topic Re: Question For Capital One Card Holders in General Credit Topics

Question For Capital One Card Holders

Iusedtolurk — Thu, 02 Jan 2025 21:04:50 GMT

Happy New Year Members!!

As this New Year begins I realize that in Feb. my Cap1 platinum will turn 7 years old. First card I got to start my credit rebuild.

It started as a Secured card with 400 dollars and 3 months later received an auto CLI of 300.

It stayed Secured for 4 1/2 years.

As of this writing it still remains with the same Credit Line of 700 despite being in every credit scenario possible...zero balances, light usage, heavy usage, multiple payments, sockdrawed, maxed, etc. etc.

Multiple CLI request made over the years all with different cookie cutter denials.

I know about Cap1 Buckets but this card seems to be a Bucketed Bucket card . (Not even a 10 dollar CLI in 6 years 11 months lol smh)

No biggie it got my foot in the door and has no annual fee. It remains as my lowest credit line and I have cards with over 10000 credit lines.

I was wondering if any other Cap1 holders experienced any thing similar.

Long time to Unsecure a Secured card

Long time before CLI

No CLI given so far

(I do slightly remember a post few years ago that someone said they received a First CLI after 10 years out the blue)

Thanks for any Input!

Re: Question For Capital One Card Holders

GZG — Thu, 02 Jan 2025 21:41:04 GMT

if you don't need the card anymore, it's perfectly fine to close it

if you want to try to product change the card into a quicksilver or a savor, you can under the offers and upgrade section on the website or the app, you can see if a product change is available

banging your head against the wall with this card is not going to change anything about the card, or its limit, cap1 just doesn't work like that, so try to product change it into something actually useful for you or just close it, let it go and apply for a new card that would be useful for you

if you prefer to ram 3k spend through a $700 card for a $300 CLI 18 months from now, that's another option too, because that's likely the best case situation for that card, IMO

tldr: close the card

Re: Question For Capital One Card Holders

DebbsSeattle — Sat, 04 Jan 2025 05:05:32 GMT

My long story short:

2010: C1 secured for $500

Used as PIF each month...or multiple times per month.

~2012: Security removed, cli to $1000.

~2013: Cli to $3500.

perfect pay, high use, 12 years and NOTHING except upgrade to Quicksilver for excellent credit as score was 788...but no cli.

I have no derogatory. All scores 700-743. $102,300 income. $29k in credit debt not including mortgage. Mortgage is 20% loan to value and aged 14+ years. 19%DTI. I run about $18k a year through this card.

I have got nothing but discontent but what can I do. I won't close it, but once my scores are back to 780+ with no debt around my neck...I will get what I want or only give them one swipe fee every 6 months for a pack of gum each time.

Re: Question For Capital One Card Holders

citymunky — Sat, 04 Jan 2025 05:56:21 GMT

I grow both my QS (was QS1) and Savor (was Savor1) from $300 and $500 SL respectful with letting over 30-40% usage report on my statements than PIF for at least 3 months before requesting a CLI. If deined I would repeat monthly until I got the increase.

Also when Cap1 ask how much I plan on spending on the card on a monthly basis, I put a high number.

Re: Question For Capital One Card Holders

AndySoCal — Sat, 04 Jan 2025 06:40:38 GMT

@Iusedtolurk @I know Capital One gives limited credit limit increases on a secured credit card. I do not understand why they give any credit limit increase on a secured credit card at all. With the CLI you now have a secured unsecured credit limit. I.E. 400 secured by the deposit and 300 unsecured by the CLI. To me the only way to increase the credit limit on a secured credit card is to increase the deposit that is securing the card. I am not aware of any of the bank or credit union that gives a CLI's on secured credit cards. The secured credit card has served its purpose judging the your credit limits on your other cards in your post. The time has come to close the credit card and put the money securing the card in savings account.

Re: Question For Capital One Card Holders

Iusedtolurk — Sat, 04 Jan 2025 07:57:15 GMT

@DebbsSeattle Your long story short was very informative.

@DebbsSeattle wrote:
My long story short:
2010: C1 secured for $500
Used as PIF each month...or multiple times per month.
~2012: Security removed, cli to $1000.
~2013: Cli to $3500.
perfect pay, high use, 12 years and NOTHING except upgrade to Quicksilver for excellent credit as score was 788...but no cli.
I have no derogatory. All scores 700-743. $102,300 income. $29k in credit debt not including mortgage. Mortgage is 20% loan to value and aged 14+ years. 19%DTI. I run about $18k a year through this card.
I have got nothing but discontent but what can I do. I won't close it, but once my scores are back to 780+ with no debt around my neck...I will get what I want or only give them one swipe fee every 6 months for a pack of gum each time.

Re: Question For Capital One Card Holders

Iusedtolurk — Sat, 04 Jan 2025 08:05:51 GMT

@AndySoCal wrote:
@Iusedtolurk @I know Capital One gives limited credit limit increases on a secured credit card. I do not understand why they give any credit limit increase on a secured credit card at all. With the CLI you now have a secured unsecured credit limit. I.E. 400 secured by the deposit and 300 unsecured by the CLI. To me the only way to increase the credit limit on a secured credit card is to increase the deposit that is securing the card. I am not aware of any of the bank or credit union that gives a CLI's on secured credit cards. The secured credit card has served its purpose judging the your credit limits on your other cards in your post. The time has come to close the credit card and put the money securing the card in savings account.

@AndySoCal They Unsecured the Secured card after 4 years 6 months and gave me the 400 dollars back. The 700 cl is Unsecured.

Re: Question For Capital One Card Holders

DXness — Sat, 04 Jan 2025 08:44:58 GMT

Honestly, I would just close it, even if it's your oldest card. It served its purpose and you've moved on to better things. I don't think that thing even has rewards? Plus, if you live in a state that allows credit-based insurance scoring, the low limit could be dragging your average credit limit down into a minor ding.

Since Capital One buckets accounts, not people, you could then turn around and apply for something else from them and get a monster approval if your profile is now in their sweet spot.

Re: Question For Capital One Card Holders

Varsity_Lu — Mon, 06 Jan 2025 11:50:56 GMT

@Iusedtolurk

Sounds like you are in a much better place than you were when you started with Cap One. Personally, I like Cap One. I have two cards that started out low but have grown rather quickly to $12k and $10k. Savor is a fantastic no fee card. Their app is great and their 360 products are really, really good. So many features from an online bank.

Why don't you app for a new Savor card and get the SUB? See if you can change your old card into a Quicksilver and just let it sit open. It will help your average age and there would be no fee to let it just sit.

Or, if you don't want the hard pulls, PC your card to quicksilver and then try to PC it to Savor in a year or two.

Re: Question For Capital One Card Holders

iowe — Mon, 06 Jan 2025 17:25:32 GMT

I loath Crapital One and I'm hating the idea of them buying one of my favorite companies (Discover) and turning Discover into more Crapital One, thus making me hate dealing with Discover in the future as well.

They are good for granting lower limit cards to rebuilders, but they bucket you and they won't let you out no matter your stats. They will also not hesitate to close a card for inactivity without warning.

Re: Question For Capital One Card Holders

GreatLife — Tue, 07 Jan 2025 16:27:14 GMT

@iowe wrote:
I loath Crapital One and I'm hating the idea of them buying one of my favorite companies (Discover) and turning Discover into more Crapital One, thus making me hate dealing with Discover in the future as well.

They are good for granting lower limit cards to rebuilders, but they bucket you and they won't let you out no matter your stats. They will also not hesitate to close a card for inactivity without warning.

I'm dreading this acquisition. Already convinced myself that Cap1 will disappear most or all desireable attributes of Discover.. frequent low rate BT offers/customers can request 0% APR promo's & off cycle CB updates/great U.S. based customer service/no doc personal loans/cash rewards redemption option of electronic transfer to checking/decent CLI's/*NO ACCOUNT BUCKETS*

Re: Question For Capital One Card Holders

Thomas_Thumb — Wed, 08 Jan 2025 01:58:00 GMT

@Iusedtolurk wrote:
Happy New Year Members!!

As this New Year begins I realize that in Feb. my Cap1 platinum will turn 7 years old. First card I got to start my credit rebuild.

It started as a Secured card with 400 dollars and 3 months later received an auto CLI of 300.

It stayed Secured for 4 1/2 years.

As of this writing it still remains with the same Credit Line of 700 despite being in every credit scenario possible...zero balances, light usage, heavy usage, multiple payments, sockdrawed, maxed, etc. etc.

Multiple CLI request made over the years all with different cookie cutter denials.

I know about Cap1 Buckets but this card seems to be a Bucketed Bucket card . (Not even a 10 dollar CLI in 6 years 11 months lol smh)

No biggie it got my foot in the door and has no annual fee. It remains as my lowest credit line and I have cards with over 10000 credit lines.

I was wondering if any other Cap1 holders experienced any thing similar.

Long time to Unsecure a Secured card

Long time before CLI

No CLI given so far

(I do slightly remember a post few years ago that someone said they received a First CLI after 10 years out the blue)

Thanks for any Input!

@Iusedtolurk

Have you called and requested a CLI by phone - say to $1500 or $2k? If they say the card is capped, ask if it can be converted to another card with higher CL so you can keep the open account credit history.

I understand wanting to keep your oldest account open. I have 41 years on my 1st card, a AMEX green. No plan to close although rarely used these days.

Re: Question For Capital One Card Holders

Iusedtolurk — Wed, 08 Jan 2025 07:26:11 GMT

@Thomas_Thumb wrote:

@Iusedtolurk
Have you called and requested a CLI by phone - say to $1500 or $2k? If they say the card is capped, ask if it can be converted to another card with higher CL so you can keep the open account credit history.

I understand wanting to keep your oldest account open. I have 41 years on my 1st card, a AMEX green. No plan to close although rarely used these days.

@Thomas_Thumb I had heard and read a few times that Cap1 CSRs do not override whatever the computers say when it come to CLIs but I did call and ask and was told that same thing.

No biggie It costs me nothing and I let my youngest daughter use it and paid it off to keep it active and helps her credit out as an AU.