Capital One Classic limit at £2,500

GreenApple

Hi

I got my Capital One Classic card around 18 months ago. Started with a £500 limit, increased to £1,500 and then to £2,500.

I don't have a problem with this limit (I accepted it) but I thought the Classic had a max limit of £1,500 according to their website?

Generally just interested, has anybody else had such a limit increase on the classic? or is it possible this was a mistake of some sort?

On another note, is it possible for Capital One to 'upgrade' my account to one of their other cards without having to clear the balance, cancel the account and create a new one?

I know that they offer secondary cards now but those aren't the same as their primary offering. I pay my card off in full monthly but just looking for a lower interest card in case it is ever used for an 'emergency'. Perhaps also a little interested in cashback

Cheers

Edit: should also say that I don't want to cancel the above card and then start with a new account because I have read that this is bad for your credit rating. Apparently you should keep your oldest facility or card open as it looks good? Well this is my first, only and oldest card so I'd like to keep it open for a bit of lending history on my file.

Dunree

Hi,

They upped my limit to £3600, but I have been with them many years.

I recently done a balance transfer away from thei 39.9% to John Lewis Partnership Card.

I've asked Cap One if it is possible to change my card from the current one to one of their much lower interest ones.

The man at Cap One, he say a very resounding NO.

They say that because this was the deal I signed up for, then that is what I have.

They also said that if I closed my current card down, there would be no guarantee that I would be accepted for the lower interest one.

So I now pay off, on the day, anything I use on my current one.

Below is a copy of the message I received from them.

Hope this helps

We currently don’t decrease rates on request, which means that I’m unable to review the current interest rates on your account. However, we do review your interest rates on a periodic basis and will let you know in writing if we are able to offer you a lower interest rate in the future.

Unfortunately, we’re unable to transfer your existing card to a lower interest rate card. This is because the agreement you originally signed is specific to your existing card.

To change the card you currently have, you’ll have to make a new application. However, if you did decide to do this, we can’t guarantee that we’d accept your application because each of our cards has different lending criteria. I’m unable to tell you more about the criteria we use, as this has to remain confidential to be effective

guesswho2000

You say you're interested in a lower rate and maybe cashback, well their Aspire World MasterCard for existing customers is exactly the same as the one for new customers from what I can make out. I applied that way and got the card with the same features a new customer would get.

Their criteria for that one is strict though, so depends on your circumstances I guess! But that said, I'm sure the other two they offer for existing are the same as the equivalents for new customers?

Dunree

guesswho2000 wrote: »

You say you're interested in a lower rate and maybe cashback, well their Aspire World MasterCard for existing customers is exactly the same as the one for new customers from what I can make out. I applied that way and got the card with the same features a new customer would get.

Their criteria for that one is strict though, so depends on your circumstances I guess! But that said, I'm sure the other two they offer for existing are the same as the equivalents for new customers?

Did you have the Cap One Classic daft interest rate one Guesswho??

Did you transfer from that to the Aspire one?

I don't want to apply for anything else, as I've applied for quite a bit lately.

BugsyBrowne

Cap1 classic credit card is designed for people with a poor credit history and for people who wants to build up a credit rating.

Asking cap1 classic for an upgrade Is like asking a holiday tour operator if you can upgrade your butlins self catering to fully inclusive caribbean holiday for no extra money.

Dunree

BugsyBrowne wrote: »

Cap1 classic credit card is designed for people with poor a credit history and for people who wants to build up a credit rating.

Asking cap1 classic for an upgrade Is like asking a holiday tour operator if you can upgrade your butlins self catering to fully inclusive caribbean holiday for no extra money.

It certainly done its job in the dark days Bugsy, things are different now, thankfully

guesswho2000

Dunree wrote: »

Did you have the Cap One Classic daft interest rate one Guesswho??

Did you transfer from that to the Aspire one?

I don't want to apply for anything else, as I've applied for quite a bit lately.

Well, when I took the Aspire card out I had (still have) a Progress card, 19.9% now (doesn't go any lower, it's the old progress which dropped to 19.9% over 18 months), but I moved to that from the Classic back in 2009.

My circumstances included moving four months ago, two new current accounts (NW Flexaccount & Halifax Reward for different benefits) and Halifax Clarity (for overseas) opened within the last few months.

Searches were on Experian for the current account, Clarity credit card and mortgage (I assume, they didn't search Equifax or CallCredit) but Capital One searched Equifax (don't know about Experian) so it may be they didn't see all the other searches. So depends what yours look like, but if your history is ok you might be alright. I think my CapOne application was helped by the fact I've held at least one of their cards continuously since 2004, with no missed payments or overlimits at all.

I'm on an application hiatus for a while now, available credit almost equals salary and I'll have a fair few searches, so doubt I'd get approved for anything else for the time being!

GreenApple

Thanks for your replies.

So, what's the word on cancelling my oldest credit card (only 18 months but still, I want some good history when people run credit searches on me). Should I cancel it to go for a 'better card' or is it best to keep it open? I'd rather close it if I'm not going to be using it, less to worry about. I don't want it to effect my credit rating though

guesswho2000

Well, your old account will remain visible to lenders for six years from closure, showing the limit at time of closure and account conduct, so I'd say closing it would have very little negative impact.

csjames1976

Yes I had the credit limit increase from the initial account opening limit of £200 to £800 within 6 months after their periodic review,and now I'm awaiting for their further increase(hope they do increase again) after 6 months passed. I think they do time to time account review on every customer to decide whether they are eligible for any credit limit increase.

lou33

My credit went up to 2800 but when I asked if thay could lower intrest rate got a firm No. I was told I had to close account and apply for a different card thay do. I did close account but applyed for a Tesco card 14 month 0% on purcheses and got accepted