business practice it's best to get in with other creditors that values ur business and would grow with u over time. Also I hope u get the results u expect from the EO. Keep us posted!!!

Re: Quicksilver

Anonymous — Sun, 13 Jul 2014 13:50:28 GMT

Sorry about your experience. My history goes back to 2001 and I closed seven Cap1 cards. Some had CLs with $10.6. Moved on and did not like their business/credit model.

Re: Quicksilver

MT936 — Sun, 13 Jul 2014 13:58:49 GMT

Yeah capital one doesn't strike me as a company I want to do business with from what I have heard and I don't plan to open an account with them in the future

Re: Quicksilver

gh17 — Sun, 13 Jul 2014 14:02:03 GMT

What are your other cards/credit limits, and what's your income range? Those could have to do with it.

Re: Quicksilver

gh17 — Sun, 13 Jul 2014 14:03:17 GMT

@MT936 wrote:
Yeah capital one doesn't strike me as a company I want to do business with from what I have heard and I don't plan to open an account with them in the future

I've had nothing but good experiences with Capital One, so YMMV.

Re: Quicksilver

Anonymous — Sun, 13 Jul 2014 14:12:03 GMT

Thanks for the quick reply. That's pretty much where I am now. Last year I was ready to just write them off but the EO addressed all of the reasons I was planning to leave them so I gave them another chance. Since I got rid of the sub-prime cards I had with them, I really thought things would be different now that I'm in their "excellent credit" range and have one of their prime cards. Because of my history with them, I thouroughly researched the offer before I applied. With the information I gathered, I figured the starting CL would be around $10-$12k. I was a little disappointed when I thought the limit was only $5k. I honestly couldn't believe that the limit was really $500. Had this been an offer for the Quicksilver One or there was any indication at all that the credit limit would be such an insult, the offer would have gone straight to the shredder. I'm not sure if I'm ready to take the hit to my AAoA and available credit just yet, but the card has recently move out of my wallet and taken up residency in the sock drawer.

Re: Quicksilver

SomeGuyOnTheWeb — Sun, 13 Jul 2014 14:20:44 GMT

@Themanwhocan wrote:
Congratulations!

I hope you received the standard $100 bonus when you spend $500 in the first 3 months.

Sometimes you just have to move on. I suggest the Fidelity Investments American Express card, for 2% cash back on all purchases. Then start applying for the cards with 5% cash back in useful categories.

Highly unlikely with that CL.

Re: Quicksilver

sillykitty1 — Sun, 13 Jul 2014 14:20:44 GMT

@gh17 wrote:
What are your other cards/credit limits, and what's your income range? Those could have to do with it.

I agree. Something is making C1 only want to extend a $500 CL. I have a QS1 with a $10,000 limited (raised from an old Orchard w a $320 limit by EO), and recently applied and was instantly approved for a Venture w a $10,000 CL.

Definitely reach out to EO and see what they will give you. No CSR or supervisor has the ability to raise CL's, you have to do the EO route. Which I actually find easier than speaking to CSR's.

Re: Quicksilver

Anonymous — Sun, 13 Jul 2014 14:47:21 GMT

Employment income is around $78k with an addtitional income of just under $20k. House is paid for, so no mortgage/rent. Other CL's for major cards are Citi $10.5k, chase $11k, discover $9k, no limit AmEx, Barclay $8.5k, CapOne $10.5. I have a handful of store cards (WalMart, PayPal, Amazon, JCP, Kohl's, which was recently taken over by CapOne) all with limits of $4k and up, except for Target which is only $500. I've never been able to get Target to raise the limit, but they are the oldest account on my report (CapOne is 2nd), so I keep them around for the history and 5% discount. I really try to only use credit to my advantage. PIF, maximize rewards, take advantage of 0% for large unexpected purchases. Obviously I don't have a problem handing a higher limit and I have the income to support it. I've had CapOne cards for almost a decade now, they know first hand what kind of customer I am. Like I said, they constantly send pre-approved offers to loan me very large sums of money for cars and houses. It took a long time and a lot of patients to get my current CapOne card to where it is now. I didn't realize that I would have to start all over from the beginning if I wanted another account with them. Since they've already used up all of my patients, starting from square one isn't something I'm willing to do again.

Re: Quicksilver

gh17 — Sun, 13 Jul 2014 14:54:24 GMT

@Anonymous wrote:
Employment income is around $78k with an addtitional income of just under $20k. House is paid for, so no mortgage/rent. Other CL's for major cards are Citi $10.5k, chase $11k, discover $9k, no limit AmEx, Barclay $8.5k, CapOne $10.5. I have a handful of store cards (WalMart, PayPal, Amazon, JCP, Kohl's, which was recently taken over by CapOne) all with limits of $4k and up, except for Target which is only $500. I've never been able to get Target to raise the limit, but they are the oldest account on my report (CapOne is 2nd), so I keep them around for the history and 5% discount. I really try to only use credit to my advantage. PIF, maximize rewards, take advantage of 0% for large unexpected purchases. Obviously I don't have a problem handing a higher limit and I have the income to support it. I've had CapOne cards for almost a decade now, they know first hand what kind of customer I am. Like I said, they constantly send pre-approved offers to loan me very large sums of money for cars and houses. It took a long time and a lot of patients to get my current CapOne card to where it is now. I didn't realize that I would have to start all over from the beginning if I wanted another account with them. Since they've already used up all of my patients, starting from square one isn't something I'm willing to do again.

How old are your high limit cards? Also, how many inquiries do you have lately?

It's possible that Capital One sees your profile and just thinks that you already have enough credit at this time, given that you have several other cards. Also, Capital One has already extended you 10.5K in credit. It's possible that you've hit an internal ceiling with them, but maybe they'd be willing to transfer limits around if you were willing to lower your limit on the other card in order to increase the limit on this one.

Obviously it's not ideal, but at the end of the day, it doesn't cause much of a problem unless you're making large purchases frequently. Just pay off as you go, and you can still use it for rewards.

Re: Quicksilver

Jaylima91 — Sun, 13 Jul 2014 15:02:07 GMT

My experience with cap1 has been pretty crappy. I have the Quikslvr one card which started off with a $500 CL. I stopped using it since it is my lowest limit card and I had no hope of getting an increase. Well today marked my 5th bill cycle with this card so of course i was eligible for a CLI. Surprisingly the increase was by $1k. Still won't be using this cards since I have my CSP and discover with better CL.

Re: Quicksilver

Anonymous — Sun, 13 Jul 2014 15:34:32 GMT

Between the time that Capital One sent the pre-approval offer and the time I applied for the card, the only change to my credit file was a LOWER utilization. There's one "recent" from a little over 4 months ago. I've had cards with limits over $5k since 2010. If I had hit some sort of internal limit, they shouldn't have even made the offer. When I was talking to the supervisor, he said something to the effect of "once you've made several on time payments, we should be able to give you access to a higher credit limit". Well, between 3 cards and 8 years, I've probably made close to 200 on time payments. What I liked about this card is no transfer fees and no FTF's (and the $100 bonus). But with a $500 limit, those advantages are gone.

Re: Quicksilver

gh17 — Sun, 13 Jul 2014 17:06:58 GMT

@Anonymous wrote:
Between the time that Capital One sent the pre-approval offer and the time I applied for the card, the only change to my credit file was a LOWER utilization. There's one "recent" from a little over 4 months ago. I've had cards with limits over $5k since 2010. If I had hit some sort of internal limit, they shouldn't have even made the offer. When I was talking to the supervisor, he said something to the effect of "once you've made several on time payments, we should be able to give you access to a higher credit limit". Well, between 3 cards and 8 years, I've probably made close to 200 on time payments. What I liked about this card is no transfer fees and no FTF's (and the $100 bonus). But with a $500 limit, those advantages are gone.

Why is the advantage of no FTF or the $100 bonus gone with a $500 limit?

And the Quicksilver has a balance transfer fee; not sure what you are referring to by "transfer fees."

Preapprovals by no means even mean approval - many people receive preapproval offers and then get denied for the card. At least you got the card. They didn't promise you any limit in the preapproval letter.

I understand that sometimes it seems not to make sense if you have other cards with higher limits, but at the end of the day, they have no obligation to lend you anything, and they're solely concerned with mitigating their risk and making money. If for some reason your risk profile indicates to them that they shouldn't give you additional credit yet, then so be it. You have several other cards, so this isn't really a big deal. Wait it out and maybe they'll grant you more in the future, or see if they can transfer some of the limit from your other Capital One card.

Re: Quicksilver

Anonymous — Sun, 13 Jul 2014 17:24:58 GMT

@gh17 wrote:
@Anonymous wrote:
Between the time that Capital One sent the pre-approval offer and the time I applied for the card, the only change to my credit file was a LOWER utilization. There's one "recent" from a little over 4 months ago. I've had cards with limits over $5k since 2010. If I had hit some sort of internal limit, they shouldn't have even made the offer. When I was talking to the supervisor, he said something to the effect of "once you've made several on time payments, we should be able to give you access to a higher credit limit". Well, between 3 cards and 8 years, I've probably made close to 200 on time payments. What I liked about this card is no transfer fees and no FTF's (and the $100 bonus). But with a $500 limit, those advantages are gone.
Why is the advantage of no FTF or the $100 bonus gone with a $500 limit?

And the Quicksilver has a balance transfer fee; not sure what you are referring to by "transfer fees."

Preapprovals by no means even mean approval - many people receive preapproval offers and then get denied for the card. At least you got the card. They didn't promise you any limit in the preapproval letter.

I understand that sometimes it seems not to make sense if you have other cards with higher limits, but at the end of the day, they have no obligation to lend you anything, and they're solely concerned with mitigating their risk and making money. If for some reason your risk profile indicates to them that they shouldn't give you additional credit yet, then so be it. You have several other cards, so this isn't really a big deal. Wait it out and maybe they'll grant you more in the future, or see if they can transfer some of the limit from your other Capital One card.

Generally, I don't think Cap One does CL transfers (I would have combined my two QS into one if I could). My guess is that it is indeed the internal limit which is blocking you. As others have said, really the EO route is the only one to address these kind of issues, and if anyone can move CL around, they are the ones.

Re: Quicksilver

Anonymous — Sun, 13 Jul 2014 18:24:18 GMT

Hi all! I'm in a similar situation with CapOne. I recently applied for what I thought was the regular QS, but ended up being QS1:/ Anyway...my lowest limit on any other cards of mine is $1K but most are in the 3-5K range. Anyway they approved me for the QS1 with a measley $300CL, and when I called the CSR they told me that my account would Auto CLI after the 6th billing cycle to $500 or $750. Even then that is a joke and especially now since having a $300 CL I am having to spend and pay immediately to get enough line to continue using the card the rest of the month. Just this month alone I have maxed out and PIF the $300 CL 4 times and ended with a $0 statement balance but obviously they can see that I have used $1.2K already the first month i've had it which should indicate the need for a higher CL.

Can any of you that have emailed the EO plz message me the email address, because I am having a really hard time getting a hold of them or finding the correct email address.

Re: Quicksilver

Anonymous — Sun, 13 Jul 2014 18:33:01 GMT

PM's are a bad idea for this. A quick search of THIS forum shows lots of posts.

Use Lexie's version:

http://bit.ly/1g0P1zO

and look at the first result.

Re: Quicksilver

texastrojan — Sun, 13 Jul 2014 18:36:51 GMT

I guess I've been one of the fortunate ones with Cap 1 and their limits. Applied in April for the quicksilver with no prior relationships and was approved for 20k.

Though according to CK only about 1% of QS holders have a 20k CL or higher so the conservative tilt might be correct.