Credit Line Increases

EaglesFan2006 · ‎02-24-2011

I am wondering about how to go about asking for a credit line increase. I have two cards, both of which I got last June. One is Cap One, the other Orchard. Each currently has a limit of $500. I have had no lates or anything negative on either account. I have carried high balances, but have paid them off. I am interested in an increase to enhance my credit profile. I am wondering how often this typically happens. How should I go about asking them?

tsquad131 · ‎02-24-2011

both companies are very stingy with CLI, just call in and ask them you want to request a CLI on your account

JayRizzo · ‎02-24-2011

To save you a couple of phone calls, it has been communicated many times in this forum that both HSBC (Orchard) and Capital One are no longer accepting customer-initiated credit limit increase requests.

EaglesFan2006 · ‎02-24-2011

JayRizzo,

Thanks for the advice. Does this mean they do not increase at all?

cdtotten · ‎02-24-2011

Neither company will do a customer initiated increase, and both companies used to do a hard pull for any potential increase. Not even worth it. Both companies are sub-prime lenders that are not going to give you a decent credit limit anyways.

They may increase your line during a periodic review, but I wouldn't hold your breath.

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JayRizzo · ‎02-24-2011

True, that I wouldn't hold my breath. But, I'm not 100% sure that Capital One is classified as a sub-prime lender -- they offer both sub-prime, prime, and business cards so it's a bit hard to put them in one particular category. Capital One is more forgiving than any other lender I know and willing to give people a start or second chance for an unsecured account without super-outrageous fees. The highest Credit Steps graduate limit I've read so far is $3000 while the max Venture card holder had $8000.

DI · ‎02-24-2011

@JayRizzo wrote:
True, that I wouldn't hold my breath. But, I'm not 100% sure that Capital One is classified as a sub-prime lender -- they offer both sub-prime, prime, and business cards so it's a bit hard to put them in one particular category. Capital One is more forgiving than any other lender I know and willing to give people a start or second chance for an unsecured account without super-outrageous fees. The highest Credit Steps graduate limit I've read so far is $3000 while the max Venture card holder had $8000.

The Capital One name itself is subprime due to its subprime business tactics.

JayRizzo · ‎02-24-2011

I think all banks have some sort of tactics to get customers whether it be "Free Checking", etc., but I wouldn't go as far as to say a Name Alone constitutes the sub-prime category. I was not 100%, therefore, I did not say it was certain because Capital One have more than one type of product. I can give plenty of other examples of other lenders with easy-approvals with an AF w/ or w/o interest rates, but it doesn't make the institution a sub-prime lender as a whole.

vish1 · ‎02-24-2011

@DI wrote:

@JayRizzo wrote:
True, that I wouldn't hold my breath. But, I'm not 100% sure that Capital One is classified as a sub-prime lender -- they offer both sub-prime, prime, and business cards so it's a bit hard to put them in one particular category. Capital One is more forgiving than any other lender I know and willing to give people a start or second chance for an unsecured account without super-outrageous fees. The highest Credit Steps graduate limit I've read so far is $3000 while the max Venture card holder had $8000.
The Capital One name itself is subprime due to its subprime business tactics.

My thought here is that capital one probably tried to mint money from both the segment of credit card issuer market, prime and sub prime.

What happened in the process was they mixed up (which was obvious) and more so in the prime category where customers are more pampered. The reason I have my cap one sock drawered is its Cap one and i somehow feel it indicates to the person swiping my card that i have something screwed up with my finances somewhere (people are smart enough), even if it was their primest card, it will still be the same.

This to me sounds similar to probably why toyota has lexus. There was probably no way they could keep lexus users happy with toyota stuff.

EaglesFan2006 · ‎02-24-2011

Thanks for the tips so far. I realize these cards aren't the best. However, I do want to continue to boost credit. Is there a good time frame where I should pursue another credit card? Would a year of solid payments be enough?