It has been six months since my last increase. I called the customer service line and requested an increase through the automated system. If anyone remembers, I received two $1,000 credit limit increases the last time within one week of each other. One was through the automated system and the other was manually from a retention specialist. What did I get this time? A whopping $200 increase. Say what? I called retention and the rep I spoke to was nice, but not helpful. I even used the "I may cancel my account" strategy. She stated she could do that for me now if I would like. Interesting that she didn't even ask me why I would want to close it. I have had this account for almost 4 years and it is the only subprime account I have left. I want a $5000 limit so I can upgrade to the "No hassles" card. I really don't need the account, but I am keeping it for age since most of my prime accounts are under 2 years old and I canceled my 5.5 year Providian account. Hopefully, Mr Cooke can do something for me. Otherwise, I am tired of dealing with them. I have worked very hard like many members of this board to improve my credit. I have no negetives and all of my scores are over 750. I think I deserve better. Just venting. Thanks for listening and have a good night. :-D
Hi, About 3 months ago, Capital One enclosed a sheet of paper with my bill stating that they have made it easier to close your accounts when you call their customer service representatives. When I read the entire page, I had a feeling they no longer cared about people threatening to close their accounts Good luck with Mr. Cooke.
I read everything that comes to me in the mail. I never received anything like that. It does explain what may be happening though. If they have a large number of subprime accounts and they want to get rid of some, you would think they would start with the customers who are consistently late/delinquent or constantly overlimit. I have had my account almost 4 years. I use the account and even allow them to have some interest on occasion. I pay on time, never been late or overlimit. I have even balance transferred to them (even though I did not have to) to raise my internal score. A $200 increase is a slap in the face. I would have expected at least $500. I believe Capital One is definately having problems. I think many cardholders are in for a rough ride. Hold on!!
Hi Saar. I am $800 from a 5k limit. I just called customer service again and I was told that is all they could offer. She stated their limit increases are very conservative (yeah, I know the story). She couldn't understand why my last increase was $1,000 (really $2,000). She stated it may have been some sort of promotion added to my account? This is crazy. They do account reviews every month. I'm sure they can see I have accounts with top prime issuers that are paid on time and that I have high FICO scores. This is really strange to me. :-/ At this rate, it will be another 2 years before I could get the Platinum account. I refuse to wait that long. That's ridiculous.
If your score is that high, won't you qualify for a "No Hassle" Platinum if you applied now? Take any new card they'll give you, wait 6 months & call to combine. Saar
I suspect part of the reason they inserted the mailer re making it easier to close accounts is that they got sued over it by some consumer. Cap One used to keep your account open for at least 6 months after you closed it (it would still be open on the CRA files)...and, if a charge went through after you closed the account - which they always allowed - it would constitute that you wanted to keep the account open indefinetely. Then also, in the wake of Providian, maybe they are also trying to purge their holdings of "sub-prime" accounts.
Well, when you go to the website to apply for their cards, there is pop-up on the Platinum link that states if you currently have a card with Capital One, you can't apply for the Platinum product at this time. I really don't NEED the card, I just wanted to keep it for the age. I also don't want to waste any inquiries on another product with Capital One. If Mr. Cooke can't do anything for me, looks like I will have to close the account. It's just the principle of the matter. There have been customers that have had their account for less time than me and have been able to get larger increases and upgrade to Platinum. For me, it has been like pulling teeth. LOL Oh well, another one bites the dust!! :-D Thanks for the replies and suggestions.
They are having financial problems - they had to create a large reserve for a lot of their loans which auditors believed were risky and would probably default. Their stock went down considerably after this was announced.
Yes, they're having major financial troubles. They have become very stingy with credit limit increases. I used to get pre-approved offers for plat. cards every few weeks, now those have stopped. At this point, it doesn't look like they want to issue new/additional credit to subprimers. They even dropped the max cl on their gold card from 2000 to 1000, as indicated on their website. EQ 724 TU 745 EX 795
For folks in need of sub prime, they are certainly one of the better cards, but as far as I'm concerned they insult people with great credit giving them lousy credit lines and stupid excuses.
Since you are a good client, I think they would want to keep you. you are subprime but being made prime by upgrading would help Cap1. I am sure Mr. Cooke can probably do something unless his hands are tied by the latest developments. He gave me a generous $1000 increase on a $1000 classic card that was 2 years old last month. I do think Saar has the right Idea in applying for a new card now. I heard they will stop all online offers after the 31 of july although I cant believe it.
