Hello Myfico friends,
Just wanted to get your opinion on this interesting quirky behavior from Cap One. I believe they hate me 
. Now I know many of you would say that's no loss to me lol. But here's my story with them. When I began building my credit after some installment loans I went for my first credit card. I had no idea boards of knowledge like this existed so just on a whim I went to Cap One's website and signed up for the Platinum unsecured. They offered me a $300 credit line and I was grateful they took a chance on me. After six months of paying in full and always early they bumped me to $500 (credit steps) and wouldn't budge after that. It wasn't until I started getting high limit cards elsewhere that they suddenly started bumping my limit up on their own into the several thousands. However, they never would offer me anything on the pre-approval site. NOTHING- for over a year that I checked. Anyway, my girlfriend who had no credit but had installment loans and makes good money applied at my insistence for her first credit card. She was immediately pre-approved for fixed rate APR Quicksilver- not the "One" either, and for Venture at like 17% which is great for someone with no or limited real credit. Meanwhile all my scores were over 750 and they didn't offer me anything. She took the Quicksilver with no AF and was satisfied. While happy for her I was a bit puzzled.
Last week with still no pre-quals I applied for the Venture. I have a CSP with a $10,000 limit but thought the Venture would be a good addition and with their generous sign-up bonus, not to mention they are known for giving high limits to many with just fair credit. My cards are all around the 10k range. So I was approved for only $5,000 at 23%! I was bummed out. I checked her pre-qualifications with them again and they still were pre-approving her at a fixed 17% for the Venture.
So anyway, what can I do to get this Venture I just received to a more usable amount? Call the regular number? EO? Or is it a lost cause? They only thing I can think of that threw me off was when they asked how much I spent on my cards per month on the app I said 1k which was lower than what I do spend but I just wasn't really thinking at the time and was surprised to even see it asked. Maybe that explains the limit? But certainly not the APR. However, I will always be grateful they extended me my first card and will always keep them for that alone. I look forward to similar stories and advice. Thanks!
Wow
. Don't know what to say. Cap 1 is weird sometimes. I recently got approved for the Venture for $5k and 17.9%. I was happy with that given my profile. The only thing I would suggest is contacting EO. The usual thing with Cap 1 is use a lot, pay multiple times and they reward you for doing this. There is no rhyme or reason to anything when it comes to banks.
It depends on you! I think it's good you PC'd.. when 6 months hits combine and say goodbye to the platinum.. I think you'll eventually be in a different tier the next time you apply so long as you're giving them a good amount of business.
