My own version of the credit card shuffle - Capital one Progress

camuk81

Ok so my credit rating is shot at the moment, whilst I'm trying to clear my credit cards i would like to see if anyone has managed to get an increase on capital one progress cards.

I have an aqua card at 35.9% which I'm clearing down and trying to get paid off first due to being the highest bearing interest card, the next is a barclay card at 29.9%. My progress card is sitting at 27.9% apr.

On all the cards I'm paying more then the minimum each month to clear it down and do my credit file a favour.

So after all my babbling has anyone successful phoned capital one and asked for a credit limit increase as I've been with them 8 months and seen no letter.

Yes it will depend on everyone's personal circumstances I realise that, but wondered if anyone had some pointers.

guesswho2000

Afaik, Capital One don't increase their limits on request.

I have a Progress card, starting limit was £1500, increased automatically to £2000 on month four, which they promised to do on application at the time (fourth statement = increase if you used the card and made all payments on time, again, not sure if they still do this). Had nothing except rate decreases since then though.

I think Cap One are quite stingy with their increases, I had a Classic card which I took out when I was 18, £200 limit increased to £600 after eight months. It stayed like this for 5 years, then was randomly increased to £1600 despite me not using it.

camuk81

Pants! Started at £1,000 but still at £1,000.

Applied for the 0% however was declined so I'm thinking just keep plugging away at those debts!

Damn and it was a good idea too!

Cheers Guess who

udydudy

I am not sure why you say your credit ratiing is shot? is it because you missed/late payments or just because you are not paying in full and hence paying the standard rates?

if the former then I doubt they would entertain a credit limit increase. if the latter then they may no harm asking. worst that can happen is that they would refuse. Capital One(like barclays) used to give liberal limits before the credit crunch, though not sure if they have resumed like Barclays has with their limits.

I would say if you have been paying more than minimum and not missed or made late payments then they may be favourable with a request depending on your income and other criteria.

guesswho2000

No worries, the one bonus is that the APR does keep reducing, not as good as the 0% but it's better than nothing I suppose

camuk81

Udy, Over the last few years had a number of lates due to being out of the country for funerals. I also have some more recent one's from the bank because I went over my agreed overdraft limit.

Its a very very long road but was just trying to think of saving money on interest. Its a hard lesson but I'd rather spend the £5 difference on the interest on clearing the debt then the interest.

udydudy

I know what you mean but unfortunately if you have late payments then I would not hold out hope. Still no harm asking, do not ask do not get.
I guess one more search would not hurt your credit file much as I would not think you would be applying for credit in the near future until you clear your current debts.

camuk81

My thoughts exactly at least searches last only 12 months unlike late payments! Well given them a bell and its a no, hey-ho on with the debt busting again!

BugsyBrowne

Capital one progress is a sub-prime credit for poor credit scorers and also can be seen to improve a credit rating hence the reason capital one dont give credit limit increases to often like normal credit cards for those with good credit ratings.

Capital one have took a risk in the first place and to bump credit limits up on these to high risk customers is not going to happen.

James129

Capital one are a strange bunch. I opened my first credit card with them which happened to be cap1 progress.

Started off with £200 and kept it opened for 18 months but they didn't give me any increase, however the apr reduced to 18.64%.

So I closed the account in January and applied for their world mastercard which gives cashback and they accepted me with £3000.

So I'd say try other cards after 1.5 year and don't rely on cap1 progess.

pheonixrising21

camuk81, may I ask why you are overpaying on all your cards when some have higher interest than others? Wouldn't it make more sense to focus all your overpayments on one card at a time?

I'm not sure overpaying on all cards will improve your file any faster than meeting all minimum payments and focussing overpayments on the highest interest card first? I may be wrong though?