How does Capital One work?

Discussion in 'Credit Talk' started by Dan, May 26, 2000.

  1. Dan

    Dan Guest

    My Capital One limit is very low, so I called them to ask for an increase. The answer was negative. They told me that they can only increase my limit after 1 year and even then I have to put more money in as a security. Does it always work like that? They told me that I will get my security deposit + interest back when I close my account. Sjould I trust them? I heard that some companies do not give your security deposit back. Is that true?
  2. heather

    heather Well-Known Member

    I was told by a representative that they have recently changed their policy for credit limit increases. It used to be you had to wait a year and then they autmoatically reviewed your account. Now you can call them and request a limit increase. The only catch is you need to have a clean record with them for at least 6 months- not being late or over the limit. As far as your security account goes, you will get that back. (unless of course you don't make a payment for a long time and they apply it to your balance). Hope that helps!
  3. sam

    sam Well-Known Member

    Wrong. I applied for a credit limit increase on month 2 week 2 after my account was opened (received security deposit notice). Granted it was $100 ($600 from $500), the lady was polite and accepted my request. They will accept your request at any time. Mind you! my payments for those two months were in excess of $1000, i did complete payoffs every month. I might go ask again. They explicitly told me: NO YOU MAY NOT INCREASE YOUR DEPOSIT, WE'RE SORRY, YOU CAN ONLY APPLY FOR ANY INCREASE.
  4. Maryrose

    Maryrose Guest

    Capital One has a seems to have different stories at different times. When I first got my card (and it was an unsecured card) it had a $200 credit limit. I called to cancel the card and they told me I would need to wait until I had the card for six months to get an increase. Then I called at six months and they told me I would need to wait at least one year for an increase. Two months later, when I called to cancel the card again, they offered to raise it to $700. I did cancel the card, anyway. So I would just be aware that they seem to have differing stories for differing situations.

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