09-08-2012 05:10 PM
I only have one credit card, a low limit Capital One card, I acquired two years ago when I started to actually care about my credit. Since I've had the card I have never missed a payment and balance stays under 10%. I recently inquired about an increase to my credit limit and was denied. I received a letter stating, "This Capital One account is not currently eligible for a credit line increase upon request." When I call for answers why I was denied, no one can offer me any further explanation. Should I apply for a new card, with a different company? It seems weird that a card I acquired with a 550 credit score can increase my limit now. Can anyone offer any insight? Thank you.
Unfortunately this is a rebuilder card and will likely never get a CLI. I just closed my 2nd Cap one rebuilder this week because with the CLs I now have, it just seemed like a joke that Cap One refused to acknowledge the improvement in my credit over the last year by either PC'ing to a better/rewards card or even giving me a CLI.
The good thing is that it does give you a chance to establish credit so you can get better cards. You might want to look at apping for another CC now. Do you have any baddies on your CR? You might want to talk with local CUs and see if someone will give you a CC. They are usually pretty good about helping people establish or rebuild their credit.
With your score, you might be able to get an Amex Zync, which would establish you as an Amex member for future backdating, and also get your foot in the door for Amex revolvers when your score is higher.
09-08-2012 11:13 PM
I have two satisfied judgments, one that will fall off at the end of the year and the other next year. And I was late on my student loan payments 6 times from 2005-2008. I have been current on everything for the past 4 years trying to set myself to buy a home soon. It looks like I will have to play the waiting game and just wait for some things to fall off and not affect my credit as much before applying for a better card.
09-08-2012 11:16 PM
Cap1 cards growth is like trying to grow Tulips in the Sahara. It just don't happen. Use the starter card to jump start your way to better cards. Have you tried a Walmart card? A lot of people have had success with them and they seem to grow. Good Luck!
09-09-2012 05:08 AM
You need to work two avenues when rebuilding credit. Remove the baddies. Add good credit.
It seems to me you've done what you can with having the baddies removed but you need to do a much better job of adding good credit. Your scores will really start to climb if you added 2 more credit cards. You just need to be selective in which ones you apply for.
This is my suggestion:
Apply for a Walmart card. With your scores you should be approved. When you sign up for electronic bill pay you will get a free TU FICO score for free. These cards are backed by GE and they are very generous with credit line increases so don't worry about starting out with a small CL.
Apply for a Bank of America SECURED credit card. You will have to put a $500 deposit down which then becomes your credit line. After you demonstrate 1 year of good credit behavior BoA will unsecure your card and send you your deposit back. You now will have a PRIME bank credit card that will grow with you for life. After a few years this card could grow to have a $5K to $10K credit line if you take care of it. BoA is terrible with communicating that you are approved for this card. You will get a 5 to 10 day message. Just watch your checking account, if you are approved they will withdraw your deposit 3 to 5 days after you applied. It actually takes 3 to 4 weeks to get this card in hand from the day of application. They are really slow in getting these cards out and I don't know why.
As soon as those jugments fall off I would recommend applying for an AMEX Zync. You might actually be approved for the Zync now, but it is to close of a call for me to recommend you apply for that right now.
09-10-2012 12:39 PM
Same here I had Cap 1 $500 balance for the last 4 years no increase got another Cap 1 in 2011 got an increase in 90 days and never again
09-10-2012 04:21 PM
Forums posts are not provided or commissioned by FICO. Forums posts have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more
FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.