topic Re: Capital One Credit Line Increase Advice in Credit Cards

Capital One Credit Line Increase Advice

Anonymous — Fri, 02 Feb 2018 02:37:19 GMT

So I just got a quicksilver one credit card with a $500 limit. I also have a secured card with USAA($1250 limit). Suggestions on my next move to increase available credit limit $10k+? I’m also trying to bump my FICO 8 scores over 700+ (currently at 650’s) to buy a house as soon as I can achieve this. Appreciate any help in advance from the community!

Re: Capital One Credit Line Increase Advice

UncleB — Fri, 02 Feb 2018 02:40:27 GMT

Hi @Anonymous, and welcome to myFICO!

I've moved your post to a new thread to get your question more exposure.

--UncleB

myFICO Moderator

Re: Capital One Credit Line Increase Advice

Anonymous — Fri, 02 Feb 2018 02:56:10 GMT

Cap1 is not going to get you to 10k in any reasonable time frame their starter cards grow slooooow.

My suggestion would go for a card that will grow more rapidly. People on here have a lot of luck with Discover.

Re: Capital One Credit Line Increase Advice

Anonymous — Fri, 02 Feb 2018 03:07:58 GMT

What scores are needed for their approval in your experience? Should I apply now or wait since I received the cap one card 1 month ago, I don’t want to appear to be desperate(which I’m not) for more cards.

Re: Capital One Credit Line Increase Advice

Anonymous — Fri, 02 Feb 2018 03:21:54 GMT

Do you have any installment loans reporting?

Also, if Cap 1 isn’t reporting yet (they sometimes take 30-45 days to report) it may make sense to use Discover’s prequalify tool to see if you’re pre-approved.

Note though these new accounts will ding your AAoA which will ding your score but it will rebound with time, of course.

Prequalify Link:
https://www.discovercard.com/application/prequal?ICMPGN=PUB_HDR_CARDS_PQ

Edit: I’m not sure what you’re utilization is but I assume you want higher limits so utilization is less of a problem. That’s where the real score improvement would occur. If it’s currently high, lower utilization could potentially take the sting out of the inquiries and new accounts.

Re: Capital One Credit Line Increase Advice

Anonymous — Fri, 02 Feb 2018 03:23:44 GMT

Yes I have 2 auto loans that are joint with my wife. I was looking at the pre approval link and they want ssn and access to my credit profiles. Sounds like a hard inquiry to me.

Re: Capital One Credit Line Increase Advice

Anonymous — Fri, 02 Feb 2018 03:37:08 GMT

Use the card, pay it off on time, utilize the online CLI every 6 months or so.

Personally I started with a us bank secured card in June of 15. 500 secured limit. 2/16 cap1 Platinum unsecured approved at 300. 6 months later got CLI to 500. 6 months CLI to 1k. Just PCd to no AF QS a few days ago. 8/16 approved for an unsecured us bank Platinum.

Left things alone for a year while getting pre qualification offers from discover, random predatory cards, and finally Amex. After the second Amex mailer applied and approved 8/17 for blue cash at 1400. 61 day CLI to 4200.

9/17 applied and approved with a 746 middle score for mortgage 3% down 3.875 rate no points. Closed 38 days later.

Last week applied and approved for us bank cash+ with 13.5k spending limit.

So in my experience from terrible (probably sub 550) FICO to homeowner with scores still in mid 700s with not optimum utilization and a brand new mortgage reporting in less than 3 years.

Re: Capital One Credit Line Increase Advice

Anonymous — Fri, 02 Feb 2018 03:52:11 GMT

wrote:
Yes I have 2 auto loans that are joint with my wife. I was looking at the pre approval link and they want ssn and access to my credit profiles. Sounds like a hard inquiry to me.

It's not a hard inquiry. They do a soft pull which will not affect your score.

Re: Capital One Credit Line Increase Advice

Anonymous — Fri, 02 Feb 2018 03:52:55 GMT

wrote:
Yes I have 2 auto loans that are joint with my wife. I was looking at the pre approval link and they want ssn and access to my credit profiles. Sounds like a hard inquiry to me.

They do a full soft pull. It should also say, “This won’t affect your credit.” Interestingly, if there isn’t an offer, they will also mail you an explanation which includes a score and FICO denial reasons but it does not result in a hard pull.

Re: Capital One Credit Line Increase Advice

Anonymous — Fri, 02 Feb 2018 04:13:21 GMT

So I just got a quicksilver one credit card with a $500 limit. I also have a secured card with USAA($1250 limit). Suggestions on my next move to increase available credit limit $10k+? I’m also trying to bump my FICO 8 scores over 700+ (currently at 650’s) to buy a house as soon as I can achieve this. Appreciate any help in advance from the community!

My suggestion would be to get your scores above 700 and apply for a different CO product, if one suits you. Any CO product approved with a fair credit score will result in the account forever being stuck in "starter" mode, meaning that CLIs will be few and far between or of very small amounts. I wouldn't be surprised if the ceiling on your $500 limit starter account years from now was around $2000, even if your credit scores is 850. That's just the way CO works.

Re: Capital One Credit Line Increase Advice

Anonymous — Fri, 02 Feb 2018 04:14:15 GMT

Wow!!! So I did the Discover IT application and got an immediate approval for a $2000 limit, awesome 😎 !!!! So now that’s 3 credit cards with total limit of $3750. Feels good considering I couldn’t get approved for a cell phone 18mo ago, lol 😝 thanks for the help everyone!!!

Re: Capital One Credit Line Increase Advice

Anonymous — Fri, 02 Feb 2018 04:17:32 GMT

Congrats!

Re: Capital One Credit Line Increase Advice

creditismyhobby — Fri, 02 Feb 2018 10:57:52 GMT

I can tell you from personal experience I hammer my qs1 and qs cards the won't move very fast on cli

Re: Capital One Credit Line Increase Advice

SomewhereIn505 — Fri, 02 Feb 2018 12:12:37 GMT

With that starting limit, it makes me think you are going onto Cap One credit steps program. They’ll give you a certain CLI if you follow their program for 6 months. For me, SL of $500 was offered with a $250 increase in 6 months. However if you use it heavily but make payments so the statement date has a low utilization (under 30%), there is a chance they might give you a higher increase. Mine was $500 steps graduation CLI.

Its definafely not not going to get you over 10k any time soon, but it does help open you to others like the Discover account.

Now time to garden to allow your scores to increase. In 6 months figure out kind of rewards you want in your next card.

Re: Capital One Credit Line Increase Advice

Anonymous — Sat, 03 Feb 2018 00:45:26 GMT

I started on steps with the QS1 in November 2015 at $500. Hit the Luv button at 3 months at they bumped me to $1200. At the 6 month mark, they bumped up to $2K. At the year mark, I hit the Luv button at got a bump to $4.5K.

CapOne will bump you up but you have to ask. I was also running everything through that card (it was the only card in my wallet) and PIF every month.

Re: Capital One Credit Line Increase Advice

Shooting-For-800 — Mon, 05 Feb 2018 16:10:19 GMT

wrote:
So I just got a quicksilver one credit card with a $500 limit. I also have a secured card with USAA($1250 limit). Suggestions on my next move to increase available credit limit $10k+? I’m also trying to bump my FICO 8 scores over 700+ (currently at 650’s) to buy a house as soon as I can achieve this. Appreciate any help in advance from the community!
My suggestion would be to get your scores above 700 and apply for a different CO product, if one suits you. Any CO product approved with a fair credit score will result in the account forever being stuck in "starter" mode, meaning that CLIs will be few and far between or of very small amounts. I wouldn't be surprised if the ceiling on your $500 limit starter account years from now was around $2000, even if your credit scores is 850. That's just the way CO works.

^ THIS.

Use your cap one card, pay your cap one card, and start checking after 6 months for prequals.

You will need to open a new card to get that kind of limit.

Cap One puts glass ceilings on cards but not people (as their score increases)

Re: Capital One Credit Line Increase Advice

Creditdreamer — Mon, 05 Feb 2018 16:30:24 GMT

I have a data point since everyone is saying Capital One is slow to grow. I followed a lot of advice given on these forums and this was my experience:

I was able to increase my CapOne card to 9000 in a little over a year, from $500, and my scores haven't improved much since the original approval.

I got the CapOne Platinum with a $500 limit and charged a lot on it (about $2500 a month making lots of payments). After a couple weeks I asked for it to be upgraded to the no AF CapOne Quicksilver. They said yes. I then continued to charge and charge everything I possibly could (bills etc) with many payments. I requested a CLI every two weeks and after my 4th statement I was approved for an increase to $5000. The card then got credit steps at 6 months to $5500. I then combined it with another CapOne Quicksilver where I had done a similar thing for a limit of $8000. I recently received another increase to $9000. My goal is to get over $10k which I'm going to do by combining it with another CapOne card that has 3 months on it right now. I applied for that card after I combined the other CapOne card into the first one. I haven't been successful with apping for other cards as my credit score is still being kept down by some old collections. But CapOne seems to like me for now. Oh and for the record, my credit scores are still only about 655.

I am not buying a house any time soon (need to save about $160k to do so, VHCOL area). But I currently have two car loans from Capital One as well on a yearly income of about $70k.

Re: Capital One Credit Line Increase Advice

Anonymous — Tue, 06 Feb 2018 03:03:06 GMT

I don't consider combining a card with another to increase your limit as "growing" your card. Artificial growth, perhaps, but not "real" growth as it's commonly discussed on this forum and in this thread. I just think it's misleading if someone hears that someone grew a $500 card to $8000 and then grew it again to > $10k when that process involved not one but two product merges.

There are exceptions to everything, but the vast majority that start with a low limit such as $500 will very rarely ever take that limit to anything more than a few grand. Sure things like putting a 5X spend to your limit are going to increase your chances of being able to grow that card, but that's more of an outlier example rather than something typical IMO.

Re: Capital One Credit Line Increase Advice

Anonymous — Tue, 06 Feb 2018 04:09:57 GMT

wrote:
I don't consider combining a card with another to increase your limit as "growing" your card. Artificial growth, perhaps, but not "real" growth as it's commonly discussed on this forum and in this thread. I just think it's misleading if someone hears that someone grew a $500 card to $8000 and then grew it again to > $10k when that process involved not one but two product merges.

There are exceptions to everything, but the vast majority that start with a low limit such as $500 will very rarely ever take that limit to anything more than a few grand. Sure things like putting a 5X spend to your limit are going to increase your chances of being able to grow that card, but that's more of an outlier example rather than something typical IMO.

True. But it is a way to grow the card for those stuck in starter card purgatory without having to close it and keep the opening date. And it is easier to just get a new card for bigger limits. So the question becomes is it worth the effort to do it this way? Personal choice.

Re: Capital One Credit Line Increase Advice

Shooting-For-800 — Wed, 07 Feb 2018 00:52:24 GMT

I grew a Cap One card normally from 3k to 12.5k (3k, 3.5k, 12.5k) in two CLI by charging thousands per month a making large payments WEEKLY.

I "grew" my Cap One total CL to $80k in 4 years by doing the same and opening better cards as my credit got better.

I combined a total of 4 cards into 2 closed the rest and opened my last card at $30k at 13.99%.

All above was done in less than 4 years.