Ok, after a year or so w/Cap1 I think I have a pattern for credit line increases (or not). I have 2 accounts: Mc and Gold Visa. The MC is 3 months older than the visa. The have gone up at about the same increments until Sept 2000, with the Mc going first (of course b/c it's older). But here's where my purchase and payment patterns inadvertantly changed. I kept making bigger payments (200-300) on my MC b/c it had a higher interest rate. The Gold Visa, however, got a quick reduction to 15.9 and then 13.9 (prime! almost). so I've been making 50 or 75 payments to this one. Result: My last increase was in Sept to a grand total of 900. Wow, big money for Cap1. But it's stayed there. Stayed, stayed. I've done all I know how to do. I got the interest rate reduced (twice) I even got half my annual fee rebated. But no line increase (and I consider myself pretty good at getting line increases). The computer has thrown everything at me except line increases. So a month ago I got tired of Cap1, made 2 payments to my MC acct (500, 335) paid it in full. I also tried a new approach. I temporarily gave them incentive to increase my line. I took the payment protection bs. (yes, I hear your groans) but I did cancel it w/in the free 30 days. Here's what happened: I called in for a MC line increase (after the large payments had posted) and they gave me 300. On that call I took the payment protection (as an experiment). I called back 2 weeks later (YES 2 WEEKS) and they gave me another 300 line increase. I triggered something. Now, on the Gold Visa, I just did a 500 payment: what did I get? Nada. yet, but it hasn't been even a month since my last interest rate decrease. I'm waiting til a month passes, I'm adding the payment protection: and then I'm asking for more credit. We'll see. I think Cap1 is VERY sensitive to LARGE payments. Prov doesn't seem to be. Pay on time, get increases. But w/Cap1, pay a little on time: get nothing. Make big payments, trigger increases? Just curious to see if there's a pattern. What have you guys experienced? Want to try larger payments to Cap1 for a month or 2 and see if it triggers line increases? 2 increases in one month makes me now wonder about their internal computer program. and you all know how I love figuring out their systems so we can maximize our terms. Feedback?
My first attempt was the other day with Cap 1. One account (Classic visa 03/00) was increased from $200.00 to $500.00. Kmart card (11/00 6 mos of Kmart purchases interest free) interest reduced to 15.9%. I don't know how long to wait before asking again, I'm a little confused but I think that I'll wait one month on the classic (for another line increase & interest) and 2 months on the Kmart so the account is 6 mos old for an increase. Now, YOUR thoghts?
I'm calling every month or 2 w/Cap1. I rotate accounts. They have actually been encouraging me to call. "If there's something available for you, we'll let you know when you call again. We're here to help you" yadda yadda yadda. They genuinely have been nice. Every time retention actually gives me their direct number. I just can't seem to trigger an increase on my Visa. I'll keep trying. I just think once or twice a year is a bit lame. When I signed up they said they review every 4 months, now it's automatic every 6 months. That's big difference in increases over several years.
Yeah i went from secured $500 to $1100 in less than a year (9 months). I got a $100 increase on my gold card after 1 month. I got a $100 increase on the secured card after one month. I pay off in full every month. They like that i guess. If you can pay 2x your limit (limit x 2 times a month) Thats what i did. They are very receptive to multiple, and large payments in my experience too!
I have accounts with Citibank, Universal, Providian, Orchard, Nextbank and MBNA. All of them are reasonable about credit limit increases but not Capital One. I maintained a partially secured account that Capital One refused to unsecure after six years! No credit line increases in two years. I maxed out this 5K card without going over the limit and paid it down in monthly payments of $1000 each to test them and still hit a brick wall even though credit reports from the three CRAs showed perfect payment record with all creditors. After I closed the account, I received a letter offering a $500 increase on my condition that I deposit $99 into the security funds account. I have no idea what these fools are thinking and it feels much getting away from them and no longer having to care.
Why keep them? Capital one offers you nothing dave? The only reason i keep them as they are the only cards I have other than Citibank. And probably will offer the fastest growth i can get until my charge offs' disappear! cancel the card, problem solved. Cap 1's subprime products are generally for those who don't have anything better.
