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

[Bandit5160]

I will start out by admitting I had a Ch. 7 bankruptcy roughly 15 years ago that included almost 100K in charge-offs.  I was an idiot when I was younger.  And as recent as a couple of years ago I had high balances on subprime credit card accounts and credit scores in the 500s.  But I have gained good employment and my luck and maturity level have changed.  I paid off and closed all those subprime accounts and I now pay off most if not all of my balances monthly.  I was approved for a lot of good credit cards last spring and summer.  Now over a year later, I have been looking to get CLIs.  Citi gave me 4.5K to 6K on Double Cash.  Discover from 11.5K to 16K.  Barclay’s from 4.5K to 7.5K (I had to have a TU pull for this one, but since I’ve rarely had TU pulled before that was OK).  AMEX from 2K to 5K on BCE.  Chase said I was not eligible for CLIs but they lowered my APR down to 16 from 24 and let me allocate 1K from my Freedom to raise my Amazon Prime Card from 500 to 1.5K.  I tried to go from 2K to 5K with Wells Fargo Cashwise Visa but when they mentioned it would be a hard pull I told them never mind.  But WF recently approved me for a new Propel Card with a 6K limit anyway and they have been really good to me with checking and savings accounts so I am OK with them.

But what has Capital One done for me lately?  Zip. Zero. Nada.  I have a Quicksilver with a 3750 limit and a Savor with a 10K limit.  They said no to a CLI for both cards, both for dumb reasons.  For Savor they said “you have not been using enough of your current CL.”  For QS they said “you have recently had a CL adjustment”.  Yes, a measly $1K increase to 3750 about 8 months ago.  When I tried to transfer 3K of credit from Savor to QS that said no to that too, and I really don’t get that one. Chase let me do it.  Also, my APRs for Capital One are both 24%.  And, you guess it, they won’t lower those for me either.  For most every other card it is under 20%.  I think maybe CO still holds some kind of grudge against me. Look, the time for me to be punished for my past is OVER!  Everyone else gets it, why not CO?  Or alternatively, are the folks at CO just simply buttholes to everyone like this?

[Anonymous]

Actually, unless you are in business, taking clients out to lunch and dinner several times a month, $10,000 on Savor is a nice limit. Quicksilver is somewhat low, but Cap One will not raise your limit if they see that you are not using what you do have.

What is your average and high monthly spend on Savor? If it is not at least $5000 (I assume mainly on meals) you will not get an increase, in all likelihood. Card issuers are not really giving out limits that seem to be nowhere what the cardholder is using (those were the "good old days") anymore. They can use the extra limit increases for customers who are showing them love (i.e., heavy, frequent, high usage).

I would not be  too upset with a $10000 limit on a category (dining) card.

Good luck.

[Bandit5160]

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!

[Anonymous]

@Bandit5160

because you’re not using the limit they gave you.... that’s why.......

I don’t understand the obsession with its having extremely high limits, that you will not even come close too...... 10k is a good limit, specially for a dining card.

[Anonymous]

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.

[Shooting-For-800]

OP - how many cards do you have above $10k CL ?

If you are that worried about high limits AND your credit is 50 points higher than when you got your Savor card, check Cap One prequal for another card.  Chances are you would get a higher limit on a new card or worst case, you could combine with your QS.

Cap One treats me like a king, but I use my Cap One cards for over $6k per month on average.

GL!

[K-in-Boston]

I called it quits with them earlier this year with my last remaining card. I was a customer for over 20 years and never saw a single credit line increase and my APRs were always in the mid-20s with them. I have decades of flawless payment history with all creditors.

Seeing how they were handing out $20-30k credit lines like candy on Venture to even those with blemished credit, I decided I’d try to just app for a new card with a real limit and a lower APR in February 2017. That became my first and only denial for a credit card in over a decade.

[pipeguy]

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@K-in-Boston wrote:

I called it quits with them earlier this year with my last remaining card. I was a customer for over 20 years and never saw a single credit line increase and my APRs were always in the mid-20s with them. I have decades of flawless payment history with all creditors.

Seeing how they were handing out $20-30k credit lines like candy on Venture to even those with blemished credit, I decided I’d try to just app for a new card with a real limit and a lower APR in February 2017. That became my first and only denial for a credit card in over a decade.

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+1

There is a multiple of recent threads concerning Capital One and their somewhat illogical credit limit management. It seems when you have a strong profile Cap-1 gives up interest in keeping you as a customer - it's a common thread subject. Many of us have told Cap-1 thanks but no thanks, there are better credit partners available.  

[HeavenOhio]

I wonder if you could PC the Savor to a QS and the QS to a Savor. That would put the cards' limits more in line with how you use them.

[Bandit5160]

I checked Capital One for prequals just for spits and giggles.  They invite me to apply for a Quicksilver One or a plain Platinum Card, two of their subprime products.  No thanksaroonie!