Was told yesterday by a Capital One rep that they no longer accept "manual" applications for a credit increase. All they can promise is to review my record every 6 months and adjust my credit limit if they see fit. According to him, the only exception is if I make additional deposits to my security account. The thing is I also applied for an increase a few weeks ago, and they granted it the next day. A sudden change? Anyone else had similar experience? Saar
RE: Capital One's new credit i Saar- I have an unsecured Capital one account with a 200$ credit limit. I recieved the card in January of this year and was told that I would be considered for a limit increase after one full year. Does this new policy mean I may apply for an increase now? Thanks, Rock
RE: Capital One's new credit i No, if anything, it means the opposite. But remember that there are 2 other options: 1. The rep wasn't telling the truth, or 2. There is a different policy for unsecured cards (mine is still secured). Also, previous posts suggest that if you ask them to close your account, they'll offer to adjust any credit lower than $500 to that amount. If you try anything, please let us know how they responded. Thanks. Saar
RE: Capital One's new credit i I have an unsecured Capital One card and just received a credit limit increase after only ten months. I was told I cannot ask for another one for at least six months. I think the real "policy" is simply where you stand as a customer with Captial One, and what type of account you have. Show them you need AND CAN RESPONSIBLY HANDLE a larger line of credit and they will grant it to you at the appropriate times.
RE: Capital One's new credit i I have a partially secured card with Capital One ($5,000 CL with $2,000 deposit). The credit limit has not been increased in two years and the interest rate is inching upward everytime Greenspan sneezes. I have a second card (unsecured) with a $300 CL that was opened in November. The propaganda that came with the card said "you may be considered for an increase "after just 3 months". No increase yet. I pay the small card off each month. Maybe that's the problem. I have a good payment record on these accounts and with my other creditors, make large payments, and keep well within the credit limit. I will definitely close the small account before the anniversary date to avoid another annual fee and probably close the other as well so that I can put my $2,000 to better use. Also, I've noticed that the interest rate on the savings has gone down since I opened the first account in '94. The annual savings statement does not disclose the rate of interest so you have to do your own math. Capital One's CL limit increase policies are too conservative.
RE: Capital One's new credit i I just spoke with Capital One about increases. My card had been partially secured for two years. I had 900 in savings and had a 3000. limit. They unsecured it three months ago and sent back the money with interest. After reading some of the increase remarks I decided to call and ask. I was told that after three months of going unsecured you could ask for an increase and it WOULD NOT GO AS AN INQUIRY AND AFFECT YOUR CREDIT SCORE. I asked two times about the inquiry and she said that in BOLD print it said that on her instructions, DOES NOT IMPACT CREDIT SCORES AS IT IS NOT DONE AS AN INQUIRY. They said that after this they review your account a couple of times a year for increases.
