So a friend got a pre-approved offer for a CapitalOne plat Visa. He responded via the internet and found out from calling the status line that he's approved. The only problem is they couldn't tell him his CL!! He says he has to wait for the card to arrive and when he calls to activate it, then they'll set a limit. I've never heard of that, what gives? Does this mean he's going to get a paltry $200?
It takes a few days after the online application before somebody sets the credit line, in fact they might have set it when your friend called. Tell him to call again.
I'm pretty sure they use a random limit generator. It's closely related to George's random number generator, but it only goes up to $500 with Crap One.
Cap 1 is the KING of computer-based risk assessments. I can assure you that they already knew what the credit line would be before they even mailed the form! I think they don't want to tell you the CL because they want you to have that hot little card in your hand!
He said his card arrived today but he hasn't called to activate it. The CS people won't tell him anything but he figures if this puts him on the road to recovery... I'll try to find out what happens when he comes over tomorrow. I have to help him with looking for an equity loan which I'll post about separately.
