poniabaum wrote:I've just read an article about using the backdoor double-trouble strategy to increase credit limit. And I was wondering if anyone had any luck recently to increase their credit limit by opening another Capital One credit card and transferring the new credit limit to the old card? Ism it possible to transfer rewards too? How does that work?
It's my first credit card but only has $750 limit and no rewards or anything but I don't want to close it because it's the oldest card. I've asked them about an increase but they did not have any offers for me. My credit score is very good so I'm sure I would get a much better limit with a new card but I do not want to have too many cards.
Thanks in advance!
I tried this a year ago and they said they don't combine CL's. From what I can deduce from the readings I have done, the way to get a CLI is to stop using the card or get another card with a higher limit. I stopped using the card last year at one point and I called and asked for a credit limit increase, I was told no. They said that I had to use it every month, even for small purchases. I then did that and called and they said they only do periodic reviews. In December I used the card for 3 times my credit limit and called the next month and no CLI. I used the card for a a few more months and kept calling. Nothing. Now I am going back to not using the card! I read a few people who said that if you don't use it for a few months and then ask they will increase it. So when the annual fee is due I will call them and see if they will again waive the fee. If they do that I will keep the card open and not use it. I will also afterwards ask for a credit limit increase. After that I will ask that it be a rewards card. I call them at least once or twice a month and ask for that currently. For now I will just use my other cards and only keep their card open for the history.
They always suggest that I apply for another card. This is a hard inquiry and that I don't want. I want to qualify for a good card and a house loan, so I want few inquiries in the next 2 years. I currently have many inquiries from opening accounts to build my score. By the end of the year I will have no negative items on my report except not paying my student loan, not currently in default but was refinanced in 2010 after default. This will be the 2 year mark for that and no other negatives in that time period. This should greatly increase my score.
In September I got a gas card with a limit of $150, it is now $500. Thank you Marathon! Others should consider opening a card with them if they are this good at CLI's. Don't use the full limit, kept your Debt to Available credit limit lower than 20% for best results to your score. Use the card once a month or so and they will be happy. (I actually don't use the card, my sister does. She is a student so I let her charge $50 a month on it. I can't actually use it, I don't live in the US. I can use Visa and MC for online purchases and purchases overseas and my department store card to give gifts.)