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New Member
Posts: 9
Registered: ‎02-27-2013
0

HUGE Capital One increase?! Mistake?

[ Edited ]

I applied for a the Capital One platinum credit card back in September. I received something from them saying that if I made my payments on time for 5 months, they would increase my limit from $500 to $750. So I made my payments on time and everything and was about to ask for the CLI. I just logged into my account to find this:

 

For your account ending in:

 

You've earned a credit line increase of $3,000.00!

 

Dear (my name),

 

You're a great customer, and we appreciate you. That's why we're happy to give you a credit line increase - you deserve it!

 

Your new credit line is $3,500.00.

 

That's an increase of $3,000.00.

 

Use your increase to help pay for daily expenses, or for that family trip you've been thinking about. You can also transfer balances from higher rate credit cards. Whatever your needs, it's nice to know you have more financial flexibility. The increase is automatic, so you don't have to do anything at all. Just enjoy!

 

I'm soooooo excited! Will this help my credit? I need a new car and was actually going to use my credit line to take out a loan. Is it still going to be possible with a credit line this high? This seems like an awesome site!

New Member
Posts: 9
Registered: ‎02-27-2013
0

Re: HUGE Capital One increase?! Mistake?

I think I have too much credit now for a car loan. I'm only 18.Smiley Frustrated

Senior Contributor
Posts: 3,067
Registered: ‎11-02-2009
0

Re: HUGE Capital One increase?! Mistake?

Car loans and revolving loans are different beasts.  The auto loan is secured against the car.  Being a first time car buyer new to credit in general, you're not going to get the best rate, may need a higher downpayment, etc., but I don't think your CC is going to be an issue.  Don't max it out.


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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Established Contributor
Posts: 726
Registered: ‎05-12-2012
0

Re: HUGE Capital One increase?! Mistake?

WOW, that's almost unheard of, mainly because it's Capital 1. Their credit steps program is designed a specific way and normally only happens the way it's designed.

 

Congrats on the increase! I would consider this a milestone if I were you. Capital 1 is doing some strange things lately...

 

As for your credit, it will definitely help with utilization, if you have any balances reporting that is. But I don't know that I would recommend using your credit line as financing for a car. Simply because the interest rates are so much higher on a credit card. You'd probably be better off getting bank financing for an auto. But $3000 isn't that much to pay back and can be done quite quickly. I suppose it just depends on how you prefer to do your business. Smiley Happy


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Established Contributor
Posts: 842
Registered: ‎10-15-2012
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Re: HUGE Capital One increase?! Mistake?

Yes this will help your credit as long as you take care of it. It will allow you to get even better offers in the future. Just don't charge 3K on it and you'll be fine for your car loan.


Starting Score: 515
Current Score: EQ08 712 EX08 729 TU08 743
Goal Score: 740+

Amex BCP $25000 | Discover IT $15250 | PSECU $10000 | Barclay Ring $6500 | Citi DC $6100 | PayPal Extras MC $5045 | DCU $5000 | Barclays Aviator $4100 | Chase Freedom $4000 | Cap 1 Platinum $1700 | Union Plus $1000 | Target $200
New Contributor
Posts: 67
Registered: ‎02-07-2013
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Re: HUGE Capital One increase?! Mistake?

Congrats on CLI !! What was your usage like?. Did you pay your dues before the bill is generated?.

Wallet : AMEX Costco TE 23k, BoFA 123 Visa Signature $12.5k, Marriott rewards $5k, Discover IT $1.7k, Walmart Discover $5.5k, Cap 1 Platinum $1500, Amazon $2000

Scores: EQ 712(9/28/13), EX 728 (9/28/13), TU 717 (Credit Karma 10/26/13), TU 753 Walmart (9/03/13)
Last app : 9/28/2013
New Member
Posts: 9
Registered: ‎02-27-2013
0

Re: HUGE Capital One increase?! Mistake?

Thanks guys, that's good to hear it probably won't effect my future car loan request. I'll try my best not to max it out, shouldn't be too hard. It is quite the milestone though. I wasn't even expecting 1.5k. Putting a car on my card sounded like a good idea for maybe 10 seconds. Especially with the 0% APR. But I couldn't imagine missing a payment or not being able to pay it off before my -% apr runs out. My usage and history was far from perfect. I used 80% of my $500 limit (bad), I made my payments an hour before they were due (had to balance my checkbook at 4 to make the payment before 5). Maybe it's so high because they think I'm going to mess up?
Established Contributor
Posts: 842
Registered: ‎10-15-2012
0

Re: HUGE Capital One increase?! Mistake?

Lenders don't give you money because they think/hope you're going to mess up. They've deemed you worthy and responsible, so be sure you behave that way with your finances going forward.


Starting Score: 515
Current Score: EQ08 712 EX08 729 TU08 743
Goal Score: 740+

Amex BCP $25000 | Discover IT $15250 | PSECU $10000 | Barclay Ring $6500 | Citi DC $6100 | PayPal Extras MC $5045 | DCU $5000 | Barclays Aviator $4100 | Chase Freedom $4000 | Cap 1 Platinum $1700 | Union Plus $1000 | Target $200
Mega Contributor
Posts: 15,442
Registered: ‎04-09-2011
0

Re: HUGE Capital One increase?! Mistake?

CONGRATS!!!

Could be a sign that Cap1 is changing with the times!!



Silver Spade Garden Club Member - Last App 12/16/13 - Looking for a clean slate NO INQ's / Diamond Inspired!
Starting Score:
EX (PLUS) 583 EQ FICO 565 TU FICO 590 3/15/2011 / Goal Scores: 720
Current Score: EX FICO (PSECU) 671 (myFICO) N/A / EQ FICO 679 / TU08 FICO 678 / TU VS 706 3/6/2014
Established Contributor
Posts: 955
Registered: ‎02-02-2013
0

Re: HUGE Capital One increase?! Mistake?

Thats awesome!!  Congrats!!!

 


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