Does Capital One ever raise credit limits!?

[DeadPoolX 9]

Just for reference, I am the USC in the relationship. I figure that might be important, since our spouses generally enter the country with little-to-no credit rating.

Anyway... I've had a Capital One Platinum Signature Visa card for two years now and they have yet to raise my credit limit. As of right now, it's set at $5,000. Well, that's all fine and good to start out at, but I had imagined that after using it for a while (and believe me, I do use it quite a bit!), Capital One would be very willing to raise my credit limit. Unfortunately, nothing could be further from the truth.

Whenever I ask to have my limit raised, the response is always the same: "We're sorry, but we're not authorized to do that. Capital One is a conservative lender and in due time, all accounts are reviewed. If your account is considered to be in 'good standing' we will then notify you and raise it."

So apparently, Capital One lacks the ability to raise the credit limit on their own cards. Why do I have trouble believing this? In addition, they've told me time and time again, that card holders cannot request a credit limit raise; instead, Capital One chooses if and when to raise the limit. I suppose the card holder just has to sit there, twiddling his or her thumbs.

Perhaps I should make it clear that I have never missed a payment and that I have always paid my statements in full. I have an outstanding credit rating, so I'm hardly a risk.

I do receive plenty of other useless junk, however. Oh yes... I get a virtually endless supply of offers for "generous loans" and "checks" from Capital One, none of which I either need or want. Paper shredders are such useful tools, aren't they?

Now you might be asking yourself, "If he's had this much trouble with them, why doesn't he ditch them and get himself a different card?" Well, that's a good question. The answer is that I have tons of miles stored on this card account and Capital One doesn't charge a conversion fee when using their credit cards in foreign countries. If it weren't for those two areas of interest, I'd cancel this card's account toight and use my Bank of America WorldPoints Visa. At least BoA has never refused to raise my limit.

[Peikko 1,575]

I would think that these days it's not dependant on whether you pay your credit balance in good time, but if your income supports your loan amount. Besides, if you do wish to borrow a large amount, wouldn't a loan be a better idea? The only time credit cards are really a good idea is if you can pay of the debt each month without acruing any interest. If you wish to take out a longer term loan then a direct loan will give you a better deal - much less interest and you can continue to use the credit card for the short term purchases. I would have thought for the most part $5,000 would cover most short term credit needs.

Edited April 18, 2008 by Purple_Hibiscus

[Carol and Bruno 0]

Perhaps I should make it clear that I have never missed a payment and that I have always paid my statements in full. I have an outstanding credit rating, so I'm hardly a risk.

Sorry to say, but if you are paying your statements in full, then you are of no value to Capital One nor any other credit card company. They are making no money off of you and therefore there isn't any incentive for them to raise your limit. You are actually considered a "deadbeat" to them because you generate no revenue for them.

Their most valued customers are those who never miss a payment, keep a good balance and pay the minimum. These customers will generally have their limits increased.

Not to suggest that you change your credit card habits because what you're doing is truly how a credit should be used, but you will not get an increase anytime soon or at all if you continue.

By the way, if you pay your statements in full, you shouldn't need to increase your limit.

Edited April 18, 2008 by Carol and Bruno

[one...two...tree 2,762]

Perhaps I should make it clear that I have never missed a payment and that I have always paid my statements in full. I have an outstanding credit rating, so I'm hardly a risk.

Sorry to say, but if you are paying your statements in full, then you are of no value to Capital One nor any other credit card company. They are making no money off of you and therefore there isn't any incentive for them to raise your limit. You are actually considered a "deadbeat" to them because you generate no revenue for them.

Their most valued customers are those who never miss a payment, keep a good balance and pay the minimum. These customers will generally have their limits increased.

Not to suggest that you change your credit card habits because what you're doing is truly how a credit should be used, but you will not get an increase anytime soon or at all if you continue.

By the way, if you pay your statements in full, you shouldn't need to increase your limit.

Yep. Excellent points. DeadPoolX, I have a Capital One CC and they've raised my limit 2 or 3 times in the last couple of years. I hate the f##kin company though....they rollover your mother to take the shirt off your back if they can. I understand you want to build your credit, but you'd be better off joining a local Credit Union where they look at more than just your credit score when giving you credit. Credit Unions rule.

[mawilson 2,133]

Perhaps I should make it clear that I have never missed a payment and that I have always paid my statements in full. I have an outstanding credit rating, so I'm hardly a risk.

I have the same problem. I have a Chase credit card with a $10k limit, but what I really need

is $30k to keep my debt/limit ratio low (under 25%.) I pay off my balance in full each month.

I asked them to increase it, they said no.

[Trompe le Monde 1,107]

I have never had any problems getting additional credit limits from MBNA.

Have you threatened to cancel your card if they don't give you what you want? Told them you get offers in the mail from their competitors offering more favorable terms? This has always worked for me when negotiating lower interest rates or whatever.

[mawilson 2,133]

I have never had any problems getting additional credit limits from MBNA.

Have you threatened to cancel your card if they don't give you what you want? Told them you get offers in the mail from their competitors offering more favorable terms? This has always worked for me when negotiating lower interest rates or whatever.

Nope, haven't threatened them.

What I do now is pay off my balance several times a month to keep my balance low. It's a bit

of a hassle though - I find it easier to track my expenses on a single bill at the end of the month.

[Hilarious Clinton 452]

Dead. Try using another card for a while. I stopped using my American Airlines card (citibank) and started using a United card (chase). Citi started raising my credit limit. They have raised it several times.

[Trompe le Monde 1,107]

I also have 2 credit cards with Chase (got them for miles for 2 different airlines)- although it's separate bills, they both appear under one login on the website so it's easy to track in one place.

I've had the MBNA one for years - they have given me something like a $60k limit which I would never even dream of using. I only asked them to increase it once. I used it for work at my last job, so would put big purchases on it (though they were always paid off immediately)

Chase are fairly new cards (both with the past year) - the one doubled my limit in the first year (5k-10k). The other is the same as when I got it (about $5k).

[mawilson 2,133]

I also have 2 credit cards with Chase (got them for miles for 2 different airlines)- although it's separate bills, they both appear under one login on the website so it's easy to track in one place.

I've had the MBNA one for years - they have given me something like a $60k limit which I would never even dream of using. I only asked them to increase it once. I used it for work at my last job, so would put big purchases on it (though they were always paid off immediately)

Chase are fairly new cards (both with the past year) - the one doubled my limit in the first year (5k-10k). The other is the same as when I got it (about $5k).

Yep - same deal here - 2 cards from Chase, both $5k initially. They doubled the limit on one of them

in the first year, and the other one is still $5k (I barely use it though.)

Edited April 19, 2008 by mawilson

[DeadPoolX 9]

I mentioned both of my cards in my original post. I've got my Capital One Platinum Signature Visa at $5,000 (the limit has never been raised, thus the point of this thread) and my Bank of America WorldPoints Platinum Visa which is also at $5,000 (although that card was originally a lower amount and has been raised over time).

With my BoA card, I've never needed to do any convincing or arguing. All I did was call them up and ask to have the limit raised and after asking a few questions, they did it. It was a simple process. Even if they had ultimately denied me, at least they gave me the option of raising the limit, which is much more than Capital One has ever done.

I've heard a number of theories regarding credit limit raises:

• Carry a balance.
• Spend the full amount of your card.
• Ignore the card for a while.
• Threaten to cancel the card.
• Wait for a while (one person I know ended up waiting ten years before he finally saw an increase).

As you all can see, nearly all of these were repeated here in this thread. I think that just means no one really knows -- myself included -- what makes credit card companies tick.

[Fandango 1,440]

Sorry to say, but if you are paying your statements in full, then you are of no value to Capital One nor any other credit card company. They are making no money off of you and therefore there isn't any incentive for them to raise your limit. You are actually considered a "deadbeat" to them because you generate no revenue for them.

That's not entirely true...if DP is a big spender, they're making a fee from each vendor he uses the card with.

Not sayin that they wouldn't love him to carry a balance...but the cc comps charge both the customer and the vendor.

[Niels Bohr 72]

I always do this and works for me. Call them up after you balance is paid off, and tell them you want to cancel. Afterwards, they'll transfer you to the retention rep and they will ask you why you want to cancel. Eventually, you'll get you'll get an offer to raise your credit.

It also worked with my Chase and HSBC cards as well.

Edited April 19, 2008 by consolemaster

[aidan80 9]

Capital One is in my opinion.. a predator, one of the most disgusting forms of capitalism known to man. They will happily raise your limit once if you can't afford it and if you hit the max a few times. Then they'll let you fall over a few more times, hitting you with late fees and interest. After they've sucked your blood for a while they will happily soften you up by stopping the fees and setup a payment plan with new interest rates. In the end you'll end up getting up and going to work to pay Capital One and companies like them for the rest of your days.. unless... You can actually afford to pay off the balance in which case you're not going to get an increase because they won't make as much money from you!

Isn't capitalism a lovely monster?

Edited April 19, 2008 by aidan80

[mawilson 2,133]

Capital One is in my opinion.. a predator, one of the most disgusting forms of capitalism known to man. They will happily raise your limit once if you can't afford it and if you hit the max a few times. Then they'll let you fall over a few more times, hitting you with late fees and interest. After they've sucked your blood for a while they will happily soften you up by stopping the fees and setup a payment plan with new interest rates. In the end you'll end up getting up and going to work to pay Capital One and companies like them for the rest of your days.. unless... You can actually afford to pay off the balance in which case you're not going to get an increase because they won't make as much money from you!

Isn't capitalism a lovely monster?

Well said!