What's in your wallet? Capital One Shame?

[SOGGIE]

I'm really curious after hearing a multitude of complaints from Capital One QS cardholders with paltry credit limits. Capital One boasts about its 'unlimited cash back' card products. In many cases, an unlimited cash back card with a small CL is less valuable than another lender's product offering a higher credit limit and a cap on cash back. Is it true that Cap One is issuing small credit limits to the vast majority of their cash back accounts. Can any Cap One cardholders weigh in on this? I'd love to know what is really transpiring.

[s_haliz]

I was approved this April for $20,000. 

[keithB]

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@s_haliz wrote:

I was approved this April for $20,000. 

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LOL, watch yourself, the jelly monsters will tell you that CapOne doesn't give limits like that 

[s_haliz]

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@keithB wrote:

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@s_haliz wrote:

I was approved this April for $20,000. 

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LOL, watch yourself, the jelly monsters will tell you that CapOne doesn't give limits like that 

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Here's the thing....When more than few voices something (be it an opinion like CapOne doesn't give you good limits, etc.) it started to become a belief/perception. 

[Closingracer99]

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@SOGGIE wrote:

I'm really curious after hearing a multitude of complaints from Capital One QS cardholders with paltry credit limits. Capital One boasts about its 'unlimited cash back' card products. In many cases, an unlimited cash back card with a small CL is less valuable than another lender's product offering a higher credit limit and a cap on cash back. Is it true that Cap One is issuing small credit limits to the vast majority of their cash back accounts. Can any Cap One cardholders weigh in on this? I'd love to know what is really transpiring.

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I was reading my pre-approval letter for the Quick silver card and the Normal App on their website and the fine print says a min of $3,000 CL and a max of 22.99% APR for the QS card. my pre-approval letter says it will be a 24.99% APR and a min CL of $300.  The QS card min starting limit of $3.000 would be considered decent imo if your newer to credit and if your not I would assume a higher inital CL then the min CL of $3,000

[daybreakgonesXe]

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@SOGGIE wrote:

I'm really curious after hearing a multitude of complaints from Capital One QS cardholders with paltry credit limits. Capital One boasts about its 'unlimited cash back' card products. In many cases, an unlimited cash back card with a small CL is less valuable than another lender's product offering a higher credit limit and a cap on cash back. Is it true that Cap One is issuing small credit limits to the vast majority of their cash back accounts. Can any Cap One cardholders weigh in on this? I'd love to know what is really transpiring.

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SOGGIE,

Many people are not happy with Cap One because they've outgrown them. For example, they were building/rebuilding and got a Cap One card <$1k. A year+ later, they're in a much better position, getting better cards, but because they were subprime when approved for Cap One, Cap One won't budge.

If you have fantastic credit from the get-go and apply for the regular QS, VentureOne, or Venture, many report higher limits.

Personally I was a convertee from Orchard Bank where I started out with a $200 secured to build, no baddies ever. Utilizing Cap One's EO and chats and with their mass unsecuring of the Orchard accounts, I was able to get a $10k limit, then convert my card to a WMC Quicksilver

So as always, YMMV. Cap One is easier to deal with when you start out as prime, than to start out subprime and try to grow with.

[s_haliz]

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@daybreakgonesXe wrote:

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@SOGGIE wrote:

I'm really curious after hearing a multitude of complaints from Capital One QS cardholders with paltry credit limits. Capital One boasts about its 'unlimited cash back' card products. In many cases, an unlimited cash back card with a small CL is less valuable than another lender's product offering a higher credit limit and a cap on cash back. Is it true that Cap One is issuing small credit limits to the vast majority of their cash back accounts. Can any Cap One cardholders weigh in on this? I'd love to know what is really transpiring.

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SOGGIE,

Many people are not happy with Cap One because they've outgrown them. For example, they were building/rebuilding and got a Cap One card <$1k. A year+ later, they're in a much better position, getting better cards, but because they were subprime when approved for Cap One, Cap One won't budge.

If you have fantastic credit from the get-go and apply for the regular QS, VentureOne, or Venture, many report higher limits.

Personally I was a convertee from Orchard Bank where I started out with a $200 secured to build, no baddies ever. Utilizing Cap One's EO and chats and with their mass unsecuring of the Orchard accounts, I was able to get a $10k limit, then convert my card to a WMC Quicksilver

So as always, YMMV. Cap One is easier to deal with when you start out as prime, than to start out subprime and try to grow with.

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Thank you for sharing. Great to know. 

[yfan]

In my experience at least, Capital One also seems to treat you better when they see from  your softpulls that other prime lenders are courting your business. Basically, if they think they are the only  game in town for you, you are SOL. If, on the other hand, they see that they have competition for your business, they will try to earn it.

[keithB]

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@s_haliz wrote:

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@keithB wrote:

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@s_haliz wrote:

I was approved this April for $20,000. 

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LOL, watch yourself, the jelly monsters will tell you that CapOne doesn't give limits like that 

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Here's the thing....When more than few voices something (be it an opinion like CapOne doesn't give you good limits, etc.) it started to become a belief/perception. 

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I personally think that many people go for the "easy" credit - look at all the NFCU, PenFed, Sallie Mae discussions.  When you get a high limit with a conservative lender like CapOne then I would say you are financially sound - like your limits for example. My guess is many aren't as financially sound as they want to believe they are, IMO.

[signaturecardmember]

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@yfan wrote:

In my experience at least, Capital One also seems to treat you better when they see from  your softpulls that other prime lenders are courting your business. Basically, if they think they are the only  game in town for you, you are SOL. If, on the other hand, they see that they have competition for your business, they will try to earn it.

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I believe this is how BOA treated me before I found this forum even though I have had a long relationship with them. To be fair I only tried a couple of times and might not have been talking to the right person. I know for a fact on my large CLI with the EO recently I leveraged my new Chase accounts and they def seemed to notice what I said too.

I wrote a detailed report about my captial one approval through their EO. Although my limit was on the smaller side it was still fair. I do think the hate here for them might be a little stronger then neccessary.