With that income you have to have more going on behind the scenes.
It would probably if you shared some of your credit history, to better help us understand why you are having a difficult time getting a better SL.
It would probably if you shared some of your credit history, to better help us understand why you are having a difficult time getting a better SL.
@credit2019 wrote:I was approved a few months ago for a Capital One Platinum with a tiny $500 limit, which makes the card completely useless to me - I can't even check into most hotels that require a security hold with that. I have read about others on this forum receiving credit line increases after the first 5 months of payments. One said his limit went to $2500 from $500, and I have read miraculous stories on here about people going from lower FICO scores than I currently have and $0 in credit to $200K in available credit in 18 months.
So imagine my frustration when I got an email today saying that in June 2019, if my payments are on time, my limit will be increased...wait for it....by $250 to $750 total, which is just as useless to me as $500 is. I'm considering just canceling the card, since it really is of no utility to me and it's one more bill to remember to have to pay. This, by the way, is against a $100K annual income that they had me send in paperwork to verify before giving me the $500 limit.
Is Capital One worth keeping around if you don't have a very lengthy credit history? Should I instead just go put $10K in a Wells Fargo Secured card and close down Capital One?
Income isn't as helpful if your DTI ratio is very high or you have major baddies holding your score down. How old is your credit history? What are your FICO scores? Any other cards, loans or a mortgage?
@credit2019 wrote:
@Priory_Man wrote:
With that income you have to have more going on behind the scenes.
It would probably if you shared some of your credit history, to better help us understand why you are having a difficult time getting a better SL.
Sorry, I'm new to these forums and should have included more. I have 1 medical collection on my report from 2.5 years ago that is still open because I genuinely don't recognize the debt, and am trying to dispute it. I have no other baddies, no bankruptcies, public records etc. FICO is currently 663. I currently have 1 open secured credit card with a $1500 limit on it that I generally charge up and pay off every month, but always after the statement date so that probably screws with my utilization (I didn't realize this until I started reading these forums in the last ~20 days). I also have an HSN credit card with a $1K limit with no balance that helps with utilization. Finally, I have student loans on my profile that are still in grace period and show paid as agreed, to the tune of about $50K. After I applied for the Cap One card (which required income verification and so I wasn't sure if I was approved until much later) I also made the mistake of applying and getting approved for a $400 limit at Credit One for a $97 annual fee, and was also approved for an $1200 line through CareCredit for some dental work (I was going to pay cash, but I figured I might as well try and have all of these inquiries fall off at the same time).
Since opening these accounts, someone suggested that I apply for a Cap One Quicksilver, which I did yesterday afternoon and was denied. Apparently as a consolation prize, they sent me the email last night saying I could reach the lofty goal of $750 if I behave for 5 months.
If you pay the card down to show a 8% or less utilization before the statement cuts, you'll gain some points back.