Got the interest rate on my credit card reduced from 20.9% variable to 17.9% fixed today. I called and requested to speak to retention. I asked for a rate reduction and the gal immediately asked me if I would like the 17.9 % fixed. I accepted. No threats to cancel the card were necessary. In response to my request for a limit increase, she told me to call back in March as 6 months must go by since the last increase.
Here is a chronology of my experience with Capital One:
November 1998 - Filed Chap. 7 BK and received a $1,000 card secured with $99 deposit and a $29 annual fee. The offer was preapproved.
February 1999 - BK granted.
November 1999 - Card is unsecured. $99 + interest is returned.
September 2000 - Upgraded to $3,000 gold. Annual fee eliminated. Offer preapproved.
February 2001 - Interest rate reduction to 17.9% fixed.
March 2001 - I plan to ask for an increase in limit.
April 2001 - Update the CRA's with my new limit. Hopefully a $4,000 card. Remember, that Capital One does not report your limit to the CRA's.
P.S. Capital One tried to get me to pay a $99 fee to upgrade to gold in September. I refused (politely of course) and still got the card. I am temporarily putting close to $3,000 in debt on the card this month to justify the limit increase next month. Then I will pay the debt off. Capital One is not the best of cards. We all know that, but considering my recent credit problems, they have been good to me.
RE: Capital one
Capital One has been pretty good to me, too. The classic Visa I have with them is my oldest account. I've had it since 96 and the increases have been extremely slow in forthcoming. MAN! Can they be stingy!
However, just last October, I received a pre-approved offer for Cap One's gold card. Not being one to withstand temptation, I applied and was accepted.
My initial credit line was a measley $500 and I was quite disappointed. Three months later, though, without any requests on my part, I got a $2500 increase. That was better! A $3000 limit was more like what I initially expected.
We'll see what happens next. Now that February is here, I'm at the six-month mark. Since my big increase was just three months ago, they'll probably make me wait. But that's okay because I don't need the credit.
I would love to be able to rid myself of that yucky classic card because I don't think I'm ever going to get much of a limit on it. But, since it's my oldest account, I guess I'm stuck with it for a while.
RE: cap 1 service is top notch
The lady was very nice today when my card was stolen. Cancelled my card, reordered a new one, guaranteed me no charges, interest,late fees would apply because of the charges, looked and found some pending illegal charges, and then said my card will leave no later than next tuesday, along with a fraud dept form, and they are sorry it happened, but i won't be treated negatively, nor will it affect my "rebuilding" process with them.
She was very nice (forgot her name). I just paid off the card, ready to close it after 12 months, or merge it and was quite dismayed to see the bugger russian charges on it.
I've never gotten bad service from them, they are stingy on increases, but hay, they are doing me a service.
I no longer have my classic card. When I upgraded to gold over the telephone, I asked what will happen to the classic card. I was informed that the classic account would be ended however the new gold account would show in it's place.
Therefore, I don't have 2 Capital One accounts on the credit reports. Just the one account dating from 11/98 currently showing a balance of $2500.
I did not want them to close an account and open a new one.
RE: Capital one
Great. I should ask for a reduction too.