High drama in consumer finance ciircles today. Cap 1 stock is down $17. They are signing an agreement with bank regulators that will limit there subprime lending among other issues.
Yeah, they're punks when it comes to CL increases. Hopefully in a few months, I will be able to get a regular card.
I really don't have much complaint about cap1. I started out with a $200 limit in January and now 6 months later my limit is $900. I hope there won't be any problems in the future with cl increases.
If you're a current customer who always pays on time and never o/l, this should not affect your future credit line increase.
Yeah, your $300 t0 $500 increase.I'm not knocking anyone though, I think they treat even those with good scores lousy.
A few months ago, Cap1 was offering a cl increase for a fee. If memory serves me right it was 1k increase for $39.00 or was it $49.00 I don't think it was very popular income ploy as I did not read about it on Creditnet. I did not think Cap1 had that many risky loans out, could be centered around the 1-5 secured cc accounts. I agree with the poster, that if you pay on time and never go over limit your cl increase should be okay. Also wondering if this is the reason why Cap1 have been going after the prime market with those tv ads. Best regards, Mirage
If you build a good relationship with Cap 1 they treat you well. I had $500 credit limit in december and after finding this board and the very helpful people here, my credit limit has been increased to $2000 on this classic card and I have recieved 2 platinum cards as well(small limits). Pay on time, don't go over ( i have for a few dollars) and they are good to you. P.S. if you go over try to talk to them and have your over limit fee removed as it helps for lmit increases. I was getting ready to ask for an increase on my Platinum cards but maybe I'll wait.
I have a subprime card with Cap1 right now. they bought an old debt of mine, which was a little uder $500. My minimun payments are around $35. I've been giving them way more than that - anywhere between $50-100 a month. My question is, after II have this payed off in a few months, do you think that Cap1 would be willing to offer me a regualr card in place of the subprime? -me- TU 609 7/9 EQ 601 7/9 EX ???
Its very tough to get an increase on a card like that Bopem, My bestest friend in the world got a similar offer, he can't seem to get a increase to save his life and his has over 6 months paying on time after the debt was paid. Your best bet is to get a secured card on top of this toy card. THis is my opinion.
Hard to say. On one hand you're showing that you can handle credit by paying on an account on-time, however, on the other hand, your "first relationship" with C1 has been through a collection account that they purchased, so they may view that as not so good. Even if you do start sub-prime with C1, by doing what you're doing now on this account (with your new account), you'll work your way up to prime within a fair amount of time.
I hope this isn't a stupid question... How do you know if your Cap1 is subprime? I thought all Cap1 accounts were considered subprime but from this thread I gather that is not the case? Thanks...
Cap1 has been advertising their Plat. no hassle with a 9.99% card for the last year or so. I think one or two people actually have that card. This card is not to be confused with the toy Plat. cards that have been offered as well. Best regards, Mirage
You know your Cap1 is subprime when they buy your account from a collection agency LOL! -me- TU 609 7/9 EQ 601 7/9 EX ???
I have a Cap 1 sec card with a CL of 500.. I have been using it for about 5 months and have been GREAT with it. No late payments or I was never hit with any fees for overspending my limit. When would be a good time to expect a CL increase? also what constitues a good relationship with Cap1? is it simply paying stuff ontime or do I have to take them out for dinner? LOL
