Applied for Capital One Quicksilver card online, Approved with insulting CLI.

[Anonymous]

My Credit History is very new (5 Months) and I got approved for CO Quicksilver card with $300 CLI. I called customer care, they suggested that I should call back once I get the card and request for increase in CLI. But I am not much hopeful about that. Should I close the card the same day I get it. This is just a burden more than anything else. I already have Discover card (Unsecurred) with $1250 and Wells Fargo (Secured) $600. 

What should I do?

[MyDataMyChoice]

After 5 months it will go up automatically

You already took the tripple pull.. leave it open (it has 0% for almost a year) and also has great cash back

Contact the EO in 6 months if you dont get a CLI by your 7th statement

[slvrhwk]

I agree with @JTC403. Now that you've taken the HP, keep the card. And I'd call them the day I receive the card and ask for a CLI. See if it helps, otherwise keep using the card and ask for an increase after 6 months if you don't get one automatically.

Let me share my experience if it helps. I started with a Capital One Visa Platinum in Sep 2012 with a $500 credit line. They increased it automatically to $750 after 6 months. I kept using it and nothing happened for a year. I requested a CLI online in Feb 2014 and it got bumped up to $1250. Last week, I requested another CLI and I got a big bump to $4250. I asked them to upgrade my card to Quicksilver and they obliged. I should be getting it this week. What I'm trying to say is that Cap One is a good credit card for building credit. It was the only company ready to offer me a credit card when I did not have any history. I kept using it responsibly and have made some progress since.

[Anonymous]

I applied online and got approved online. Would it be still a HP? I read in this forum somewhere that Cap1 is a SP.

[Anonymous]

Unfortunately $300 and $500 starting limits seem to be the norm with Capital One. It appears they put you in their credit steps program and if so I wouldnt count on calling to request an increase bc it will likely be denied for being too new. You could keep the card and hope that the automatic increase after the 5th statement is significant but its not a guarantee. You could also try to request an early increase through the executive office but thats also not a guarantee. If you still want to close it then ask if its possible before activation and see if they can keep the new account from reporting when you do so. Yes, you took the HP's for it but if you feel it will be a burden more than anything then do what you feel is best for your circumstances. Good luck

[Anonymous]

Not only is it a HP but really a total of three. One pull from each bureau for your application

[Anonymous]

Cap1 application is 3 hp's. Cli is a soft pull.

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@Anonymous wrote:

I applied online and got approved online. Would it be still a HP? I read in this forum somewhere that Cap1 is a SP.

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[Anonymous]

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@Anonymous wrote:
Unfortunately $300 and $500 starting limits seem to be the norm with Capital One. It appears they put you in their credit steps program and if so I wouldnt count on calling to request an increase bc it will likely be denied for being too new. You could keep the card and hope that the automatic increase after the 5th statement is significant but its not a guarantee. You could also try to request an early increase through the executive office but thats also not a guarantee. If you still want to close it then ask if its possible before activation and see if they can keep the new account from reporting when you do so. Yes, you took the HP's for it but if you feel it will be a burden more than anything then do what you feel is best for your circumstances. Good luck

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Thanks for explaining in such a detail.

[MoreRewards]

Leave it open! Triple pull & it will grow. I got $300 starting limit they bumped it to $500 then to $2500. I only used the card like 4xs for small purchases.