Capital One Complaint - Capital One Conservative Credit Limit Increases and Non-Existent Credit Line Increases. - Capital One Visa

Posted by KenPC on 2006-04-28:

This sounds like a *very* reasonable response from Capital One.

Posted by Hugh_Jorgen on 2006-04-28:

My guess is they are familiar with your "work" on this forum and they just want you to pay off what you already owe and just fade away before you come up with some real or imagined slight they have done and you become "CapitalOneHater".

Posted by Stew.old on 2006-04-28:

http://phx.corporate-ir.net/phoenix.zhtml?c=70667&p=irol-presentations Investor type info but it does reflect the direction capital one is trying to go.

Posted by yoke on 2006-04-28:

To bad more credit card companies don't follow suit with CapitalOne. They sound like they are trying to protect the consumer from going in debt.

Posted by JEANNIE_R on 2006-04-30:

The method for getting a credit increase is thus:
Add your teenage son to the account (so he can make travel reservations to cross country without Mom). Expect the pre-arranged maximum limits on credit to fail misserably. Wait for the un-anticipated fallout... and Poof! The credit limit will actually climb to the ceiling, based upon every over-the-limit amount your child presents for payment. That's what I call "service with a smile". Then, do your best to get said child's name back off of the card, to not avail. Close the account, or prepare your next budget with these non-constraints in mind.

jeannie

Posted by myangels7 on 2006-07-10:

Dear Discoverhater,
I have been with Capital One for 7 yrs. After waiting 4 yrs. I asked for an increase in credit limit and received a $100.00 increase. Then 3 yrs. later I asked for a $500.00 increase and was given only $100.00 increase. On my second request I received an email reply that Capital One will not give increases on request. However the following month I received it. I found out by opening my statement. I never heard anything before discovering it in my statement. It was Not the amount I requested though. I am very disheartened by their 'penny and nickel'raises.
I need some reassurance that they have more trust in me than that, especially since I pay my balance in full every month. My initial credit limit was $350.00 and is now only $550.00. I do not ever want a credit card with a $5000.00 credit limit because I would just spend too much. I only wanted a credit card with a $1000.00 limit. I am almost afraid to apply to another credit card company in fear they will offer a credit limit that I can't afford to pay off each month. I hate the idea of paying them interest. Now I hear Capital One does not reveal our credit limits to the credit reporting agencies, only our balance due which makes their customers look like a bunch of bums. I hope that is not the case. I am writing the CEO a letter asking him to expain himself. Sounds 'Enronish' to me. If it is true I am looking for another credit card company to do my devoted business with.

Posted by jmayer_metoo on 2006-12-05:

Wow, the exact thing just happened to me.
10 years with them, no lates, almost max it and pay off my total balance every month for 2 years now.

My current card limit is about 3 days pay. wanted it about 4x larger to handle more purchases since I like their no-hassle point ratios.

was told no.

couldn't tell me why, said they'd send me a letter.

the manager told me they didn't update credit score or salary information, so I should apply for another capitalone card if I wanted a higher limit.

Since they were using my 10 year old credit score and my income level from then.. when I was in college.

I was pretty dumbfounded.

Posted by RobPA1978 on 2007-03-15:

I agree. Capital One sucks bad when it comes to credit increases. Capital One actually sent me a mailer telling me that I could get a credit line increase of $250 every three months. Bull. It's been six months since I got the card and I haven't had an increase yet. Still stuck at the meager $1000 line they gave me to begin with. On the other hand...Orchard Bank (a division of HSBC) gave me a card three years ago when I had no credit. They started me at $350 and now I've had so many credit line increases, I'm up to $1300 already! Juniper (a division of Barclays Bank Delaware) gave me a card with a $5000 line recently. HSBC gave me ANOTHER credit card with a $5000 credit line. So, there are better cards out there than Cap One. Check out HSBC--they are really great for people with bad credit, too!

Posted by catdad on 2007-05-20:

You need to understand CapitalOne's business model...which basically involves bilking customers with every conceivable fee it can assess. CapitalOne prefers to not give credit line increases beyond a certain point, but instead to give you another low-limit ($500) CapitalOne card instead. Here's why: If you fall behind for one month on two cards, they can assess you two late payment fees of $39 for each card rather than just one card. Ditto on over-the-limit fees...go over on both and you get zapped twice. CapitalOne must have destroyed an entire forest to get the paper needed to send all those offers for additional cards for me to accept...I threw them all away.

Posted by scot1759 on 2007-06-30:

Exactly same thing happened to me. After 4 years I ask for an increase and was denied with a perfect pay history and a 761 credit score. I told them to go to hell paid the credit off over the phone at that time and closed the account. If thats all they have in their wallet they will be out of business soon.

Posted by cooldude859 on 2007-11-26:

I have only been a customer for six months but will get out as soon as I pay off the balance. They promised to review and extend my credit limit of $250 every three months providing I make payments on time. I did that and got a credit increase of $250 after three months. Three more months went by and I saw nothing. I started sending messages using the account messaging system and that's when I realized the boneheads they have working in customer service. No one replies using their name. I reminded them that I was not requesting a credit limit, I was wondering why Capital One didn't live up to their promise. They got stuck on the "request" for credit and I got a letter in the mail denying my "request" because of the fact that credit requests are not possible. Even though it is possible to "request" an increase, it isn't possible to get one? There is definitely something fishy about this company. If you ask me the whole "credit" scheme should come crumbling down because it's a shady practice to rip off consumers. It is no wonder so many people have bad or no credit. Honest people.

Posted by wayko on 2010-08-18:

I just recently bought a house and my credit is very good I asked for an credit limit increase and it didn't even take a second for them to tell me no
I told them its been years since they gave me a limit increase and I always have paid my credit cards in full I just don't understand. Think its time to go with someone else

Posted by TRAVIS on 2013-02-20:

YES SAME ISSUE MY FRIEND CAPITAL 1 BLOWS HARD

Posted by Advice on 2013-05-04:

Ok, I hope someone gets use out of this. I worked in the Financial Sector for many years, and I know credit like the back of my hand.Now, catdad explained part of it perfectly, so I won't dive into the part about how they profit off of multiple cards in annuals fees, late fees, and every other fee you can think of that doubles when you have two cards. Capital One is a sub-prime lender, though, with some prime products-not good prime products, either. They want people people who earn around 40-50K, people who rent, but in their home at least a couple years or more, and employed, not self-employed, or even student, but employed.Self-employed, or students can and do get approved, but with lower limits. If, your credit score is between 580-679, and you put you make 80K a year, you will get around $300-$1000, initially, with a possible increase to around $500-$1500 after 6 months, or so, and it will stay there till you turn blue. Now, if you put you only make 45K, I can almost promise you, you will receive a higher initial limit-$1,000 to $3,00- than if you put you make anything more than 49K. The numbers might be a little off, by not by far. They want the people who are going to carry balances, and pay 20% interest. They want the people who just got out of BK, and are dying just to be approved, and then they swoop in like the saviours, and literally make you feel like they did you a favor, almost guaranteeing customer loyalty for a few years, until your credit is completely fixed, which by then, you are no longer their type of customer, and you will hopefully move on to better cards, and that's that. They are the biggest POS on the planet, but if you can be smart, and use them to your benefit, in no time at all, you can call them and close your account, and then when it's all said and done, say FU and hang up! Seriously, no matter how well mannered you are, the occasional f-bomb feels liberating! Use their card for a couple years. DO not apply for anything. NO INQUIRIES. Then,around 25 months later, or around 48 months later for BK's (from discharge date),make sure you have paid off your balance in full, so the statement reports a 0 balance, but shows you actually had utilization for at least a couple years, then apply for a chase credit card, preferably the sw airlines, since it's easier to get, then, if you get approved, great, use the card, stop using the cap one, and start building history with a real bank that rewards you properly for good behavior. If, you do not get approved, call the reconsideration line, Chase has one of the best reconsideration lines, and they will do a holistic review, rather than just look at a score and say no. Be honest, and tell them why you fell behind, as long it's true, and a good reason, like you lost everything in the crash, they are human, they understand things can go wrong. Answer the rest of the questions, don't fluf your income, since lower, even if you make 100K a year, is more credible, if you have bad/average credit and just wait for their response and cross your fingers. If, they say no, move on to Discover, Barclays (had very high rate interest, but great rewards,limits, and no annual fee, practically a cap one alternative without all the BS), and also try opening a Bill me later account through your paypal account. Its a great credit line, which is easy to get, gives you a no interest option, as long as you pay off the balance in full in 6 months, and doesn't pull a hard inquiry everytime you need more. All of you know, or many know, inquiries reduces your credit score, but in the credit card world, it is literally the #1 indicator of risk tied with your total utilization percentage (how much of your credit you are using, compared to how much credit you have). Inquires drop off after 2 years. This is why I advised to not apply for anything for at least 2 years. If, you want to give yourself the best chance of getting approved, getting a good limit, future limit increases, and a low rate, you need to be a little patient. It's pointless to keep applying when you keep getting declined or mediocre products, so just be a little patient and apply holding all the cards! Oh, and one more thing. Almost proof cap one likes to double dip in fees. If you get approved, wait a day or two, and apply for a second capital one card. They will use the same credit report/score, since they cannot pull again with 30 days, 90%, you will get approved for a second card, but more than likely with a lower limit, and definitely not more than the original card. I hope this helps someone.