Capital One denied credit limit increase

[Dwalker92]

Does anyone why Capital one will approve you for a new card , but wont approve a credit limit increase on a secured card that is 8 months old?

Since I opened the card 8 months ago, I havent gotten a limit increase. When I apply for one the denial is always " unsecured credit limit increases are not available on this type of account." 

I did their preapproval last night and was preapproved for a new card, applied and was approved.

[SouthJamaica]

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@Dwalker92 wrote:

Does anyone why Capital one will approve you for a new card , but wont approve a credit limit increase on a secured card that is 8 months old?

Since I opened the card 8 months ago, I havent gotten a limit increase. When I apply for one the denial is always " unsecured credit limit increases are not available on this type of account." 

I did their preapproval last night and was preapproved for a new card, applied and was approved.

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Welcome to the forum.

There's no "why" to Capital One's thought process. One day they may 'graduate' your secured card to an unsecured card; if they do that's when you'll be able to apply for a CLI.

Congratulations on getting the new card.

[Anonymalous]

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@Dwalker92 wrote:

Does anyone why Capital one will approve you for a new card , but wont approve a credit limit increase on a secured card that is 8 months old?

Since I opened the card 8 months ago, I havent gotten a limit increase. When I apply for one the denial is always " unsecured credit limit increases are not available on this type of account." 

I did their preapproval last night and was preapproved for a new card, applied and was approved.

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That sounds like they won't give a CLI on a secured card. Did Cap1 change their policy?

In any case, you're not alone. I had an unsecured Platinum (later a Quicksilver), and they were denying me CLIs at the same time they were sending me offers for the Savor One. Cap1 tend to bucket cards based on your credit profile at the time you applied for a card, while new applications will be judged based on your current profile. So if your credit profile improves you might have more luck with a new card than with getting your old card to grow.

But the bucketing isn't absolute. Some people do seem to manage to break out, and in the last several months there have been a lot more of those examples (my $300 QS finally got an auto increase, for instance, and jumped all the way up to $3300).

[fury1995]

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@Dwalker92 wrote:

Does anyone why Capital one will approve you for a new card , but wont approve a credit limit increase on a secured card that is 8 months old?

Since I opened the card 8 months ago, I havent gotten a limit increase. When I apply for one the denial is always " unsecured credit limit increases are not available on this type of account." 

I did their preapproval last night and was preapproved for a new card, applied and was approved.

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Congrats on the preapproval.

Like @SouthJamaica said, once you graduate to an unsecured card, that account will become eligible for limit increase requests. Capital One states on their website that secured cards are ineligible for credit limit increases.  

It's not unheard of and fairly typical to be "stuck" at one credit limit for one card and elibile for higher limits on other Capital One cards. That's commonly known as bucketed, like @Anonymalous said above. You likely won't live with that usecured card for long once you've grown your credit file and qualify for better rewards cards with more useful limits. 

Either way, I started where you are now. I've opened and closed more Capital One (and Orchard Bank) cards than I can remember. What you have is a prybar and you can already see what is ahead with your preapproval offer. Won't take long.