You have to understand how Cap1 thinks and use that to your advantage. Cap1 deals in two markets, and they two don't talk to each other. The standard Cap1 card is a subprime card, the CSR's know it's sub prime and they have no authority to grant credit line increases. This division of Cap1 reports to the CRA's at the beginning of the ODD numbered months and pulls a soft inquiry on all cardholders at the same time. Cap1 has programmed its computer to give the sub-prime modest (under $1500) credit line increases if (a) there are no lates on the CRA file, (b) no lates in Cap1's file and (c) the customer's FICO score is nearing the upper limit of sub-prime. That is around 650-700. When you get into that range, you will be bombarded with snail mail and e-mail solicitations to take out ANOTHER Cap1 card, usually with a much larger credit line. If you don't respond, you will get e-mails saying "we sent you an offer, what's wrong with you, you didn't take it" or thereabouts. I got these mail and e-mail solicitations every other week. Take them up on it. I did, and got a second card with a $4000 line. At the time my first card had a $1250 line, and I had been told the "computer" hadn't okayed me for a CLI. Then I used PlanetFeedBack.com (PFB) and asked (not complained) why their computer felt I wasn't capable of handling a CLI of over $1250 on one card of theirs but was ok for $4000 on another card, other than to generate a second annual fee. Three weeks later I got a call from Cap1 CSR (in the second division - the no-hassle card) which is a prime card. I asked the same question. Their reply was to merge the two cards and THEN increase my combined CL by $2500 (making the total line $7750 - 1250+4000+2500). Some people on Creditnet have said that Cap1 sends an automated reply to PFB's stating that they no longer respond to PFB and you should call Cap1's CSRs. Don't believe it. Cap1 DOES respond to PFB, it just takes a couple of weeks, but the trick is to sound reasonable, not like a fruitcake missing some Marzipan.
FlyingFir has given good advice. It appears that the standard green marble sub-prime card peaks out at about $4300. Capital One is losing business due to the fact that when you become a prime customer you may simply take your business elsewhere. I am not picking on Capital One as it is one of the best sub-prime card issuers.
What is considered "subprime" rates? I have a Cap 1 mastercard (carnival) and it's the only Cap 1 card I have. It is 9% rate. Is that subprime?
The upper limit of subprime goes to 700? Where did you come up with that? How do you explain people getting PRIME cards with less than 700 scores?
Maybe I opted out with them at some point but beyond a year or so after I first got the green marble card, they never bothered to solicit me for a second card.
Re: Cap 1 Mass Mailings and Opt-Out I opted out - ( which will work ) - and received no more invitations from Capital One. I received many invitations from Cap 1 for a second card when my fico scores hit the 650 mark. It appears that the only way to get a substantial credit line from Cap 1 is to combine multiple cards.
Re: Cap 1 Mass Mailings and Opt-Out I can tell you that I have got large increases on my No Hassle but even "R" on the old marbled card best they ever did was $200 at one time for an increase. I just keep it around for age of accounts. As to solicitations my shredder runs non stop with invitations for another card, in fact I had so many with the choose your card design, they broke my shredder.
Re: Cap 1 Mass Mailings and Opt-Out I sent PFB to CAP1 twice about CL increases and lower APR. Both times I received an email the same day advising me to contact their standard CSR line. After the second time I called the CSR line and advised the woman I sent PFB to them. I told her I have a Kmart with 2.5 K limit and the green marble with $4400K and wanted to lower the APR plus increase CL. She told me they could not be combined b/c one was a Kmart card and there was nothing they could do about the APR.... After some complaining she gave me a $200 CL on the green marble. A little history on this one--I got the card as secured 7 yrs ago, 19.99 APR, and along the way Cap 1 would send me offers to increase my CL by sending in more $. They sent me an offer to increase my CL by 3x the deposit and I took advantage--I was able to increase up to 4K. Shortly after, they sent back my deposit and it became unsecured. Since then, they have done nothing for me. In fact, I mentioned to the rep that "I felt I was being treated like a subprime customer", to which she replied "what do you think a subprime customer is?". I was surprised, and bodly stated "someone who gets no respect for paying their bills on time for 7 years and shows no CL on your credit report"! Anyway, I still have the green marble and it's up to $4600 unsecured, but it was a subprime. Subprime can go up to $4k secured but forget it after that. You will have to either PFB the right person (Cooke/Mays) and hope they respond or sock drawer it forever. That's what I will do after this BS.
Re: Cap 1 Mass Mailings and Opt-Out I think there's another aspect to how Cap1 - and probably other cards - look the actual card use. I have no complaints w/Cap1, the only card granted since my BK. I don't even care about the 15% APR since I rarely keep a balance. I did the PFB and asked the same question - why can't I get a CL increase on ONE card instead of having multiple cards. A month before my one year anniversary (which they say is the magic date), I went from $500 to $1200 and they waived the fee. So now I've been calling to get my APR lowered. I've learned that it does not hurt to call once a week and ask and that "special offers" don't last long, so I ask once a week. No luck in getting my APR down or my CL increased until yesterday.. They referrred me to an account specialist and I could lower my APR 2.5% - I was shocked. I figured maybe I could get a CL increase and yes, they would, w/out a hard inquiry and the amount is $700 BUT they won't do both - so I upped my CL to $1,900 and I'll work on the APR another day. Since I don't keep a balance anyway, I'll take the *possibly* better utilization, since I'm not sure what FICO knows about Cap1's CL. The week before this I was also referred to an "account specialist" who told me she couldn't do anything, but if I kept using my card, it would not be a problem. What I did differently was I charged up to about 50% of the CL and instead of paying it all, I left a $150 balance. I think that might be the key - if you sock drawer the card, there's no activity and you're less likely to get any offers. If you charge and then keep s small balance, they see more of a chance you'll keep a large balance.
Re: Cap 1 Mass Mailings and Opt-Out Flyingifr, I'm offended by what you said at the end of your post. I don't like Cap1, but that is my own opinion only. And in my PFB to them, I did not sound like a "fruitcake". That was uncalled for. Also, I have seen many posts that reported getting a "we don't prefer to communicate by email, please call us at our 1-800 number", in response to PFB. If you are going to going to disagree, then disagree, but do not call anyone names on this board. tobasco
Re: Re: Cap 1 Mass Mailings and Opt-Out I AM THE CUSTOMER!!!! (SO I THOUGHT) I PREFER E-MAIL!!!!!! WHY ARE YOU AFRAID OF E-MAIL??????
Re: Re: Cap 1 Mass Mailings and Opt-Out I did not call you a fruitcake and certainly did not intend to. That comment was based on the letters I saw posted on PFB of OTHERS requesting CLI's and how they presented their cases. After reading those letters all I can say is, if I were at Cap1 and got those letters I wouldn't have given a CLI either.
Re: Re: Cap 1 Mass Mailings and Opt-Out I think you guys are on to something because I have a CAP 1 card that was a rehabbed account. I had to pay back $952 and after the payments ended up with a $350 limit. I asked for a reduced APR and CLI increase and was given 9.9% and offered a $50.00 increase. Yep, they were gonna give a whole 50 bucks to paint the town red with. Well, I pfb'd and was told to contact customer service. They offered me the same deal of $50 and told me that because of the original contract (application) there was nothing else that they could do. But they did say that I qualified for a no hassle and practically guaranteed the approval. I said thanks but no thanks.
Getting Cap1 CLI's Another way to get credit line increases is to COMPLETELY PAY OFF your cap1 card. Be aware that the old green marble card peeks out at about $4300 and you will probably get an offer for another card. If you are close to your credit limit then you probably won't get a CLI.
