Back in February, I got a Cap One Classic Platinum MC with a CL of $500 and was enrolled in the credit steps program. Last week, my CL was increased to $750. In addition, my income has increased $3k per year since my application for the Platinum and my CS has jumped up by about 40 points. Otherwise, the only other change to my credit report is me continuing to pay off active student loan debt.
Since the Platinum was the only CC in my wallet, I wanted to expand a bit and applied tonight for the Cap One No Hassle Cash Rewards, as there were good odds that I would be approved. I was instantly approved online...with a $500 CL, $250 less than my current Platinum. Anyone know why that would be? I've heard of people doing something called a recon (I think that's what it's called), but how do I go about that and what do I say? Is a recon another hard pull?
So many questions...
You, my friend have fallen into what I like to refer to as "The Capital One, Junior Burger Two Card Deal"
They wont give you a decent card with a decent CL, but they will gladly give you two Junior Burger cards today for a Prime card on Tuesday 4 years from now.
Dont feel like its just you. A BUNCH of people with good credit scores are in the same boat.
I applied for a Cap 1 plat MC last year and only received a $500 CL. Meanwhile, I have bank of america and discover cards with 9500 and 4000 CLs, respectively. Hell, even my goodyear card has a 2000 CL. The Cap 1 card gets very little use.
That's what I was afraid of.
Thanks for the feedback, everyone!
When I staerted out rebuilding, CapOne gave me a platinum card with a $1500 limit. That card has not budged one bit. 3 months later, they gave me a second card at $750. That was bumped up to $3250 over the years and converted over to the VentureOne card as well. There will be room for increases...probably not on both cards, but one will emerge as the dominant one that they're willing to play ball with you on.
That's heartening to hear. Thanks, visorboy!
You beat me to the punch. I am in the same situation and I was going to pose the same question. I have a platinum CC with a $1,000, which I have had since 2007. There has not been a CLI, but I was dealing with some financial problems so I could understand why it did not go up.
I just applied for and was approved for a rewards card with only a $500 limit. I am using it left and right to try to show them that I need more of a credit limit. Maybe it will work, maybe it will not.
Good luck, John!
You'll have to let me know if that works out for you or not.