Hi all - long time reader but first post 
Have an unexpected credit situation - background: New business in 2012, at that time was instantly approved for a Chase Ink at 20k. As most of our business charges are smaller chunks (2k, 4k, 8k) and Chase was always going to be a HP, this wasn't a problem and we've stuck with that since then.
Credit is 805-815 for the past 8 or so years, same as wife who is the AU and the MAH for our personal cards (Amex OBC at 50k, Discover at 45k, Citi Double cash at 10k.)
This year charges/demand started to jump a bit and also needed to expand the business LOC's beyond just the Ink, so just applied for and got approved for Spark 2% - however with a measly 2k CL. Spoke to executive services who were very nice but would not budge as the account was one day old lol. Said to charge and pay as they come in (thanks lol) but there was no way to prepay or charge OTL and pay it down immediately.
Have a $5,600 invoice waiting to be paid now and was planning to use the Spark (also for the $500 with $4500 spend, although I could probably get there with regular activity otherwise just more of a PITA) and there is no way to do it...
Any thoughts or ideas - suprised ES won't budge but I suspect it's the limited business lines, although its 5 years of paying in full on time with over 800 scores...oh well! Can't think of any way to do this without splitting payments and I won't ask most of our clients or vendors to do this.
Thanks all...
@Anonymous wrote:Hi all - long time reader but first post
Have an unexpected credit situation - background: New business in 2012, at that time was instantly approved for a Chase Ink at 20k. As most of our business charges are smaller chunks (2k, 4k, 8k) and Chase was always going to be a HP, this wasn't a problem and we've stuck with that since then.
Credit is 805-815 for the past 8 or so years, same as wife who is the AU and the MAH for our personal cards (Amex OBC at 50k, Discover at 45k, Citi Double cash at 10k.)
This year charges/demand started to jump a bit and also needed to expand the business LOC's beyond just the Ink, so just applied for and got approved for Spark 2% - however with a measly 2k CL. Spoke to executive services who were very nice but would not budge as the account was one day old lol. Said to charge and pay as they come in (thanks lol) but there was no way to prepay or charge OTL and pay it down immediately.
Have a $5,600 invoice waiting to be paid now and was planning to use the Spark (also for the $500 with $4500 spend, although I could probably get there with regular activity otherwise just more of a PITA) and there is no way to do it...
Any thoughts or ideas - suprised ES won't budge but I suspect it's the limited business lines, although its 5 years of paying in full on time with over 800 scores...oh well! Can't think of any way to do this without splitting payments and I won't ask most of our clients or vendors to do this.
Thanks all...
It's shortsighted of them but it is what it is. They will give you CLI's as you go along.
There's always a way to pay them, just push the payments from your bank account, rather than pulling the payments through their site.
If a charge card would be of use to you, you could always get an Amex business charge card; they're easy to get.
You also might want to look at Amex's Simply Cash Business card.
True, seems like I just have to bite the bullet and play the charge/pay/charge/pay game for 6 months, and anything over 2k ish will just have to go on the Ink for now.
As far as pushing payments - will they actually accept any amount and if so will that affect charging power - or will it just result in an account balance with the same CL? From what I'm reading this is more common with Amex etc, but not so much with Capital one or Citi...
We got this mainly for the 2%, as we have a good amount of spend not in the 5% Ink categories - and in our industry Amex is often not taken sadly. I didn't see much of a benefit for us as the Amex CB %'s were nearly identical to Ink and the Mastercard never gives us a problem. I
I think If we can get up to at least 10k within 6-12 months we should be able to work with the Spark, but it does seem ridiculous to be THAT strict (when she said "we're a conservative lender I was cracking up. I get it, but if you can't actually use the card for what you need, what's the point?
For the web based increase request - are you stuck with whatever amount they offer you to accept or decline? I'm guessing after 6 months it makes more sense to call and have ES manually increase.
Welcome to the forums, and congrats on your approval!
Like the others have said, you will just have to be a littl patient. With your already established history, you should be able to get the SL bumped up to an acceptable level sometime in 2017.
@Anonymous wrote:
This year charges/demand started to jump a bit and also needed to expand the business LOC's beyond just the Ink, so just applied for and got approved for Spark 2% - however with a measly 2k CL. Spoke to executive services who were very nice but would not budge as the account was one day old lol. Said to charge and pay as they come in (thanks lol) but there was no way to prepay or charge OTL and pay it down immediately.
Have a $5,600 invoice waiting to be paid now and was planning to use the Spark (also for the $500 with $4500 spend, although I could probably get there with regular activity otherwise just more of a PITA) and there is no way to do it...
I had a really low $500 limit and they wouldn't budge, so I sent Capital One an overpayment to make it easier to meet the minimum spend.
While I was still constrained to $500 per purchase, because the over-payment had cleared, I could make multiple $500 purchases in a row.
@Anonymous wrote:Hi all - long time reader but first post
Have an unexpected credit situation - background: New business in 2012, at that time was instantly approved for a Chase Ink at 20k. As most of our business charges are smaller chunks (2k, 4k, 8k) and Chase was always going to be a HP, this wasn't a problem and we've stuck with that since then.
Credit is 805-815 for the past 8 or so years, same as wife who is the AU and the MAH for our personal cards (Amex OBC at 50k, Discover at 45k, Citi Double cash at 10k.)
This year charges/demand started to jump a bit and also needed to expand the business LOC's beyond just the Ink, so just applied for and got approved for Spark 2% - however with a measly 2k CL. Spoke to executive services who were very nice but would not budge as the account was one day old lol. Said to charge and pay as they come in (thanks lol) but there was no way to prepay or charge OTL and pay it down immediately.
Have a $5,600 invoice waiting to be paid now and was planning to use the Spark (also for the $500 with $4500 spend, although I could probably get there with regular activity otherwise just more of a PITA) and there is no way to do it...
Any thoughts or ideas - suprised ES won't budge but I suspect it's the limited business lines, although its 5 years of paying in full on time with over 800 scores...oh well! Can't think of any way to do this without splitting payments and I won't ask most of our clients or vendors to do this.
Thanks all...
BTW you might not believe this but the best way to get in touch these days with Capital One's top-tier customer service people is through their Facebook page. Their "executive office" used to be reachable by phone and email, but both have been phased out. The Facebook pathway is still open, though.