How tough is Capital One?

[Anonymous]

I am seeing some negative things around the web, saying CO is stingy on CLI's. I always found them generous. I started with a $300 starte card and when that expired got a $3000 quicksilver... I'm up to $8000 now.

[Anonymous]

I have 3 capital one cards.

1st card started at 1750 ended up at 7500

2nd card started at 5000 ended up at 7000

3rd card started at 15000 ended up at 20000

I have always found that capital one is extremely generious with CLIs with usuage. Every 6 months that i applied for a CLI while using the cards i always got something. Now i barely use the cards havent got a CLI in a very long time.

[Anonymous]

I think they are very fair. The QS is still one of our favorites but we have better cards now like Citi DC and Amex Bcp. 

[Shooting-For-800]

You will always see negative things about Capital One because they are the easiest decent card to get approved for when questionable credit.  In addition, there are millions of cardholders, so the odds are there are some unhappy people with internet access.

They treat me like a king.  I have had about 10 accounts over the years, burned one account in BK and they gave me a $3000 card right after my BK.

That single $3000 card grew into multiple $3000 cards, then a $10,000 new card, and ended up being two great cards (World MasterCard Venture @ $25k and a Visa Signature QuickSilver @ $23k within 3 years.

Now, YMMV.  I do have an above average income now and spend a lot on them ($5000+ per month) and make large payments weekly.

They also gave me a 2.49% APR car loan for 72 months with no money down and no documents.

People will always complain about banks and credit cards.  Google ANY bank + "sucks."

Cap One has kept my business and will continue to keep my business even as my credit score gets better as long as they keep treating me like they do.

I find that if one is loyal to them and pays their bills properly, they will generally reward them handsomely.

[Anonymous]

The answer to this question can be different for two different groups of people:

Those with lower credit scores (say under 650 at the time of approval) - Yes, Capital One can be "tough" for CLIs and card growth.

Those with higher credit scores (say 700+ at the time of approval) - No, Capital One isn't very "tough" for CLIs and card growth.

It has been reported by many people and with few exceptions that if you're approved for a CO product with a fair credit score (say 600) that account will almost certainly always be viewed as a starter account and will be next to impossible to grow significantly.  It doesn't matter if it's 2-5 years later and your scores are 800+, as they'll still see the account as a "just made it in with a 600" account.  Such a person is recommended to apply for a new Capital One product, which will indeed be approved with a significantly higher limit.

[SouthJamaica]

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@Shooting-For-800 wrote:

You will always see negative things about Capital One because they are the easiest decent card to get approved for when questionable credit.  In addition, there are millions of cardholders, so the odds are there are some unhappy people with internet access.

They treat me like a king.  I have had about 10 accounts over the years, burned one account in BK and they gave me a $3000 card right after my BK.

@Anonymous single $3000 card grew into multiple $3000 cards, then a $10,000 new card, and ended up being two great cards (World MasterCard Venture @ $25k and a Visa Signature QuickSilver @ $23k within 3 years.

Now, YMMV.  I do have an above average income now and spend a lot on them ($5000+ per month) and make large payments weekly.

They also gave me a 2.49% APR car loan for 72 months with no money down and no documents.

People will always complain about banks and credit cards.  Google ANY bank + "sucks."

Cap One has kept my business and will continue to keep my business even as my credit score gets better as long as they keep treating me like they do.

I find that if one is loyal to them and pays their bills properly, they will generally reward them handsomely.

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I used to feel the same way you do. Until they closed all my accounts, for no reason.

[Anonymous]

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@Anonymous wrote:

It has been reported by many people and with few exceptions that if you're approved for a CO product with a fair credit score (say 600) that account will almost certainly always be viewed as a starter account and will be next to impossible to grow significantly.  It doesn't matter if it's 2-5 years later and your scores are 800+, as they'll still see the account as a "just made it in with a 600" account.  Such a person is recommended to apply for a new Capital One product, which will indeed be approved with a significantly higher limit.

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This is certainly fact. CO is my oldest card. It started out as a secured card with a $300 limit shortly after I filed BK in the mid 90's. After barely a year of solid usage and payments, they unsecured it and steadily grew my CL to $7.5k. It's been capped there for the past 15 years despite regular usage, perfect payment history, and having an 850 score. I don't want to ask for an increase or apply for card with a much higher limit since it's not really worth the score hit.

I really think they should re-evaluate accounts for members with higher scores than what they were when the card was opened.  At the same time, I consider them very generous. While it still was rather easy obtaining a secured card back then, not many issuers would unsecure your card with a fresh CH13 looming on your reports. 

[Anonymous]

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@Anonymous wrote:

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This is certainly fact. CO is my oldest card. It started out as a secured card with a $300 limit shortly after I filed BK in the mid 90's. After barely a year of solid usage and payments, they unsecured it and steadily grew my CL to $7.5k. It's been capped there for the past 15 years despite regular usage, perfect payment history, and having an 850 score. I don't want to ask for an increase or apply for card with a much higher limit since it's not really worth the score hit.

I really think they should re-evaluate accounts for members with higher scores than what they were when the card was opened.  At the same time, I consider them very generous. While it still was rather easy obtaining a secured card back then, not many issuers would unsecure your card with a fresh CH13 looming on your reports. 

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While I agree with your post, it's important to know that if you ask for an increase with CO it is a SP which means there's no chance for a score hit if they do extend you a greater credit limit.  As you said though, they haven't increased you in 15 years so the chances of them doing so are slim.  Also, you said it's not worth the score hit to apply for a card.  With an 850 score, any hit you get will A - be minimal and B - not "matter" in the grand scheme of things since anything above a 760 score or so is viewed the same way by potential lenders.  If it's because the 850 to you is aesthetically pleasing to you (which I get) and seeing that go to 840 for a couple of months would mentally bring you down I understand, but it's worth saying that the difference between those two scores is a non-factor.

[Shooting-For-800]

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@SouthJamaica wrote:

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@Shooting-For-800 wrote:

You will always see negative things about Capital One because they are the easiest decent card to get approved for when questionable credit.  In addition, there are millions of cardholders, so the odds are there are some unhappy people with internet access.

They treat me like a king.  I have had about 10 accounts over the years, burned one account in BK and they gave me a $3000 card right after my BK.

@Anonymous single $3000 card grew into multiple $3000 cards, then a $10,000 new card, and ended up being two great cards (World MasterCard Venture @ $25k and a Visa Signature QuickSilver @ $23k within 3 years.

Now, YMMV.  I do have an above average income now and spend a lot on them ($5000+ per month) and make large payments weekly.

They also gave me a 2.49% APR car loan for 72 months with no money down and no documents.

People will always complain about banks and credit cards.  Google ANY bank + "sucks."

Cap One has kept my business and will continue to keep my business even as my credit score gets better as long as they keep treating me like they do.

I find that if one is loyal to them and pays their bills properly, they will generally reward them handsomely.

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I used to feel the same way you do. Until they closed all my accounts, for no reason.

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Did they close them before or after you got $400k in unsecured credit card debt potential?

Did you use your Cap One cards often?

Did they give you any reasons?

They are my highest limit accounts so it would really devastate me.

If I had your credit lines I would not care.

[Chickenpotpie]

CapOne was actually quite stingy with me BUT, they gave me a shot when no one else would.  I would have kept them in my wallet if they would have been interested in growing with me but they proved that they were not. 

I've never burned them, always paid on time (hell paid multiple times because the limit was so low), but its just one of those things.  what works for one won't always work for someone else.    When I closed them I asked if they would match my next lowest card which was I believe a chase card at 13K.  they said no.  So I said close the acct.