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Credit Limit Increase? How and Why?


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What is Patelco's stand on an open collection account?
I don't know for sure. But my credit was pretty crappy with a 8 month old BK7 when I applied and was granted $1000. My BK7 included three collection accounts- one being for a $10k credit union loan. That cannot look good to another credit union...

Call and ask them about an open collection. Their customer service team is pretty helpful. If its old and there are others decent tradelines, then they may be forgiving.

Also, regarding limits, I asked for $5000 and they gave me $1000 upfront. Then a year later, I called and asked for $10000 and they gave me $3500. My point is, don't short change your requests. Maybe they'll give you $1000 or more if you ask. They can always offer you less. But if you don't ask for more, then its almost a certainty that they won't consider you for it.

Good luck. And if they deny you for some reason, ask customer service for the lead underwriter's name and fax #. It was given to me when they "denied" me for $10,000 credit line, but I am happy with $3500 so I never wrote them. You can write and fax them a letter telling them that you have these three cards, perfect credit history on these cards (blah, blah, blah), and that you want to close them (really don't close them) and open a Patelco card so you can "build a long term relationship". They are willing to reconsider.

I edited this post to let you know that both times they pulled my credit they pulled EXPERIAN.

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I'll find out shortly as I just applied to Patelco for a Visa Classic requesting a $600 limit (yes they even ask you to tell them how much of a credit limit you want $300- $5,000) and I do have an open collection on my CR (May 2005). :twisted:

Will keep you posted!

Good Luck and I look forward to hearing about your experience.

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Patelco just denied me via email!!!:roll:

Dear Applicant,

Thank you for your interest in a Patelco loan product. Unfortunately, we are unable to approve your request at this time.

You will receive a letter shortly that outlines the reason(s) for the decline.

Thanks for choosing Patelco Credit Union. If you have any further questions, please feel free to contact us.

Thank you,

A wasted INQUIRY. :evil:

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Patelco just denied me via email!!!:roll:
Well you got your answer on the open collection issue. Maybe its too recent. You could always ask for reconsideration...

Good luck. I wouldn't close the CapOne cards as long as there are no annual fees.

Regarding the inquiry, its only a few points and not something to be concerned about unless you are buying a house or car in the next few months.

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Thanks for the info, the csr told me that it is a soft pull. Is that true?
No. It was a full-blown inquiry because I was applying for credit. Maybe it is different if you are just putting the $5 into a shares account and not applying for any loans. However, I did just that at Citadel Credit Union and they pulled a credit report (TU) just to become a member!
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Well you got your answer on the open collection issue. Maybe its too recent. You could always ask for reconsideration...

Good luck. I wouldn't close the CapOne cards as long as there are no annual fees.

Regarding the inquiry, its only a few points and not something to be concerned about unless you are buying a house or car in the next few months.

Thanks jq26! The search continues!

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  • 2 weeks later...

Cap One does give increased on sub prime cards. I had one. Started off at $500 but now the credit limit is $2400. Now that I think about it, it was some program where they start you off at $500 and if you keep making on time payments, they increase it by a certain amount every couple of months until you get to $1500. I actually called them and asked to talk to an account manager and she hooked me up with more increases.

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Txs...I have never been late, always paid more than the minimun, and paid several times per pay period. Nothing has worked. Worse, I have not had a balance for some time and they still are reporting one from 7 months ago to make it look bad (I know about their reporting junk I read it here). You must be very lucky.

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