@Anonymous wrote:
It is worth noting that some people who get that email end up getting ten times that for a CLI. So at least that is the minimum amount they'll step you.
Love or hate Capital One, the re/builder cards do have their place for establishing positive payment history even if you have to let it go after a year or so.
That happened to me. When I got my QS1 last november I had a 2k SL. They sent me that same email and said "in 6 months of on time payments you'll get and extra $500". Well, 5 months later they upped me another 2k for a total of 4k. 100% increase. I'm gonna combine that 4k to my QS visa in a month or so. It also has a 4k limit.
@gurusexy wrote:
@Anonymous wrote:
Also keep in mind AmEx is known for their AA, while CapOne isn't. That high limit will be usable probably once, and if you do utilize a large portion of it, they will prob AA you. I would rather have a smaller limit with less chance of AA than a large one that gets slashed when I do use it. As someone else said, go for the Venture.Are you suggesting I apply for the venture? I am just not too thrilled with their triple pulls..then again, I have over 20+ INQ for each account with about 5 each being auto pulls a couple of months ago.
They did send me a pre-approved offer for a 35K auto loan last week though
I have a suspicion that people who have had Capital One cards in the past, and closed them and stopped working with Capital One, and then reapply again, are those who tend to not get the higher limit second or third card. Not everyone, but some. They are basically re-starting from scratch.
On the other hand, those who kept their starter CapOne cards, even though they may have 3 of them, and don't get any CLI or reach a ceiling on CLI, are pleasantly surprised when they apply for another Capital One card to add to active cards in their wallet.
There's something about Capital One approvals that seems to favor those who have already got CapOne cards, and kept them active. Their old tag line was "What's in your wallet?" and their preference is that you have a CapOne in your wallet. That act of keeping it in your wallet (even if it's really the SD) is rewarded later.
My C1 Platinum card was issued at $10k in 2003, and has always been at that level. Multiple "No CLI" replies over the last several months. New Venture app, $30k and the Reasons letter included a score of 712 on their EX. My EX in FICO 8 is 765, so I have to wonder if they even looked at my recent reports. (EX was 710 in January 2015).
OP, I think if you want another CapOne later on, you'd be well advised to just keep this card active for a while, to get your CapOne relationship back on track. You took the HP, the card is now "paid for" with those evaporating HP. Then app for the Venture or Quicksilver in early 2016 to get your better limit.
Good luck!
