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Established Contributor
shane82388
Posts: 979
Registered: ‎07-16-2010
0

Raising Credit Limit

I was wondering if you guys had any suggestions on raising my credit limit on my Capital One credit card. My credit still isnt too great but its gotten better and i've made every payment to Capital One since October 2009 after a pretty rough patch in the months before that. I've only had credit for about 3.5 years so i dont have a long history really.

 

I've had one other card that had a $2000 limit that was all messed up, over limit, etc because of insane fees and what not...for example, there was a 19 dollar fee to pay my bill online...but I ended up paying it off and closing the account out because it was literally a money pit with no useful purpose whatsoever. 

 

I've payed down my balance to somewhere in the $300 range below my limit ($500) and I continue to each month without charging anything new on the card but i'd like to get some more available credit just to improve my debt to credit limit ratio.

 

Is it worth it to just write a letter requesting a increase in limit? What can i cite as a reason to increase my limit besides the fact ive payed my bill on time for a good while now?

 

Any other tips to use with Capital One, let me know.

 

Thank You

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Moderator Emeritus
llecs
Posts: 32,869
Registered: ‎08-04-2007
0

Re: Raising Credit Limit

You can try a letter or call (it'll never hurt), but I don't recall anyone having success with CapOne after asking for a CLI. I don't think that grant requested CLIs. However, there has been a recent rash of automatic CLIs with CapOne. You never know.

 

BTW, I got mine in late 2008 and aside from Credit Steps, the CL has been the same at $1000. I don't anticipate mine increasing beyond that ever. CapOne isn't one to grow.

Frequent Contributor
ArisGreek
Posts: 477
Registered: ‎09-24-2010
0

Re: Raising Credit Limit

From what we've gathered here in the forums, Capital One does not do customer initiated CLI anymore.  They just give them if they feel you're worthy for one.  I found that Capital One is not very good with credit limits and is extremely conservative.  

 

I was on whogavemecredit and seems the bulk of approvals were from $300-750 with good scores, and even some with bad.  I'm sure other people have had luck with higher lines, but from what I've seen here it's rare.

===========
TU: 745(TU98) | EQ: 774 | EX: ? | NO BADDIES!
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Established Contributor
Tazman81
Posts: 719
Registered: ‎06-23-2010
0

Re: Raising Credit Limit

I agree with the others.  Capital One is very weird about credit limit increases unless you are in the credit steps program.  But if you are in the credit steps program and you "mess up" in their eyes, then they are not very forgiving.  You could always try applying for another card with Capital One.  For whatever the reason, they seem happier to give another card verses a credit limit increase on a current one.

 

You may want to check out a credit union that would be willing to grow the card with you.  Or a secured card if you are looking for a higher limit and no one else is willing to give it to you.  Good luck, and let us know how it goes.


Starting Score: Eq: 662 Tu: 532 (03/02/2011) CH7BK 01/12/2009 Discharge
Current Score: Eq: 692 (04/03/2013) Tu: 717 (04/03/2013)
Goal Score: Eq: 720 Tu: 740

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Frequent Contributor
MyFicoAddict
Posts: 284
Registered: ‎05-11-2009
0

Re: Raising Credit Limit

I dont think cap 1 is offering the option for its card holders to initiate a CLI. I could be wrong - just call and ask.

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EQ - 723 FICO as of Aug 2010
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New Contributor
Qtip4
Posts: 72
Registered: ‎09-24-2010
0

Re: Raising Credit Limit


MyFicoAddict wrote:

I don't think cap 1 is offering the option for its card holders to initiate a CLI. I could be wrong - just call and ask.


I got one a few months ago on one of 4 open Capital One accts.  called the backdoor number and got someone who initially told me I didn't qualify but that she would ask around and they told her to submit and see if any were approved. One of mine went from $500 to $2000.  I almost had a heart attack!!!  it only took about 7 years!!! lol!!

EQ: 788 TU: 779 EX: 770 (FICO as of 7/2010) EX FAKO: 770
Regular Contributor
jmack711
Posts: 174
Registered: ‎03-24-2009
0

Re: Raising Credit Limit

I got a Capital One card in April 2010 with a $500. I got an auto CLI in October of $250. I spoke with a representative and they are doing auto CLI after the first 4-6 month and then from there at there discretion. I got a second Cap One card last month with the same $500 limit and spoke with another rep and was told the same thing. So I would just wait it out.

Valued Contributor
clocktick
Posts: 1,603
Registered: ‎12-07-2008
0

Re: Raising Credit Limit

I cannot remember, are CLIs subject to a hard pull?

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New Contributor
Qtip4
Posts: 72
Registered: ‎09-24-2010
0

Re: Raising Credit Limit

Mine was soft!

EQ: 788 TU: 779 EX: 770 (FICO as of 7/2010) EX FAKO: 770
Established Contributor
Tazman81
Posts: 719
Registered: ‎06-23-2010
0

Re: Raising Credit Limit


clocktick wrote:

I cannot remember, are CLIs subject to a hard pull?


From my understanding, auto CLIs from Capital One are usually soft, but requests for a CLI from a consumer are usually hard pulls on all 3 CRs.


Starting Score: Eq: 662 Tu: 532 (03/02/2011) CH7BK 01/12/2009 Discharge
Current Score: Eq: 692 (04/03/2013) Tu: 717 (04/03/2013)
Goal Score: Eq: 720 Tu: 740

Wallet: Chartway Visa 10k | AMEX Costco TE (AU) 25k | Cap One MC 750 | Cap One Visa 750

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