@Anonymous wrote:
Been lurking for a while but finally feel like I need some assistance.
My first credit that reports is in December 2011 and is a joint car loan (which I pay) with my husband. I then applied for a Cap One card and have a $300 limit on that. No increases.
My credit report shows no inquiries, no collections, etc.
My scores are: myfico Equifax: 670, myfico TU 686, Experian 680
In an ideal world I would like:
A real visa CC
Amex Delta Gold (I try to travel a lot and Delta fly direct from Atl to Lon - bonus!)
Discover it (I'd like some stuff back)
At the moment:
I tried the shopping cart trick at VS and was pre approved for $750.
I'm a bit reluctant to apply for any of the first three. I'm concerned that if I don't get approved that it will "ding" my score.
Am I in a position to apply for something or should just wait a while longer??
Help please
The first thing you should do is contact Capital One's Executive Office at 1 800 955 1455 and ask for a credit limit increase. Tell them you have been a customer for a year and a half and that every time you ask for a CLI you are declined and that you feel there is no basis for this. They will ask your income and a few questions to verify it is you. Then they will ask how much of a limit you want. Tell them a high number such as $5000. They will then ask if you will settle for less. Tell them $4000. The trick here is that you want two things with them either now or in the future. You want a limit greater than $2000 and preferable a greater limit than $3500. The reasons you want these two things are; $2000 for the FICO score increase and over $3500 for the card cut off limit. Many cards at Capital One have a limit to the type of card they are and usually that limit is $3500. Once you get past that limit you are considered a different type of customer.
FICO scores are kept lower if your credit limits are low, it is a way of measuring how you lenders trust you. If your limit is low, then maybe you have been using your account poorly and don't deserve a limit. There is only so much information which can be transmitted to a credit bureau, so no increase in a limit can been seen as distrust by your lender for some reason which can't be transmitted. (Don't worry, Capital One doesn't trust anyone with their low tier card. You can find a lot of talk about this on this and other forums about credit. I believe they are number 1 for credit card complaints.) Once you get that limit higher it should bump your score when it reports, then you should be in a better position. If they give you the $5000 or even $4000 that is good as some creditors like to match limits or get near limits of other accounts.
When they pull your report at Cap One it will be a soft pull, so don't worry. Also depending on the type of card you have you should ask for the annual fee(AF) to be removed and for a product change(PC). If you have their regular card without rewards ask for a Cash Back card. With the higher limit and if your score increases as mine did when I got over $2000 you might actually be OK for the Delta card. I think my score jumped over 20 points when I got my first card with a real limit. It is hard to say how much your score will increase since you only have one credit card and I don't know what percentage is used for that aspect. I do know I am happy to not see that message on Credit Karma anymore. (Things negatively affecting your score: Low credit limits. Since you have low limits this shows to other lenders that your current lenders do not trust you with higher limits. Or something like this.)
It is by will alone I set my mind in motion.....
Always follow these rules: Only take a HP for a new account. Always use the best rewards card for that reward category. Don't close a card unless you know you really should. Never use more than 35% of a credit limit. Recon as much and as best you can. Use the introductory period to the best advantage. Get the signup bonus. Whenever possible PIF or balance transfer so you pay less in interest. Never give an excellent rating when it is actually the norm. Always look for a discount as more is always better.
Always accept candy from strangers because they have the best candy or from people you know have good candy.
Starting Score: 560
