Struggling with Capital One (Obviously)

[Anonymous]

C1 will bucket certain types of cards and certain starting profiles. QS1 cards IMO do not grow regardless of income and scores.  Once you can PC again to a "regular" QS it will grow when PCed.   Also when you scores hit 700 across the board you may want to apply for a new "regular' QS    The later has worked well for many people. 

[Shooting-For-800]

OP - Have you check the prequal page for Cap One?  If your credit score is 50+ points higher than it was when you opened your 500 card, chances are you will be prequal for a QS and a much better SL.  They have glass ceilings for some accounts but no customers.  One card wont get a $500 CLI but the same person gets a $5,000 new card.

I have found Cap One to be fantastic.

They have some weird analytics, but they treat me like a king.

I started out with a $3,000 card after BK 4 years ago now I have $80k plus a 2.49% 72 month car loan.

Here is what I did...

Use your Cap One for everything you can.

Make as payments weekly or more.  

You want to show them that you limit is not high enough.

If you have a $300 limit, charge $200 and pay $200.  Charge $100 and pay $100.

I have made 10 payments in a month on a single card.

My $3k card went to $3.5k.  I opened another $3k card and it went to $3.5k.  My first card then went to $12.5k.  I opened another card and got $10k SL.  I closed the $3.5k that would not get any more CLi.  I opened another $10k card.  etc etc.  Then combined 4 cards into 2.

Then after CLI denials, I applied for new card and got $30k at 13.99%.

So now I have 3 large cards that I charge $4k-$10k per month total and still pay WEEKLY.

I make well over $1000 in cash back and use 0% offers for 18 months for 2% fees.

The key is showing them you NEED more credit and you can HANDLE more credit and that you are LOYAL to them.

Good luck.

YMMV.

[Anonymous]

Woody: Neither did I!

JR_TX: Yeah with a normal bank that is what i am thinking on the CL, but i guess Capital One is just not a normal bank. I have read about being bucketed and that seems to be the case...

Clark_D_Shark: Yeah once a secured card has graduated it should be able to grow! My oldest account should not be my lowest account.

The Bank of America cash rewards card is excellent. I highly recommend. SL was 5000, 3 months i took the HP on TU and they doubled my limit to 10100. Just last week for 6 months i took another HP and got 17200. My fastest grower by far. Cash back bonus categories are well rounded, 3% Gas, 2% grocery & wholesale. Just like you though my checking account is with Bank of America and that may be why I have been given excellent limits. Good Luck!

Shoot for 800: Thats terrific advice. 

I would totally move forward with that except I just have way better rewards with just about every card.

Applying for a new card atm is not an option. I do plan to get the Venture down the road. However if i put that serious of spend through the card I would lose. Between BCP, Citi Double Cash and Discovers lucritive 5% back and cashback match offer I would be an idiot hahah. 1.5% is low and im realizing it is just not worth my effort to grow what i have. 

Thanks all for the advice. I don't think i am going to do much with this card anymore. Maybe they will be relavent in the future. 

[Anonymous]

Oh and about the Pre-Qual offers, I have none.

Does anyone know if Capital One has any hard and fast rules like Chase?

I have opened roughly 10 accounts in the last year so that may make it a no on a new account for Cap1.