topic Re: Credit Limit Increase? in Credit Card Applications

Credit Limit Increase?

Anonymous — Wed, 29 Mar 2017 01:33:18 GMT

Hello,

My credit is very fresh. The only credit card I have is a discover one that is co-signed with my sister who has better credit.

The past few weeks, I've been getting Capital One Platinum credit card pre-approval letters. I ripped all of them in half and trashed them because of how bad that card is but I took the offer with today's letter. Even though that credit card doesn't offer any incentives, I just want to use it to get some credit history and raise my score.

So I applied online with the pre-approval and got accepted but with merely $500 credit line. Is there a way to request to get this credit limit raised? I know I'm new to credit but this is ridiculous.

Re: Credit Limit Increase?

Anonymous — Wed, 29 Mar 2017 01:59:57 GMT

What is bad about Capital One? I think you will have to wait a couple of months before you get a credit increase.

Re: Credit Limit Increase?

SouthJamaica — Wed, 29 Mar 2017 02:11:35 GMT

@Anonymous wrote:
Hello,

My credit is very fresh. The only credit card I have is a discover one that is co-signed with my sister who has better credit.

The past few weeks, I've been getting Capital One Platinum credit card pre-approval letters. I ripped all of them in half and trashed them because of how bad that card is but I took the offer with today's letter. Even though that credit card doesn't offer any incentives, I just want to use it to get some credit history and raise my score.

So I applied online with the pre-approval and got accepted but with merely $500 credit line. Is there a way to request to get this credit limit raised? I know I'm new to credit but this is ridiculous.

Many of us, including myself, got off to a great start with that card. Use it well, and Capital One will keep increasing your credit limits. I love Capital One.

Re: Credit Limit Increase?

DeeBee78 — Wed, 29 Mar 2017 02:58:11 GMT

@Anonymous wrote:
Hello,

My credit is very fresh. The only credit card I have is a discover one that is co-signed with my sister who has better credit.

The past few weeks, I've been getting Capital One Platinum credit card pre-approval letters. I ripped all of them in half and trashed them because of how bad that card is but I took the offer with today's letter. Even though that credit card doesn't offer any incentives, I just want to use it to get some credit history and raise my score.

So I applied online with the pre-approval and got accepted but with merely $500 credit line. Is there a way to request to get this credit limit raised? I know I'm new to credit but this is ridiculous.

If you're new to credit, then that's a perfectly acceptable limit.

Re: Credit Limit Increase?

Anonymous — Wed, 29 Mar 2017 03:39:36 GMT

Not saying Capital One Platinum is a bad card. It just doesn't offer anything compared to other high incentive cards. But I understand, since this is a card for low credit score / beginner costumers.

As for the credit line increase, I understand if I pay well on time I can get a credit line increase in 5 months. I was just wondering if there was a way to get an increase now. I think I read something in the past that you could call some sort of departments to ask them to reconsider application denial / low credit line.

Re: Credit Limit Increase?

Anonymous — Wed, 29 Mar 2017 03:50:56 GMT

Try for the amex green, it does not have the best rewards system but for someone just starting out its better than the cap one.

Re: Credit Limit Increase?

Aduke1122 — Wed, 29 Mar 2017 04:24:51 GMT

Cap one isn't known for recon , if you are very new and fresh to credit you would have no basis to ask for a higher limit bc you have no history for them to go off of to consider that . It's a good starter card which can be Pc once you put some time in and get your scores up . You can hit the CLI button after 3 statements and see if you have any luck

Re: Credit Limit Increase?

Aduke1122 — Wed, 29 Mar 2017 04:25:52 GMT

Chase has been known to like fresh new profiles , go to their site and see if you get a prequal

Re: Credit Limit Increase?

Anonymous — Wed, 29 Mar 2017 06:05:04 GMT

No recon on CLIs with CapOne this early. After 1st statement cuts, hit the CLI button. It won't give you one but will likely sign you up for credit steps if they haven't already. It'll likely say "if you make your first 5 payments on time your credit limit will increase to $750," or something like that. Disregard the amount. You'll get more if you hit them up after your third statement cuts.

This is the key: use the card and pay it down immediately. If you demonstrate in your first three months that you're using well over the $500 limit by paying it down multiple times in the month, then after the 3rd statement you'll hit the CLI button and get anywhere from $100 to $1000 CLI. Depending on what that CLI is, your Credit Steps CLI will be higher. Someone the other day said they went from $500 to $600 on 3rd cut to $1500 on 5th cut with Credit Steps. Also after the 5th cut you may be able to chat them for a product change to Quicksilver and start getting rewards cash.

Lastly, who's your bank or CU? Other than the cards mentioned above, your bank or CU is the easiest way to get a $1500 limit if you have a long relationship. My biggest limit was $300 Visa and $1500 store card when I got my Alaska Air Visa Signature from BOA for $1500 SL. At that point my oldest credit line was 4 months old with no FICO showing. I had to recon to get it and mentioned banking with them for over a decade at least four or five times in the conversation.

Re: Credit Limit Increase?

Anonymous — Wed, 29 Mar 2017 06:21:30 GMT

Thanks for the tips!

I have been banking with BofA for quite a long time, though I do not know exactly how long.

I opened up my Capital One Platinum today. After that, I went and prequalified on chase's website and applied for one of their credit cards. It said the decision will be mailed to me within 30 days which pretty much means I got denied, right? Anyways, I think it was a mistake for me to apply for a card so soon after Capital One.

So, how long should I wait until I go apply for a BofA credit card? And does it matter whether I am accepted or denied at Chase?

Re: Credit Limit Increase?

Anonymous — Wed, 29 Mar 2017 06:32:50 GMT

Be patient. Credit was not built in a day. Capital 1 is a great place to start. They have some nice cards for later on. Sometimes after a months or so they may offer you another card. Pay on time, pay in full and run every thing you can through the card. They will increase your limits usually 6 months sometimes more sometimes less..

Re: Credit Limit Increase?

Anonymous — Wed, 29 Mar 2017 06:44:05 GMT

Realsy wrote:

So, how long should I wait until I go apply for a BofA credit card? And does it matter whether I am accepted or denied at Chase?

I waited until I was given an offer on my BOA homepage. I believe it helped my recon when I mentioned that I would never have applied if they hadn't implied that I was preapproved. The analyst was very nice and sympathetic. If you don't want to wait, I'd schedule a face-to-face with a credit analyst at the bank. You can schedule it through the website. Print off your reports or tell them you want a soft pull only. Tell them your situation honestly and see what they think. Remember, they're in the business of opening accounts while phone credit analysts and computer algorithms get no incentive to open anything. Face-to-face is the way to go with BOA.

Re: Credit Limit Increase?

Anonymous — Wed, 29 Mar 2017 07:54:57 GMT

Welcome, this is the spot for information on building your credit. There are sections on rebuilding/building and how FICO scores work. Capital One is actually an excellent bank for getting started. They do not do predatory things and will give you soft pull credit line increases. I suggest you read here in the various sections as well as sites like the creditguy.tv and others that teach you about the do's and dont's. The biggest do is to be patient and methodical. Don't expect a sudden huge credit line nor apply for cards that your scores and history don't support. Read read read.

Re: Credit Limit Increase?

Anonymous — Wed, 29 Mar 2017 07:58:11 GMT

BTW I started with Capital One and a 300 limit after using no credit and having a ton of baddies less than 2 years ago and now have CC with limits of 18k, 12k, 10k etc etc. My total availble credit is around 100k. If you are new and have a clean history you can build much quicker if you go the right route and treat your credit properly. If you can get into Navy Federal join ASAP.

Re: Credit Limit Increase?

SecretAzure — Wed, 29 Mar 2017 13:06:24 GMT

Everyone keeps saying Capital One is a great place to start but it's my opinion that if you can avoid them, you should. Their customer service isn't on the same levels as Chase/Barclay/Amex/Discover.

OP has started his credit journey with help from his/her sister. If that account you're listed on is old enough, you should have been able to leap frog over Capital One completely. I threw my sister on a few of my cards (limits totalling about 26K, AAOA about 1 year 2 mos.) and after about 6 months, we double app'd for Discover It and Amex BCE. Needless-to-say, she was instantly approved for 2K on one and 1K on the other. We're about a year and half in and with a part-time job those 2 cards are at 8K+ and 3K respectively. Income under 15K annually.

Unfortunately OP, you now have a hard inquiry and a low AAOA so I would wait 6 months and then just apply for anything you see fit...make sure to get your utilization under 20% and have it report before you apply for anything else.

Re: Credit Limit Increase?

Aduke1122 — Wed, 29 Mar 2017 17:16:03 GMT

Op it's very normal for Chase to give you the 30 day review message , and it doesn't mean that it's a denial either , lots of members on here get that message and it turns out to be approved . You can call the Chase app status line and if it says 7-10 days you will have an answer it's likely a denial . If it uses 30 day or 2 weeks message it more than likely an approval . Good luck and there are ways to recon with Chase also

Re: Credit Limit Increase?

Aduke1122 — Wed, 29 Mar 2017 17:21:17 GMT

And also did Chase give you a prequalified offer or did you
Cold app

Re: Credit Limit Increase?

Anonymous — Wed, 29 Mar 2017 17:39:14 GMT

@Anonymous wrote:
Thanks for the tips!

I have been banking with BofA for quite a long time, though I do not know exactly how long.

I opened up my Capital One Platinum today. After that, I went and prequalified on chase's website and applied for one of their credit cards. It said the decision will be mailed to me within 30 days which pretty much means I got denied, right? Anyways, I think it was a mistake for me to apply for a card so soon after Capital One.

So, how long should I wait until I go apply for a BofA credit card? And does it matter whether I am accepted or denied at Chase?

Go to Bank of America site today and see if you pre-qualify for any cards.

Re: Credit Limit Increase?

Anonymous — Thu, 30 Mar 2017 03:33:03 GMT

All of you guys are super helpful! Thank you very much.

Can you elaborate on why I should join Navy Federal ASAP?

As for Chase, I don't think I cold app'd. I used their prequalify application over at https://www.chase.com/prequalified and it took me to the page where it said "Choose one of your prequalified offers" on the top and below showed Freedom Unlimited, Slate, Sapphire Preferred and I went with the Freedom Unlimited. I'm not sure if this means I was prequalified or if I cold app'd without knowing. Any inputs?

Thanks for the recommendation to apply for BofA cc in person. I will keep that in mind when the time comes for opening another card.

Btw, how do I prequalify for BofA? Did a google search but nothing came up. I found a page where they helped me choose a card suited for me but not prequalify.

Re: Credit Limit Increase?

Anonymous — Thu, 30 Mar 2017 04:26:18 GMT

@Anonymous wrote:

Can you elaborate on why I should join Navy Federal ASAP?

I was asking the same thing when I got started. Then, I started noticing that in many established members signatures was some form of credit from NFCU. I started researching them deeply and realized they have credit that grows with you. They're great for getting going relatively early on and they're a keeper for those with great credit. They seem to be the ultimate credit machine, plus they have branches or partnerships everywhere.

They're sort of like the Navy itself. NFCU is the aircraft carrier of credit.