I started off with a partially secured card with a $500 limit in 2000 and am now up to $3500 unsecured with a 9.9% APR. I've asked for limit increases every six months like clockwork and have always gotten them, last one was in November at $1500. I'm going to ask again in May for another $1500, maybe more, and I'm wondering, wouldn't that limit ($5000+) make me eligible for their platinum card? I remember reading something like that on the board awhile back and wondered if that was still the case. Thanks.
I think CRAP ONE will give you a platinum card with a 200 dollar limit. just call and ask the worst they can say is no. good luck
Nope. You started as partially secured and the highest you'll get is Gold. You have to close the account and wait for a pre-approved platinum (hopefully, the no-hassle version)
If you get to the point that you qualify for a Platinum with a decent rate and limit, you really should consider some other card. The fact that YOU have to call for a limit increase and that they don't report the limit should tell you everything you need to know about Capital One. Besides, who else but Capital One will hit all 3 credit reports with a hard every time you apply for a card? I've been with Providian for just over 3 years. They've raised me from $300 all the way to $7400. I've been with Citi for 6 months and they started me at $5000 and raised me to $6,300 after 4 months. At no time did I call anyone; they did it automatically. Capital One, has me at $2,700 and I've had this particular card for almost 2 years. In that time, they've given me a $700 increase and I had to call to get it. Why put yourself through all of that when there are a zillion other cards out there? Go get a real card with a real credit limit and put that damn Cap 1 card in your sock drawer!
That´s right!. I had to closed my 3.5 yrs and 3k limit Gold MC Account because of that. I spoke with MR Cooke and Mr Miller to upgrade the card and no luck!!. I had perfect payment history with them. Scores over 720. Plenty of Plat cards with others creditors and limits over 10k. My advise to you is to close or do not use the card anymore and to apply for a prime lender as B of America, Chase, MBNA, CIti and others.
Just chiming in to say the other posters are absolutely right. I had a Cap1 subprime for life card but gave it up after five years because they refused to unsecure it-- using as their excuse 2 late payments out of 60 (2-3 days not months) saying I could only rehabilitate myself by making 30 consecutive ontime payments. When I kicked them to the curb, the card had a $5K limit secured by a $1500 deposit. Now I have over 100K in limits from prime lenders at competitive rates. I still appreciate that they offered a card to help me build my credit but there is no reason to be loyal when they won't upgrade from subprime to prime or even secured to unsecured as far as I can tell. The only thing to do is apply for their prime products but I won't do it because I've heard too many stories about people with good credit applying for a $5K platinum card and getting a $300 marble card with hards on all 3 CRAs. No thanks.
This thread is intriguing me to say the least. My dh got the Cap1 secured card 7/2001 ($99 secured, $500 limit). In 2/2002 he received an offer from them for "up to $7500 platinum at 14.9%, not much better finance rate, but hey why not. Figured we might get maybe $1000. LOL 3/2002 received the card w/ the full $7500 limit. My mom is convinced they accidentally put too many 0's on there, but hey I'm not gonna complain. Last Month, dh called and had the secured card raised to $750, afterwards he asked about lowering the 19.8 rate, they said they could either up the limit OR unsecure the card (does this lower the rate? I dunno as he didn't ask). He also called and had the platinum rate dropped to 12.9. BTW his scores/reports were really really bad at the time he received the platinum!!
Back in my sub prime hell days, (still there-almost out) I recieved a toy platinum from crapital one with a CL of $300 and a $59 annual fee. I've recieved two $100 CL increases so far since the card was opened in February 2002. Called "R", got half my annual fee waived. Wanted a CL increase and was just about a month shy of due of getting it. Was denied. Bastards. Called the day the account became a year old. Got it. I'm going to keep the card for another two years at or so to increase the age of my accounts then I'm going to unload it. They suck, but at least no BS like posting payments late, etc.
Cap1 website only lists 3 different cards. Is there a place where they list all the co-branded cards cap1 issue?
Cap 1 is known in the industry for their use of predictive analysis for rating accounts. In fact, I had a friend who applied to be one of their call center managers (back in '99). This was for a fairly senior management position and they actually scored him to determine whether they would hire him. 1/3 of the score was credit based, 1/3 was a test and 1/3 was interviews. Clearly, they live and die by computers. My point to this is that if your credit sucks and you need a card at any cost, then by all means, Cap 1 is probably the best you're going to do. If your credit is fine, I say avoid them like the plague. They look at zillions of credit reports and FICO scores. Do you think they don't have a pretty good idea of what makes scores go up and what makes them go down? They have every incentive to make your score as low as possible so that no one will come in with a better offer and steal you away. Not reporting limits. Score killer! Hitting you with 3 hards when you apply. Score killer! Enticing you with multiple cards (i.e. new credit). Score killer! Low limits. Score killer (I suspect but can't prove)! Think of all of the other lenders out there who will raise your limit substantially without even asking. With Cap 1, you have to practically genuflect and then they give you a lousy increase. If your scores are good, why do that unless you're into S&M? And finally, if you have decent credit, why in God's name would you pay them an annual fee? NO ONE makes you pay an annual fee except them.
Which lenders have very good reputation raising credit limits automatically without the borrower even asking for it? What would make a borrower qualified for PRIME credit cards? Fico scores? Anything else? Who are the prime lenders? Thanks!
Some of the major prime lenders are Chase, Citibank, MBNA, Bank of America, Fleet, American Express. Some companies have both prime and subprime cards. Notable among them is Capital One. There is no firm standard for what score will constitute prime. Probably 680 is high enough to get prime cards but each lender has its own underwriting criteria and not all of them are score- driven. One example is MBNA. Some will refuse to isuse a card to anyone with a bankruptcy but others may approve you if the bankruptcy is old enough. In general, if you maintain a perfect payment history on 2 or more tradelines for two years, the chances are good that you will qualify for a prime card with one or more lenders. Good companies for frequent CL increases are MBNA, Citibank and American Express. You can tell if an account is prime if it has most of these characteristics: 1. An APR below 15% 2. A credit line of $5K or more 3. Issues convenience checks and offers frequent promotions for low balance transfer rates usually without a fee. 4. Grace period 5. Has an 800 number with 24 service and invites you to call collect if you're overseas. 6. card replacement within 24-48 hours 7. Does not charge an annual fee except for rewards cards. 8. The card has awards 9. The card has benefits such as car rental insurance 10. no application fees or participation fees 11. when you get a CL increase, the company doesn't tell you it's rewarding you for maintaining your account well.
this is very helpful. i have two cap 1 m/c's. they have not given me any increases. the interest is under 15%. one i keep charged up, it's limit is 3K, the other one i had all paid off, then we moved and needed stuff for our house. so it is about at it's limit. what do they take into consideration when raising limits? i have had these cards for over 2yrs each. my husband has a providian visa, i really hate that company, i closed mine out. but they are always increasing credit. i called them and told them not to offer increases anymore. or they would send offers, for only $59 we will increase your limit by an extra grand. why should i pay for this when i am already paying your outrageous interest?
