10-08-2012 01:38 AM
So I'm sitting at EQ 677. Been rebuilding for about 5 yrs.
My regular Cap One credit card has a limit of $500 and I'm at 10% on that. I also have a U.S. Bank reserve line with a $750 limit and I'm at about 12% usage on it.
I have no derogatory marks (collections,liens,judgements) on my EQ. No inquiries. Perfect 100% on time payment for the past 5 yrs.
So, a few weeks ago, I tell my S.O. (significant other) she should check her credit out and start to fix it. She pulls a EQ 597.
Yesterday morning she applies for a Cap One credit card an was instantly approved for a $3000 limit.
She currently has one small person loan that is being reported to EQ and that is all the credit she has. She also has about 7 small collections for medical bills. Totaling less than $1000.
I've had my Cap One card for about 3yrs. and with only a $500 limit.
My question is, should I try to increase my limit? It seems they would if they gave her a $3000 limit right off the rip with a 597!
Will an inquiry hurt my score? I won't use the extra available credit...I just want to do what I can to keep my scoring heading in the right direction.
Love the site,
10-08-2012 01:42 AM
To summarize my current credit obligations:
I am financing a Suzuki motorcycle through HSBC, of which that account was bought by Cap One. My limit on that is $15,000 and I have an outstanding balance of $7800.
So I have a Cap One credit card, a U.S. Bank reserve credit line, and a revolving account with Cap One.
10-08-2012 03:33 AM
Depending on the type of Cap1 card you have, you may not be able to increase the limit. You may find yourself app'ing for another Cap1 card to get an increase or as many others here have done, went into the "prime" route with another card.
10-08-2012 03:38 AM
+1 You might have a credit steps card. It basically doesn't go anywhere. You might want to go ahead and just try for a discover or chase.
10-08-2012 06:51 AM
Yes, an inquiry will hurt your score, slightly. 5-10 points or so. You will regain the points quickly, and it will not hurt you anymore after 12 months. Additionally, if you only have one card now, adding 1 and ideally 2 new cards will greatly outweigh the initial loss in points from the inquiry. I would suggest adding another capital one card, and perhaps a walmart card. Capital one will pull on all 3 cra, walmart usually pulls on one. Capital one will probably not give you a great CL, but walmart seems to be more generous. In six-12 months you will see a nice jump.
10-12-2012 03:09 PM
So, I just called Cap One and asked for a CL increase...denied.
They guaranteed me that it would not affect my credit score for them to do a quick review to see if I could increase my limit, so I went ahead with it.
My EQ is 677. I've had this $500 card for 2yrs. Never late, and keep it under 20% usage. No collections. No derogatory marks. No late payments. No bankruptcy. Perfect credit for 5 yrs. My S.O. (significant other) with an EQ of 597, applied online for a Cap One card a week ago, and got a $3000 limit? This makes no sense to me.
My current bank is U.S. Bank. However, I did open a GE Credit Union (General Electric) checking and savings account a month ago. Would I be better off applying for one of their credit cards instead of another Cap One card, or Discover or Walmart, as suggested?
I plan on doing all my banking and financing through GE Credit Union very soon.
10-12-2012 04:38 PM
How can you tell which card you have? I see there are many different programs that all feature that green card, which is the one I have, but I don't see anywhere it says the name....
10-12-2012 06:18 PM
That's what mine says too, Platinum Mastercard. Started at $500 back in April, moved to $750 just this month, but from what I've read, its not going to auto-CLI anymore. I haven't had it a full year yet though so I'm not looking for another increase yet.
Do you often pay it in full? I would pay it in full for a couple of months and then apply for a different card.
10-12-2012 06:50 PM
Did you try calling the executive office? I have sent you a PM with the contact info just in case you dont have it.....Go luck.
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more
FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.