Capital One Question.

CardHunter · ‎11-09-2014

So about 2 weeks ago I apped and was approved (good news) for a Cap One card and now the bad news, for only $300.00 (Ouch!) This is my lowest card "in my wallet", but I have already took the hit for this card. I mean my credit limit on my Barclay's card was just raised to $3,500 from $1,800 with my 6th statement and I am afraid this is going to look really bad on my credit report so here is my question, what should I do? Should I SD it because I have already took the hit or cancell the card all together and why is Cap One so conservative? TIA!

tcbofade · ‎11-09-2014

Now it's open. Whats done is done, and closing it won't help you any.

Use it responsibly, wait six months, then ask for a CLI.

Fico 8 01/01/26: EX 788, EQ 802, TU 785.
Fico 9: EX 812 04/15/25, EQ 804 04/08/25, TU 792 02/15/25.

Zero percent financing is where the devil lives...

Kennie02 · ‎11-09-2014

@tcbofade wrote:
Now it's open. Whats done is done, and closing it won't help you any.

Use it responsibly, wait six months, then ask for a CLI.

+1 ^ This is what I would do. My card Cap One started off w/ a low CL but with responsible use it has been raised to $3750. Just wait and ask for a CLI. If you don't get one via the luv button you can go the EO route.

Credit Age:

New Accounts:

Inq (6/12/24M):

Creditwiser · ‎11-09-2014

Agree, you took the hit and as long as you use and pay the Cap1 responsibly then you should see good CLI's. You can even use you other higher limits as leverage when you call Cap1 for CLI. They just want to see responsible use of the card. Honestly, if eveything else on your CR's are good, dont worry about other lenders seeing you low Cap1 limit. Its not a big deal for most.

lexandra90 · ‎11-09-2014

same here with me, Got 500 then at 6 months got $3k increase. They are prettyr good on that. They told me I would get only $750 with my credit steps but I ended up with $3k lol. I only added my recurring stuff, netflix, hulu, poland spring etc and then bam I got my increase. after that you can hit the luv button every 6 monts or contact the EO for increases

Credit: $80K Total Credit Lines...Gardening until 7/2018

b_diddy · ‎11-09-2014

Congrats on the approval. Don't mean to be an echo chamber but ... tend 6+ months and then ask to have it bumped up. The good news is that you're in!

FICO Scores: EX 733 (1/17/15) EQ 761 (1/17/15) TU 750 (1/17/15)

coldnmn · ‎11-09-2014

Congrats! Treat it right and your credit step may surprise you. Thanks for sharing.

Discover IT $17k / US Bank Ace (VSig) $13.5K / US Bank Cash+ (VSig) $13.5k
Sam's Mastercard $15k / Walmart Mastercard $10k / Blispay $7.5k PayPal Ex MC $10.8k
CareCredit 5k / Husq $5k / Cap1 QS $4.5k / Barclay Ring $5.35k / Citi DC (WMC) $12k
Gardening Date 7/01/16 / MyFico 08: EQ 801 / TU 777 / EX 771 / 06/08/17

CardHunter · ‎11-09-2014

Thanks for the info guys.

CreditMagic7 · ‎11-09-2014

Congrats!

Barneygirl · ‎11-09-2014

@tcbofade wrote:
Now it's open. Whats done is done, and closing it won't help you any.

Use it responsibly, wait six months, then ask for a CLI.

Exactly.... the good news is, if used responsibly, Cap One gives some decent CLIs. My $300 CL went to $2800 in 6 months, and $5000 in a year. They will automatically increase your CL at 6 months (they did with both of my cards anyways).... however at a year, I needed to submit a CLI request. I've gone from $300 on one card to $10,000 on two in a year with them.... so definitely not a waste! Better than my experience with Discover, that's for sure!! Discover won't budge on a CLI for me

Current FICO Scores: EQ749; TU732; EX733