Question about 0%APR and Credit in General?

Question

Okay soo I opened a Captial One account that I got in the Mail for 0% APR on Purchases and Transfers until December 2007. Now the thing is that when I called up Captial One to find out about my Credit Application they said you've been approved but for only a Credit line of $2000. I am in the Market to buy an engagement ring for my Girl friend and was hoping to get a higer Credit Line sine I have excellent Credit, no late payments and the only debt I have is my Student Loan.

Now the thing is that when we went to another jewerly place (not the one where I'm buying the ring from ) they ran my credit and opened an account with a $15,000 credit line. As soon as I got the card in the Mail I called and closed the account. But I opened the Captial One account on the next day so I think they might have seen that and set my limit soo low.

How would I get Capital One to give me a higher Credit line since I have such great credit? How long would I have to wait to do that?
Thank You

Answer 1

I agree with the first answer but...
If you have great credit, have you thought about going to your bank for the loan?
Usually those 0% credit offers come with a LOT of fine print...Typically the 0% is only offered on transferred balances from other cards, not new purchases. The other thing that is very often in the fine print is that the entire balance must be paid in full by the expiration of the 0% term, or they apply the regular interest retroactively.
I've seen LOTS of people get caught up in those deals. Just remember, if it seems to good to be true, it probably is.

Answer 2

It takes time for new accounts to show up at the credit bureaus and effect your score. How far in between you applying for the two lines of credit? Also, one credit inquiry shouldn't be a big deal, if you haven't had one in the previous 2 or 3 months.

How to get higher credit line from Capital One? Ask. Just tell them that the $2,000 credit limit is pretty useless to you, and if they can't raise it to at least (fill in your number here), then ask them to cancel the card.