topic Re: Credit Line Increases in Credit Cards

Credit Line Increases

EaglesFan2006 — Thu, 24 Feb 2011 18:15:04 GMT

I am wondering about how to go about asking for a credit line increase. I have two cards, both of which I got last June. One is Cap One, the other Orchard. Each currently has a limit of $500. I have had no lates or anything negative on either account. I have carried high balances, but have paid them off. I am interested in an increase to enhance my credit profile. I am wondering how often this typically happens. How should I go about asking them?

Re: Credit Line Increases

tsquad131 — Thu, 24 Feb 2011 18:17:34 GMT

both companies are very stingy with CLI, just call in and ask them you want to request a CLI on your account

Re: Credit Line Increases

JayRizzo — Thu, 24 Feb 2011 18:31:24 GMT

To save you a couple of phone calls, it has been communicated many times in this forum that both HSBC (Orchard) and Capital One are no longer accepting customer-initiated credit limit increase requests.

Re: Credit Line Increases

EaglesFan2006 — Thu, 24 Feb 2011 18:33:34 GMT

JayRizzo,

Thanks for the advice. Does this mean they do not increase at all?

Re: Credit Line Increases

cdtotten — Thu, 24 Feb 2011 18:56:47 GMT

Neither company will do a customer initiated increase, and both companies used to do a hard pull for any potential increase. Not even worth it. Both companies are sub-prime lenders that are not going to give you a decent credit limit anyways.

They may increase your line during a periodic review, but I wouldn't hold your breath.

Re: Credit Line Increases

JayRizzo — Thu, 24 Feb 2011 19:10:44 GMT

True, that I wouldn't hold my breath. But, I'm not 100% sure that Capital One is classified as a sub-prime lender -- they offer both sub-prime, prime, and business cards so it's a bit hard to put them in one particular category. Capital One is more forgiving than any other lender I know and willing to give people a start or second chance for an unsecured account without super-outrageous fees. The highest Credit Steps graduate limit I've read so far is $3000 while the max Venture card holder had $8000.

Re: Credit Line Increases

DI — Thu, 24 Feb 2011 19:33:43 GMT

@JayRizzo wrote:
True, that I wouldn't hold my breath. But, I'm not 100% sure that Capital One is classified as a sub-prime lender -- they offer both sub-prime, prime, and business cards so it's a bit hard to put them in one particular category. Capital One is more forgiving than any other lender I know and willing to give people a start or second chance for an unsecured account without super-outrageous fees. The highest Credit Steps graduate limit I've read so far is $3000 while the max Venture card holder had $8000.

The Capital One name itself is subprime due to its subprime business tactics.

Re: Credit Line Increases

JayRizzo — Thu, 24 Feb 2011 21:31:20 GMT

I think all banks have some sort of tactics to get customers whether it be "Free Checking", etc., but I wouldn't go as far as to say a Name Alone constitutes the sub-prime category. I was not 100%, therefore, I did not say it was certain because Capital One have more than one type of product. I can give plenty of other examples of other lenders with easy-approvals with an AF w/ or w/o interest rates, but it doesn't make the institution a sub-prime lender as a whole.

Re: Credit Line Increases

vish1 — Thu, 24 Feb 2011 22:10:13 GMT

@DI wrote:

@JayRizzo wrote:
True, that I wouldn't hold my breath. But, I'm not 100% sure that Capital One is classified as a sub-prime lender -- they offer both sub-prime, prime, and business cards so it's a bit hard to put them in one particular category. Capital One is more forgiving than any other lender I know and willing to give people a start or second chance for an unsecured account without super-outrageous fees. The highest Credit Steps graduate limit I've read so far is $3000 while the max Venture card holder had $8000.
The Capital One name itself is subprime due to its subprime business tactics.

My thought here is that capital one probably tried to mint money from both the segment of credit card issuer market, prime and sub prime.

What happened in the process was they mixed up (which was obvious) and more so in the prime category where customers are more pampered. The reason I have my cap one sock drawered is its Cap one and i somehow feel it indicates to the person swiping my card that i have something screwed up with my finances somewhere (people are smart enough), even if it was their primest card, it will still be the same.

This to me sounds similar to probably why toyota has lexus. There was probably no way they could keep lexus users happy with toyota stuff.

Re: Credit Line Increases

EaglesFan2006 — Thu, 24 Feb 2011 22:15:15 GMT

Thanks for the tips so far. I realize these cards aren't the best. However, I do want to continue to boost credit. Is there a good time frame where I should pursue another credit card? Would a year of solid payments be enough?

Re: Credit Line Increases

vish1 — Thu, 24 Feb 2011 22:27:42 GMT

@EaglesFan2006 wrote:
Thanks for the tips so far. I realize these cards aren't the best. However, I do want to continue to boost credit. Is there a good time frame where I should pursue another credit card? Would a year of solid payments be enough?

This is chicken and egg, you have low limits no one will give you good limits easily... So?

This is what I would do:

Add a GEMB store card say JCP/GEMB. They will probably start you with low CL 300-500 but they are good at giving CLs (till you get to abt 1.5-2k).

Keep asking GEMB for CLs every 3 months and while you hit about 15 months mark (from june 10), your highest CL will be JCP with about 1.5 k and that will be the point where you should be able to get a good prime card like chase freedom etc with a good limit.

Re: Credit Line Increases

Anonymous — Thu, 24 Feb 2011 22:41:47 GMT

@JayRizzo wrote:
True, that I wouldn't hold my breath. But, I'm not 100% sure that Capital One is classified as a sub-prime lender -- they offer both sub-prime, prime, and business cards so it's a bit hard to put them in one particular category. Capital One is more forgiving than any other lender I know and willing to give people a start or second chance for an unsecured account without super-outrageous fees. The highest Credit Steps graduate limit I've read so far is $3000 while the max Venture card holder had $8000.

I was recently approved with a venture card of 15,000 and my income isn't higher than 50,000 and I have more than enough available credit (scores were about 745 at the time, I didn't know they were going to jump to 770), but I didn't have any good rewards/travel cards. Cap 1 and I are friends again.

I agree with you about them having sub-prime cards (I used to carry 2 of them), and prime/business cards. But the truth is that so many people post about how Cap 1 is terrible and stingy and that's fine, because I used to feel the same way.

Re: Credit Line Increases

Anonymous — Thu, 24 Feb 2011 22:49:21 GMT

@vish1 wrote:

@DI wrote:

@JayRizzo wrote:
True, that I wouldn't hold my breath. But, I'm not 100% sure that Capital One is classified as a sub-prime lender -- they offer both sub-prime, prime, and business cards so it's a bit hard to put them in one particular category. Capital One is more forgiving than any other lender I know and willing to give people a start or second chance for an unsecured account without super-outrageous fees. The highest Credit Steps graduate limit I've read so far is $3000 while the max Venture card holder had $8000.
The Capital One name itself is subprime due to its subprime business tactics.

My thought here is that capital one probably tried to mint money from both the segment of credit card issuer market, prime and sub prime.

What happened in the process was they mixed up (which was obvious) and more so in the prime category where customers are more pampered. The reason I have my cap one sock drawered is its Cap one and i somehow feel it indicates to the person swiping my card that i have something screwed up with my finances somewhere (people are smart enough), even if it was their primest card, it will still be the same.

This to me sounds similar to probably why toyota has lexus. There was probably no way they could keep lexus users happy with toyota stuff.

hehe, this made me chuckle. But I agree, it's exactly like AMEX and Discover and the prestige they carry when you pull them out to pay. I think people would be more embarassed to pull out an orchard card or a first premier card, but I think the outside world knows more about Prime/Prestigious cards than they do subprime. Good point though.

Re: Credit Line Increases

JayRizzo — Thu, 24 Feb 2011 22:53:12 GMT

Woooooo! Doood71, now I know someone with a Venture card limit of $15,000 Sweeeeeeeeeeeeet!!! Congrats!

Re: Credit Line Increases

avv7c0 — Fri, 25 Feb 2011 04:01:55 GMT

Awww man, I'm jealous! I only got $7,500 on my Venture, and my scores were 780ish at the time.

It's ok, I'm taking them to the bank anyway, I've had the card 7 days, and have 25,268 miles ($252 in free travel) so far. Mwuhahahah!

Re: Credit Line Increases

Anonymous — Fri, 25 Feb 2011 04:12:49 GMT

I know GEMB has a card called the Universal American Express.They offer 2.99% for the 1st 6 months,no AF and gave me $1500. CL.

They are not mentioned too often but I have several GEMB cards and as far as prime vs subprime,for me its more a customer service thing and they have always been great at it IMO and I will continue with them.

Re: Credit Line Increases

JasonBourneOfCredit — Fri, 25 Feb 2011 05:00:01 GMT

@vish1 wrote:

@EaglesFan2006 wrote:
Thanks for the tips so far. I realize these cards aren't the best. However, I do want to continue to boost credit. Is there a good time frame where I should pursue another credit card? Would a year of solid payments be enough?

This is chicken and egg, you have low limits no one will give you good limits easily... So?

This is what I would do:
Add a GEMB store card say JCP/GEMB. They will probably start you with low CL 300-500 but they are good at giving CLs (till you get to abt 1.5-2k).
Keep asking GEMB for CLs every 3 months and while you hit about 15 months mark (from june 10), your highest CL will be JCP with about 1.5 k and that will be the point where you should be able to get a good prime card like chase freedom etc with a good limit.

What about a Wal Mart card instead of JCPenney? Its just that I never go to JCP. Wouldnt the WalMart version still get the same kind of CLI's??

thanks

EDIT: Also, "EaglesFan", I am in the exact same boat. Orchard and Cap1 with low limits. Both are fairly new. Let me know if you get increases and how you did it!

thanks man

Re: Credit Line Increases

Anonymous — Fri, 25 Feb 2011 05:10:06 GMT

Walmart would be a good one.They actually consider you for their card and their Discover card.You also save on gas if you use their gas.

Re: Credit Line Increases

JasonBourneOfCredit — Fri, 25 Feb 2011 05:32:04 GMT

@Anonymous wrote:
Walmart would be a good one.They actually consider you for their card and their Discover card.You also save on gas if you use their gas.

Ok well my Orchard is about 4 months old. I'll pay it off and if they dont give me an increase on month 6 even with a call to them, I'm cancelling and going to a Wal Mart card. I need a card that increases. None of this low limit for years and years. No time for those games.

Re: Credit Line Increases

Anonymous — Fri, 25 Feb 2011 14:44:42 GMT

They did not approve me right away,they called to verify it was me who applied.They gave me the discover w/CL $1800.00. Spent $400.00 no interest on laptop.I like any place I can get no interest...