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New Cap One Rewards Card CL Lower Than Current Cap One Card?

Mandazoid
Contributor

New Cap One Rewards Card CL Lower Than Current Cap One Card?

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. Smiley Surprised 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... Smiley Sad


Starting Score: 609 (8/23/11)
Current Score: TU: 805 (5/27/16)
Goal Score: 820
Message 1 of 13
12 REPLIES 12
minimock
Frequent Contributor

Re: New Cap One Rewards Card CL Lower Than Current Cap One Card?

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. Smiley Happy

Message 2 of 13
FloridaState12
Established Contributor

Re: New Cap One Rewards Card CL Lower Than Current Cap One Card?

It's my understanding that Cap1 hands out $300 and $500 limits like candy. 

 

 

Don't feel bad...both my Cap1's are only $300. It's a bit ridiculous, but I s'pose it's better than not having any cards at all.

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Message 3 of 13
PNut08
New Contributor

Re: New Cap One Rewards Card CL Lower Than Current Cap One Card?

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.

Message 4 of 13
JonStur
Established Contributor

Re: New Cap One Rewards Card CL Lower Than Current Cap One Card?

A recon will not help you, sorry...when Cap1 issues a limit, especially on a rebuilder such as yours, that's it. Just use it, get cash back on your rewards and continue to build a good credit history. Then apply for their prime or another prime reward card..

Starting Score: TU 686 EX 641 EQ 690
Current Score: TU 779 EX 782 EQ 770
Goal Score: 800 Club

Amex BCP $12.5K, 5/3 Sig $10K, Capital One Quicksilver 15K, Walmart 10K, US Bank Cash+ 15K, Sam's Club 10K, Chase Freedom $6K, Discover More $15K, Costco $6K, CapOne Quicksilver One $7K, Cap One Quicksilver $5K, Amazon $3K, Barclays $12.5K, Home Depot $7.5K
Message 5 of 13
Mandazoid
Contributor

Re: New Cap One Rewards Card CL Lower Than Current Cap One Card?

That's what I was afraid of.

 

Thanks for the feedback, everyone!


Starting Score: 609 (8/23/11)
Current Score: TU: 805 (5/27/16)
Goal Score: 820
Message 6 of 13
visorboy1974
Valued Contributor

Re: New Cap One Rewards Card CL Lower Than Current Cap One Card?

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. 

FICO Scores Updated 07/15 EQ08 748 EX08 748 TU08 818
Message 7 of 13
Mandazoid
Contributor

Re: New Cap One Rewards Card CL Lower Than Current Cap One Card?

That's heartening to hear. Thanks, visorboy!


Starting Score: 609 (8/23/11)
Current Score: TU: 805 (5/27/16)
Goal Score: 820
Message 8 of 13
John060675
Valued Contributor

Re: New Cap One Rewards Card CL Lower Than Current Cap One Card?

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.


Starting Score: 583 EQ, 612 EX, 569 TU
Current Score: 658 EQ, 648 EX, 618 TU
Goal Score: 720 EQ, 720 EX, 720 TU


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Message 9 of 13
Mandazoid
Contributor

Re: New Cap One Rewards Card CL Lower Than Current Cap One Card?

Good luck, John!

 

You'll have to let me know if that works out for you or not.


Starting Score: 609 (8/23/11)
Current Score: TU: 805 (5/27/16)
Goal Score: 820
Message 10 of 13
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