Capital One credit limit increase?

spinningsheep

I have had a "secured" card from Capital One since 2005, and a limit of £200, agaist that was a security bond of £139. I have had that deposit returned to my account this month, and was told that this meant I now had a standard Classic Visa card. I called today to query something, and asked whether the same terms would now apply to me, as would apply if I took out a new Standard Visa with them now, ie an automatic credit limit increase after 4 months of good running on the account. I have been told that this is not the case, and that as I have had a secured account,in the words of the rude advisor, it was probably due to me being untouchable by other credit card companies, that the chances of me EVER getting a limit increase are virtually nil. I know all institutions have different lending criteria, but why on earth would Vanquis give me a £1000 limit, yet Cap One will only give me £200! Just seems insane. So, my question is, if I have a limit of £200, is it best to just pay off the balance on it of £56 and close it all together, or keep it open with a £0 balance if it will be beneficial to me rebuilding my credit score to have 2 active cards? What do you guys think. I dont NEED the capital one card in any way, I would only keep it open if it would benefit me in some way.

FelOn_2

Best to keep it open, only £200 so no one will think you have too much credit available. Just do a small purchase (if necessary) and pay off each month. What is this "security bond" you used?

spinningsheep

Back in 2005, Capital One offered a secured card. Basically, if you were over 18, on the landline and electoral role at home and were not bankrupt, you were guaranteed to get the card, subject to a security deposit. In my case it was a deposit of £139, and I got a credit limit of £200. Capital One stopped offering this card some time in 2006, and all customers who still have the card have received their deposit back on to their accounts at the end of Aug.

Risco

Looking at your signature

Current unsecured debts £16000:eek:

Debts to parents £7000

It says to me, DO NOT BORROW. You have much higher priorities than getting a credit card increase as you debts you need to repay first.

PNPSUKNET

best thing todo is close it and re-apply you will get accepted due to your previous conduct normaly

izools

Although remember Cap1 don't approve applications if you've just closed an account with them in the last six months

(They don't advertise it but I've found it to be the case. I held an account with them twice as did my OH, but we could only get back with them after six months )

Cash_Flow

izools wrote: »

Although remember Cap1 don't approve applications if you've just closed an account with them in the last six months

(They don't advertise it but I've found it to be the case. I held an account with them twice as did my OH, but we could only get back with them after six months )

I had no problems closing and opening another account in the space of two months with capital one earlier this year;)

Whamy

I have also had a a secured capitalone card since about the same time 2005. I had my deposit returned sometime ago now and have had two credit limit increases since, the first was to £800 about 18 months ago and has just been increased to £1800.

woody01

but why on earth would Vanquis give me a £1000 limit, yet Cap One will only give me £200!

Because Vanquis are far more likely to offer higher limits to people that are a bad credit risk.
Sorry, but the fact that Capital One are being careful not to lend you money they think they wont get back is just them being more responsible than Vanquis.

Latest LBM 05/03/09

Current unsecured debts £16000:eek:

Debts to parents £7000

This totally justifies why Capital One see you as a high risk and don't want to lend you money.

goonasuk

spinningsheep wrote: »

I know all institutions have different lending criteria, but why on earth would Vanquis give me a £1000 limit, yet Cap One will only give me £200! Just seems insane.

Thats not insane, I have a Llloyds TSB Platinum with a £15.5k limit and 'had' a C1 with £200. running for the same length of time, C1 refused to increase, so binned them off as it was more of a pain in the !!!! to keep checking statements with a limit as low as that.

coldoasis

PNPSUKNET wrote: »

best thing todo is close it and re-apply you will get accepted due to your previous conduct normaly

Be careful

i had one of these a few years back
Ran it fine for a year
Phoned them up and was told yes cancel the card we'll refund your security deposit and apply for a classic card

Which i did

and was DECLINED

Capital One are a law unto themselves