217 People Helped
Member Since: May 2012
I've also found this to be true with 2 or 3 of these loan companies. It's simply too expensive to consolidate so I've worked out a far better plan to pay down my credit cards without a loan and save money. Consolidating is not for everyone and it also requires discipline that you not use those credit cards once you consolidate or you can easily find yourself in twice as much debt.
eddiefl64's reply was:
Despite having a 700+ FICO and excellent credit I was given a $500 credit limit. An insult. I have 3 other Visa cards with no less than $2500 limits and 28% utilization. I've had the card nearly two years and no increase in limit. Chase says they periodically review your account for increases BUT they don't. They want you to initiate the request which, of course, goes on your credt as an inquiry. Customer service is lacksidasical at best. They act like they're doing you a big favor giving you a card at all. Chase is VERY stingy about credit limits unless you have very high FICO scores. (750+). I will likely cancel this card. A measely $500 isn't going to affect my credit utilization.
eddiefl64's response was:
I recently applied for this card with a 703 FICO score in hopes of doing balance transfers on 3 other cards. Oh I was approved alright...for a $900 credit limit!!
Either Credit Karma is lying or Citibank is lying. All three of the cards I wanted to do a balnace transfer on have credit limts 4 and 5 times what this card offered me. Naturally, I have no intentions of activating the card and told them they can keep it. They could care less. It was like they were glad I didn't want their card. A $900 credit limit on a card that claims it is excellent for balance transfers, is ridiculous, especially with a 703 FICO.
Don't waste your time applying for this card. I guess you have to have a 900 FICO to get a decent credit limit from these people.
CWH1962 is right. My FICO, as reported by creditors, is always higher than CK. CK is lowball but gives you a general idea of where you stand. It is not meant to be absolutely accurate. Just a guideline. Their approval odds on these cards are not always accurate either. I've applied to one that said I had a "Fair" chance of approval and got a $5000 CL. Another I had a "good" chance of approval and got only $700.CL Go figure.
This is typical Chase. VERY stingy about credit limits. All they do is promote balance transfers but try to get a decent credit limit to do any transfers. And yes, they will make YOU initiate a request for an increase, which goes against your credit as an inquiry, when they already have all the info they need to make a decision.
I don't know anymore. I reduced my credit utilization from 90% down to 34% and it made absolutely no difference in my score, according to this website. I've had 100% on time payments for the past three years and still can't get out of the 600's.
I just had that happen and finally read the fine print, whcih I should have done before I applied. If you have an existing Cap One card (which I do) that is still in a promotional period (one year no interest, etc...) they won't approve you for another card. I'm 10 months into my Platinum card and asked for the Cash rewards card as a second card and they turned me down, even though I have an excellent payment record for the past 10 months. They said to re-apply after my Platinum promotion period ends but doubt I will because it would mean another hard inquiry.
I have this card. By the way, I had a 680 FICO when they gave it to me with a 500 limit. After 6 months, they raiseed it to 750 with a perfect payment record. It is now 3 years later and my FICO is 711 and they just declined me for a limit increase request. This is typical Capital One. They are the WORST for raising credit limits and your payment record or utilization doesn't seem to matter. You'll stay where they put you till hell freezes over. Contrary to what Credit Karma says, they never charged me an annual fee, which is the only reason I haven't canceled the card. I just don't use it anymore. I have a $6500 limit with Discover but Capital One says I'm only good for 750. Ridiculous. Capital One is a joke.
Enter Your Reply You are incorrect that simply contacting the creditor "resets" the clock. No it does not. If you make ANY type of payment. that payment WILL reset the clock. If you are very close to the statute for your state, it is probably better to let the statute run out for a couple reasons. (1) You can no longer be sued (2) If you're going to repay the debt, you have a better chance of offering a settlement far less than the actual debt because the collector/creditor can no longer sue you and more likely to accept something rather than nothing at all. It is also worth noting that just because the statute of limitations runs out, and they can no longer sue you, they CAN continue to attempt to collect the debt via phone calls and mail notices.