Cap One EO Manual Review Time Frame ?

[Andy77]

I called in yesterday, around 2pm east coast time and gave Ivan in the EO my information to try and get my CL from 10k to 25k, accepting a partial increase, this is a new account, dont have the card yet.  I asked for the increase because the card I got in June, when I was making less money had double the CL (20k), this new account got approved for 10k, so I wanted to see if I could get a little more credit on the new account, using my increaed income and net worth in the manual review as the reason.

I called in today to see when the card was mailed and the rep told me the CL was still at 10k

Does it take longer then one day to get it completed ?

[Anonymous]

Yes, it will probably be under a week to hear an answer, but definitely more than a 1-2 days. The EO just hands your request to the underwriters who either accept or decline your request. I heard back after about 5 business days.

[Andy77]

Ahh ok, thanks...part of me thinks they will decline the request since the account is new and never used, but I did give the contact in the EO the exact balance of the cash in my brokerage account, mid six figures, and my salary of mid six figures...

So I will report back...

[Anonymous]

Good luck, I'm sending out good vibes for ya! I wouldn't be surprised if you hear the old "the account is too new" line though.

[Andy77]

I think the analyst will see the request in two lights....

1) the computer did not give the appropriate credit limit with the current assets of the cardholder and it will be increased

2)the account is too new to change anything  

If I get option two then, hands are tied I suppose...

[go_FICO_self]

In my experience it took anywhere from a day to several days.

Not using your card is gonna hurt you. If you can charge close to the CL, pay off and then contact EO you stand a better chance.

[Andy77]

I cant use the card because I did not get it yet.  I am hoping the underwriter will think the computer gave me a little bit low of a CL when he/she takes into account the actual amount of money I gave to the EO contact, and my salary...but who knows...

I think for a lot of people, especially retired investors, their income might qualify them for a 20k or 30k credit line, but because they are retired might never utilize that credit (my parents for example...25k limit on a card, bring in like 10k a month to live on, but have 2 million in assets, they would never spent 10k on their card unless emergency, but they would prob still prob qualify for increase in CL) Cap One told me that I don't have to spend close to my CL to get an increase, I just have to be a good customer.  

How I manage my other account with them is charge 2k a month on a card with a 20k line and I PIF, according to a supr they love that and I could qualify for a CLI on that account in the future without having to spend 10k a month.  They would grant the increase based on my score, utilization, and income...etc, not because I charge to the limit.  I do know Barclays says that...do you charge to the limit and pay it off...so maybe they are looking for that spending pattern before the grant a CLI

[go_FICO_self]

No need to keep justifying higher limit. You already submitted the request so only thing is to wait for the outcome. If then don't grant you, you can use it and try again in a month or two.

[Andy77]

If I don't get it...I will wait the six momths and try again...not a large deal.

I will report back....

[go_FICO_self]

Just curious though: if you already have 20k line with them, why get a new line and jump through hoops to get it raised?

Also, I'm not sure if cap1 has overall internal limit per person. Seems like the issue with them is individual limits not overall total limit.