I've been with Capital One for two yrs never late on a payment and they havent Increase my credit limits yet. what should I do. I have ask them about it and they said they couldnt raise it at this time. WHY IS MY ? I HAVE NEVERRRR BEEN LATE
You can wait, which might mean that in 10 years they will give you a CLI. I ask them all the time. I closed one account with them because of this after waiting 2 years for a CLI. I used the card fairly heavily during that time and nothing. The other account I have with them I don't want to close just yet, I need my other accounts to age for a while. What is your credit history like? I opened a rewards card with Barclay and they gave me a $1500 limit and told me after 5 payments they will increase my limit. I hope this means that I will get regular CLI's, not just the one. (I have this fear because of Capone policies and I hope they don't have the same. However, even if it is, that is still a better limit than Capone.)
A few people have mentioned that if you get a card from another bank with a higher limit then Capone notices and increase your limit. As of yet it has not worked for my account. I have an account with a $2000 limit (Visa), $2600 limit (MC), a $1500 limit (MC), a Household Bank/Capone card $500 limit, and the Capone card. I even have a gas card that has given me 2 limit increases in less than a year. This limit is now higher than Capone! A store card recently raised my limit from $350 to $650 and I spend so little on it. My overall credit is 20 times higher than my limit at Capone.
You basically have to wait for them or get another card. What is your utilization rate? If you are thinking of applying for a different card check your score and lower your utilization rate to less than 30% before you apply. If you have fair credit then try companies who will approve for that score and history. (GE, WFNNB are easier than Chase, Barclay is between them.)
Direct quote from Cap1 letter recently posted:
Capital one does not accept consumer initated CLIs on the majority of their cards.
They give CLIs very infrequently and unpredictably. Most of their rebuilder cards have a CL ceiling of 2 or 3K which you may or may not ever reach.
I have been told numerous times by even some supervisors that they do not do customer initiated CLI's.
I have a rebuilder with a $1100 CL since 2008, never got a CLI. It's a crapshoot with Cap One. I have tried different ways to show usage but none worked. So it's YMMV pure and simple.
I have the green cash rewards card and really like it. Fits in to my portfolio quite well and I use it all the time!
Never had any issues with Cap One.
Although cap1 has some of best basic cash back cards (you can get 1.5% back on everything! Great for all those other purchases that don't qualifty), and they don't have a minimum to cash out with.
However I am so pissed at them for there horrible credit limits. Its it hurting my credit score. (Spend $350 and I'm over %50 Utilization!)
If it wasn't my first credit card, I'd get rid of it.
I got a CapOne secured card last Sep with a limit of $1,100. Always PIF, never missed and carry about 6% util. They CLI'd me in July for $300. No prompting from me. I've never asked for one.
Never had an issue with customer service...yet.
One way of getting an increase from them if you have been a customer for a few years is to simply file a complaint with the Better Business Bureau. I did that and the executive office called me and finally raised my limit from $500 to $2000. They also removed my AF from the account.