topic Re: Credit Limit Increase? in Credit Cards

Credit Limit Increase?

Anonymous — Tue, 26 Dec 2017 00:31:26 GMT

I have had a capital one credit card for 3 months now. I keep my usage low and pay off my balance before due date. Should I bother asking for a limit increase? Will it lower my score to do so? Or should I just wait for them? I got an email way back saying if I paid on time at the end of 6 months they would increase my limit from 300 dollars to 500 dollars.

Re: Credit Limit Increase?

Anonymous — Tue, 26 Dec 2017 01:22:53 GMT

This is a helpful guide, broken down by issuer:

https://www.doctorofcredit.com/maximize-your-credit-limits-for-the-citi-gold-deal/#Capital_One

You mention that "I keep my usage low and pay off my balance before due date." Is your CC utilization < 8%? If not, you should get it lower.

Re: Credit Limit Increase?

Anonymous — Tue, 26 Dec 2017 01:44:02 GMT

I don't think that Capital One typically entertains CLIs in the first 6 months, so I'm not sure you'd see any success in trying to achieve one at 3 months. I'd say sit tight for another 3 months and then do your request online or through their automated phone system.

Re: Credit Limit Increase?

Anonymous — Tue, 26 Dec 2017 02:37:28 GMT

My utilization is 0% right now. It usually is 3-5%

Re: Credit Limit Increase?

Anonymous — Tue, 26 Dec 2017 03:29:38 GMT

You're enrolled in the Cap One Credit Steps Program.

For cards not in the steps program, the requirment is 3 months after accounting opening and 6 months after last approval.

Re: Credit Limit Increase?

Anonymous — Tue, 26 Dec 2017 03:32:28 GMT

I have a QS1 and Platinum. Both were in credit steps program, ask for a limit increase after 3 months, they will probably offer you $100 more, take it. You will then still get the steps increase after 6 months, you will still get the extra 200 as stated in the email, you will then have $600. After the credit steps at 6 months you will only be able to ask for an increase every six months. Also remember any limit increase request is a soft inquiry for Cap1

Re: Credit Limit Increase?

outofcredit — Wed, 27 Dec 2017 15:37:58 GMT

What Sunsfan stated has been my experience with Capital One as well. Small $100 sp cli after the 3rd statement and a credit steps increase of $350 after the 6th statement cuts, YMMV. Total CL after credit steps was $750. Make sure all payments are on-time with no issues. Any hiccups will postphone or negate your credit steps increase.