topic Re: Capital One Increase in Rebuilding Your Credit

Capital One Increase

proudnavymom — Fri, 03 Aug 2012 05:40:43 GMT

I just checked my balance on my Capital One secured CC and they gave me the $100 CLI. Woo hoo!!

Re: Capital One Increase

trix_r_4_kids — Fri, 03 Aug 2012 07:18:03 GMT

How long have you had the card?

Re: Capital One Increase

JohnPTEX — Fri, 03 Aug 2012 15:02:55 GMT

trix_r_4_kids wrote:
How long have you had the card?

Congrats!! I'm interested to know how long you've had it as well!! I think mine is about 6 months old now with a $500 limit.

Re: Capital One Increase

proudnavymom — Fri, 03 Aug 2012 17:04:25 GMT

JohnPTEX wrote:
trix_r_4_kids wrote:
How long have you had the card?
Congrats!! I'm interested to know how long you've had it as well!! I think mine is about 6 months old now with a $500 limit.

I have had my card for one year. Right at the one year mark they sent me a letter saying "Thank you for using your account and paying on time. Because of your responsible behavior, we'd like to review your account to see if it's eligible for a credit line increase. " I just had to call and answer some questions regarding my income and they said it would not require a credit inquiry.

Re: Capital One Increase

bodybuilder510 — Fri, 03 Aug 2012 17:30:57 GMT

I just got my 100 increase this morning on my cap one secured. I opened it June 2011 and never added any deposits to the card. I'm at 301 now. Not that I use it anymore... Congrats by the way!

Re: Capital One Increase

colnagoflight — Sun, 12 Aug 2012 19:08:14 GMT

Howdy, my suggestion is to add the deposit money just to increase your line of credit. this makes the utilization percentages easier to manage. Then use the card but pay it off as soon as the "charges" post to the account. Example: 08-07-2012 I charged $932 to the account. on 08-10-2012 I paid $800 via mobile banking. this way I keep a rolling utilization below 19%. if you use your card a lot and pay it quickly -- even if you have a low balance -- they will increase your unsecured line of credit approximately two (2) times per year. from my research, every 5-6 months they review an account. so when my account had only a $200 line of credit, i paid it 6 times that month in full .... my last months spending was in excess of $3,000 but except for this month, i've kept it below 9% utilization.

Anyway, just use it alot and pay it off minus a $50 balance ... so they have "something" to report to the credit bureau a minimum of one week before the statement date.

Re: Capital One Increase

Lasardo — Sun, 12 Aug 2012 19:08:32 GMT

I pay Every month in full have a $600 CL (deposited myself) and have had it for 9 months now. I ask every month and am denied every month, this last time they stated because I had 2 cards with them they could not (other card has $200 CL) I mean they should nt have given me a second card if it were a problem right? My question to you Cap1 experts, should I close the 2nd card? Ill have 1 cap1 then and a 1st Premier only..do your think it will hurt me? I have managed to increase my TU score from 554 to 724 and EQ to 644 but EX is still at 597 bit hat is the one that still has 8 negatives on it...working on it though.

Re: Capital One Increase

colnagoflight — Sun, 12 Aug 2012 19:08:50 GMT

howdy, if I am reading correctly, you have 2 secured cards? One with $600 credit line and the other with $200 credit line. Step 1 - don't close either card. What you want is a "long" credit history. don't ding your credit by applying for another cards either. From my research, max inquiries should be 3 per year. I only use 1 inquiry per year (credit application) and save the other two (inquiries) for emergency needs. This keeps me from disciplined.

suggestion. if both cards are secured. the lower card $200 CLI - I would suggest you only charge up to $38/month (19% UTIL) and then pay it off every month. I would just use it for a tank of gas and then put it back in the safe. the $600 CLI card no more than $114/month and then pay it off (19% UTIL). Basically use it to go grocery shopping then put it back in the safe.

Note: anything over 20% UTIL starts lowering your score. I posted a chart from my research on UTIL % ... basically rule of thumb ... never never never go over 19% UTIL without making a payment on the account -- even if the payment isn't due yet.

If your scores have gone from 554 to 724 you are doing the right thing. Keep doing it and in time all the credit bureaus will catch up. the 8 negatives just take time to heal.

my suggestion is to start saving on just one card. i would start with the $600 CL card and save $100/month to increase the line of credit. I would also suggest sticking $50/month in a savings account for back up funds for the "unexpected" things in life that happen ... flat tire or bad battery, etc.

For myself, I have matching savings plan. whatever I put in the CD I must also put in the savings account. That way I have a rainy day fund. For myself, I have only had my card since Dec 2011. We are August 2012 now and I am at $2700 CLI. To date, I have acquired $450 unsecured credit and the rest is secured. I am getting ready to make the final $300 deposit next month to take it to $3,000; however, if I do this and it posts in September, before the October review date, i will get another $300 unsecured at my 12 month renewal date which is in December. If all goes well, I will have a $3,300 CLI in December.

the summary is charge and pay .... even before due. I charged over $3,000 last month and paid all of it but $621 before the closing date and just paid it off yesterday. they see volume usage which if I am correct, i will get one of the higher credit limits because i have demonstrated that I can handle the "volume" prior to having the credit limit.

** show them you can pay then they will give you credit increases ** // (just my theory)

Re: Capital One Increase

dobirdsmommy — Sun, 12 Aug 2012 19:09:05 GMT

I got my increase on Wednesday for 100 Unsecured as well. I have had the card for 6 months to the day of the increase. I never asked for one, I never got a letter. I did get a call on thursday for them to notify me it is there and to congratulate me on my continued responsibility of the card and for keeping the card in very good standing..

Now last month while I was playing with the FICO scoring trying to figure out the formula *Yeah ok*, I did not pay it in full. Right before the statement cut I did pay it in full this month and have -1.47 sitting there so it reported 0.00 yesterday to my CRA and my DH.

I have only give 50 in secured deposits after my initial 49.00.

I will agree usage is the deal breaker for them.

my DH is an AU and he uses the card more than I do. In the am for coffee, bagel soda, cigs. whatever.

I pay it when it post plus I always pay the extra 10% over since I know he will use it Monday , Wednesday, Friday.

We have charged meals on there for like 20.00 or a 32.00 grocery bill the other day but I always pay after the items come out of pending status.

YMMV

Re: Capital One Increase

Lasardo — Sun, 12 Aug 2012 19:09:20 GMT

Thanks for the reply:

If I am understanding correctly KEEP the $200 CL secured CC with Cap1 and continue to put $100 a month towards my CL on my other Cap1 card ($600 CL currently)

I also have a CD (Credit Builder) that has a payment of $88, so put an additional $88 a month in savings for a Rainy day! $50 in a regular savings account also.

Never max out these cards, only use 19% of the CL a month and pay off in full every month..(before the cycle date) only use 3 Inquirys a year..

I must admit I max these cards out every month but I pay before the cycle date, does that caught up with you?

I think that wraps up most what I THINK I gathered, I hope..let me know

Re: Capital One Increase

Lasardo — Sun, 12 Aug 2012 19:09:33 GMT

I should add my credit score (TU) from 554 to 724 has someThing to do with:

A: added as AU (30 points)

B:credit builder account (CD)

C: did not have credit before

D: paying accounts off before the cycle date?.in FULL

Re: Capital One Increase

MarineVietVet — Sun, 12 Aug 2012 19:11:14 GMT

A reminder to everyone to not change the original title of the thread out of respect to the OP. They are the only ones who have the right to do any editing of the title.

MarineVietVet, myFICO moderator

Re: Capital One Increase

colnagoflight — Mon, 13 Aug 2012 03:43:47 GMT

howdy, saw earlier post and didn't have time to respond -- work duties.

you have the right idea. just keep doing it and paying before statement date to bring UTIL%.

Re: Capital One Increase

Lasardo — Mon, 13 Aug 2012 06:30:41 GMT

Was added to a well Fargo card as an AU ..it is at 41% utilization according to CK.
Is this hurting me more than helping me in your opinion?
AND what is the formula to figure utilization? Saw you were able to figure out before..
Thanks for your help in advance.

Re: Capital One Increase

RoundAbout — Tue, 14 Aug 2012 02:29:53 GMT

Capital one is so weird. I have a pretty good interest rate with them (sub 10%), no lates and have had the card open since 2004. I have requested numerous CLI and am always denied. I'm stuck with this dinky $200 limit card compared to multiple cards with thousands available including $7500+. I just asked again this week for a CLI and was denied. What the crap? I need to take the time to call and talk to a supervisor/UW. :(

Re: Capital One Increase

Lasardo — Tue, 14 Aug 2012 04:49:48 GMT

I guess cap1 us not giving CLI again .. They stink

Re: Capital One Increase

colnagoflight — Tue, 14 Aug 2012 05:42:17 GMT

authorized user use to not effect the regular user -- however to my knowledge things have changed. just to be safe, assume it effects it and bring the UTIL % down to 9% or lower.

formula =

total card balance

-------------------------

total card line of credit

example:

250 card balance

------------------------ ==== 25% UTIL

1000 line of credit

i just enter the card balance then press the "divide" symbol on the calculator and then enter the total line of credit = UTIL %

for myself, work job 1 to pay the bills and work job 2 to pay off debt.

Re: Capital One Increase

colnagoflight — Tue, 14 Aug 2012 05:47:13 GMT

I just know that Cap1 and other banks have tightened their belts. When I had 750 credit score, they tightened their belt and wouldn't even let me re-finance my house even though at the time i had perfect credit, stable employment, and my ratios were in line. sadly we have a choice. play their game OR not play their game and pay cash for everything. Be like Dave Ramsey and have a 0 credit score with millions in the bank. of course, people forget, he made his millions BEFORE the market crash NOT after the market crash.

to change the tables, deposit $5,000 in a CD showing them you can save and then pay it off 3 times a month showing them you can handle the line of credit OR just use them for one tank of gas a month and use your other cards ... the $7500 limit card.

for myself, i just have one major credit card. keep it simple.

Re: Capital One Increase

colnagoflight — Tue, 14 Aug 2012 05:48:18 GMT

is this card secured or unsecured? if secured, just deposit $100/month into the account and show them you CAN save. spend $25/month on a tank of gas and eventually they will raise your limit.

Re: Capital One Increase

colnagoflight — Thu, 27 Sep 2012 06:42:36 GMT

great. keep savings $100/month towards the CD line and $100/month towards rainy day fund.