topic Re: Limit Increase? in Credit Cards

Limit Increase?

airborne07 — Sun, 28 Feb 2016 12:47:58 GMT

Currently, I am trying to work to get limit increases on my Cap one and Discover. Cap One is very stingy. When I try to get one I get the notice that my payments are not big enough. In that sense, I am paying $100 twice a month becuase I want it paid off. For Discover, my limit is $2,200. What are some adequate ways to use the Discover card in order to get an increase? They said they want to see how I do with the $500 limit they gave me lol. I am think of maybe be using it for gas or smoething like that which would be re-occuring. I called Cap One to get an increase but you can only use the site or automated system to request an increase. At least with Discover you can speak with the department that gives the increase on thier cards.

Re: Limit Increase?

Anonymous — Sun, 28 Feb 2016 12:58:38 GMT

I just got a Capital One card and I was hearing from others on the forum that Capital one likes when you use it heavy and pay one time in lump sum. So the 100, 100 wont do. Instead pay 200 one time and maybe one day you will get to your goal. Try to pay in full and if you can't, well. idk what to say. Stay under 9%. Let others chime in on this. I am still in my baby steps. I heard to request a CLI in 2-3months and when credit steps kicks in you get another. Just hit that CLI once a month.

Re: Limit Increase?

Anonymous — Sun, 28 Feb 2016 13:07:57 GMT

Discover is very difficult to predict, unfortunately. PIF, use the card a lot, and sometimes it still doesn't make a difference. You have as much chance of getting a CLI by going out and doing a dance under the full moon as you do trying to find a pattern for Discover.

If you have a 760 + FICO score, Discover will hand CLI's out like candy. If not, then you can just do your best to use the card frequently and PIF. Be aware that this still may not result in a CLI and many times does not. Discover is just very fickle and difficult to predict.

Someone else wrote under another post:

How to get a CLI with Discover:

1) Use the card like crazy and PIF

2) Try for SP CLI's and receive the message requesting a HP

3) Accept a HP

4) Receive a $500 CLI

6) Sock drawer the card permanently

The best thing is to probably not expect much and eventually you will get something. Hang in there.

Re: Limit Increase?

EAJuggalo — Sun, 28 Feb 2016 13:08:44 GMT

In another thread said that your scores are in the "mid 600s" for two of the three bureaus. I haven't seen you say how long those accounts have been opened. It's going to take time and higher scores to get limits like you see in some people's sigs around here. Get a third card, get an installment loan if you don't have one now and then just keep paying it all and watching what happens to your score. Eventually you will get to Visa Sigs and World Elite Mastercards with five figure limits, but it's not happening overnight. Or even in a year or two. There is a strategy laid out in your other thread on how to get that Cap One limit up in six months, as long as you have another card by then.

Re: Limit Increase?

Anonymous — Sun, 28 Feb 2016 13:10:03 GMT

@Anonymous wrote:
I just got a Capital One card and I was hearing from others on the forum that Capital one likes when you use it heavy and pay one time in lump sum. So the 100, 100 wont do. Instead pay 200 one time and maybe one day you will get to your goal. Try to pay in full and if you can't, well. idk what to say. Stay under 9%. Let others chime in on this. I am still in my baby steps. I heard to request a CLI in 2-3months and when credit steps kicks in you get another. Just hit that CLI once a month.

Capital One really does not care if you pay all at once or in increments. I made multiple payments per month and received a 3k CLI after doing so.

Re: Limit Increase?

Anonymous — Sun, 28 Feb 2016 13:20:22 GMT

@Anonymous wrote:
@Anonymous wrote:
I just got a Capital One card and I was hearing from others on the forum that Capital one likes when you use it heavy and pay one time in lump sum. So the 100, 100 wont do. Instead pay 200 one time and maybe one day you will get to your goal. Try to pay in full and if you can't, well. idk what to say. Stay under 9%. Let others chime in on this. I am still in my baby steps. I heard to request a CLI in 2-3months and when credit steps kicks in you get another. Just hit that CLI once a month.
Capital One really does not care if you pay all at once or in increments. I made multiple payments per month and received a 3k CLI after doing so.

It is just what I heard. This guy said he was spending 1k a month on the card but paying weekly in small amounts and that was the reason for his denial. But ya, I am a baby with capital one, so if you say so

Re: Limit Increase?

driftless — Sun, 28 Feb 2016 13:38:36 GMT

My wife had 2 Cap One accounts, one an old Platinum Visa and a newer QS Visa. The Platinum card was barely used and her monthly payments are low as a result. The QS is used more and her payment, PIF for both, is much higher. The QS receives nice auto CLI's and she was denied when she hit the love button for Platinum. The Platinum was combined into the QS as a result. I started out with 2 Cap One accounts that have been CP'ed and combined nicely. I think that it is true that Cap One likes to see consistent, heavy usage and one or two large payments a month.

Re: Limit Increase?

Anonymous — Sun, 28 Feb 2016 21:30:26 GMT

@driftless wrote:
My wife had 2 Cap One accounts, one an old Platinum Visa and a newer QS Visa. The Platinum card was barely used and her monthly payments are low as a result. The QS is used more and her payment, PIF for both, is much higher. The QS receives nice auto CLI's and she was denied when she hit the love button for Platinum. The Platinum was combined into the QS as a result. I started out with 2 Cap One accounts that have been CP'ed and combined nicely. I think that it is true that Cap One likes to see consistent, heavy usage and one or two large payments a month.

Capital one definitely likes to see heavy usage and large payments. They simply do not care whether you make one large payment per month or 3 payments equaling the same amount.

Re: Limit Increase?

Anonymous — Sun, 28 Feb 2016 21:56:45 GMT

@driftless wrote:
My wife had 2 Cap One accounts, one an old Platinum Visa and a newer QS Visa. The Platinum card was barely used and her monthly payments are low as a result. The QS is used more and her payment, PIF for both, is much higher. The QS receives nice auto CLI's and she was denied when she hit the love button for Platinum. The Platinum was combined into the QS as a result. I started out with 2 Cap One accounts that have been CP'ed and combined nicely. I think that it is true that Cap One likes to see consistent, heavy usage and one or two large payments a month.

And I've had the opposite experience. I have the Platinum (MC) and the QS. The Platnium was my first card. I was in credit steps, and received an auto CLI from $500 to $1500. I was preapproved for the QS (and now I barely use the Platinum, I have a few subs on there, which I moved to other cards when they gave me a new acct # this month), which I use quite a bit, and received the auto CLI from $500 to $750. I get much bigger CLIs on the Platinum than the QS via the luv button (Platinum now sits at $6k and QS at $2650). I get another shot at the luv button in 2 months, I'm going to see what CLIs I can get, then combine the card.

So, with Cap1, use it, don't use it, it doesn't seem to matter, they just give random CLIs.

One thing to add is, I usually request the CLI on the Platinum before the QS, so next time I want to CLI the QS first and see if that makes a difference.

Re: Limit Increase?

Anonymous — Mon, 29 Feb 2016 15:00:23 GMT

CapOne wants heavy usage and they usually give out CLI every 6 months. Discover has been good to me. I get CLI every 90 days with light usage. Mr scores have been pretty much stuck around 660 for a year now.

Re: Limit Increase?

airborne07 — Mon, 29 Feb 2016 15:03:55 GMT

Thanks for the input, I am noticing that I have more luck getting increases with Discover over Cap One. I am going to try again for an increase with Cap One in a couple of months.

Re: Limit Increase?

driftless — Mon, 29 Feb 2016 15:06:35 GMT

@Anonymous wrote:
@driftless wrote:
My wife had 2 Cap One accounts, one an old Platinum Visa and a newer QS Visa. The Platinum card was barely used and her monthly payments are low as a result. The QS is used more and her payment, PIF for both, is much higher. The QS receives nice auto CLI's and she was denied when she hit the love button for Platinum. The Platinum was combined into the QS as a result. I started out with 2 Cap One accounts that have been CP'ed and combined nicely. I think that it is true that Cap One likes to see consistent, heavy usage and one or two large payments a month.
And I've had the opposite experience. I have the Platinum (MC) and the QS. The Platnium was my first card. I was in credit steps, and received an auto CLI from $500 to $1500. I was preapproved for the QS (and now I barely use the Platinum, I have a few subs on there, which I moved to other cards when they gave me a new acct # this month), which I use quite a bit, and received the auto CLI from $500 to $750. I get much bigger CLIs on the Platinum than the QS via the luv button (Platinum now sits at $6k and QS at $2650). I get another shot at the luv button in 2 months, I'm going to see what CLIs I can get, then combine the card.

So, with Cap1, use it, don't use it, it doesn't seem to matter, they just give random CLIs.

One thing to add is, I usually request the CLI on the Platinum before the QS, so next time I want to CLI the QS first and see if that makes a difference.

Actually, my experience, as opposed to what I wrote about my wife's experience, was similar to yours.

Re: Limit Increase?

takeshi74 — Mon, 29 Feb 2016 15:12:36 GMT

You cannot rely solely on usage for CLI's.

It is also not just a matter of the account itself.

Your entire credit profile and your income are used to determine the limits and CLI's that you qualify for. If you're not getting CLI's from a creditor then you need to identify their concerns with your credit profile and work on addressing those. The low limit from CO as well as your scores are also indicators that there are concerns with your credit. My Discover it sees very little usage and has grown from $5K to $27K. It's not the only card of mine that has seen significant CLI's and little or no usage.

If you're willing to disclose more about your credit profile we can help you to assess it.

Re: Limit Increase?

airborne07 — Mon, 29 Feb 2016 15:16:08 GMT

Makes since, I am not going to stress it and just go about my buisness as usual. I will request increases when feasible. My wife got an increase from Discover and didn't have to do anything. takeshi74, what you stated made a lot of sense.

Re: Limit Increase?

renclan — Tue, 01 Mar 2016 01:34:49 GMT

@Anonymous wrote:
I just got a Capital One card and I was hearing from others on the forum that Capital one likes when you use it heavy and pay one time in lump sum. So the 100, 100 wont do. Instead pay 200 one time and maybe one day you will get to your goal. Try to pay in full and if you can't, well. idk what to say. Stay under 9%. Let others chime in on this. I am still in my baby steps. I heard to request a CLI in 2-3months and when credit steps kicks in you get another. Just hit that CLI once a month.

I agree that Cap One likes heavy use. Amex is my main card, so I go heavy on the Cap One for a couple months leading up to asking for the increase. I make several payments a month instead of one lump sum and it has worked well for me. Trying to figure out what these cc companies want is impossible lol..

Re: Limit Increase?

Anonymous — Tue, 01 Mar 2016 02:14:35 GMT

Here is my experience. I just got the card and I spent 2800 out of 3k on it. I didn't get the first statement yet but I know the closing date is the 3rd. I just paid 2800 today. Hope that post tomorrow, so I have zero utilization. Now, since I paid and have no statement. I will rinse and repeat. How many statements with this kind of usuage can I go and request a CLI? Can I ask after the first statement, after I pay. So around the 3rd of March?

1) On the site, where is this "love button" every one is talking about?

2) Is that the one under services>Request CL Increase?

3) Does it let you ask how much you want to increase your CLI by? Do they counter your proposal?

4) I seen a post saying he has two months till he hits the luv button. How often are you supposed to hit it?

Re: Limit Increase?

EAJuggalo — Tue, 01 Mar 2016 10:15:48 GMT

Two is the answer to one.

Three, it asks you income and how much you charge eac h month, I think that's it.

Four, You can hit it as often as you like. But wisdom around here is that you get one CLI before the Credit Steps Increase, then the Credit Steps, then every six months after that.