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Member
Posts: 30
Registered: ‎02-24-2012
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Re: Trouble with Capital One CLI??


Tazman81 wrote:

OP, also remember that utilization plays a big role in your credit score.

 

You stated "this low limit is limiting me from improving my credit!!!"

 

This is not necessarily true.  While you are correct that getting a higher limit will help your score, but it is not because the limit is higher.  It will only help your score if you get an increased credit limit, but do NOT increase the amount of credit card debt that you have.  Another way to increase you score without the higher limit is to pay down your credit card debt to under 9% utilization.

 

However, I do still disagree with Captial One's practices of making it so difficult to get a credit limit increase, especially for long term customers.  Have you considered trying to get a credit card with a local Credit Union?


Thanks for your reply :smileyhappy:.  I am in full agreement with you.  I am trying to get a higher limit to show lower utilization across the board.  I am in the process of paying the card down to $0, and I would like to use it for reimbursable business travel expenses, so it would be paid off every month.  I did just get approved for a Discover IT card (0% BT interest for 6 mo) for with a $1200 limit yesterday, which I am transferring my highest APR balances over to.  My goal is to have everything completely paid down by mid April (I will be quite the hermit!).  I dont plan on carrying balances on the Discover, or any of my other cards, as I have achieved good financial stability and income, and have learned a lot, and will likely pay my cards off every month.  I'm on the straight and narrow, and I'm sticking to it!

 

I was just puzzled by Cap One's naysaying...I'll pay it to $0 and see if they budge.  :smileyhappy:

Most recent FICO via TU (Discover provided) 715 2/13/2015. Overall utilization 25%. Wallet: AMEX EveryDay $20,000 | AMEX Blue Cash $4,600 | BankAmericard Better Balance Rewards $13,000 | Citi Simplicity $10,300 | Citi Diamond Preferred $5,100 | Discover IT $3,000 | Capital One Quicksilver $3,000 | Chase Freedom $10,000 | Chase United $5,000 | Chase Southwest $5,000 | Chase Slate $5,000 | Express Store Card $1,690 | Macy's Store Card $6,500 | Overstock.com Store Card $5,800 | Paying off car this year at 0%!
Valued Contributor
Posts: 8,500
Registered: ‎10-21-2012
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Re: Trouble with Capital One CLI??


Lkb273 wrote:

Tazman81 wrote:

OP, also remember that utilization plays a big role in your credit score.

 

You stated "this low limit is limiting me from improving my credit!!!"

 

This is not necessarily true.  While you are correct that getting a higher limit will help your score, but it is not because the limit is higher.  It will only help your score if you get an increased credit limit, but do NOT increase the amount of credit card debt that you have.  Another way to increase you score without the higher limit is to pay down your credit card debt to under 9% utilization.

 

However, I do still disagree with Captial One's practices of making it so difficult to get a credit limit increase, especially for long term customers.  Have you considered trying to get a credit card with a local Credit Union?


Thanks for your reply :smileyhappy:.  I am in full agreement with you.  I am trying to get a higher limit to show lower utilization across the board.  I am in the process of paying the card down to $0, and I would like to use it for reimbursable business travel expenses, so it would be paid off every month.  I did just get approved for a Discover IT card (0% BT interest for 6 mo) for with a $1200 limit yesterday, which I am transferring my highest APR balances over to.  My goal is to have everything completely paid down by mid April (I will be quite the hermit!).  I dont plan on carrying balances on the Discover, or any of my other cards, as I have achieved good financial stability and income, and have learned a lot, and will likely pay my cards off every month.  I'm on the straight and narrow, and I'm sticking to it!

 

I was just puzzled by Cap One's naysaying...I'll pay it to $0 and see if they budge.  :smileyhappy:


OP: Don't be dismayed if they do not increase your limit.  If I'm not mistaken, your other post(s) clearly mention evidence of pretty high utilization factors on your other cards - namely Macy's (90%+) and your recently CLD'd Express account (147%)?  If given the whole credit picture, while you may be a longtime customer with Capital One, you still need to meet their elegibility criteria for extending additional credit.  The EO number/contact info is not always a magic wand.  Focus on lowering your current debts to maximize any credit extensions down the road.

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