Challenging Personal Guaranty with Capital One

Hi, new member here, although I've been reading on this board for over a year. I own a small C Corporation and have been settling my debt with numerous Credit Card companies. I've actually settled 7 out of 8 in the last 1 1/2 years leaving only a Capital One Line of Credit. I hope to be able to settle this as well, but decided to dispute the validity of my supposed Personal Guaranty, as I know I never signed one. So I sent a DV letter to them stating that I was only disputing the Personal Guaranty, that the Corporation does not dispute the validity of it's debt. (They send 2 copies of all collection letters, one to me and one to the Corporation.) I received the following today. "Acording to our rcords, we received your application by Phone/Internet on....." So if they ever sue me, to prove that I am personally liable they may have a recording of the application, but no signed guaranty. Here's the important part that I don't understand. "We have placed a disagreement code with a resolution of dispute on your credit file to the major credit reporting agencies." Any idea what this means in this context? I have a subscription to Experian so will check to see what this does to my FICO score tomorrow and in the days to follow. Thanks so much for any help you can give me. I love forums, am active on other ones, and knew eventually I'd have to post here as I'm trying to rebuild my credit.

Thanks Robert, that's what I was coming to believe after more research on the web and finding out, as you said, that a DV doesn't apply to an OC. They did send me a form letter asking if I disputed the validity, which is what I replied to. My main concern now in this step is to determine what if any documentation they have of the guarantee. The Internet/Phone comment at least indicates they don't have a signed one. What do you think of sending a letter such as this that I found on the web? I'd edit it of course. edit: I just realized this is from a Scottish website, so the references don't apply. However what I'm wondering is if I should push it in some way to find out what if any documentation they have. Should they not be able to document my liability I would think I could get it off of my report. Dear Sir/Madam
Account No:
You have contacted me regarding the account with the above reference number, which you claim I owe because of a signed personal guarantee.
I have no knowledge of signing a personal guarantee and dispute any personal liability for this debt.
I am familiar with the Consumer Credit sourcebook of the Financial Conduct Authority (FCA) which states the following.
"A firm must not ignore or disregard a customer's claim that a debt has been settled or is disputed and must not continue to make demands for payment without providing clear justification and/or evidence as to why the customer's claim is not valid." 7.5.3
"A firm must suspend any steps it takes or its agent takes in the recovery of a debt from a customer where the customer disputes the debt on valid grounds or what may be valid grounds." 7.14.1
"Where a customer disputes a debt on valid grounds or what may be valid grounds, the firm must investigate the dispute and provide details of the debt to the customer in a timely manner." 7.14.3
If you do not cease collection activity whilst investigating my dispute you are breaking the FCA’s rules and guidance.
Furthermore, ignoring and/or disregarding claims that debts have been settled or are disputed and continuing to make unjustified demands for payment amounts to harassment.
I ask that no further contact be made concerning the above accounts unless you can provide evidence of my liability for the debt in question, including a copy of any personal guarantee you claim I have signed.
I await your written confirmation that this matter is now closed. Otherwise I will have no option but to make a complaint to my local trading standards department and consider informing the FCA of your actions.
I look forward to hearing from you.
Yours faithfully

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Advice needed for current CO with capital one

Hello all, thanks for the information, this forum is beyond helpful. I have discharged chapter 7 from may 2008, went through the typical issues that come with that and started rebuilding which was going fine. in 2011 i opened a business and used some of the credit i had reestablished for those purposes and had some missed payments and my scores plummeted again. fast forwarding to current day, i have since paid all old debts, which were closed by creditors showing zero balance. The only one with a balance is a capitalone card that i was 150days late, they charged it off but its still with capital one not a collection agency, i have since been paying every month but its still showing charged off, is there anything I can do to get them to report that differently? i acknowledge the debt is legit but its not actually charged off since I'm paying on it monthly direct to cap one, the kicker is i have another cap one card that my limit just was increased by $2,000 a month ago AND applied for cap one quicksilver card and was approved for $3,000 last week? While Im being long winded, I am also an authorized user on an american express, its our business amex and my father is the primary. the balance shows up on all my CR's which can be anywhere from 5k-50k in a month, is there anyw way to get that to stop reporting as i am not financially responsible for the debt? Thanks for reading

junior1790 wrote:
Hello all, thanks for the information, this forum is beyond helpful. I have discharged chapter 7 from may 2008, went through the typical issues that come with that and started rebuilding which was going fine. in 2011 i opened a business and used some of the credit i had reestablished for those purposes and had some missed payments and my scores plummeted again. fast forwarding to current day, i have since paid all old debts, which were closed by creditors showing zero balance. The only one with a balance is a capitalone card that i was 150days late, they charged it off but its still with capital one not a collection agency, i have since been paying every month but its still showing charged off, is there anything I can do to get them to report that differently? Actually no, its a factual happening and once an account reaches CO status it is that forever going forward. You can try a GW letter to them once the account is paid off asking it be reported as paid as agreed but I have not heard of Cap-1 granting such a request. http://ficoforums.myfico.com/t5/Rebuilding-Your-Credit/GW-letter-Q-amp-A-Examples-and-GW-Success-Stories/td-p/1573680 i acknowledge the debt is legit but its not actually charged off since I'm paying on it monthly direct to cap one, the kicker is i have another cap one card that my limit just was increased by $2,000 a month ago AND applied for cap one quicksilver card and was approved for $3,000 last week? A CO is an event that the creditor took, it did happen what is should show now is something like this "Was CO, now Pay" but CO notations will always be there unless you can get them to convert it back to a postitive account. While Im being long winded, I am also an authorized user on an american express, its our business amex and my father is the primary. the balance shows up on all my CR's which can be anywhere from 5k-50k in a month, is there anyw way to get that to stop reporting as i am not financially responsible for the debt? Cancel your AU status is the only way it will no longer report. FYI Amex makes their AUs responsible for their individual charges,. Thanks for reading

Completed my Credit Steps with Capital One

I have 2 Capital One cards, The first one was just a platinum mastercard with a $300 limit, the second one was a 1% cash back platinum mastercard with a $500 limit, I got one 7 months ago and the other 6 months ago. I requested credit limit increases about 2 or 3 months ago on both of them and they raised one from $300 to $800 and the other from $500 to $1000. Then I chatted with them and I got both of them changed to Quicksilvers with no AF. Now with my credit steps complete I have a $1300 limit and a $2000 limit. I was hoping that they would give me a bigger increase since they are QS but they didn't. I am hoping that in 6 months I can get a much bigger cli than just $500 each. My scores were in the high 500's when I got my first card but since then there were some collections fall off and now I am in the low 700's. My score has jumped over 100 points in just 6 or 7 months, I think that is remarkable.

Congrats! My QS started out at $500, then with Credit Steps it bumped up to $1500 in 6 months and then $3k after a year. Six months later they bumped me all the way up to $9k. Stick with them and you will be rewarded!

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Product Upgrade & Credit Limit Increase with Capital One

Upgraded my Platinum Master Cards, I have two, to a QuickSiver Rewards an requested a credit limit increase online only received 500.00 so I sent an email to the Executive Office. I waited two days received no responce so I called today this is what happened. Spoke to a gentleman who said he would be my personal credit specialist today I told him that I had upgraded the cards for the rewards and the Visa signiture benefits and requested to increase the limits to 5,000.00 on each. He told me that I had just been given a credit limit increase and he could do nothing for me. After getting no were he offered to let me speak to his suppervisor. Spoke to the suppervisor and ended the call with the same results, she will have someone else call me within 10 days. My question is this the norm has this happened to others. The number I called was one I found here in the forum. I have had both cards for over 6 years and have always paid them on time just never used them much because of the low limits. Any information would be greatly appreciated.

tel12 wrote:
Upgraded my Platinum Master Cards, I have two, to a QuickSiver Rewards an requested a credit limit increase online only received 500.00 so I sent an email to the Executive Office. I waited two days received no responce so I called today this is what happened. Spoke to a gentleman who said he would be my personal credit specialist today I told him that I had upgraded the cards for the rewards and the Visa signiture benefits and requested to increase the limits to 5,000.00 on each. He told me that I had just been given a credit limit increase and he could do nothing for me. After getting no were he offered to let me speak to his suppervisor. Spoke to the suppervisor and ended the call with the same results, she will have someone else call me within 10 days. My question is this the norm has this happened to others. The number I called was one I found here in the forum. I have had both cards for over 6 years and have always paid them on time just never used them much because of the low limits. Any information would be greatly appreciated. The number you got on this forum used to be their Executive Office, but now staffed by regular customer service people, who are no different than your chat or phone customer service. Your hope is to get official response from the email you sent to the EO. You need to wait 1-2 weeks, not days. They have to assist a large number of customers and they are not as big a team as the customer service people. My Cap One card started as a Plat with $500 limit a little more than 2 years ago and now it is at $8k and upgraded to a QuickSilver. Also as others mentioned, you can use the new "Combine cards" tool to combine your multiple small limit cards to a larger, more useful limit.

OUTCOME...CAPITAL ONE DECLINED EO 2ND REQUEST

‎**DECLINDED DUE TO ; RECENT CLI WAS IN MARCH....AND THE 3RD ACCOUNT WAS DECLINDED DUE TO "TOO MANY REVOLVING NEW ACCOUNTs"...Oh well...will try again in October. Just trying to bring up my score to a refinance auto loan w/credit union... ____07-20-2015 11:58 AM **HELLO ALL.I've decided to ask Captial One for another manual review. This first one was requested in March.
Since I got another CLI w/Overstock yesterday and my scores jumped 30 to 45 points...why not ask again?________
Sent March 2014...Denied...will let you guy know of the outcome...I've also opened a savings account with Cap1 a few months ago.____Hello,Well I've sent an email to the Executive office about 1 week ago. Well they called me back on both Cell and office phone.
I just go off the phone with a nice lady and she went into great detail about my email and my Credit Cards (3) with them.
As we went through all cards individually, I was asked the following info:1. Income
2. Employment
3. Informed of Soft Pull
4. How much I wanted and if I was willing to accept an amount that was less than what was requested.
5. Rent/Mortgage paymentShe kept thanking me through out the conversation and was informed that all three emails were sent to their underwriting department for review.
I can call her about 4-5 days of the pending outcome.... I will let you guys know...keep your fingers crossed... Cap1 Plat $1,100
Cap1 QS $750
Cap1 Sony $750
Cap1 Auto $16,000
Avant personal loan $2,100
Overstock $1,200
Khols $300
Von Maur $300 **UPDATE 7/2015
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First Savings Credit visa $500
Overstock $1,800 (increase received)
Von Maur $500 (increase received) Scores in March when email was sent 600/579/600 Now 635/618/645

I am glad you posted this - I'm sorry they said no, but this will help ease the perception that EO is a magic wand and you'll call them and get a CLI! Generally with Capital One it's 6 months between increases - EO or not. That's just their policy. There are exceptions but usually requesting before then is a waste of time.

Capital One 5 day hold on payments.

I was using my capital one card like normal running somewhat of high balances and then paying them right off. I always pay on time and I always pay before the statement closing date. However, paying the card off in full before the statement closing date seems to trigger some sort of hold for five days. I'll be calling to get the hold removed as soon as the ACH payment shows up on my bank account.
The reason I always pay in full before the statement closing date is because I don't want Capital One to report a 100% credit utilization for the month to the credit bureaus.
So now you can see how a five day hold would throw a wrench into my plans.
Here's the thing though. Once I scheduled the payment, Capital One's accounts show 0 balance on the card, but a 0 available funds on the card as well, while its in this 5 day hold limbo.
Well, here comes the statement closing date, on a *Monday (see edit). So what the heck is going to be reported to the credit bureaus?
Will it be a 100% credit utilization? Will it be 0% credit utilization?
Either way, it's not good. I would be better off paying a lower amount to see if there was a chance that it would be processed in a timely manner.
However, I can't do that during the 5 day hold. I can only do that once the 5 day hold is over.
If the payment hasn't been processed then I can only assume that they will report a credit utilization percentage of 100 percent. Like I spent.
What do you think? I'll be waiting as the weekend passes. Then, I'll call in on Monday; the day of the statement closing date. I might be able to get the hold released, push the payment through by the end of day. And then I will have a low balance reported to the credit bureaus. I'll have all A's on my credit score. edit: a mistake was made earlier in this post. the statement closing date is actually on a Sunday. So it's too late to try to push a payment through now. It's going to report as it was on that day.
UPDATE: It's Monday. I woke up at 6am and everything worked out perfectly. Capital one was happy to release the funds it took all of 5 minutes, and now I'm back to a card with a full balance.
UPDATE 2: 12:00 PM on Monday, the statement came in. It went just about as perfectly as possible. I'm all set with Capital One and my statement, everything is paid, and it correctly reported to the agency. Under 10% of my limit with full credit availability. I got an A.

motoleo wrote:
^ (Gasp) I can't have that happen to me. I can't have them report a 98% (105% in my case) utilization ratio! It mustn't. I have no other cards. This is my only card. It's just a platinum. The limit was just increased to 500 dollars. I never had any returned payments until they did the 5 day hold. You really don't know where the money is because everything is always pending.Are you waiting until the statement closing date to time your payment, or only few days ahead of statement closing, and making that one payment per month? That's a knife edge you are dealing with. On a $500 card, I'm all for maxing that puppy out and then PIF by the payment due date, but that presumes one stops using the card before the limit. If you are using this as your main spend vehicle, that is fine. You need to pay it more often. When you get to $250, set up an immediate payment on Capital One's site to pull the $250 from your bank account. That will take a few days to clear, meanwhile you continue to charge on the card. When you have charged another $250 of spend on the card, log on and schedule another payment to pull from your bank account. Alternatively, on Saturday, look at what is in your Capital One Open Balance, and schedule a payment to pull from your bank account to pay it on Monday. Let those balances report, whatever they are. You may think a $500 statement balance is a Bad Thing? It is not. Over the course of time, when you show that you can report those kinds of balances and PIF, then you will start to get better cards, to give yourself breathing room. And +1 to the comments that you can't allow these payments to be returned. Ever. When you commit to a payment going to your credit card, you no longer have those funds available in your checking account. As another alternative, open a checking account at Capital One. This will provide the instant payment from your checking to your credit card that you want to see. Good luck!

Capital One Platinum?

I have just begun my credit rebuilding journey. About a month ago, I applied for a secured card from my bank and was approved for $300 minimum. I sent them the $300, and read that CapOne is pretty lenient with approving secured cards, so I applied with them as well. I got approved and had to send them the deposit. I talked my grandparents into adding me as an AU on a credit card with a $9k limit and $0 balance that they've had since 1987. That AU alone bumped my scores 20+ points on EX and EQ. TU had the wrong address for me, so it didn't pick up on the AU but I sent them a letter requesting change of address. Anyway, with my scores slightly higher, I was feelin' froggy and I had been reading that CapOne QS1 is pretty relaxed with their approvals. I thought I most likely would not get approved if I applied but it was worth a shot. I applied yesterday and got the "7-10 day" message. I read on the forums that if you get this message, its not an approval or denial, and to call the BD number the following day to ask them if they needed any more info. I called them today and to my surprise, the account specialist told me I was approved for $300 (better than nothing, and I was ectstatic to finally have a real card) and to expect the card within 7-10 days. Now my question is, I've been reading some people had better luck with CapOne Platinum but denied a CapOne QS1. Since I've already got the QS1, what are the chances I could get approved for a Platinum? And if I do it today, would it still be with the 3 HPs from yesterday? I'd like to be able to get both of those unsecured, keep my CapOne secured, and either close or keep my bank secured card. Not sure what the best option is. Thanks in advance.

First congratulations!! Second, I wouldn't go for the Platinum right now, because it seems sometimes when you start out with Capital One's sub-prime cards, they get stuck at low credit limits and won't grow. Give yourself some more time, use the cards you have over the next few months, and before you know it, you'll get approved for better cards.

Capital One CLI!

So I was getting pretty peeved with Capital One this week. My statement cut on the 6th, which marked one year of having my QS1 card. I pressed the luv button, and... nothing. Tried several times a day for days... nothing. Finally, this morning, I hit it to the tune of a $500 increase. I'll take it! And I'm taking note that my date is the 10th for this card lol. Now if only they would let me upgrade to the QS with no AF. Got shot down in chat today Although, once I pay off my balance, I can combine it with my other QS, so I guess it doesn't matter as much.

Congrats

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Echoside wrote:
Just talked to a representative with Capital One. I inquired about combining my two accounts into one, was told that it's not currently available, but the plans are laid out, and are waiting for approval, she estimated within the next month or two Capital One customers will recieve letters informing them of the new options.Sounds great! That's one of the things that struck me as odd about them but it seems like they're really trying to catch up and compete with the other big boys now.

2-3 Day Notice Capital One

I have requested credit limit increases on both my Capital One cards. One card has a CL of 10,000 and was opened 2/15 My other card I haven't asked for a CL increase for almost two years.
Credit with Capital One is good, no bad remarks.
What's your experience with the 2-3 day message in your documents? Do they usually allow for a CL?

Delta22 wrote:
I have requested credit limit increases on both my Capital One cards. One card has a CL of 10,000 and was opened 2/15 My other card I haven't asked for a CL increase for almost two years.
Credit with Capital One is good, no bad remarks.
What's your experience with the 2-3 day message in your documents? Do they usually allow for a CL? As has been said, 2-3 days are denials. As for your card opened in February, you may be too early. The CLIs tend to work after 6 calendar months (might be eligible 1-2 days early). As for the other card, you may want to check the reasons on this. If you disagree and would like a manual consideration of the CLI, you would need to contact the EO.

Capital One low CLI, options and questions...

I opened my first credit card in January 2011. It was an Orchard Bank MC that was later sold and converted to a Capital One Platinum MC. A few years later (not sure) it was converted to the QS MC. Since I opened this account I have never missed a payment or had any negatives on my report. I got my last CLI 6 months and a few days ago. Because I have open 6 new credit cards in the past 2-7 months and meeting spend requirements I haven't been using the card much at all. I created a spreadsheet to calulate when I could request another CLI. 180 days after my last. On day 180 I requested one and was declined because of low payments. The card had a ~$500 balance a couple months ago that I paid off so the reason didn't make sense. I figured the reason was lack of recent usage. So for the past few days I have been using the card and requesting daily. Today it finally approved me for $400 to bring my limit to $3900. I was really hoping for at least $1500 so it could be a WMC as I have a VisaSig. The increase and limit bothers me as its my oldest revolving account.
I have the following cards...
1/11 C1 QS $3900
2/13 BoA BBR MC $5000 (BBR can't be WMC they say)
1/15 C1 QS $3500
1/15 Barclay Rewards $1000
2/15 AMEX ED $9000
3/15 Chase Freedom $4500
4/15 Citi DiamPref $1500
5/15 Disc It Secured $500 (really secured but wanted the card, best card I got IMO)
5/15 BoA 123 VisaSig $5000
Also to note...
12/14 Mortgage $59k/$64k (double+ pmts)
4/15 Shared Secured Installment 352/500 (to max mix)
2/15 Victoria Secret 0/500 (big regret)
FICO08 EQ 680 TU 700 EX 698
My question is was it a mistake to accept the low CLI now? Should of just contacted the EO for a manual review? Can I still do that or will I just get the line you got a CLI a day ago and gotta wait? Would they possible let me combine my 2 capital one cards ($3900 and $3500) into one card if they won't give me an addition $1100 increase for a WMC? I've had contact with the EO before and got the number; better to email or just call?
Sorry if this scramble, unorganized, grammar, etc as this is the 3rd time I've written it as the page times out and I lost it.
So to recap my questions...
Does me accepting the low $400 CLI to $3900 today prevent the EO from possibly giving me a higher CLI?
Can you combine your limits on 2 cards into one? Would combine the newer card to the older one to keep my oldest CC open.
Any experiences you had with similar issues.
Thanks in advance for your time and responses.

As I've experience with capital one (capital one platinum) is that they DON'T give out many credit limit increases. I had my crapital one card since '09 and started when I was in rebuilder mode. Flash froward to present day and you can look at my siggy that I've come pretty far. High 700's and major credit cards in my wallet with some in the 10k plus and crapital one only gave me two CLI during my '09 to July 2015 loyalty to them. I felt I was capped at 2k after numerous emails to the EO. Don't sweat capital one and just use them for the history while you get better cards imho

Capital One Suddenly Generous with CLIs

A few week back I used the 'luv' button to request a CLI for my QuickSilver One Mastercard (which I will likely close if they don't help out with the annual fee - but that's in a different thread) and was pleasantly surprised when they gave it a $1000 increase - more than 50% of the previous limit. I have a QuickSilver Visa Signature I intend to replace it with that has a SL of $5K. Just a few days ago, the 4th statement was generated so I figured what the heck, let's hit the button and see what happens on the Visa, not expecting much especially since I had such good luck just a few days ago with the other card. I was immediately offered a $2K increase, making the new CL $7K I know there's been reports of folks getting Venture cards with nice SLs, but this post is regarding CLIs on existing accounts. My poor MasterCard with them struggled for years to even get a $200 increase, much less an increase in the thousands. Are they finally realizing they have been leaving money on the table by forcing customers to other banks, or do you think this is just a 'fluke'? I'm not one to question good luck, but I figure I'm among friends here, so I'm reaching out to see what you think.

Littlewing745 wrote:
UncleB wrote:
Littlewing745 wrote:
UncleB wrote:
A few week back I used the 'luv' button to request a CLI for my QuickSilver One Mastercard (which I will likely close if they don't help out with the annual fee - but that's in a different thread) and was pleasantly surprised when they gave it a $1000 increase - more than 50% of the previous limit. I have a QuickSilver Visa Signature I intend to replace it with that has a SL of $5K. Just a few days ago, the 4th statement was generated so I figured what the heck, let's hit the button and see what happens on the Visa, not expecting much especially since I had such good luck just a few days ago with the other card. I was immediately offered a $2K increase, making the new CL $7K I know there's been reports of folks getting Venture cards with nice SLs, but this post is regarding CLIs on existing accounts. My poor MasterCard with them struggled for years to even get a $200 increase, much less an increase in the thousands. Are they finally realizing they have been leaving money on the table by forcing customers to other banks, or do you think this is just a 'fluke'? I'm not one to question good luck, but I figure I'm among friends here, so I'm reaching out to see what you think. I'm curious to hear what others think as well. I have a Cap One QS1, and I have been absolutely battling them for an adult level of credit for months. It started at $300 in July 2014 - I was subprime, for sure - and completed credit steps. I had used just about the full $300 and PIF every month. Got a measely $200 increase to $500 in January, but i didn't complain. Few months later, I tried an CLI, denied. Was told there had been a change in the account. Of course, they were referring to the $200 increase. So, I let it go, and apped for other cards. Well...no one gave me a limit under $1500, and that was Discover (who is conservative, anyways). My next lowest was $3500. Ringed back Capital One and, long story short, had to escalate all the way to the EO to get the card *up to* $1,000. So basically, because Cap One is being stingy, they are still viewing me - and lending credit to me - as if I'm subprime. Wee bit irritating. I had explained to them that though the QS1 gave me 1.5% cash back, the annual fee and $1000 limit hampered use for me; my NFCU cashRewards is the same reward structure, but with no annual fee, an $8,000 limit and even a lower interest rate. No dice. Heck, even my Merrick Bank still has a higher limit. Embarrassing. I'm planning to hammer my QS1 with charges for 2-3 more months - paying down a couple times a month - and see if they get the message. If I can't get a bump after that, it's definitely a candidate for closure, since it's only 1 year old.Littlewing, have you checked out the pre-qualification site yet to see what they show you good for? I was equally disgusted four months ago due to dealing with the same type stuff you describe (before these latest CLIs, my last one was for only $200). I'm with you, it seems easier to just re-app for another card, in my case it was another QuickSilver (but the Visa Sig instead) with no annual fee and a starting line more than double the credit line on the old account, which has taken me eight years to even get as high as it is now. (This much is certainly well-documented) See what they show you pre-qual'd for, and if you like what you see it might be worth your sanity to bite the bullet and take the HPs just to be done with it. For me, "protecting" my report from HPs is not worth as much as the piece of mind I have now knowing I don't have to call and "beg" each year for them to throw me a bone for the annual fee on the new account, and if I choose to do so for the old QS1 MasterCard it's not because I have to. Many folks don't mind sending email to CEOs, waiting for call-backs that may or may not come, or calling a list of backdoor numbers, but I think I've decided I've grown tired of feeling likeI am always begging them to do business with me, either by waiving an AF or giving me a (until recently) $200 increase. Ironically, going by their willingness to approve the QS Visa a few months back, it seems it's not me they have an issue with but strangely it's the account itself. It's too bad they don't realize it's the same person behind *both* accounts, but they don't... we're just numbers. If the nice CLIs on the QS1 Mastercard had come a little earlier, this could have been a very different conversation.Yeah, I'm very seriously considering that. I try to time my apps so that everything in on a June/July and December/January cycle for increases. SO...I may be getting myself a Christmas Venture One app, haha.LOL... I like that plan. Here's an idea; even if you aren't ready to actually app for a new account, the pre-qual site will at least tell you which cards you are good for and what the interest rate will be. That's actually what pushed me into 'taking the plunge'; once I saw that I wouldn't get the highest rate as I had feared would be the case (they gave me a not-great-but-not-horrible 17.9%) it made me pull the trigger. As a side-note, the interest rate offered on the pre-qual was spot-on with what I was actually given on my new account. If the rate is higher than you would like, or you don't get offered that Venture, you can always try back later. Or if you get pre-qual'd for a fantastic rate, you can still wait and know you have something to look forward to. Even more importantly, you'll know that all the calling and emailing for the account you presently have is because you want to, not because you are forced to... Whatever you decide, you have to do what's right for your situation and your personal plan.

My experience with Credit Line Increase at Capital One

Just thought i'd share my experience (and contribute for the forum) to help those who seek to increase their credit line. This is just my experience but it seems to work. A month ago i applied for and got two new credit cards after 16 years of NO credit card useage and not so good credit. I made sure to pay off all debts including student loans and colections accounts prior to applying. First credit card was a Credit One card with a $300 limit. I have since cancelled them since the low limit did nothing for me. I also got a Capital One Quiksilver One with a $3000 limit. During the month of owning this card i: -Charge EVERYTHING on my credit card. Made very frequent charges. I charged everything from a $1 coke at the vending machine to my $2700 rent. Credit card companies have high charges for merchants, this is one of the main ways they make money. They will love you if you pay everything with their credit card so long you make your payments in full.-Once you run your balance up as high as your comfortable doing, make a payment even if it's not month end. Do not go exactly to or over your credit limit!-Make frequent payments. I made 4 or 5 payments within my first month of having my new credit card. $2700 charge, payment posted. $400 in random charges, payment posted. $250 in random charges, payment posted. Within 3 weeks of me owning my Capital One Quicksilver One, they tripled my credit line from $3000 to $9000. Whoohoo! That's all. Enjoy your credit card in good health and with good creditworthness.

slipper wrote:
Just thought i'd share my experience (and contribute for the forum) to help those who seek to increase their credit line. This is just my experience but it seems to work. A month ago i applied for and got two new credit cards after 16 years of NO credit card useage and not so good credit. I made sure to pay off all debts including student loans and colections accounts prior to applying. First credit card was a Credit One card with a $300 limit. I have since cancelled them since the low limit did nothing for me. I also got a Capital One Quiksilver One with a $3000 limit. During the month of owning this card i: -Charge EVERYTHING on my credit card. Made very frequent charges. I charged everything from a $1 coke at the vending machine to my $2700 rent. Credit card companies have high charges for merchants, this is one of the main ways they make money. They will love you if you pay everything with their credit card so long you make your payments in full.-Once you run your balance up as high as your comfortable doing, make a payment even if it's not month end. Do not go exactly to or over your credit limit!-Make frequent payments. I made 4 or 5 payments within my first month of having my new credit card. $2700 charge, payment posted. $400 in random charges, payment posted. $250 in random charges, payment posted. Within 3 weeks of me owning my Capital One Quicksilver One, they tripled my credit line from $3000 to $9000. Whoohoo! That's all. Enjoy your credit card in good health and with good creditworthness. This is exactly what i'm doing (minus the rent part!) I hope this works for me too! Thanks so much for sharing!

Challenging Personal Guaranty with Capital One

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