Capital One Credit Limit Increases

[Anonymous]

I am wondering if anyone knows if requesting a credit limit increase through Capital One will cause a "hard pull" on my credit.

The reason I am asking is that I am applying for a new mortgage to build a house. My credit score is was just a couple of points shy of being able to go through automated underwriting. The guy at the mortgage company said everything should be fine and we'd be able to get that score up just by paying a little more off on the two card which I actively use. Well, a couple of days after speaking to him,  a 17 year old credit card with an $8000 limit, which I had with my ex-wife, but never used, was closed out by that bank, causing my score to drop about 6 points. so now I'm going the wrong way! I am trying to get my score back up quickly and a mere $2000 limit increase on my current card would put me over where I need to be. But... if Capital One does a hard pull on my credit, then even if I get what I need, it will keep me below the score. I'm walking on eggshells because I don't want my score to go down any further.

Also, does anyone have any idea why Equifax is so slow updating credit reports? They are my middle credit score, and the one that the mortgage company is using for my automated underwriting determination. I have made over $1000 in payments on my 2 cards and it has been more than a month and they haven't reflected this. Both Experian and Transunion have.

[M_Smart007]

@AnonymousWelcome to the forum!

Cap1 CLI's .. It should be Soft Pull.

[Anonymous]

Good luck. Cap1 is known for being stingy with CLI for some reason. But as others said, expect a soft pull.

[pinkandgrey]

It would be a SP. But CapOne isn't known for handing out CLIs generously lol. 

Good luck and congrats on the future house!!

[TattnallTrio]

SP for the Capital One cards but Kohl's/CapOne may be a HP  

[Aim_High]

Capital One makes you work for CLI.  Here's their rules:

• Soft pull
• Limit one increase every six months
• Don't expect much at a time.  $1K to $3K is typical.
• Showing Utilization of existing CL for about three months before the increase is key.  Use as much of your card's existing limit as possible.  You will not get an increase without significant utilization.
• Run up balances and allow them to post to statement before you pay it off.  I have no confirmation but I believe this may help the computer algorithm see you warrant an increase.  This is just my personal observation.  See my thread link below. 
• There is no reconciliation and nobody that Capital One will let you talk to about CLI.  It's all automated, or so they claim.

One of my previous posts on Capital One CLI:

https://ficoforums.myfico.com/t5/Credit-Card-Approvals/Woo-Hoo-Reached-my-Capital-1-QS-CLI-Goal/td-p...

[Anonymous]

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@Aim_High wrote:

Capital One makes you work for CLI.  Here's their rules:

• Soft pull
• Limit one increase every six months
• Don't expect much at a time.  $1K to $3K is typical.
• Showing Utilization of existing CL for about three months before the increase is key.  Use as much of your card's existing limit as possible.  You will not get an increase without significant utilization.
• Run up balances and allow them to post to statement before you pay it off.  I have no confirmation but I believe this may help the computer algorithm see you warrant an increase.  This is just my personal observation.  See my thread link below. 
• There is no reconciliation and nobody that Capital One will let you talk to about CLI.  It's all automated, or so they claim.

One of my previous posts on Capital One CLI:

https://ficoforums.myfico.com/t5/Credit-Card-Approvals/Woo-Hoo-Reached-my-Capital-1-QS-CLI-Goal/td-p...

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I'm a new cap 1 customer, but I'd add:

 if you ask for a CLI while you are still in the credit steps program, you get the CLI and the credit steps. (I read that they add the new CLI to the credit steps, but I can't verify that; my credit steps still says the amount it always says, minus the new CLI)

 for those doing AZEO like myself, running up balances that get reported to the CBs is a no-no. Your highest balance is supposed to be reported on your CR anyway, there's a field for that. 

for the rest, I will follow what you say! 

[Brian_Earl_Spilner]

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@Aim_High wrote:

Capital One makes you work for CLI.  Here's their rules:

• Soft pull
• Limit one increase every six months
• Don't expect much at a time.  $1K to $3K is typical.
• Showing Utilization of existing CL for about three months before the increase is key.  Use as much of your card's existing limit as possible.  You will not get an increase without significant utilization.
• Run up balances and allow them to post to statement before you pay it off.  I have no confirmation but I believe this may help the computer algorithm see you warrant an increase.  This is just my personal observation.  See my thread link below. 
• There is no reconciliation and nobody that Capital One will let you talk to about CLI.  It's all automated, or so they claim.

One of my previous posts on Capital One CLI:

https://ficoforums.myfico.com/t5/Credit-Card-Approvals/Woo-Hoo-Reached-my-Capital-1-QS-CLI-Goal/td-p...

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You don't need to report a high balance at statement. Just use it heavily. Cycle the card a couple of times and let it report 0.

[Gollum]

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@Anonymous wrote:

I am wondering if anyone knows if requesting a credit limit increase through Capital One will cause a "hard pull" on my credit.

The reason I am asking is that I am applying for a new mortgage to build a house. My credit score is was just a couple of points shy of being able to go through automated underwriting. The guy at the mortgage company said everything should be fine and we'd be able to get that score up just by paying a little more off on the two card which I actively use. Well, a couple of days after speaking to him,  a 17 year old credit card with an $8000 limit, which I had with my ex-wife, but never used, was closed out by that bank, causing my score to drop about 6 points. so now I'm going the wrong way! I am trying to get my score back up quickly and a mere $2000 limit increase on my current card would put me over where I need to be. But... if Capital One does a hard pull on my credit, then even if I get what I need, it will keep me below the score. I'm walking on eggshells because I don't want my score to go down any further.

Also, does anyone have any idea why Equifax is so slow updating credit reports? They are my middle credit score, and the one that the mortgage company is using for my automated underwriting determination. I have made over $1000 in payments on my 2 cards and it has been more than a month and they haven't reflected this. Both Experian and Transunion have.

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FICO scores treat inquiries differently depending on the timing and the type of loan. You should read the section "What to know about rate shopping" at the myFICO webpage https://www.myfico.com/credit-education/credit-reports/credit-checks-and-inquiries

If the loan you want is a home construction loan, I don't know how differently those are treated from "normal" mortgages.

If you recently applied for the loan, I am guessing that it would not hurt to apply at a couple several different banks/whatever. It seems to me (I am guessing again) that the applications would be treated as rate-shopping. Despite how the term "rate-shopping" sounds, rate-shopping is treated more leniently regarding inquiries.

Edit: I think it would be a good idea to pay the relatively small (compared to a mortgage / construction loan) fee to obtain your own FICO scores, at least until you have no more mortgage / construction loan possibilities.

[AverageJoesCredit]

@Anonymous  Equifax is best compared to THE CREEPER