Credit limit increased by Cap One without my asking -- how will this affect my FICO?

[Anonymous]

I was pleasantly surprised to find that Cap One just increased my credit limit from $1250 to $3250. My balance is still sitting under 30% of the total limit.

Will this limit increase do much to raise my FICO?

[Anonymous]

Hi cal3201! Welcome aboard!

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cal3201 wrote:

I was pleasantly surprised to find that Cap One just increased my credit limit from $1250 to $3250. My balance is still sitting under 30% of the total limit.

Will this limit increase do much to raise my FICO?

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Congrats on the CLI! To answer your question, what was the utilization on your card before the CLI? It's 30% now (or was that before)? What is your overall utilization (sum of revolving debt divided by the sum of all credit limits) before the CLI? What is it now?

Nobody can give you a concrete answer, but we can probably give you some good guesstimates if you can provide some additional info. And if you haven't done so already, Tuscani's Credit Scoring 101 (see my sigline below) is a must read!

[Anonymous]

LilMirth - thanks for responding. If I divide how much I owe in CC debt by my total combined CC limits, I get 0.1756...

[Anonymous]

I got an increase from CO this year too. I never use the card either, I was at $1,100 for years. They increased it to $5,100 this year. I only use the card one every year or so just to keep it going and then pay off the balance. I never asked for the increase, the only activity with the card was I had to call to get my last name changed after getting married. I don't know if that prompted them to look at my account or what, but last activity on the account was like November '08. I just used it in November '09 to keep the account going. The only reason I keep this card is because it's my oldest card.

[MarineVietVet]

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@Anonymous wrote:

LilMirth - thanks for responding. If I divide how much I owe in CC debt by my total combined CC limits, I get 0.1756...

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So that's 18%. Not bad compared to some of the util I've had in the past.

Keep bringing that number down and it will continue to help you.

From a BK years ago to:
7/09 TU-742 EQ- 779
8/09 TU-765 EQ- 783
9/09 EX pulled by lender 802

You can do the same thing with hard work.

[gymbo731]

Cal - how often do you use your capital one card? The balance that you owe on it, is that a promotional rate?

I also have a cap 1 card, but I never make any purchases with it. I just transfer balances to it. I hope they will raise my credit limit. I am close to maxed out on that card.

[Breakthecycle2]

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@Anonymous wrote:

I was pleasantly surprised to find that Cap One just increased my credit limit from $1250 to $3250. My balance is still sitting under 30% of the total limit.

Will this limit increase do much to raise my FICO?

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How long have you had your card for?