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A few days ago, I applied continental one pass 50K card and got approved with $7000 limt. At the same day, I replied a Capital One mail offer,also got instant approve. Today I received the Capital One card. I was shocked they gave me a $300 credit line? I have one year history with credit score around 730. Most of my cards have more than $5000 limit. Why did they give me a such low limit? If I barely use it, will they increase it periodically? Somebody give me advice how to dispose this card?

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No kidding. A year or so back, they sent me an offer for a 3-year balanace transfer at 5%. With a term of 3 years (and... (more)

CommandCenter2 (Feb. 08, 2011 @ 9:06a) |

Cap 1 has already broken my heart....don't want to waste another hard pull

Anyway, CO gave you 300 CL? I thought Chase sh... (more)

flycolor (Feb. 08, 2011 @ 9:26a) |

Does Cap One allow you to artificially bump up your limit by prepaying the card? If this is allowed, you could just do a... (more)

wordgirl (Feb. 08, 2011 @ 9:43a) |

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Alllrighttt then..

To add to the misery, that probably cost you 1 hard credit pull per $100 in credit.

flycolor said:   A few days ago, I applied continental one pass 50K card and got approved with $7000 limt. At the same day, I replied a Capital One mail offer,also got instant approve. Today I received the Capital One card. I was shocked they gave me a $300 credit line? I have one year history with credit score around 730. Most of my cards have more than $5000 limit. Why did they give me a such low limit? If I barely use it, will they increase it periodically? Somebody give me advice how to dispose this card?So you've had credit for all of a year. Yet have enough accounts to refer to your stash as "most of my cards", implying you have opened many new accounts in a relatively short period of time. Your credit score is just one factor in the approval process, and I assume its from creditkarma or some other monitoring service rather than an actual FICO score - meaning it's overstated by about 50 points. Plus, I'll also guess that your available credit adds up to exceed your annual income, as well...?

If I were you, I'd be glad I was approved at all.

flycolor said:   A few days ago, I applied continental one pass 50K card and got approved with $7000 limt. At the same day, I replied a Capital One mail offer,also got instant approve. Today I received the Capital One card. I was shocked they gave me a $300 credit line? I have one year history with credit score around 730. Most of my cards have more than $5000 limit. Why did they give me a such low limit? If I barely use it, will they increase it periodically? Somebody give me advice how to dispose this card?


You should call the number on the card and find out. Why did you get this card...did it come with some sort of bonus? Knowing why you got the card is relevant. If it was just for a bonus, then the terms of the bonus are relevant in how to proceed. If you actually want to make this your main card, then why would you want to barely use it?

I sure hope you didn't get it just to increase your total credit... that seems silly.

1) Lots of recent inquiries.
2) Short credit history.
3) ONLY (and it is ONLY) $7000 as your highest limit.

People rag on CapitalOne for being sub-prime all the time, but they have a very different method of looking at your credit that goes beyond your score. Even if you're perfect so far, they care specifically about the above three points, and they'll tell you that if you call them. That being said, was there a slip that came with your card? They may have put you in a "credit steps" program which means you will get steady CLIs until it hits around $1000 I think. Past that, you'll just have to apply for a new card... I wouldn't say that I hate CapitalOne, but they are absolutely one of the most stingy when it comes to granting large lines of credit.

dbl118 said:   flycolor said:   A few days ago, I applied continental one pass 50K card and got approved with $7000 limt. At the same day, I replied a Capital One mail offer,also got instant approve. Today I received the Capital One card. I was shocked they gave me a $300 credit line? I have one year history with credit score around 730. Most of my cards have more than $5000 limit. Why did they give me a such low limit? If I barely use it, will they increase it periodically? Somebody give me advice how to dispose this card?


You should call the number on the card and find out. Why did you get this card...did it come with some sort of bonus? Knowing why you got the card is relevant. If it was just for a bonus, then the terms of the bonus are relevant in how to proceed. If you actually want to make this your main card, then why would you want to barely use it?

I sure hope you didn't get it just to increase your total credit... that seems silly.


I am plan to travel overseas soon. Heard this card doesn't have a 3% foreign transaction fee. That's only purpose. But I didn't expcept a such low limit, ruined my beautiful plan.

byex0039 said:   To add to the misery, that probably cost you 1 hard credit pull per $100 in credit.

I hope they increase the limit automatically,do they?

ajh5408 said:   1) Lots of recent inquiries.
2) Short credit history.
3) ONLY (and it is ONLY) $7000 as your highest limit.

People rag on CapitalOne for being sub-prime all the time, but they have a very different method of looking at your credit that goes beyond your score. Even if you're perfect so far, they care specifically about the above three points, and they'll tell you that if you call them. That being said, was there a slip that came with your card? They may have put you in a "credit steps" program which means you will get steady CLIs until it hits around $1000 I think. Past that, you'll just have to apply for a new card... I wouldn't say that I hate CapitalOne, but they are absolutely one of the most stingy when it comes to granting large lines of credit.


Thanks for the information. So they'll inrease the line to $1000? That sounds better.
I heard they are stingy, but never thought it would be so stingy. Are they trying to get me NOT to use their card?

I have many cards (not as many as the AOR-ers here, but enough). Cap1 only gave me $2k limit on each of 2 cards, compared to limits in the $7500-$25k range per card from every other vendor. So if your maximum line to date is $7000, then $300 sounds about right for Cap1.

That being said, I only use the Cap1 cards when I go on vacation out of the country or when I buy some Skype credit, so I really don't care.

flycolor said:   ajh5408 said:   1) Lots of recent inquiries.
2) Short credit history.
3) ONLY (and it is ONLY) $7000 as your highest limit.

People rag on CapitalOne for being sub-prime all the time, but they have a very different method of looking at your credit that goes beyond your score. Even if you're perfect so far, they care specifically about the above three points, and they'll tell you that if you call them. That being said, was there a slip that came with your card? They may have put you in a "credit steps" program which means you will get steady CLIs until it hits around $1000 I think. Past that, you'll just have to apply for a new card... I wouldn't say that I hate CapitalOne, but they are absolutely one of the most stingy when it comes to granting large lines of credit.


Thanks for the information. So they'll inrease the line to $1000? That sounds better.
I heard they are stingy, but never thought it would be so stingy. Are they trying to get me NOT to use their card?


No problem. Yes, based on your limit, I believe they have you on credit steps. You can find postings about it all over the net, though I doubt you'll dig up anything official on their site. It's different for everyone. Here are some thread examples though:

http://ficoforums.myfico.com/t5/Credit-Cards/Capital-One-Credit-...
http://creditboards.com/forums/index.php?showtopic=286839

They must have gotten much stingier in recent years. I got my card in Feb. '08, also because I was planning a foreign trip, and got a $17.5K CL, roughly in line with what I was getting from other banks at the time.

I know people hate Cap1, but I love how almost every statement includes checks that have no fee and are treated as regular purchases, meaning you accrue no interest if you pay in full by the payment due date.

I just learned something new today! I was not aware that Capital One does not charge the foreign transaction fee. I used my Chase Visa and Delta AMEX while in Canada recently and those fees are really something.

hkgfnt said:   I just learned something new today! I was not aware that Capital One does not charge the foreign transaction fee. I used my Chase Visa and Delta AMEX while in Canada recently and those fees are really something.

or you could use your schwab card (if you have one) which is fee free out of the country, as well.

flycolor said:   Capital One gave me a $300 credit line? Is that a joke?Ha! It sure is!

What are you gonna do with that $300? Don't spend it all in one place...

Capital One gives $300 and i remember they keep increasing every month or every three months upto one year if you do make ontime payments...

$300 is cap ones standard cl for people with little credit history

Apply at hsbc and target and the cap one cl will look generous. Some issuers are just especially stingy with some ppl

SUCKISSTAPLES said:   Apply at hsbc and target and the cap one cl will look generous. Some issuers are just especially stingy with some ppl
So true. My wife applied at Orchard Bank (an HSBC subsidiary) so we could have their 2% back card to use as a daily spender. They gave her a $2,000 limit. We tried to explain that a $2K limit would make it impossible for us to use as our primary card, but they were intractable. We didn't even bother to activate the stupid thing.

CapitalOne is known for low limit. Keep asking them to raise it - I've started with $2000 and now it became $5000

ChinaRider said:   flycolor said:   Capital One gave me a $300 credit line? Is that a joke?Ha! It sure is!

What are you gonna do with that $300? Don't spend it all in one place...


Iím gonna throw it into my socks until they raise the limit....

I believe if you are on credit steps and do not use it, they will not raise the limit.

C1 will increase your limit if you call them. Their automated system may decline your request, yet you're most likely to get surprised by an increase soon! I once had to call them and protest that their limit wouldn't be enough to cover my travel expenses and the CSR asked me to pick how much increase I wanted! I suggest you do that. Good Luck.

I tried asking for an increase online, and it didn't work. I'm going to try calling them. I got a $1k limit, and that doesn't go very far when you are travelling out of the country (which is the only reason I got the card).

To get the limit raised, it's wise to use it regularly at no more than 19% of the limit, wait six months, then request a CLI.

Argyll said:   To get the limit raised, it's wise to use it regularly at no more than 19% of the limit, wait six months, then request a CLI.

Significance of 19%? I never use mine except when I'm out of the country, might be a problem.

mikejensen said:   C1 will increase your limit if you call them. Their automated system may decline your request, yet you're most likely to get surprised by an increase soon! I once had to call them and protest that their limit wouldn't be enough to cover my travel expenses and the CSR asked me to pick how much increase I wanted! I suggest you do that. Good Luck.

Call them would result in a hard inquiry in the credit report which eventually affect the credit score, I'm afraid.

Argyll said:   To get the limit raised, it's wise to use it regularly at no more than 19% of the limit, wait six months, then request a CLI.
Really? I never heard this before. 19% of 300 is only 57. This is so easy.

Significance of 19%:

"The more owed relative to the credit card limit (cap), the lower a FICO score. And there are cutoffs or segments, meaning that within certain ranges of a balance percentage there's no effect, and then a change when a balance hits a cutoff.

The cutoffs are as follows: 0-19 percent, 20-39 percent, 40-59 percent, 60-79 percent, 80-99 percent, 100+ percent.

Each increasing cutoff harms a score the same amount as the previous (e.g., if a balance goes from 39-40 percent, it will harm a score at the same rate as its going from 79-80 percent would)...

Keep all balances on your revolving (credit card) accounts below 40 percent of the credit limit, and never exceed that amount. If possible, never exceed 19 percent."

http://www.bestcredit.com/credit-repair/credit-ratings-advanced-...

That would be what the balance is on the statement date and what reports? (<19%)

You need to show these clowns who's boss. Charge $300 worth of happy endings at the AMP and stiff them for it (CapOne too).

karatz said:   That would be what the balance is on the statement date and what reports? (<19%)
Yes, as what reports is all the bureaus have to go on. There have been stories of the odd bank that reports on a date other than statement closing, but every issuer I've even dealt with (including Chase, Citi, FIA, and Am3x) reports monthly on the statement closing date.

So, to anticipate the follow-up question, yes, you can manipulate this by making payments before your closing date. For example, every month, the date my statement closes, I use a Cap1 credit access check to deposit $17K into an account. (I know it won't post until the following day at the earliest.) Then, the day before my statement closes, I make an online payment for $17K. Despite the fact that I'm borrowing $17K from them almost all the time, my credit report shows a long line of $0 balances.

Pretty sure you only need to make one purchase per month for the credit steps to work. If I recall correctly, the first bump is after one month and the second is after three. I'm not aware of any 6-month/1-year tiers, but then again, it's been a while since I've actually seen the documentation from someone first-hand...

ajh5408 said:   Pretty sure you only need to make one purchase per month for the credit steps to work. If I recall correctly, the first bump is after one month and the second is after three. I'm not aware of any 6-month/1-year tiers, but then again, it's been a while since I've actually seen the documentation from someone first-hand...

I am gonna try your way to see if it works after first month. Thanks.

sounds like s student credit card?

CO gave me $300 CL, but then again it was the first CC i ever applied for. I never used the card as I couldn't afford to buy anything with it. O well. Their rewards are terrible anyways. WHy did you apply for that card again?

Knock Knock!

Who's there?

$300 credit line.

No kidding. A year or so back, they sent me an offer for a 3-year balanace transfer at 5%. With a term of 3 years (and a credit score in the low 700s), I thought a high limit was a given. The card came back with a $1000 limit and no BTs approved. Nobody on the phone would tell me why or do anything about it. Since I'd wasted a hard pull anyway, I kept the card but I've never used it (it's the "bad customer chargeback" account at marketplaces that require one to sell).

i3ighead said:   CO gave me $300 CL, but then again it was the first CC i ever applied for. I never used the card as I couldn't afford to buy anything with it. O well. Their rewards are terrible anyways. WHy did you apply for that card again?

Cap 1 has already broken my heart....don't want to waste another hard pull

Anyway, CO gave you 300 CL? I thought Chase should have been more generous.

Does Cap One allow you to artificially bump up your limit by prepaying the card? If this is allowed, you could just do a payment of, say, $1,000 to the card right before the trip and then have $1,300* to spend fee-free without having to carry that much cash.

Of course, this doesn't work if you don't actually have the cash to hand and meant to pay for the trip on credit. I hate paying for trips on credit, though.

*Less if this card comes with the significant fees attached to many of the Cap One credit cards. I am assuming you did read the fee disclosure carefully, though ... If you haven't, you need to - Cap One can be kinda sneaky about adding on fees.



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