Credit Line Increase on my Capital One Credit Card
Guest: ely
Post subject: Credit Line Increase on my Capital One Credit Card
Posted: Sat Aug 12, 2006 2:31 pm
Hey Mouse, FYI, something worked, because I called them and basically old them i was not going to use their card any more (a true statement) because it wasn't worth it for such a low CL ($500)...and they doubled it to $1000. Still small potatoes if you ask me, but just adds to my dry powder should I need it. Miracles can happen.
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Guest: hdporter
Credit Expert (100+ Posts)
Posted: Sun Aug 13, 2006 4:02 am
My early experience with C1 is largely irrelevent to the OP since my credit score at the time the account was opened 4 years ago was more than 200 points lower than hers. Nonetheless, I'm inclined to share a bit ...
I'm immensely appreciative to C1 -- they extended a card 4 years ago when I was just beginning to handle my finances on a timely basis. (I was still reportint recent 30 day hits to my credit report and had my only other open account with Prov. at 90% util.) My credit score was a bit below 500.
I was stunned that the a/c rate was fixed at 12.9% -- about half that of the Providian a/c (do the math and it'll be clear that my head was still messed up). Of course C1 only extended a line of $500 vs my Prov $3000.
I used the account actively, frequently pushing close to my limit, in hopes of an increase. When my CLI request a little over a year later was refused ("a/c not eligible"), they interpreted my dissatisfaction as a threat to close (it wasn't) and reduced my rate to 9.9% F. (Prov incr my limit another $1000 during this time, still at 23.9%; my score advanced to the mid 500's).
------------
Two more years elapsed without a CLI. Finally, last fall they bumped me to $2000 and converted the a/c to a "No Hassle Rewards" card -- with great fanfare. It was a non-event. My score was now 670 and BA had recently increased the limit on an account opened early the prior year to $14K.
------------
Roll forward to last month and my 4th anniversary. I found myself asking again that they rescind a $59 annual fee (they granted the request for the first time the prior year):
** Call and wade through a cascade of options -- thought this doesn't happen with NO HASSLE **
Me: "I'm calling to see if the annual fee on my statement this month can be waived"
Rep: "Let me review your acct."
** On hold for a minute **
Rep: *big sigh* "... well, you were late twice in the last year."
Me: "That should be only once, by one day ... I screwed up. You reversed the fee at my request."
Rep: "Ok. But you've been late previously"
Me: "You got me. I was late by a couple days about 2 or 3 years ago. Again, you were good enough to reverse the fee"
** my facts were solid, I now manage my finances with absolute precision **
Rep: "Well ... let me see what I can do"
** On hold for 2 or 3 minutes **
Rep: "Alright, I've been able to reverse the fee. You should see the credit within 2 or 3 billing cycles."
Me: "Uh ... does that mean I should pay it in the meantime to avoid my account going delinquent. I don't want to have to bother you next month with a request to reverse a late fee ..."
Rep: "No, it shouldn't come to that. It'll hopefully post before that."
Me: "Yeah ... but what if it doesn't"
Rep: "Well, you can check back later this month."
Me: "Right ... but it may be that it won't post for another month or two"
Rep: "Yes"
** *big sigh* from me ... time to move on **
Me: "Fine. You've waived my annual fee for a second time -- can it be removed permanently now?"
Rep: "Your acct isn't eligible for that"
Me: ** thinking "for freakin' sakes!! ** "Well, thanks for taking care of the fee."
** I prepare to hang up **
Rep: "Mr. Porter ... I see that you haven't used your account for some time. Customer satisfaction is important to us. Is there something we might do for you?"
** I restrain myself from falling to the floor in hysterics -- and telling the rep that the card is practical only as an uncomfortable substitute for t.p. **
Me: "Well, the card isn't very useful to me -- it has the smallest limit of any card; one account now has a $17K limit and other is at $21K. I'm maintaining my C1 account as a backup."
Rep: "For like emergencies?"
Me: "Er ... I guess" ** Now hold back from saying "right, maybe like a midnight Mac Attack?" **
Me: "Given my credit score, can you consider me for a limit increase?" (** my score is now 720 **)
Rep: Your acct's not eligible for an increase at this time.
Me: "I see. Take it easy." ** Thinking: "maybe I should mount the card above the dispenser in the bathroom for ready access" **
Rep: "Have a good day"
------------
Look ... Obviously I'm not going to close the a/c so as to maintain the a/c longevity -- provided they continue to waive the fee. I could have been "smart" to the rep or given grief, but there's no question he (or his supvr) is unlikely to have much discretion.
For that matter, he may have been thinking "Hey guy, sorry I'm such a useless tool. You likely have a clue that mgt's got their head up their collective butt. I'd change jobs but all the other credit ops are up in DE. My wife has a [i]real job here; I can only report in and swallow my dignity each day[/i]"
I think the card is one of the best for building credit. Others who start out with them on solid credit ground give them favorable reviews. YMMV.
- Harry
thanks for the opp to get this off my chest
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Guest: mouse
SENIOR MEMBER (Member for 2 yrs.+)
Posted: Sun Aug 13, 2006 12:14 pm
Quote:
"ely"
Hey Mouse, FYI, something worked, because I called them and basically old them i was not going to use their card any more (a true statement) because it wasn't worth it for such a low CL ($500)...and they doubled it to $1000. Still small potatoes if you ask me, but just adds to my dry powder should I need it. Miracles can happen.
I have over $20,000 so that is a little different
They won't even give me $500 because I won't use the card for 6-12 months
They still won't give me anything "IF" I use the stuffing out of it or use it for a BT at 5.90% and let them collect interest
THEY ACTUALLY SAID "YOU CAN'T ASK FOR A CLI"
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Guest: wierdo
Posted: Sun Aug 13, 2006 10:13 pm
The thing I hate most about Cap1 is the 3 hards to open an account, or do anything else for that matter. If you look at them funny they pull a hard from each of the big 3. :p
Otherwise, they're not horrific, by any means, just not very good, IMO. But when your other choices are Asspire/CompuCredit or First Premier, I'd take the 3 hards any day of the week.
ely, they bumped me to $1000 and converted the card to the no hassle rewards card after 5 years, which was a couple of months ago, and I didn't bother to ask, having heard how stingy they are with the no hard cli.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Post subject: Credit Line Increase on my Capital One Credit Card
Posted: Sat Aug 12, 2006 2:31 pm
Hey Mouse, FYI, something worked, because I called them and basically old them i was not going to use their card any more (a true statement) because it wasn't worth it for such a low CL ($500)...and they doubled it to $1000. Still small potatoes if you ask me, but just adds to my dry powder should I need it. Miracles can happen.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Guest: hdporter
Credit Expert (100+ Posts)
Posted: Sun Aug 13, 2006 4:02 am
My early experience with C1 is largely irrelevent to the OP since my credit score at the time the account was opened 4 years ago was more than 200 points lower than hers. Nonetheless, I'm inclined to share a bit ...
I'm immensely appreciative to C1 -- they extended a card 4 years ago when I was just beginning to handle my finances on a timely basis. (I was still reportint recent 30 day hits to my credit report and had my only other open account with Prov. at 90% util.) My credit score was a bit below 500.
I was stunned that the a/c rate was fixed at 12.9% -- about half that of the Providian a/c (do the math and it'll be clear that my head was still messed up). Of course C1 only extended a line of $500 vs my Prov $3000.
I used the account actively, frequently pushing close to my limit, in hopes of an increase. When my CLI request a little over a year later was refused ("a/c not eligible"), they interpreted my dissatisfaction as a threat to close (it wasn't) and reduced my rate to 9.9% F. (Prov incr my limit another $1000 during this time, still at 23.9%; my score advanced to the mid 500's).
------------
Two more years elapsed without a CLI. Finally, last fall they bumped me to $2000 and converted the a/c to a "No Hassle Rewards" card -- with great fanfare. It was a non-event. My score was now 670 and BA had recently increased the limit on an account opened early the prior year to $14K.
------------
Roll forward to last month and my 4th anniversary. I found myself asking again that they rescind a $59 annual fee (they granted the request for the first time the prior year):
** Call and wade through a cascade of options -- thought this doesn't happen with NO HASSLE **
Me: "I'm calling to see if the annual fee on my statement this month can be waived"
Rep: "Let me review your acct."
** On hold for a minute **
Rep: *big sigh* "... well, you were late twice in the last year."
Me: "That should be only once, by one day ... I screwed up. You reversed the fee at my request."
Rep: "Ok. But you've been late previously"
Me: "You got me. I was late by a couple days about 2 or 3 years ago. Again, you were good enough to reverse the fee"
** my facts were solid, I now manage my finances with absolute precision **
Rep: "Well ... let me see what I can do"
** On hold for 2 or 3 minutes **
Rep: "Alright, I've been able to reverse the fee. You should see the credit within 2 or 3 billing cycles."
Me: "Uh ... does that mean I should pay it in the meantime to avoid my account going delinquent. I don't want to have to bother you next month with a request to reverse a late fee ..."
Rep: "No, it shouldn't come to that. It'll hopefully post before that."
Me: "Yeah ... but what if it doesn't"
Rep: "Well, you can check back later this month."
Me: "Right ... but it may be that it won't post for another month or two"
Rep: "Yes"
** *big sigh* from me ... time to move on **
Me: "Fine. You've waived my annual fee for a second time -- can it be removed permanently now?"
Rep: "Your acct isn't eligible for that"
Me: ** thinking "for freakin' sakes!! ** "Well, thanks for taking care of the fee."
** I prepare to hang up **
Rep: "Mr. Porter ... I see that you haven't used your account for some time. Customer satisfaction is important to us. Is there something we might do for you?"
** I restrain myself from falling to the floor in hysterics -- and telling the rep that the card is practical only as an uncomfortable substitute for t.p. **
Me: "Well, the card isn't very useful to me -- it has the smallest limit of any card; one account now has a $17K limit and other is at $21K. I'm maintaining my C1 account as a backup."
Rep: "For like emergencies?"
Me: "Er ... I guess" ** Now hold back from saying "right, maybe like a midnight Mac Attack?" **
Me: "Given my credit score, can you consider me for a limit increase?" (** my score is now 720 **)
Rep: Your acct's not eligible for an increase at this time.
Me: "I see. Take it easy." ** Thinking: "maybe I should mount the card above the dispenser in the bathroom for ready access" **
Rep: "Have a good day"
------------
Look ... Obviously I'm not going to close the a/c so as to maintain the a/c longevity -- provided they continue to waive the fee. I could have been "smart" to the rep or given grief, but there's no question he (or his supvr) is unlikely to have much discretion.
For that matter, he may have been thinking "Hey guy, sorry I'm such a useless tool. You likely have a clue that mgt's got their head up their collective butt. I'd change jobs but all the other credit ops are up in DE. My wife has a [i]real job here; I can only report in and swallow my dignity each day[/i]"
I think the card is one of the best for building credit. Others who start out with them on solid credit ground give them favorable reviews. YMMV.
- Harry
thanks for the opp to get this off my chest
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Guest: mouse
SENIOR MEMBER (Member for 2 yrs.+)
Posted: Sun Aug 13, 2006 12:14 pm
Quote:
"ely"
Hey Mouse, FYI, something worked, because I called them and basically old them i was not going to use their card any more (a true statement) because it wasn't worth it for such a low CL ($500)...and they doubled it to $1000. Still small potatoes if you ask me, but just adds to my dry powder should I need it. Miracles can happen.
I have over $20,000 so that is a little different
They won't even give me $500 because I won't use the card for 6-12 months
They still won't give me anything "IF" I use the stuffing out of it or use it for a BT at 5.90% and let them collect interest
THEY ACTUALLY SAID "YOU CAN'T ASK FOR A CLI"
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Guest: wierdo
Posted: Sun Aug 13, 2006 10:13 pm
The thing I hate most about Cap1 is the 3 hards to open an account, or do anything else for that matter. If you look at them funny they pull a hard from each of the big 3. :p
Otherwise, they're not horrific, by any means, just not very good, IMO. But when your other choices are Asspire/CompuCredit or First Premier, I'd take the 3 hards any day of the week.
ely, they bumped me to $1000 and converted the card to the no hassle rewards card after 5 years, which was a couple of months ago, and I didn't bother to ask, having heard how stingy they are with the no hard cli.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
posted by CardRatings.com at 4:33 PM
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