I just cancelled my Capital One Visa Gold because I didn't want to have the additional credit line there. It's got a $2000 credit line and a 12.9% fixed apr.
Speaking of Cap 1, I followed everybody's advice here and posted a letter on PFB wondering why after 1 1/2 years, they haven't offered to increase my credit line or unsecure my $300 limit secured card. Mr. Cooke called and after a short discussion of my Secured and Gold accounts (he looked over my history), gave me an 100% increase AND unsecured the Secured card. WOW! He was cool and you guys rock! Keep the good advice coming!!!
Capital One is a very conservative lending institution. They have the lowest charge off rate because they do not give credit line increases very often. People who want credit line increases are viewed as high risk. If you look at Providian they have TANKED because they give sub prime customers high lines of credit. It is nothing against you. A secured card customer down fall in the past is that they could not pay pack their loan, so when they ask for more credit it generates a RED FLAG.
I just got a secured card with them...so when I want a limit increase, should I pay the card down to 0 and then ask for it? What's the best course of action? They said I can ask for an increase. Thanks, Trina
Wow.. an increase in only 3 months? They usually make you wait till 6. Anyway, you don't need a zero balance when asking for an increase, just send off a ltr via PFB to Mr Cooke.
