Now I REALLY love Capital One!!!

Discussion in 'Credit Talk' started by jymlewis, Nov 25, 2002.

  1. jymlewis

    jymlewis Well-Known Member

    I posted a message a month or so ago about how I just loved Capital One. They've been the generous giving me credit, be generous with CLIs, etc. when other banks weren't so generous.

    Well, after today, I am REALLY loving Capital One. This is gonna be a long post - sorry for that. But I'll explain what happened just now.

    I've got 2 Capital One Cards. One Gold Card I've worked up to $1000 over the last year. And one Platinum card that's 6 months old with a CL of $300. I never use the $300 one any more and it's been paid off for 2 months. I called today to see if I could get a CLI and they said it's still too new. I hung up and called back and spoke with another CSR and said I just wanted to close the account (I was bluffing. I really just wanted a CLI. And I've learned from past exp. that this works with them).

    So the CSR asked why I wanted to close the account. I told her the CL was just too low and I can't use a card with such a low CL and since they were unwilling to increase it, I wanted to close it. She said, " I understand. But in order to process this, I'll have to transfer you to someone who can take care of this for you." I said, "Fine." (getting nervous....wondering if my bluff was really going to work this time.)

    When I was connected to the next CSR she asked again why I was closing it and I told her the same thing I told the first lady. She said, "Well, if that's all, I can take care of that for you. I am an account manager here and I can make sure we get you a good credit line. I see you've been with us just 6 months so far. You have an excellent payment record with us. Here's what I can do. We'll lock you in at 9.9% interest. And I'll give you a credit line increase of an additional $2800.00. Then, I can also pay off some of your other credit cards or loans, etc. at the same 9.9% for up to an additional $4,000. That's the most I am authorized to do."

    My heart skipped a beat and I began to studder wondering if this was all some sort of mix up. Did she have the right guy? Was she looking at MY credit??? She wants to increase me from $300 to $2800??? And also give me more $ to pay off other cards?? "Ummmm. Ok.", I said. Still wondering what the catch was.

    Turns out it was true. I gave her my other credit card account numbers and the corrosponding balances and she is sending them a check to pay them all off! I paid off $3900 in other CC debt that was at a LOT higher interest rate than 9.9%. Supposedly, these other cards will be paid off by Capital One within a week or so.

    I asked, "Now, when you send payments off to these companies, do you also send a letter requesting the account be closed or something?" (Thinking maybe that's how they did it! They weren't changing my total credit - they were just restructuring things so that all my credit was with THEM.) She said, "No sir. That wouldn't be legal. We just pay them off. You have to call and close them."

    This was too good to be true.

    Then, at the end, she said again, "Now, I am also increasing your credit line $2800 and that will take effect within 2 days. So if you want to do some Christmas Shopping....."

    And that was that. Now I apparently have a Platinum Capital One card with a HUGE limit at a pretty damn good rate and my other cards are paid off!

    This is the most amazing thing I've ever seen. Again, I LOVE CAPITAL ONE!!!
     
  2. leencaci

    leencaci Well-Known Member

    AWESOME!!!!! I am calling Cap 1 right now. I have an @card and a Gold. Too bad they only report high credit instead of the actual CL.

    Congrats!!!!

    leencaci
     
  3. CardKid

    CardKid Well-Known Member

    That's great, jymlewis. It's good to see an issuer that, for once, exceeds expectations.

    CardKid
     
  4. leencaci

    leencaci Well-Known Member

    I just got off the phone with Cap 1 and they offered me $200 increase. What the heck!!!! Then to increase it even more they offered to combine the 2 cards. I told her that was not an increase. That is what I already have. Man, a loyal Cap 1 customer and that is what they offer? I graciously declined thier offer and told the account manager that I would just call the executive offices tomorrow to see if the would like to retain my business. Guess I will have to talk to Mr. Cooke. I didn't dare accept the offer. I could hear them say,"You just got an increase of $200 and you will have to wait another 6 months to request more." Ah well........
     
  5. jymlewis

    jymlewis Well-Known Member

    Re: Now I REALLY love Capital One!!

    Now, see, that's all I was hoping for. I would have been happy with just a $200 or $500 increase or something where I could make some progress. I don't care, as long as I can keep increasing my CL slightly every 6 months. But I was surprised to see that they went WAY beyond what I had hoped. I don't know. Maybe it had something to do with the fact that I didn't qualify for a CLI and had to be transferred to an account rep. who actually had a lot more authority or something. I don't get it either.
     
  6. Vman

    Vman Well-Known Member

    Re: Now I REALLY love Capital One!!

    I may try this tactic tommorow - I have one of the $300 Plat Cards also.

    Will let you know the results.
     
  7. Hermit5

    Hermit5 Well-Known Member

    Are you kidding? It was the toy Platinum? Geez, I've had 2 since last Jan/March for a grand total of $800 in increases.

    I"ll try this in late December when I go to combine.

    One thing you can do if they do call your bluff and close them is to ask them to reopen them in a week or so.

    BTW what are your scores?
     
  8. Hermit5

    Hermit5 Well-Known Member

    Are you kidding? It was the toy Platinum? Geez, I've had 2 since last Jan/March for a grand total of $800 in increases.

    Its like Marie said "you don't get what you deserve, you get what you can negociate"

    I"ll try this in late December when I go to combine.

    One thing you can do if they do call your bluff and close them is to ask them to reopen them in a week or so.

    BTW what are your scores?
     
  9. Jeff

    Jeff Guest

    Congratulations!! I've found Cap 1 to be helpful and generous as well.
     
  10. jymlewis

    jymlewis Well-Known Member

    Re: Now I REALLY love Capital One!!

    Yah, well, I figured if they called my bluff I'd just wait until the last minute then say, "You know what. I think I'll hold off on closing this. Let me talk with my wife first." Or some other lame excuse like that.

    My scores? Mid to High 500s. That's why I was pretty surprised. I don't know. There's a chance that's gone up a little over the last month since I do have a credit repair agency reworking my reports each month. But I've never seen any REALLY big jumps in my credit report. So far, every time they re-work my report (e.g. file another set of disputes) a few things fall off, a few things stay. but who knows? I haven't checked lately. I just know that the last Credit reports I saw were still bad enough for me to still be in the range I gave above. That was a month and a half ago.
     
  11. Ozzyburger

    Ozzyburger Well-Known Member

    I understand your aggravation... I've been with them for 2 1/2 years - started @ $1,000 and in 2 1/2 years, they've upped me to $2,000, with the last increase being a whopping $200.

    I told myself that after the CyberRebate fiasco that I'd always keep my Cap1 card becuase of the way they handled that mess, but I'm at the point I need to close one or 2 accounts and since they're stingy, I can't see keeping it open anymore. Plus since they just report high limit, it's not gonna hurt my ratios at all to close it.

    Ozzy.
     
  12. leencaci

    leencaci Well-Known Member

    That's what I am thinking too. However Cap 1 is one of my oldest pos. tradelines.

    The more I keep thinking about it, I might combine my 2 accounts to one (@card and Gold). But then what happens to my score when I close an older tradeline and combine it with a newer one that does not report CL. Man what a gamble. I don't know...

    leencaci
     
  13. jrjr35

    jrjr35 Well-Known Member

    It has worked for me a few times as well.
     
  14. leencaci

    leencaci Well-Known Member

    Well I did it. I called the executive offices and spoke to a Camiella. I explained my frustration with the account manager only offering me a $200 increase and how I thought that was a slap in the face for my GREAT history with them. She put me on hold and came back after a few min. and gave me $700 increase on my Gold and $500 on my @card for a total of $1200 increase. Now why couldn't they have done that last night when I talked to an account manager??? Things that make you go HUM!
     
  15. jymlewis

    jymlewis Well-Known Member

    Re: Now I REALLY love Capital One!!

    Well, I checked my account online today and sure'nuff. It's all true. I have a balance now on my account of just under $4,000 (the other cards they paid off for me) and I have a credit line of $2800 available. I wish I had gotten a name of who I spoke with so I could pass her on to you all.
     
  16. waalien

    waalien Well-Known Member

    Re: Now I REALLY love Capital One!!

    I just got increases on both my cards, not as much as you. My online statement reflects the increases.

    Yet I got a letter in the mail today thanking me for inquiring about a credit limit increase, but declining my request.

    HUH???

    oh, well, as long as it keep saying on my statement that my CL is higher than what it used to be, I'll just ignore the letter :)
     
  17. The Kid

    The Kid Well-Known Member

    Re: Waalien

    Waalien-

    No offense to you, Waalien, but after reading some of your posts I have reached the conclusion that you are offering inaccurate information. I suggest that you go ahead and read the first 3 threads and all of the associated links.
     
  18. Brad J

    Brad J Well-Known Member

    Cap one line increase

    Congrats on the CLI. I would say yours is a RARE exception to the rule. While true that card companies will change terms if you try to cancel your account. Raising a limit by that much after such a short history is....(well I don't know what to think). Be careful though, if you do default or violate any agreements, you will find Cap 1 to be much less "understanding". Very well though, I am glad to hear success stories like yours as it gives others like me hope.
     
  19. ahossen

    ahossen Well-Known Member

    Re: Cap one line increase

    jymlewis ,

    congrats on your sucess. It will be very helpful for us, if you can call cap1 and get the account manger name, they must have note who you did talk last time regarding your account. It will be very helpful for us and we can talk with that manger. Sorry for bothering you.

    thnaks in advance

    akm
     
  20. jymlewis

    jymlewis Well-Known Member

    Re: Cap one line increase

    ** Be careful though, if you do default or violate any agreements, you will find Cap 1 to be much less "understanding" **

    Understood. But I am much better with making my payments these days. 5 years ago when I was just starting my business I wasn't making any $ and couldn't pay our bills. And that's what got us into trouble. Nowadays, I make a good 20x what I made back then. And I am religious about making payments on time. I always make them early and more than requested. It's just slow going trying to repair my mistakes from the past.
     

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