I have a Cap One credit card with a $1000 limit. They just offerred me an increase in credit line to $2000, but did not tell me (and this was all via recording) till after I accepted that they would be sending me a new card with a new number, and that the card I have now will become void. Will this affect my score? On top of that, today I just received yet another offer from them for a Platinum card with a credit line of "up to $5,000". Why would they send this after offerring me an increase in my existing account? If I accept this as well, will this be too much too soon as far as my credit score goes? Any advice?
I'm starting to wonder that myself. I just lost five of my recently acquired fifteen points because my newest Cap One started reporting...lol. I know in the long run all of this will benefit me, but I sure feel each point right now. I can't really answer your questions because I'm still trying to figure out this average age of accounts thing, but I will say that if you just got a Cap One card, you can't apply for another one for forty-five days or they will decline you. Read the really fine print on the back of the application/enclosures. This goes for guaranteed approval cards as well...no matter what the customer rep may tell you. L
As far as the first card getting a new number, probably you have been upgraded from classic-to-gold or gold-to-platinum. If this is an upgrade, your credit score will not suffer wrt a new account. Your old Cap One tradeline will just have a new account number, but will retain the history of the old account (as well as high credit of the old account). Of all the CC companies I've dealt with, only Cap One does this wrt their tradelines. Everyone else hits your report with a whole new trade. I've had my Cap One account number changed twice, but it is still the same tradeline with the same history. If you get approved for a new Platinum card (as opposed to an upgrade), it may be a different story wrt account age and a new tradeline hitting your report. In that case, I suggest using PFB to combine your other card with the new one BUT make sure that your account age stays the same. The PFB source can make that happen.
Regarding PFB and Cap1, it has been 9 days, 3 PFBs, and 2 voicemails, and still no word from Eugene Cooke. 6 weeks ago I increased my limit with him, and at that same time, they claim I called to close the account, so I am trying to get it active again. With this problem, and the fact that I am reading more abot how lenders like Cap1. put incomplete credit information on our reports, (no limits), I am not happy with them, and their customer service reps are very rude. I just got a DMB card, and I have heard good and bad about them, but I am hoping it will be a better experience.
Sorry, I couldn't get back on the computer till now, but wanted to thank you all for your posts. I completely missed the part about having to wait for 45 days, but there it is - thanks for the "heads up" whyspers! I'm tossing this in the trash and will just wait for the next offer, as I'm sure it will come again. I have to say that Cap One has been really good to me with the upgrades and credit increases (I started with a $400 limit a little over a year ago) and they have been really attentive. I hope you all have a great day!
I did leave 2 VMs, I talked to him Monday, my account has gone active again today, I have not heard back about any upgrades on the account yet.
as far as the 45 day wait, if it was an upgrade to your old account, then you can still apply for that new offer they sent you. The did this to me; upgraded my classic to gold, then i got a separate offer for platinum up to $5k. I was approved for a new account for $5k. But beware, if it's the same offer i got, there is a $72 annual fee billed $6/month. Once you get approved, ask them to wave this fee before you activate! Also, i asked this same question if Cap1 hurts or helps? By not reporting a credit limit, this may actually be hurting our scores because FICO is unable to determine total available credit accurately and will screw up balance/credit ratios. Just my thoughts. Good luck!
Does anyone know how long C1 takes to respond to a PFB? I sent one 2/24 and still no response? Has anyone gotten their cards combined through a PFB?
Mr Cook seems to be busy. It seems sometimes it takes a day, the longest I have heard is 10 days, I had to send 3, and leave 2 mesages before he contacted me Monday. Yes you can combine, not all cards are combinable, the co-branded cards for instance, I hear.
I'm doing another PFB, it's default addressed to the CEO mr Fairbank??? Should I leave this or change it?? thanks!
