Anyone here a Capital One credit card holder?

[hongkongfever]

I've been a card holder since 2002. Back when I first opened an account, they gave me a $500 limit which was fine because I was in college and was broke. Fast forward to now, after almost 6 years, and a higher paying job, I am still denied a credit limit increase after several tries.

When I request one, I was told they "proactively" review accounts and a denial is not an indicator of bad credit. I know I have good credit as well. So I mean, crap, if after being a customer for 6 years and it's not necessarily just your credit history, then what is the criteria? I tried asking this question and was told "oh it's a super secretive thing that I don't know and can't tell you." I mean WTF?

And it's not just me, it seems like every one of my friend that owns a card has a crappy limit.

Can someone enlighten me on this? I already closed my account out of frustration a second ago but I would still love to know.

 

[mh47g]

BetterCreditCard.com

 

[giantpinkbunnyhead]

That's very odd. Six years at a $500 limit?? THey obviously have something against you somewhere in the system. That is not normal.

Cap 1 gave me a $1000 limit last month on a new card, and they already stipulated that I get an increase after three on-time payments, automatically.

There's lots of CC's out there... I'm sure anybody else will treat you better.

 

[Ns1]

Originally posted by: hongkongfever
I've been a card holder since 2002. Back when I first opened an account, they gave me a $500 limit which was fine because I was in college and was broke. Fast forward to now, after almost 6 years, and a higher paying job, I am still denied a credit limit increase after several tries.

When I request one, I was told they "proactively" review accounts and a denial is not an indicator of bad credit. I know I have good credit as well. So I mean, crap, if after being a customer for 6 years and it's not necessarily just your credit history, then what is the criteria? I tried asking this question and was told "oh it's a super secretive thing that I don't know and can't tell you." I mean WTF?

And it's not just me, it seems like every one of my friend that owns a card has a crappy limit.

Can someone enlighten me on this? I already closed my account out of frustration a second ago but I would still love to know.

They hate you.


Solution: Reapply for a new CC








Really though, C1 has subprime and prime cards. Generally speaking <1500 = subprime, 5k+ = prime. Once you get into the subprime tier (generally) you're fucked. Just apply for another CC.

 

[Kalvin00]

Strange.

After one year they gave me a $2000 increase from 750 to 2750...and i'm only 19. I have good credit for someone my age though.

 

[zoiks]

I got the same card about 8 years ago. They still haven't raised my credit line though I have excellent credit. I haven't used the card in about 5 years.

 

[hongkongfever]

Oh I have other credit cards and had no hesitation closing my Capital One account. I just wanted to give them a chance and really I wanted to understand the situation.

 

[spidey07]

you closed an account that is 6 years old???!!!!! bad mojo. very bad mojo. Your credit score just dropped by a good amount.

Never, ever close your long standing credit accounts.

I have a 2K card with capital one because it is my oldest, other cards are 30 and 35K limit. But I wouldn't dare close my capital one card.

 

[summit]

why did you close your account...?

 

[Ns1]

Originally posted by: hongkongfever
Oh I have other credit cards and had no hesitation closing my Capital One account. I just wanted to give them a chance and really I wanted to understand the situation.

Same boat. I called and got the same BS story. Search on the internet and it's all the same. They have no problem giving me new credit cards though.


Oh yeah. as the other posters mentioned, you shouldn't have closed your account. should've just locked it away.

 

[zoiks]

You shouldn't have closed your account.

 

[Boztech]

Originally posted by: giantpinkbunnyhead
That's very odd. Six years at a $500 limit?? THey obviously have something against you somewhere in the system. That is not normal.

Cap 1 gave me a $1000 limit last month on a new card, and they already stipulated that I get an increase after three on-time payments, automatically.

There's lots of CC's out there... I'm sure anybody else will treat you better.

CapOne is odd like that. I had a card of theirs for over 7 years and never got a CLI from $500. My credit scores as of yesterday are in the high 700s/low 800s.

Then again, I used it very, very sparingly and always paid it off in full each month.

http://picsorban.com/upload/ficoscoresmarch2008.jpg

 

[Boztech]

Originally posted by: spidey07
you closed an account that is 6 years old???!!!!! bad mojo. very bad mojo. Your credit score just dropped by a good amount.

Never, ever close your long standing credit accounts.

I have a 2K card with capital one because it is my oldest, other cards are 30 and 35K limit. But I wouldn't dare close my capital one card.

I've heard this 1,000x except...

I had 5 CC accounts open, the oldest being 7yrs 5mths. I closed all but 1 of them as of November of last year, and my scores are up since then about 10-20pts at each bureau. The card I kept open is less than 3yrs old. I had no debt before I closed the cards, and have no debt as of today besides a student loan.

 

[Ns1]

Originally posted by: Boztech

Originally posted by: spidey07
you closed an account that is 6 years old???!!!!! bad mojo. very bad mojo. Your credit score just dropped by a good amount.

Never, ever close your long standing credit accounts.

I have a 2K card with capital one because it is my oldest, other cards are 30 and 35K limit. But I wouldn't dare close my capital one card.

I've heard this 1,000x except...

I had 5 CC accounts open, the oldest being 7yrs 5mths. I closed all but 1 of them as of November of last year, and my scores are up since then about 10-20pts at each bureau. The card I kept open is less than 3yrs old. I had no debt before I closed the cards, and have no debt as of today besides a student loan.

Well it takes the average of all 5 of your cc's. So if you had a 7yr and 4 1 years, your avg would be like 2 years

If you closed everything but your 7 year then your avg is 7 years. or some inquiries dropped out. Or something.

 

[hongkongfever]

Is it that bad that I close a $500 credit limit account? I mean I still have other long active accounts with a much higher limit.

 

[Ns1]

Originally posted by: hongkongfever
Is it that bad that I close a $500 credit limit account? I mean I still have other long active accounts with a much higher limit.

it's not gonna kill you.

 

[hongkongfever]

Originally posted by: Ns1

Originally posted by: hongkongfever
Is it that bad that I close a $500 credit limit account? I mean I still have other long active accounts with a much higher limit.

it's not gonna kill you.

Ok. It seemed like I made a big mistake from the several posts saying I shouldn't have.

 

[Ns1]

Originally posted by: hongkongfever

Originally posted by: Ns1

Originally posted by: hongkongfever
Is it that bad that I close a $500 credit limit account? I mean I still have other long active accounts with a much higher limit.

it's not gonna kill you.

Ok. It seemed like I made a big mistake from the several posts saying I shouldn't have.

That was before you disclosed "i still have other long active accounts with [higher] limits"

 

[LegendKiller]

C1 is a very strange company. I worked there and I think it's a dogpile. A little over a year ago the rating agencies found out that C1 was offering multiple cards to people with $500 on each, but still using the $500 to say they were mitigating risk.

 

[hongkongfever]

Originally posted by: LegendKiller
C1 is a very strange company. I worked there and I think it's a dogpile. A little over a year ago the rating agencies found out that C1 was offering multiple cards to people with $500 on each, but still using the $500 to say they were mitigating risk.

Yeah it seems like they have no issues giving out new cards. In fact they were one of the few that were generous enough to hand me a card when I first want to establish credit. So when the rep tells me "Capital One is a very conservative company" I had to call BS.

 

[LegendKiller]

Originally posted by: hongkongfever

Originally posted by: LegendKiller
C1 is a very strange company. I worked there and I think it's a dogpile. A little over a year ago the rating agencies found out that C1 was offering multiple cards to people with $500 on each, but still using the $500 to say they were mitigating risk.

Yeah it seems like they have no issues giving out new cards. In fact they were one of the few that were generous enough to hand me a card when I first want to establish credit. So when the rep tells me "Capital One is a very conservative company" I had to call BS.

I agree 100%. They suck to work for too and I wasn't anywhere near a call center.

 

[Greenman]

I disagree with everyone else, I think closing the account was the right thing to do. If you have any kind of reasonable credit score it won't change it enough to matter, and why continue doing business with a company you're unhappy with? A lot of people around here worship as the alter of a FICO score, and it ain't that big of a deal unless you buy a lot of property or very expensive cars.

 

[ponyo]

Capital One credit card is only good for one thing. If you travel out of the country and use a credit card.

 

[JEDI]

Originally posted by: hongkongfever
I've been a card holder since 2002. Back when I first opened an account, they gave me a $500 limit which was fine because I was in college and was broke. Fast forward to now, after almost 6 years, and a higher paying job, I am still denied a credit limit increase after several tries.

When I request one, I was told they "proactively" review accounts and a denial is not an indicator of bad credit. I know I have good credit as well. So I mean, crap, if after being a customer for 6 years and it's not necessarily just your credit history, then what is the criteria? I tried asking this question and was told "oh it's a super secretive thing that I don't know and can't tell you." I mean WTF?

And it's not just me, it seems like every one of my friend that owns a card has a crappy limit.

Can someone enlighten me on this? I already closed my account out of frustration a second ago but I would still love to know.

must be your skin color

they bumped up my capital one rewards card from 2.5k to 5k to 13.5k w/o me asking

edit:
hm.. might be mistaking this w/another rewards card

 

[Schfifty Five]

I got a Capital one card and they gave me $20,000 right off the bat.

This was after I just started working for less than 6 months and I had 2 other CC's prior to this one.

I don't know why they gave me $20K, but I have never used it once lol.