I called Capital One yesterday. I’ve had this card for a little more than a year now and wanted to see what they had to offer. I spoke to two different people which pretty much told me the same thing. I told them I’ve had this card for more than a year, and wanted to see if I qualified for a better card, a limit increase or an upgrade without having to apply for a new card altogether. I told them I now have another card with Bank of America with a higher limit and that I was not using Capital One’s card much anymore because of this.
They told me I was in a good position to apply for an unsecured card with them, and encouraged me to apply, but that they can not upgrade or graduate my secured account. If I wanted to have a higher credit limit I would have to make another deposit. So basically, the only option they gave me was to apply for a new card and I almost did just to see what they offered me, but I said no. I didn’t want another credit inquiry on my report.
I told them I don’t see the point on having two credit cards with the same bank as I don’t want to close my secured card (it’s my oldest card at the moment). I think this would affect my credit. Also, I am preparing to apply for a car loan at a local credit union, and having a new card would probably not look good on my file as I just opened the BOA card 4 months ago.
I’m just going to leave my CapOne secured card as it is, and see what happens with this car loan. If I don’t get approved, I’ll probably try to apply for a card at the same credit union. I’ve heard good things about establishing a relationship with a local credit union.
Do you guys have any updates on your CapOne cards?