Capital One insults me with a $500 Platinum cc!

[kgraeme]

RossMAN, just in case you didn't know, cutting up a card does not officially cancel it. The only way to officially cancel it is to call them up, ask them do it, and have them send you a letter of acknowledgement. The letter is very, very important. The reason they don't like to do this is because it costs them money in people time.

I recall that you are saving up for a house. When we went to the bank about our loan we were surprised by the cards that showed up during a credit check. There were cards we haven't seen in over ten years that were still officially outstanding sources for potential debt. The bank VP we were working with gave us the tip on how to really cancel a source of credit and stressed the letter. Our credit was excellent though despite the barnacles.

 

[RossMAN]

kgraeme - Thanks but I already know that. People assume that by cutting up their cc's and mailing them back that their account is closed, not so. It usually requires a phone call or letter, I prefer to send a letter.

I'll probably send a plain "you guys suck [expletive paragraph]" letter to their customer service PO Box and send the actual cut/burned up/soiled cc to the V.P. who sent me the welcome packet.

 

[TaylorD]

im too tired to read all the above posts, so if someone already said this, im sorry....


if you want an increase, call and ask to cancel the account. when they ask why, say the limit is too low. also complain about the annual fee, if there is one.
they should refund the fee and up the limit. if they dont, or if you're still not satisfied, cancel it

also, just FYI for all those young people (I am one of those) looking to get credit... don't apply for cards that you probably can't get. Each inquiry on your credit report negatively affects your credit. (If you apply for an excessive amount of credit in a short period of time, you will be designated a "credit seeker" and have a hell of a time getting any cards.)

The best way to go about it is to just get one or two student cards and always pay your bills on time...Over a year or a couple years, your limits will raise and your report will show a couple of accounts, always paid on time, that you have had for a reasonable amount of time... Then you will be eligible for more credit...

If you have a ton of money, (someone who's 18 making $1k a week?) just get a debit card and use that. The last thing you need as a college aged kid is credit card debt.

 

[XMan]

<< i called back capitalone and told them to just cancel my account.. they said, "why?" i told em they wouldnt give me a credit raise, and on the spot he raised my limit to 2000$... so you may wanna try that out if you really want the capitalone.... currently i have >>





<< if you want an increase, call and ask to cancel the account. when they ask why, say the limit is too low. also complain about the annual fee, if there is one.
they should refund the fee and up the limit. if they dont, or if you're still not satisfied, cancel it >>



Does that really work?

I may have to try that with mine.

 

[Fritzo]

Heheheheh...more like a Platinum PLATED card 🙂

Mine has a $8000 limit. I though Platinum cards had a minimum of a $3000 limit. Hmmmmm.......

 

[bozo1]

<< I though Platinum cards had a minimum of a $3000 limit. Hmmmmm....... >>


Nope that changed. Visa/Mastercard used to require a $5K limit for banks to issue Gold cards. When Platinum came out, they dropped the restriction on Gold cards and applied the restriction to Platinum cards. They recently dropped that. Banks are now free to give you whatever color card they want. Just a marketing ploy for people wanting to impress others with the color of their card. 🙂

Probably the politically correct crowd complained that it wasn't 'fair' for them to be embarassed by having a lesser card.

 

[apoppin]

<< I wonder if foreign workers who plan to go back home anyway after working here for 20-30 yrs. do this? I mean cash out and leave a huge debt behind? >>



Some do . . . Well, I know someone who is back in Brazil after 15 years here . . . he left a lot of debt behind here. 🙁