Holy moly everyone. I just accessed my account to check that my recent payment posted to my and I almost fell out of my chair when I saw a credit limit of $1800 (what!?!?). It used to be $300. I didn't request one- they did it automatically . So now my question- will I get a score bump down (like when you get new credit)? If I continue to use it as if I still only have a $300 limit, will they reverse the increase?
Congrats on your now "usable" limit - auto luv is always a nice surprise !
Depending on your over all utility, yes you might get a small score increase it depends on your overall utility being reported and how much available credit you have.
Example if you have $100,000 in available credit and carry $5000 in balances an increase on available credit or carried balance of say $2000 won't change a thing, on the other hand if you have $1000 in available credit and carry $400 in balances, an increase to $2000 or 3000 in available credit while still carrying the $400 balance shows a much improved utility factor (use of available credit as a percent of available credit). Over all utilization of available credit is a "scoring factor".
As far as will they "reverse" the CLI if you never use the full amount - simple answer is no its very unlikely that Cap-1 will "credit limit decrease" your account because you don't max out your card. Any lender "can" increase or decrease your limit at will but increases are much more common than decreases - decreases usually means the creditor is concerned about your account.
COngratulations! Increases are so very exciting!!!! I too have Cap one and lately for past few months I use it literally just for netflix. i also started at 300. IM now at 2800. I used to use it more frequently until i got better rewards cards. they still gave me the last increase from 15 to 28 like a few days ago. i think you will be fine and i honestly think thats the way to use credit. as if you only have very little available. I cannot tell you definitively but I strongly believe thats the way to go. im at 794 fico and i pay in full after each usage. once in a blue a statement will cut with a small balance like 1% but thats it and my score has drastically improved.
It is though! An increase of any amount (at least to me) is something to brag about. I've had this card since 2012 and this is the first increase I've received. Although in Capital One's defence- I wasn't very responsible with it those first couple of years. I am now coming up to 2 years of on-time payments with them. I've also just this past year have been trying to make sure my statement doesn't show more than a 10-20% utilization. We'll get there- baby steps- but we'll get there.
Congrats on the bump! Anytime they give you some auto-luv, you know you're doing something right!!