What’s up with Capital One? Why are they the way they are?

[Bandit5160]

HeavenOhio, I like your idea but I don’t think they’d let me do that either.  I already pitched the perfectly reasonable idea of giving up 3K of credit from my Savor and putting it on the QS.  They said no, and I still wonder why.  They didn’t give an explanation; they just said I can’t.

[HeavenOhio]

I don't believe that Capital One reallocates limits. But PC offers are frequently available on no-fee cards. It can't hurt to call in and ask. Don't PC anything unless you have offers on both cards.

[Brian_Earl_Spilner]

They need to save credit for all the $200 Wal-Mart cards they're gonna be handing out in a year or two

[Anonymous]

There are tons of other threads like this. Why? Why? Why?  Simply put you have to remember that Capital One is not Chase. Just like Bank of America is not Citibank. Each bank is different. Each bank has their own end goal. 

If you follow cars you have seen that Chrysler and heard that Ford will soon have very few sedans left. Why? Because idiot Americans are obsessed with all-wheel drive hatchbacks on stilts (SUVs/CUVs). Point being, Chrysler and Ford are putting their efforts where the money is-SUVs. 

Ergo:

Capital One started out as a sub prime lender. They have excelled at it. Many here have gotten their start or fresh start to credit thanks to Capital One. They charge fair fees and APRs to give us a start. Having said that, they have tried their hands at prime cards (Venture, Venture One and Savor) but their real bread and butter remains the starter and rebuilder cards. Anyway thats been my observation as of late. They want to focus on their main product. And as someone else said, they have recently been lowering credit lines on existing prime cards down to, usually, $10K. Credit losses, no longer having mortgage backed assets or something like that..... They had to tighten the purse strings.

Besides, it looks like Capital One gave you a higher limit on your Savor than those other banks you mentioned. In the end, Capital One is a great place to start. But as your credit improves it is a good idea to re-evaluate your relationship with them. If they are not meeting your needs, it is time to let them go.

[hawkins]

Yea I have to agree with another post. 10k is pretty darn good for C1. Also I with Cap 1 they have been known to CLD people who have a high CL but use only a fraction of it for example. Yes the QS could use a boost but with the Savor I would leave well enough alone.

[UpperNwGuy]

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@Bandit5160 wrote:

You make a good point Johnny.  It could be a lot worse than 10K and though I only used that Savor Card to eat out, and though I dine out a lot I never come anywhere near 10K since I pay it off monthly.  The Quicksilver is a more general use card its balance can approach 1K at times...but never more than that really.  I just like to see those high limits and low utilization percentages!

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Focus your mental energy on maximizing rewards, not on high credit limits.  People with low utilization don't need high credit limits (and the banks know that).

[Anonymous]

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@UpperNwGuy wrote:

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@Bandit5160 wrote:

You make a good point Johnny.  It could be a lot worse than 10K and though I only used that Savor Card to eat out, and though I dine out a lot I never come anywhere near 10K since I pay it off monthly.  The Quicksilver is a more general use card its balance can approach 1K at times...but never more than that really.  I just like to see those high limits and low utilization percentages!

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Focus your mental energy on maximizing rewards, not on high credit limits.  People with low utilization don't need high credit limits (and the banks know that).

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Funny thing that. I was at 15-17% utilization through most of last year, and I had an easier time, for the most part, getting CLI's then than this year, when I'm currently at 7% or so and am aiming to keep it under 8.9% into next year if possible. It seems counterintuitive at first if you're looking to boost your limits, but issuers are more likely to be generous to people who more actively use their cards, even if that use puts the utilization over the "magic" 8.9%. Seems like the point issuers are more concerned with is 28.9%, above which overall utilization tends to become concerning.

Further to that: My only current Cap 1 card is a QS Signature Visa. I got that at New Year's with a $10K SL, and combined my QS MC into it in late June to boost the CL to $16K. That's pretty durn good, and I recognize that it's probably going to stay at that point for a while unless I boost my usage of that card dramatically. In fact, I probably don't want to get the card too much over $20K because that attracts Cap 1's attention with an increased possibility of CLD's if they think your CL is too high for your income or some other reason.

[Shadowfactor]

I’m surprised no one has said this yet.

But Capital One likes to bucket their cards. If you obtained the QS with lower scores and a weaker profile. You will probably never see much growth on it.

I could be wrong about this aspect, but that’s probably why they won’t let you reallocate the CL. The cards are in different ABS buckets

As Upper NW said. Focus on rewards vs high limit cards. We all like to have comfortable CL’s but 3750 is more then enough on any cap 1 card and 10K is overkill.
Personally I wouldn’t spend more then a 750 a month on any cap 1 card because the rewards just aren’t worth it. There are better NO AF cards out there, and there’s even NoAF/NOFTF cards. Capital one used to be semi worth it because of the NO FTF for free cards but with other offerings now a days. I have a hard time seeing any value in them which is why I don’t have one.
To each his own though

[Bandit5160]

For what it’s worth, the QS started out as a Platinum Card back when I had a credit score around 600.  It then became a QS1, and finally, about eight months ago, a regular QS.  So maybe it’s beginnings doom it to a higher APR and a more limited CL.  But my Savor Card has always been a prime card.  I got it on July 4, 2017 (though it was called Premiere Dining Rewards then).  For some reason they stuck my with the same high APR of almost 25% that is on my QS even though I had a much higher credit score when I got the dining card.  One day when my number of inquiries is a bit lower (maybe next summer) I am going to dump Savor and get an Uber Card...it had 4% back on dining.  And since Citi just raised my CL on my DC, I’ll probably dump QS too at that time.

[HeavenOhio]

If you can put 2K–3K spending per month over the next three or four months, there's a good chance that you could get a 3K CLI on the Savor card. It's possible that that tack might also work on your QS. But if the card is bucketed, it'd be less likely.