Capital One Credit Line Increase Advice

[Anonymous]

So I just got a quicksilver one credit card with a $500 limit. I also have a secured card with USAA($1250 limit). Suggestions on my next move to increase available credit limit $10k+? I’m also trying to bump my FICO 8 scores over 700+ (currently at 650’s) to buy a house as soon as I can achieve this. Appreciate any help in advance from the community!

[UncleB]

Hi @Anonymous, and welcome to myFICO!  

I've moved your post to a new thread to get your question more exposure.

--UncleB

myFICO Moderator

[Anonymous]

Cap1 is not going to get you to 10k in any reasonable time frame their starter cards grow slooooow.

My suggestion would go for a card that will grow more rapidly. People on here have a lot of luck with Discover. 

[Anonymous]

What scores are needed for their approval in your experience? Should I apply now or wait since I received the cap one card 1 month ago, I don’t want to appear to be desperate(which I’m not) for more cards.

[Anonymous]

Do you have any installment loans reporting?

Also, if Cap 1 isn’t reporting yet (they sometimes take 30-45 days to report) it may make sense to use Discover’s prequalify tool to see if you’re pre-approved.

Note though these new accounts will ding your AAoA which will ding your score but it will rebound with time, of course.

Prequalify Link:
https://www.discovercard.com/application/prequal?ICMPGN=PUB_HDR_CARDS_PQ

Edit: I’m not sure what you’re utilization is but I assume you want higher limits so utilization is less of a problem. That’s where the real score improvement would occur. If it’s currently high, lower utilization could potentially take the sting out of the inquiries and new accounts.

[Anonymous]

Yes I have 2 auto loans that are joint with my wife. I was looking at the pre approval link and they want ssn and access to my credit profiles. Sounds like a hard inquiry to me.

[Anonymous]

Use the card, pay it off on time, utilize the online CLI every 6 months or so.

Personally I started with a us bank secured card in June of 15. 500 secured limit. 2/16 cap1 Platinum unsecured approved at 300. 6 months later got CLI to 500. 6 months CLI to 1k. Just PCd to no AF QS a few days ago. 8/16 approved for an unsecured us bank Platinum.

Left things alone for a year while getting pre qualification offers from discover, random predatory cards, and finally Amex. After the second Amex mailer applied and approved 8/17 for blue cash at 1400. 61 day CLI to 4200.

9/17 applied and approved with a 746 middle score for mortgage 3% down 3.875 rate no points. Closed 38 days later.

Last week applied and approved for us bank cash+ with 13.5k spending limit.



So in my experience from terrible (probably sub 550) FICO to homeowner with scores still in mid 700s with not optimum utilization and a brand new mortgage reporting in less than 3 years.

[Anonymous]

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wrote:
Yes I have 2 auto loans that are joint with my wife. I was looking at the pre approval link and they want ssn and access to my credit profiles. Sounds like a hard inquiry to me.

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It's not a hard inquiry. They do a soft pull which will not affect your score.

[Anonymous]

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wrote:
Yes I have 2 auto loans that are joint with my wife. I was looking at the pre approval link and they want ssn and access to my credit profiles. Sounds like a hard inquiry to me.

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They do a full soft pull. It should also say, “This won’t affect your credit.”  Interestingly, if there isn’t an offer, they will also mail you an explanation which includes a score and FICO denial reasons but it does not result in a hard pull. 

[Anonymous]

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So I just got a quicksilver one credit card with a $500 limit. I also have a secured card with USAA($1250 limit). Suggestions on my next move to increase available credit limit $10k+? I’m also trying to bump my FICO 8 scores over 700+ (currently at 650’s) to buy a house as soon as I can achieve this. Appreciate any help in advance from the community!

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My suggestion would be to get your scores above 700 and apply for a different CO product, if one suits you.  Any CO product approved with a fair credit score will result in the account forever being stuck in "starter" mode, meaning that CLIs will be few and far between or of very small amounts.  I wouldn't be surprised if the ceiling on your $500 limit starter account years from now was around $2000, even if your credit scores is 850.  That's just the way CO works.