Capital One Credit Line Increase Advice

[Anonymous]

Wow!!! So I did the Discover IT application and got an immediate approval for a $2000 limit, awesome 😎 !!!! So now that’s 3 credit cards with total limit of $3750. Feels good considering I couldn’t get approved for a cell phone 18mo ago, lol 😝 thanks for the help everyone!!!

[Anonymous]

Congrats!

[creditismyhobby]

I can tell you from personal experience I hammer my qs1 and qs cards the won't move very fast on cli

[SomewhereIn505]

With that starting limit, it makes me think you are going onto Cap One credit steps program. They’ll give you a certain CLI if you follow their program for 6 months. For me, SL of $500 was offered with a $250 increase in 6 months. However if you use it heavily but make payments so the statement date has a low utilization (under 30%), there is a chance they might give you a higher increase. Mine was $500 steps graduation CLI. 

Its definafely not not going to get you over 10k any time soon, but it does help open you to others like the Discover account. 

Now time to garden to allow your scores to increase. In 6 months figure out kind of rewards you want in your next card. 

[Anonymous]

I started on steps with the QS1 in November 2015 at $500. Hit the Luv button at 3 months at they bumped me to $1200. At the 6 month mark, they bumped up to $2K. At the year mark, I hit the Luv button at got a bump to $4.5K.

CapOne will bump you up but you have to ask. I was also running everything through that card (it was the only card in my wallet) and PIF every month.

[Shooting-For-800]

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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.

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^ THIS.

Use your cap one card, pay your cap one card, and start checking after 6 months for prequals.

You will need to open a new card to get that kind of limit.

Cap One puts glass ceilings on cards but not people (as their score increases)

[Creditdreamer]

I have a data point since everyone is saying Capital One is slow to grow. I followed a lot of advice given on these forums and this was my experience:

I was able to increase my CapOne card to 9000 in a little over a year, from $500, and my scores haven't improved much since the original approval.

I got the CapOne Platinum with a $500 limit and charged a lot on it (about $2500 a month making lots of payments). After a couple weeks I asked for it to be upgraded to the no AF CapOne Quicksilver. They said yes. I then continued to charge and charge everything I possibly could (bills etc) with many payments. I requested a CLI every two weeks and after my 4th statement I was approved for an increase to $5000. The card then got credit steps at 6 months to $5500. I then combined it with another CapOne Quicksilver where I had done a similar thing for a limit of $8000. I recently received another increase to $9000. My goal is to get over $10k which I'm going to do by combining it with another CapOne card that has 3 months on it right now. I applied for that card after I combined the other CapOne card into the first one. I haven't been successful with apping for other cards as my credit score is still being kept down by some old collections. But CapOne seems to like me for now. Oh and for the record, my credit scores are still only about 655.

I am not buying a house any time soon (need to save about $160k to do so, VHCOL area). But I currently have two car loans from Capital One as well on a yearly income of about $70k.

[Anonymous]

I don't consider combining a card with another to increase your limit as "growing" your card.  Artificial growth, perhaps, but not "real" growth as it's commonly discussed on this forum and in this thread.  I just think it's misleading if someone hears that someone grew a $500 card to $8000 and then grew it again to > $10k when that process involved not one but two product merges.

There are exceptions to everything, but the vast majority that start with a low limit such as $500 will very rarely ever take that limit to anything more than a few grand.  Sure things like putting a 5X spend to your limit are going to increase your chances of being able to grow that card, but that's more of an outlier example rather than something typical IMO.

[Anonymous]

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wrote:

I don't consider combining a card with another to increase your limit as "growing" your card.  Artificial growth, perhaps, but not "real" growth as it's commonly discussed on this forum and in this thread.  I just think it's misleading if someone hears that someone grew a $500 card to $8000 and then grew it again to > $10k when that process involved not one but two product merges.

There are exceptions to everything, but the vast majority that start with a low limit such as $500 will very rarely ever take that limit to anything more than a few grand.  Sure things like putting a 5X spend to your limit are going to increase your chances of being able to grow that card, but that's more of an outlier example rather than something typical IMO.

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True. But it is a way to grow the card for those stuck in starter card purgatory without having to close it and keep the opening date. And it is easier to just get a new card for bigger limits. So the question becomes is it worth the effort to do it this way? Personal choice.

[Shooting-For-800]

I grew a Cap One card normally from 3k to 12.5k (3k, 3.5k, 12.5k) in two CLI by charging thousands per month a making large payments WEEKLY.

I "grew" my Cap One total CL to $80k in 4 years by  doing the same and opening better cards as my credit got better.

I combined a total of 4 cards into 2 closed the rest and opened my last card at $30k at 13.99%.

All above was done in less than 4 years.