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Capital One and Credit Limit Increases

New Member

Capital One and Credit Limit Increases

So, I got a Capital One Cash Rewards MC a little over a year ago with a CL of $3000.  Compared to my other credit cards, this is a pretty low limit - my Amex Blue Cash and BoA VISA both have limits of $25,000, and I routinely charge $3,000-$4,000 a month on my Amex, which I pay off every month.  My credit is excellent, and I have a very high income (well into 6 figures).  I would like to increase the CL on my Capital One card  (with a $3,000 CL, it is just not a card I could ever use for my average monthly expenses).  However, if you do a little searching online, you will see numerous message boards and other websites that indicate that Capital One either refuses to grant user requsted credit limit increases or has a very stingy policy with granting credit limit increases.   Does anyone know if this is true and/or what the details are?  Would it be pointless for me request a credit limit increase from Capital One? 

Message 1 of 46
45 REPLIES
Epic Contributor

Re: Capital One and Credit Limit Increases

I have not heard of any CLI with Cap1 by request, only by automatic from Cap1 themselves.  With a portfolio of other CL's of 25k, Cap1 is not a bank I would choose to do business with for this very reason your having with a 3k CL.  Many banks with better service and better CL's and rewards

Message 2 of 46
Valued Contributor

Re: Capital One and Credit Limit Increases

 


airjay81 wrote:

So, I got a Capital One Cash Rewards MC a little over a year ago with a CL of $3000.  Compared to my other credit cards, this is a pretty low limit - my Amex Blue Cash and BoA VISA both have limits of $25,000, and I routinely charge $3,000-$4,000 a month on my Amex, which I pay off every month.  My credit is excellent, and I have a very high income (well into 6 figures).  I would like to increase the CL on my Capital One card  (with a $3,000 CL, it is just not a card I could ever use for my average monthly expenses).  However, if you do a little searching online, you will see numerous message boards and other websites that indicate that Capital One either refuses to grant user requsted credit limit increases or has a very stingy policy with granting credit limit increases.   Does anyone know if this is true and/or what the details are?  Would it be pointless for me request a credit limit increase from Capital One? 


 

I am wondering, what made you even app for a cap 1 card? Even if they were to give you a great CL, I have not heard of a cap 1 CL of 21k in my life.

Citi Hilton Reserve 22.3K | Citi Thank You 8.2K | CSP 15.5K | Chase Freedom 10K | Chase BA 15K | Chase United 8.5K | Chase Marriott 5K | Discover IT 9K | Club Carlson 13K | Amex SPG 20K | BofA Cash Rewards 11K | BofA Cash Rewards 50K
Message 3 of 46
New Member

Re: Capital One and Credit Limit Increases

Three reasons - one, I do like their cash rewards program of $2 for everyday purchases and $1 for everything else.  I'm not aware of any other Visa or MC with quite the same cash rewards program - my AmEx cash rewards is definitely better, but not everyplace takes AmEx.  Two, as far as I am aware, Capital One is the one credit card provider that does not charge foreign transaction fees.  For this reason, I figured it would be good to have at least one Capital One credit card.  Three, I also have an online savings account with Capital One, and they require either a minimum balance or a Capital One credit card (with at least one transaction a month) to earn the quarterly interest bonus. 

Message 4 of 46
Regular Contributor

Re: Capital One and Credit Limit Increases

I too have excellent credit and have the No Hassle Cash Rewards Visa from Cap One but with only $500 CL. I've never had a CLI from Cap One and don't expect to get one either. I've managed to use the card for incidentals only (gas, grocery, utility bill here and there) just to keep it active and pay it off each month. I was hoping that by building a good relationship with them that the CLI would happen but I'm not going to hold my breath. 

Message 5 of 46
Established Contributor

Re: Capital One and Credit Limit Increases

 


airjay81 wrote:

Capital One and Credit Limit Increases


 

Thats an oxymoron...

Message 6 of 46
New Member

Re: Capital One and Credit Limit Increases

So, I couldn't resist and I went ahead and called to to try and get a CLI.  I request a $2000 CLI to a total credit limit of $5000 - I figued this was a pretty conservative request given the credit limits I have on most of my credit cards.  They offered me a CLI of $500.  I accepted it. 

 

It certainly is an interesting operation they have got running with their credit cards.  I can understand having a more conservative approach to credit limits - I am sure part of their goal is to keep credit limits low so as to increase the likelihood of you going over and, thus being subjected to their penalties and fees.  It seems like the credit limit they are willing to give is closely equal to the average amount that I regularly charge on my credit cards on a monthly basis.  But, do they really think someone like me is going to use a card where I have to pay attention to whether I am approaching my credit limit every month?  They have to know from my credit history that it just isn't going to happen.   I will say, though, it is nice to have the card for overseas travel given the lack of foreign transaction fees, and I will probably continue to use it as my backup card for places that don't take AmEx given the superior cash rewards program (as compared to my other MCs and Visas). 

Message 7 of 46
Frequent Contributor

Re: Capital One and Credit Limit Increases

they are very stingy with increases, I've had 2 cards with them for over a year with the credit steps im stuck at $750 on both. They told me when i called their customer service that they are a very conservative lending institution and do not take customer intiated increase requests at this time and if they feel the need they will increase my limit that they think i deserve

amazon
Message 8 of 46
Established Contributor

Re: Capital One and Credit Limit Increases


airjay81 wrote:

So, I couldn't resist and I went ahead and called to to try and get a CLI.  I request a $2000 CLI to a total credit limit of $5000 - I figued this was a pretty conservative request given the credit limits I have on most of my credit cards.  They offered me a CLI of $500.  I accepted it. 

 

It certainly is an interesting operation they have got running with their credit cards.  I can understand having a more conservative approach to credit limits - I am sure part of their goal is to keep credit limits low so as to increase the likelihood of you going over and, thus being subjected to their penalties and fees.  It seems like the credit limit they are willing to give is closely equal to the average amount that I regularly charge on my credit cards on a monthly basis.  But, do they really think someone like me is going to use a card where I have to pay attention to whether I am approaching my credit limit every month?  They have to know from my credit history that it just isn't going to happen.   I will say, though, it is nice to have the card for overseas travel given the lack of foreign transaction fees, and I will probably continue to use it as my backup card for places that don't take AmEx given the superior cash rewards program (as compared to my other MCs and Visas). 


Wow! Congrats! I cant believe they gave you a customer requests CLI your doing better than most of us.

Message 9 of 46
Senior Contributor

Re: Capital One and Credit Limit Increases

I would imagine you'll see some reasonable increases with them over time if you're using the card and paying in full.  Even if you aren't giving it real heavy usage.  You should remember that the vast majority of the posts on here talking about Capital One being stingy with credit limits and CLIs are posts by people with rebuilder cards.  Nothing against rebuilders, I am in the process of rebuilding myself.  But I imagine their experience is going to be very different than yours. 

 

I had a Capital One card before I ran into trouble and it grew regularly and reasonably.  Not to 25K, but at the time I wasn't making that much either.  And even now, when I first started rebuilding, I started with a Capital One card with a CL of $500.  It grew to $2500 in just over one year.  I imagine that you could see better results than what I've seen while rebuilding. 


Starting Score: ~500 (12/01/2008)
Current Score: EQ 681 (04/05/13); TU 98 728 (01/06/12), TU 08? 760 (provided by Barclay 1/2/14), TU 04 728 (lender pull 01/12/12); EX 742 (lender pull 01/12/12)
Goal Score: 720


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Message 10 of 46