Capital One Very Slow With Credit Increases?

[Anonymous]

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@Anonymous wrote:

Capital One is profile AND spend related, I think.

My first card back in 2017 when I started my rebuild from the 550s was a Capital One/Discover Secured combo.  Today the Capital One is of course unsecured and at $6600 credit limit, while the Discover is also unsecured and at $5600.

In about 18 months I went from $0 credit limits to over $250,000 in credit limits -- but Capital One doesn't really grow as fast as Amex does, and I don't really have any reason to use the Capital One card since it's only 1.5% cash back today.  It still will get one charge every quarter just to keep it active, but I would be surprised if they ever CLI me again.

The key to Capital One large limits is to combine limits between two cards.  This costs you a lot of inquiries to keep opening accounts, but once you're over 750, inquiries really don't matter much (other than Chase 5/24 and other banks like that).

So if you want large limits, open a second card, and when the timeframe allows, merge the limits.

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I think your “11 rules” needs to become “12 rules”. Rule 12 needs to be “how to get $250,000 of credit in 18 months”. Lol.

[Anonymous]

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@Anonymous wrote:

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I think your “11 rules” needs to become “12 rules”. Rule 12 needs to be “how to get $250,000 of credit in 18 months”. Lol.

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The big rule on high limits is if you don't need high limits, they will give you high limits.

If you need high limits, you will get $500 starting limits.

I don't even use debt at all, other than to get my cash back or other perks (travel insurance), so naturally they now just give me high limits.

A year ago when I could have actually used higher limits, I was getting $500 starting limits, haha.

My goal was to get to $100,000 by the end of 2018, but that's blown past.  I am pretty much done applying -- the only thing left for me would be whatever cards give me American Airline miles for SUB, haha.

[credit2019]

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@Anonymous wrote:

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@Anonymous wrote:

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I think your “11 rules” needs to become “12 rules”. Rule 12 needs to be “how to get $250,000 of credit in 18 months”. Lol.

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The big rule on high limits is if you don't need high limits, they will give you high limits.

If you need high limits, you will get $500 starting limits.

I don't even use debt at all, other than to get my cash back or other perks (travel insurance), so naturally they now just give me high limits.

A year ago when I could have actually used higher limits, I was getting $500 starting limits, haha.

My goal was to get to $100,000 by the end of 2018, but that's blown past.  I am pretty much done applying -- the only thing left for me would be whatever cards give me American Airline miles for SUB, haha.

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I'm really curious what your general strategy was in growing to these levels.  Did you get the cards and simply not use them, then ask for increases every few months? Did you charge them up to near their limits and then instantly pay them off? Or did you do something in between?  How often did you ask for increases?

I don't mean to pry, I'm just trying to follow in your footsteps.

[Anonymous]

Capital one was good to me with increases, however when things started to get worse for me both of mine went to collections and since then i paid them off.  The thing that sucks is that i have a account still open with them but the card is restricted and can never be used again even though it is showing a positive account so i am forced to reapply or wait for an email that gives out a second chance.  So keep it in good standings and they will be good for you.

[sjt]

The trick with Capital One is to use the heck out of the card and pay it off frequently. 

[doredeb]

I wish that were the case...I use the heck out of it and pay 3-4 times a month!  

[credit2019]

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@doredeb wrote:

I wish that were the case...I use the heck out of it and pay 3-4 times a month!  

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I take it that they still haven't given you any increases?

[sjt]

What is your current credit profile, ie scores, cards/limits, baddies, etc.

[credit2019]

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@sjt wrote:

What is your current credit profile, ie scores, cards/limits, baddies, etc.

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See this post.

[sjt]

Thanks for the link.

• I dont think you need to go to the secured route with your credit profile. If you do decide to, there are better secured card products then Wells Fargo.
• My suggestion would be to pay down your credit card (leave a small balance) before the statement cut off date. You should get a nice bump once they report.
• Go to the prequal sites (Chase, Amex, Discover, Citi, BofA, CreditCards.com) and check for offers. I think you should see offers appear.
• I would closeout the Credit One as you get another card.