A little background, I have been a CapOne customer since late 2006. Over the years, I have had 3 accounts with them. One was originally Orchard, one was a Platinum with credit steps and one is a no hassle rewards with no AF. Over time, I cancelled the first 2 cards because there was no hope for a decent CL and I built my credit up enough to qualify for Prime no AF cards. About a year ago, I was ready to cancel the last card because the card originally had an AF and the limit seemed to be stuck at $2k. The EO ended up PCing to the no AF card and quadrupled the limit, which was more in line with my other credit cards.
A few days ago I received a letter from Capital One saying I was pre-approved for the Quicksilver card. I read all of the information they sent, went to their website to check for any additional information and scoured the internet for even more info. After very careful consideration and verifying without a doubt that this was for the Quicksilver Visa with no annual fee, which CapOne describes as "for excellent credit" and not the Quicksilver One MC I decided to go ahead and take the bait. I received the bright, happy looking instant approval message! Congratulations! YOU'RE APPROVED!!!! Your credit limit is $500!!! For a second, I was a little disappointed because I thought the limit was only $5000 and then I realized there was a 0 missing. Went straight to instant chat and they too said Congratulations, your credit limit is $500. Called a "specialist" who congratulated me on my new card with the $500 limit. Asked to speak to a supervisor who said....well I'm sure you can guess. Every step along the way each person verified that this is the Quicksilver Visa with no annual fee "for excellent credit". Of course the only answer I got from ANYONE was the same old company line "we are a conservative lender" and an explanation of all the "great benefits" that come with my $500 limit.
I have no derrogatories, 100% on time payments, low utilization, a 4% debt to income ratio and not a single red mark with ANY of my creditors. This is from the same bank that sends me offers every single week telling me I am preapproved for an auto loan of $45k and a mortgage for $265k, but the best they can do for a credit card account is $500. Maybe I'm wrong, but I actually feel insulted to the point that I'm ready to completely cut ties with them, but they are my second oldest account and that card has a good limit. I emailed the EO so I should hear something from them within the next few days, but I was wondering if anyone has ever heard of CapOne issuing this card with such a ridiculously low limit? Is it possibly a mistake and when I receive the card it will actually have a much higher limit?
