Trying to get out of the Capital One Bucket Same Credit Limit for Almost 3 years

[WinningEveryday]

Okay I got 3 Capital One Credit Cards and One Auto Loan.

$2500

$750

$3000

$75,000 car loan

Two cards are my oldest tradelines in the rebuilding phase. I have been stuck at $2500 for almost 3 years. I got frustrated and stopped using the card. Everytime I asked for credit line increase I got the same message about delinquent accounts and the accout was too new. So I gave up and stopped using the card.

I tried to get another credit line increase this month. I got a different message. 

This account has not had enough recent payments to establish a recent payment history·

Recent use of this account's existing credit line has been too low

Which is true since I have not used the card in one year.

So today I spent about $1800 on the card and plan to use it for the next 6 months. I spend about $100,000 a month on my business credit cards so I am going to shift some of  that spend to capital one for the next 6 months on all of my Capital One cards.

So I can apply for credit limit increase in June on that one and in July in the other one...well that is the plan.

One day I went on their website and filled out the prequalifed deal and found out I could get another card. So I pulled the trigger and I got a card with a $750 limit! I was happy for a moment until I saw the credit line. Now I put Myfico Subscripton on this card and don't use it for anything else. 

So today I applied for a credit line increase on this card. It gets use on the regular so we will see what they say.

In Oct 2021 I  went to the site agin and to see if I could get another card and I got the $3000 dollar card in Oct so I think I am at my max on Capital One cards since I got 3 but in time I feel I can grow these cards. I have been using the this card quite heavily since I got it spend about $7000 a month on it.

One thing that I found interesing. Building business credit was far easier. I got a Divvy Charge Card with a $50,000 Limit but it is just like Amex you got to pay it in full at the end of the month. I got a Torpoago Credit Card with a $50,000 limit that is real credit card you can pay over time. So I got these off the strenght of my business cash flow.

I also got the Wells Fargo Secured Business Credit Card with a $25,000 limit. Had it since Sept of 2020 I called and it is suppose to graduate but I think my scores got to improve some more, I think that is the hold up. Forget I spent over $100K on the card for the last 6 months and never carried a balance. THAT DOES NOT MATTER!!!!

I am realizing to some banks your credit score is everything and until that improves I am stuck. If I could get a credit card with a $25,000 limit on the personal side my score would jump about 30-50 points. One secured card with a $5000 limit is greater than all of these trash card combined.

Since I only have one derog I applied for the Apple Card last night and I could of got it. I was offered a $500 limit and after reading up how hard it was to get a credit limit increase I turned it down the last thing I need right now is another low limit credit card. So that is my plan to spend heavy on Cap One and as I get better cards slowly get rid of these trash cards one by one.

I only got the car loan for my credit profile. I am selling that turkey in the spring which will give me a year of installment payments. I took out a self loan the other day because I know once I sell it my score will drop 25 -35 points so I am preparing for that.

So that is my vent for the night!

[TattnallTrio]

I echo the frustration with CapOne. I closed all my accounts with them except my Walmart MasterCard. 
It sounds like you are wanting to improve your Fico score. Opening new accounts will hold you back until they age. After my bankruptcy I made a mistake of opening lots of accounts and even though years have passed sometimes I get remarks about opening several accounts. 
Another reason to slack off opening new accounts is yours automatically excluding yourself from Amex and Premium Cards that have a 5/24 rule. 
One thing about the Apple Card is it grows quickly. They love lots of use. I was approved for a $1,500 limit. At 91 days I was increased to $3,500. I didn't ask again and was auto increased to $6,000. My scores are in the 670 range. 
Best of luck to you and I've read people mention that we have to crawl before we walk and walk before we run with credit! 

[WinningEveryday]

Congrats on the fast growth of your Apple Card. I have only opened one new account in the last 20 months. So until my scores improve I am not applying for anything else. It was temping to go for the Apple Card but $500 was way too low however thanks for the data points I appreciate it.

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@TattnallTrio wrote:

I echo the frustration with CapOne. I closed all my accounts with them except my Walmart MasterCard. 
It sounds like you are wanting to improve your Fico score. Opening new accounts will hold you back until they age. After my bankruptcy I made a mistake of opening lots of accounts and even though years have passed sometimes I get remarks about opening several accounts. 
Another reason to slack off opening new accounts is yours automatically excluding yourself from Amex and Premium Cards that have a 5/24 rule. 
One thing about the Apple Card is it grows quickly. They love lots of use. I was approved for a $1,500 limit. At 91 days I was increased to $3,500. I didn't ask again and was auto increased to $6,000. My scores are in the 670 range. 
Best of luck to you and I've read people mention that we have to crawl before we walk and walk before we run with credit! 

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[Red1Blue]

Hi @WinningEveryday you can try shopping card trick on the apple website. Put some items in the shopping cart and apply for the apple card to pay for it. It is a soft inquiry until you accept the card. You might get a better limit for approval. Once you got the card you can cancel the items if you do not want them. I got $500 offer too. I said no. I tried SCT to purchase MacMini for $1200 and  they approved me for $1500 in September. I am happy with my MacMini and also go 3% cash back. Around 12/15 I asked for the CLI and they increased it to $2500. I am going to ask for cli again in March and see what they say. Try sct on the apple store and see what they offer you.

[WinningEveryday]

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@Red1Blue wrote:

Hi @WinningEveryday you can try shopping card trick on the apple website. Put some items in the shopping cart and apply for the apple card to pay for it. It is a soft inquiry until you accept the card. You might get a better limit for approval. Once you got the card you can cancel the items if you do not want them. I got $500 offer too. I said no. I tried SCT to purchase MacMini for $1200 and  they approved me for $1500 in September. I am happy with my MacMini and also go 3% cash back. Around 12/15 I asked for the CLI and they increased it to $2500. I am going to ask for cli again in March and see what they say. Try sct on the apple store and see what they offer you.

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Hmmm thanks I never heard of that before. Appreciate the input

[WinningEveryday]

It worked. I got the $1500 thanks!!! I just bought an extra Iphone for a back up.

[Red1Blue]

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@WinningEveryday wrote:

It worked. I got the $1500 thanks!!! I just bought an extra Iphone for a back up.

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Congrats for your apple card approval. From what I read and in my personal experience Apple/GS is very generous with the CL. Try to spend about 30-40% of the limit and pay it off and keep using the card. They love people using their card and they give generous cli every 91 days. By the way I use  the card heavily and pay it off every week. One of the posters here started with $250 CL and now his card stands at $12000 limit. Good luck.

[Red1Blue]

Hi @WinningEveryday you mentioned about secured credit card. If you are looking for a secured card you might want to consider US Bank Secured cards. The become unsecure after 12 months with good use and payment history.  I had US Bank Platinum and Harley Secured cards issued by US Bank. They became unsecure after 12 months. We have to ask for it. In December I applied for Cash+ $5k secured and Alt Go $5k secured cards and got them approved. We get lot of rewards using these cards and they become unscure. If you can afford the security deposit they might be worth looking at.

[WinningEveryday]

I got 3 US Bank Secured Card just applied for graduate this week!!!