topic Re: Credit limit increase in Credit Card Applications

Credit limit increase

Anonymous — Sun, 07 Jan 2018 14:50:56 GMT

Need some advise! I have a capital one quick silver, and a capital one quick silver one card, my CL on the quick silver one is $1450 CL on the quicksilver is $1200 I have had these cards for 2 years now never a late payment and pay the entire balance every month, my credit has majorly increased the last couple of months. Equifax 708 Trans 674 and Experian 630, I have tried everything to get capital one to increase my CL and they just won’t! I’m starting to get frustrated, I have thought about applying for other cards like America express to hopefully have higher CL but I don’t know if I won’t the inquiry on my report due to wanting a mortgage within the next few months! What do you all think? Just keep riding it out with capital one hoping for a better CL soon!? Thanks!

Re: Credit limit increase

BungalowMo — Sun, 07 Jan 2018 14:54:33 GMT

If you're looking to get a mortgage soon, DON'T app for anything new!!

They don't like to see any new credit inq's.

Once you get your mortgage approved & you CLOSE, then go for it!

Re: Credit limit increase

Time2letgo — Sun, 07 Jan 2018 15:29:24 GMT

What is the reason Cap1 gives you when you hit cli request? They are usually pretty good at increasing every six months if you request it, as long as your accounts are in good standing and everything else on credit report looks good. It’s also a soft inquiry so that will not hurt. Were you just waiting for automatic increases?

Re: Credit limit increase

atarvuzdar — Sun, 07 Jan 2018 15:32:16 GMT

@Anonymous wrote:
Need some advise! I have a capital one quick silver, and a capital one quick silver one card, my CL on the quick silver one is $1450 CL on the quicksilver is $1200 I have had these cards for 2 years now never a late payment and pay the entire balance every month, my credit has majorly increased the last couple of months. Equifax 708 Trans 674 and Experian 630, I have tried everything to get capital one to increase my CL and they just won’t! I’m starting to get frustrated, I have thought about applying for other cards like America express to hopefully have higher CL but I don’t know if I won’t the inquiry on my report due to wanting a mortgage within the next few months! What do you all think? Just keep riding it out with capital one hoping for a better CL soon!? Thanks!

Definitely don't app for anything if you're looking to get a mortgage soon.

Keep in mind that CapOne and some other lenders will bucket you into a category of borrower at the time you first app for a card. Essentially, they're initial judgment of you for a particular card will not change much, if at all. That's not to say you can't/won't get CLIs on your current cards with them, but it means that you don't seem to have yet met whatever criteria they feel you must meet (again, based on their initial analysis of you when you app'd) in order to have earned a CLI. It also means that those cards have a ceiling in terms of how high they will go. So even if/when they start giving you CLIs the cards probably won't rise to very high limits.

CapOne was the first card I app'd for about 5 or 6 years ago when I decided to start rebuilding my credit. I had 3 in total with them. I got some increases on all of them after awhile, but never very much. I currently only have one CapOne card with a $7450 limit--and that's only because I combined all 3 of my cards into one card. Haven't been able to get a CLI on that card since combining even though my score has increased about 125 points since then (my scores across all 3 bureaus are between 784-785). Bothers me sometimes, but I have better cards now so I just let it be.

Re: Credit limit increase

Anonymous — Sun, 07 Jan 2018 15:46:55 GMT

Just combine the limits onto the no-annual-fee card and call it a day. I did this last week as I was in the same boat. I'll keep the one card around for a while, but probably won't use it.

Re: Credit limit increase

Anonymous — Mon, 08 Jan 2018 01:06:34 GMT

They tell me that my account has recently had a credit increase but the last credit increase was probably about 6 months ago and it was only for $100

Re: Credit limit increase

Anonymous — Mon, 08 Jan 2018 02:39:20 GMT

Combine the Cap 1's into 1 card. Find a good credit union. They have decent credit limits, lower interest rates and great banking products.

Re: Credit limit increase

UncleB — Mon, 08 Jan 2018 02:49:22 GMT

@Anonymous wrote:
They tell me that my account has recently had a credit increase but the last credit increase was probably about 6 months ago and it was only for $100

That's likely your problem... you'll need to wait until six months have passed before you're eligible again. If you try too early you'll get the message you recieved.

Re: Credit limit increase

DeeBee78 — Tue, 09 Jan 2018 06:23:42 GMT

@UncleB wrote:
@Anonymous wrote:
They tell me that my account has recently had a credit increase but the last credit increase was probably about 6 months ago and it was only for $100
That's likely your problem... you'll need to wait until six months have passed before you're eligible again. If you try too early you'll get the message you recieved.

And FYI, Blaine17, it’s 6 months exactly. I set a calendar appointment for every 181 days to request my Capital One CLI’s. Look at my signature and you’ll see what I’ve been able to do to a $300 QuicksilverOne through regular CLI’s, a product change and an account combination.

Re: Credit limit increase

Anonymous — Tue, 09 Jan 2018 12:18:40 GMT

@UncleB wrote:
@Anonymous wrote:
They tell me that my account has recently had a credit increase but the last credit increase was probably about 6 months ago and it was only for $100
That's likely your problem... you'll need to wait until six months have passed before you're eligible again. If you try too early you'll get the message you recieved.

Yep - I decided to see if I could get a CLI on my Quicksilver MC this past weekend after getting my new QS Visa, and got that message (because I'd had a CLI in September so it was still only 4/5 months on). I'll just have to wait until February or March.

Re: Credit limit increase

Anonymous — Tue, 09 Jan 2018 12:22:28 GMT

Thanks for all the information guys! I’m going to just sit back and wait! I’m hoping that my next CLI will be a decent one due to my credit score being so much higher than the last credit increase! Do you think that credit score comes into play when they give a CLI ???

Re: Credit limit increase

Anonymous — Tue, 09 Jan 2018 12:42:11 GMT

@Anonymous wrote:
Thanks for all the information guys! I’m going to just sit back and wait! I’m hoping that my next CLI will be a decent one due to my credit score being so much higher than the last credit increase! Do you think that credit score comes into play when they give a CLI ???

It's not the sole factor (they always consider income, for instance, as you'll notice when they ask you for that on a CLI app), but yes, issuers do look at scores when they SP or HP to see if you're eligible for a CLI. Some issuers set certain threshholds - for instance, Synchrony, in many people's experience, won't even consider you for a CLI until your TU score (which they SP) has cracked the 650 barrier.

Re: Credit limit increase

Anonymous — Tue, 09 Jan 2018 13:19:55 GMT

First, as people said, don't do any inquiries 6 months before a mortgage application.

Second, Capital One doesn't care if your scores are better, that isn't the process for giving a CLI on certain rebuilder accounts. Read my post on Asset Backed Securities and the credit card industry.

Third, you likely CAN combine both accounts into one bigger account. I believe the feature is available online. Combine the QS1 limit into the QS limit (after your mortgage closes) and you'll remove the annual fee, have a larger credit limit and maybe break out of the tier you're in.

Fourth, if you've ever had any payment mistakes with Capital One, you may be internally marked for your limits. Payment mistakes include a payment error (such as typing in the wrong account number) or being late even 1 or 2 days even if they never reported it to the agencies. Have you ever had a payment mistake on any account with them?

Re: Credit limit increase

Anonymous — Tue, 09 Jan 2018 13:22:43 GMT

Never had any payment issues at all!!
Annual income is $80,000

Re: Credit limit increase

Anonymous — Tue, 09 Jan 2018 13:33:48 GMT

If I combine both cards will that hurt my score? My quicksilver one card is my oldest account!?

Re: Credit limit increase

Anonymous — Tue, 09 Jan 2018 13:38:38 GMT

@Anonymous wrote:
If I combine both cards will that hurt my score? My quicksilver one card is my oldest account!?

Without knowing the months/years of each account, it's impossible to forecast, but closed accounts continue to report for up to 10 years after closing, so it continues to help your AAoA and AoOA for that length.

The only way I can imagine it hurting your score is if you have 5 or fewer credit cards open. FICO likes to see 5+ credit cards over 24 months of age, so don't close an account if you're at 5, or fewer.

Re: Credit limit increase

Anonymous — Tue, 09 Jan 2018 13:42:51 GMT

Thanks so much for all the information! I learn so much from this forum.

Re: Credit limit increase

Anonymous — Wed, 10 Jan 2018 06:43:57 GMT

I had 3 cards with Cap1 and because they wouldn't budge on giving me any CLI at all. I ended up just grouping them together. I get the higher limit, 1 card only, and no annual fee.

Since doing that I was eligible for a CLI, but they denied me because my "monthly payments" were not high enough. Which makes no sense to me at all. Considering the fact that I paid it off in full every month, but it's Cap1!

As others have said though, I would just sit back and wait the 6 month period and try again!

Re: Credit limit increase

Anonymous — Wed, 10 Jan 2018 13:06:01 GMT

@Anonymous wrote:
I had 3 cards with Cap1 and because they wouldn't budge on giving me any CLI at all. I ended up just grouping them together. I get the higher limit, 1 card only, and no annual fee.

Since doing that I was eligible for a CLI, but they denied me because my "monthly payments" were not high enough. Which makes no sense to me at all. Considering the fact that I paid it off in full every month, but it's Cap1!

As others have said though, I would just sit back and wait the 6 month period and try again!

I've seen that "your monthly payments are too low" excuse before, too. Considering that you PIF every month, you can take it as what it is, a convenient excuse. If things are good with your payments, balance, FICO score and credit history, and the like, the usual actual reason is that it's too early for you to apply for a CLI after your last one - Capital One has, like everyone else reports, a pretty strict policy of six months between CLI's on unsecured cards (and they usually won't grant CLI's on secured cards after the first auto-CLI at all, though there may be exceptions).

Re: Credit limit increase

Anonymous — Wed, 17 Jan 2018 14:28:30 GMT

Quick update guys, I actually called capital one and asked when my last increase was on both of my cards! I’m about 4 days away from it being 6 months on my quicksilver card so I will keep you posted, I’m hoping for a decent increase sense it’s on quicksilver card and not my quicksilverone card!