Credit Limit Increase?

[Anonymous]

Hello,

My credit is very fresh. The only credit card I have is a discover one that is co-signed with my sister who has better credit. 

The past few weeks, I've been getting Capital One Platinum credit card pre-approval letters. I ripped all of them in half and trashed them because of how bad that card is but I took the offer with today's letter. Even though that credit card doesn't offer any incentives, I just want to use it to get some credit history and raise my score. 

So I applied online with the pre-approval and got accepted but with merely $500 credit line. Is there a way to request to get this credit limit raised? I know I'm new  to credit but this is ridiculous. 

[Anonymous]

What is bad about Capital One?  I think you will have to wait a couple of months before you get a credit increase.

[SouthJamaica]

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@Anonymous wrote:

Hello,

My credit is very fresh. The only credit card I have is a discover one that is co-signed with my sister who has better credit. 

The past few weeks, I've been getting Capital One Platinum credit card pre-approval letters. I ripped all of them in half and trashed them because of how bad that card is but I took the offer with today's letter. Even though that credit card doesn't offer any incentives, I just want to use it to get some credit history and raise my score. 

So I applied online with the pre-approval and got accepted but with merely $500 credit line. Is there a way to request to get this credit limit raised? I know I'm new  to credit but this is ridiculous. 

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Many of us, including myself, got off to a great start with that card. Use it well, and Capital One will keep increasing your credit limits. I love Capital One.

[DeeBee78]

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@Anonymous wrote:

Hello,

My credit is very fresh. The only credit card I have is a discover one that is co-signed with my sister who has better credit. 

The past few weeks, I've been getting Capital One Platinum credit card pre-approval letters. I ripped all of them in half and trashed them because of how bad that card is but I took the offer with today's letter. Even though that credit card doesn't offer any incentives, I just want to use it to get some credit history and raise my score. 

So I applied online with the pre-approval and got accepted but with merely $500 credit line. Is there a way to request to get this credit limit raised? I know I'm new  to credit but this is ridiculous. 

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If you're new to credit, then that's a perfectly acceptable limit. 

[Anonymous]

Not saying Capital One Platinum is a bad card. It just doesn't offer anything compared to other high incentive cards. But I understand, since this is a card for low credit score / beginner costumers. 

As for the credit line increase, I understand if I pay well on time I can get a credit line increase in 5 months. I was just wondering if there was a way to get an increase now. I think I read something in the past that you could call some sort of departments to ask them to reconsider application denial / low credit line.

[Anonymous]

Try for the amex green, it does not have the best rewards system but for someone just starting out its better than the cap one.

[Aduke1122]

Cap one isn't known for recon , if you are very new and fresh to credit you would have no basis to ask for a higher limit bc you have no history for them to go off of to consider that . It's a good starter card which can be Pc once you put some time in and get your scores up . You can hit the CLI button after 3 statements and see if you have any luck

[Aduke1122]

Chase has been known to like fresh new profiles , go to their site and see if you get a prequal

[Anonymous]

No recon on CLIs with CapOne this early. After 1st statement cuts, hit the CLI button. It won't give you one but will likely sign you up for credit steps if they haven't already. It'll likely say "if you make your first 5 payments on time your credit limit will increase to $750," or something like that. Disregard the amount. You'll get more if you hit them up after your third statement cuts.

This is the key: use the card and pay it down immediately. If you demonstrate in your first three months that you're using well over the $500 limit by paying it down multiple times in the month, then after the 3rd statement you'll hit the CLI button and get anywhere from $100 to $1000 CLI. Depending on what that CLI is, your Credit Steps CLI will be higher. Someone the other day said they went from $500 to $600 on 3rd cut to $1500 on 5th cut with Credit Steps. Also after the 5th cut you may be able to chat them for a product change to Quicksilver and start getting rewards cash.

Lastly, who's your bank or CU? Other than the cards mentioned above, your bank or CU is the easiest way to get a $1500 limit if you have a long relationship. My biggest limit was $300 Visa and $1500 store card when I got my Alaska Air Visa Signature from BOA for $1500 SL. At that point my oldest credit line was 4 months old with no FICO showing. I had to recon to get it and mentioned banking with them for over a decade at least four or five times in the conversation.

[Anonymous]

Thanks for the tips!

I have been banking with BofA for quite a long time, though I do not know exactly how long.

I opened up my Capital One Platinum today. After that, I went and prequalified on chase's website and applied for one of their credit cards. It said the decision will be mailed to  me within 30 days which pretty much means I got denied, right? Anyways, I think it was a mistake for me to apply for a card so soon after Capital One. 

So, how long should I wait until I go apply for a BofA credit card? And does it matter whether I am accepted or denied at Chase?