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@Anonymous wrote:In 2017 CO started tightening the strings on limits and hitting cardholders with CLDs if they weren't using a significant portion of the limit they had. Since that's what they are doing, it makes sense that they are going to be more conservative with CLIs.
I can personally confirm that they tightened last year. I had a $30k Venture One (originally a Venture but I PC'd so no AF) cut down to $10k. My first reaction was **bleep**, but then I took 30 seconds to think about it and realized I had used the card just a few times in two years and that they had the risk of providing a $30k limit to me with no upside. Even $10k is way more than I'll even need for that card.
Capital One, just like every other bank, is in the business of making money. They'll provide a higher limit if it helps them make money, not so we can have a fancy limit to show off. I think Capital One likely makes most of their money from people who are rebuilding on up to average credit; my guess is that people with high scores aren't that profitable for them. Big spenders probably direct their spend towards cards with more lucrative rewards; personally now that I have some cards with really great rewards, my only interest in Capital One is to churn their sign-on bonus. It's not shocking that they turn down people who appear "overqualified" for their products, because there's probably a good chance they may lose money by approving them.
I also think that maybe (pure speculation on my part) Capital One is actually pretty good at their business - remember their busines is makign money, not giving people conversation pieces. I do think the credit market has been tightening, that card companies have been hit hard by people gaming bonus structures and that maybe there's more risk in the credit market today than there was 2-3 years ago when they were handing out huge limits. It seems that Capital One has been more agile in adapting to the market, which again maybe helps them make money but not necessarily make people happy.
Again because Capital One sucks dont give them your bisiness untile they pull their head out of there rear
Always best to have an attitude of gratitude. $13k is a lot of credit.
Comparing banks to each other is pointless, each one is different.
If capone doesn't suit you, then close the cards.
@hawkins wrote:
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.
I recently got a CLI on my QS. When I asked for it Cap One asked how much I usually spend on credit cards each month and how much I plan to put on my QS each month. So they are definatly looking at how much you use your card in relation to your CL. Cap One is smart enough to know not everyone will max out their CC, but they also know that if you plan to use under 28.9 % util then you don't really need a CLI.
@HeavenOhio wrote: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.
My QS started in credit steps so I am bucketed. I started at $300, got a $3000 CLI when I completed my credit steps. I was putting about $800 a month through it for the first 6 months. I have been putting about $500 a month on my QS for the past 6 months and just got a $2000 CLI taking me to $5,300 at the one year mark.
Venture offered more than anyone except Amex first.
Hardly a starter card with a $5,000 minimum limit and a $500 sub.
My buddy got an offer for a $1,000 sub bonus and 2% cash back for spark.
That is not a company who only cares about subprime market.
I would imagine if they went 3% back, you would see quite a bit movement in the industry.
DON'T WORK FOR CREDIT CARDS ... MAKE CREDIT CARDS WORK FOR YOU!
@Caught750 wrote:
It was explained very well somewhere by someone alot smarter than me, but; Cap1 more or less goes after rebuilders or those with no history. They dominate that market with marketing and being what for most people is the only lender available that isn't predatory. They crush this area of the market and then more often than not people keep their products. They don't have anything that really appeals, long term anyway, to the prime market.
Capital One needs to stay with rebuilders and people with bad credit.
Their card offerings for "excellent" credit are embarrassing.... A 1.5% cash back card, and a 2% cash back card for $95 a year with global entry/TSA credits once every five years. The Savor is the only decent card they have, and even that can't compete with mid-range cards from other major issuers.
Let me know when they get hotel and airline transfer partners, a travel portal where the points are worth 1.5 cpp, a $450/year card with premium travel perks, and a straight 2% cash back card with no AF.
Until then, I classify anyone who pulls out a Capital One card as "financially irresponsible," simply because that's the reputation they've built for themselves over the years, and it likely won't ever change. I know there's people here with huge Capital One limits, but I have to question why they carry one in the first place.... They have better options out there. There's not a single card in Capital One's card portfolio that's better than any other bank's competing cards out there.
Nice post.
Not everyone can get military credit union cards.
$500 sub and 2% back is hardly finacial irresponsibility.
DON'T WORK FOR CREDIT CARDS ... MAKE CREDIT CARDS WORK FOR YOU!