Interesting conversation with CAP1 re: limit

MrFrugalFever

So yesterday I decided to login to the online portal with CAP1 and check my eligibility for a credit limit increase although I was fairly certain I had the maximum £1,500 for my type of account anyway but still, no harm in checking. I’ve had the card 11 months and in their blurb it says limits are often reviewed and are likely to be eligible for increases after 8 months of usage initially.

I was denied an increase online (no hard credit check).

So I decided to see what my new MSE credit report offered by way of CC’s, low and behold I was pre-approved by a number of CAP1 CC variants. So, off to CAP1 website to complete their own eligibility checker for confirmation/ clarity and yep, provisionally approved.

So I decided to call their customer services about this. 

It appears that I was not at my ‘maximum’ credit limit, despite the limits being advertised on my type of CC as between £200 - £1,500 and if I had completed the online credit limit increase check and was declined they would be unable to overturn this. I was then told I’d have a text or email with any future increase offers.

I then raised the matter of being provisionally approved for a second CAP1 CC (you’re allowed 2 with them) and that if I can be accepted for another card with another limit (albeit subject to hard search and final checks) then why can’t I just have a larger limit?! I then said so if I went on t9 apply, you would, at my request, close a previous account and merge balances giving me a larger CC limit. The answer was a resounding YES.

How bizarre! As I do not wish for a hard search currently, I have not proceeded.

I have a total limit of £6,750 across 3 CC’s and my understanding is that if I can increase it a little more, lenders will see that I have access to a significant amount and manage it well / don’t rely on it, ahead of a FT mortgage end of next year.

dr_adidas01

MrFrugalFever said:

So yesterday I decided to login to the online portal with CAP1 and check my eligibility for a credit limit increase although I was fairly certain I had the maximum £1,500 for my type of account anyway but still, no harm in checking. I’ve had the card 11 months and in their blurb it says limits are often reviewed and are likely to be eligible for increases after 8 months of usage initially.

I was denied an increase online (no hard credit check).

So I decided to see what my new MSE credit report offered by way of CC’s, low and behold I was pre-approved by a number of CAP1 CC variants. So, off to CAP1 website to complete their own eligibility checker for confirmation/ clarity and yep, provisionally approved.

So I decided to call their customer services about this. 

It appears that I was not at my ‘maximum’ credit limit, despite the limits being advertised on my type of CC as between £200 - £1,500 and if I had completed the online credit limit increase check and was declined they would be unable to overturn this. I was then told I’d have a text or email with any future increase offers.

I then raised the matter of being provisionally approved for a second CAP1 CC (you’re allowed 2 with them) and that if I can be accepted for another card with another limit (albeit subject to hard search and final checks) then why can’t I just have a larger limit?! I then said so if I went on t9 apply, you would, at my request, close a previous account and merge balances giving me a larger CC limit. The answer was a resounding YES.

How bizarre! As I do not wish for a hard search currently, I have not proceeded.

I have a total limit of £6,750 across 3 CC’s and my understanding is that if I can increase it a little more, lenders will see that I have access to a significant amount and manage it well / don’t rely on it, ahead of a FT mortgage end of next year.

This has always been the case with capital one I seem to recall there was a few threads quite a while back where people have opened another Capital One Card and when it arrived merged the limit onto the original card they had to get it to show that that the original card limit had been increased.

I also seemed to recall that they did it every 4 months until they hit the limit that was allowed by Capital One for there account.

Crazy I know but Capital One UK aren't renowned for increasing peoples credit limits that often if at all for some people.

gd55

Didn't know you could check for a limit increase online with CapOne, thanks for sharing!

I have done the merging thing with them recently, very smooth process, so getting an increase by the backdoor so to speak, albeit with the associated impact of another hard search.

M25

My Capital One account limit had been on £1800 for over a decade. I went to close my Ocean card (also Capital One) which had £1500 for years too and the first thing I was offered was to "consolidate" the credit limits which I was very happy about. Took 1 day and I got a letter a few days later. They did ask that I don't use the card for a day

I dumped the Ocean as it was just another bland card with no benefits so pointless having it.