topic Re: Requesting a Capital One Credit Limit Increase. in Credit Card Applications

Requesting a Capital One Credit Limit Increase.

ThomasJNewton — Thu, 18 May 2023 14:08:05 GMT

My boyfriend's Quicksilver has a current limit of $10,500, grown over the years via auto increases from $5,500 when he got it (5 years, six months ago). Last month he spent $7,576.50 on the card (paid it off in full, as he has since last September), and he requested a credit line increase which was denied since his last auto-increase was 5 months ago. He is going to request another credit line increase, although he has spent less this month (only about $3,000). On the application there are three possible reasons for the request:

I have a large one time purchase coming up.
I expect higher expenses over the next few months.
My current line does not meet my long term spending needs.

Not sure how important the answer to the question is, but I would guess that the second or third answers would be better than the option, but between them, I am not sure which is better. Given they did not have an option of "FicoForums encourages me pad my limits to improve my score.", :-) does anyone have a suggestion as to which answer is most likely to get a credit line increase approved? Also, he was going to request $3,500 (slightly more than the $3,000 he got in hist last auto increase between his September and October), does that seem reasonable?

Current Experian score is 771.

On Experian and Transunion he shows 14% utilization, while on Equifax it is 0% (he has a Wells Fargo Health Advantage card with a 0% interest rate that shows up as a credit card on Experian and Transunion and Medical debt on Equifax).

His cards and limits are:

Apple Card $0 of $8,500.

Bank of America $0 of $7,500.

Capital One $0 of $10,500.

Synchrony $108 of $7,500. (0% Sweetwater card).

Wells Fargo $5,691 of $7,500. (0% health advantage account - paid down from $7,200).

Thanks in advance for your help.

Re: Requesting a Capital One Credit Limit Increase.

GZG — Thu, 18 May 2023 15:20:43 GMT

The computer already knows what it is willing to offer, so it's unlikely the reason you select will have any impact on what you're offered

It also doesn't matter how much you request, the computer will simply counter with the value it's willing to offer, but if you select a value too low, you could limit the amount of a CLI you can get

If offered a low amount, consider declining it and trying again every month or so to see if you can get a better CLI

Re: Requesting a Capital One Credit Limit Increase.

OmarGB9 — Thu, 18 May 2023 15:40:59 GMT

@GZG wrote:
The computer already knows what it is willing to offer, so it's unlikely the reason you select will have any impact on what you're offered

It also doesn't matter how much you request, the computer will simply counter with the value it's willing to offer, but if you select a value too low, you could limit the amount of a CLI you can get

If offered a low amount, consider declining it and trying again every month or so to see if you can get a better CLI

Agree with all of this.

Re: Requesting a Capital One Credit Limit Increase.

ThomasJNewton — Thu, 18 May 2023 16:59:25 GMT

@GZG wrote:
The computer already knows what it is willing to offer, so it's unlikely the reason you select will have any impact on what you're offered

Got it.

It also doesn't matter how much you request, the computer will simply counter with the value it's willing to offer, but if you select a value too low, you could limit the amount of a CLI you can get

I always forget that it does not really matter if one requests too much.

If offered a low amount, consider declining it and trying again every month or so to see if you can get a better CLI

He requested $5,000, they countered with $1,000 and based on your suggestion, he declined. He will wait until he has paid off more of the Health Advantage card and try again.

Re: Requesting a Capital One Credit Limit Increase.

NoMoreE46 — Thu, 18 May 2023 16:26:06 GMT

The answers to those questions don't have any bearing on the CLI chances imho. I think it is a DP thing for C1.

The good news that I see now is that C1 is granting CLIs more

frequently than every 6 months for some.

Re: Requesting a Capital One Credit Limit Increase.

GTS — Wed, 24 May 2023 14:35:31 GMT

Also on another note C1 doesn't pull your current credit report for CLI's, they look at the data from the last time they auto pulled your credit. so chances are they are looking at an old report. (they periodically pull your credit automatically to mitigate possible risk or to offer auto CLI's).