Capital One Credit Limit Increase Secrets

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gufstefson
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Capital One Credit Limit Increase Secrets

Postby gufstefson » Tue Sep 13, 2011 1:36 am

I had a credit limit of $750 for about 11 months on my Capital One Platinum (the version for so-so credit with $19 annual fee). I thought that it might be time to qualify for a credit line increase but when I called the lady was very polite but checked and said my account was not eligible at this time. 2 questions for you guys.

1) What is the policy/criteria for judging increase eligibility? Do all Capital One credit cards follow the same policy or would I have better luck with one type over another, like the Cash Rewards. I was thinking of applying for it, think if I did I would be given a higher limit than what my Platinum has, the same limit, or a lower limit?

2) Any secrets I should know about to qualify or is it all based on math? If I own my car outright and my rent is low (both of which are the case) should I mention that because it would make me more creditworthy in their eyes? Is it possible to speak with someone in risk management (whatever dept has the power to override the system) and present my case for an increase? Please share any secret tips that the a novice like me doesn't know about.

Thank you in advance for responses. This forum I have found to be an excellent resource!


ooxs
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Postby ooxs » Tue Sep 13, 2011 6:02 pm

Capitalone is good card for starters but unfortunately most of the low end cards with memberships of 19 dollars or in my case 79 dollars (Dating back to 2000) will never, ever qualify for a credit increase. If you call the main number and complete an automated credit increase, you will automatically be decline. Read the fine prints and see what the maximum credit limit is on the card, it might be <1000.

I suggest you try the Chase Slate (which is Chase's easiest card to qualify for) and if you have good credit, then try this Discover card.

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jumbo
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Postby jumbo » Wed Sep 14, 2011 3:51 am

I have the same credit limit $750 on my capital one card, and I dont pay annual fee. Its been a year and they have not increased my credit limit as well.
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HipHopSays
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Postby HipHopSays » Wed Sep 14, 2011 3:13 pm

i have had a capOne for 10 years and the limit has been 1K for .... ten years. i have attempted to get CLI from capOne and the only concession i recently received was a 2% APR decrease (to 17.4%). about three years ago during my annual capone CLI calls the cust rep encouraged me to apply for another capone acct .... which i did and was approved for 1K a year later it was up'd to 4K. i guess i should thank the stars for small favors as i do not have an annual fee. you are probably better off applying for another capone ....

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Postby SteelReign » Wed Sep 14, 2011 11:19 pm

My first credit card was a Capital One student rewards card. Started at $250 and then was increased automatically after 3 months to $500. This was part of their "step" protocol and my brother went from $500 to $750 after 3 months. Since then I've tried to request increases online and via phone, but nothing worked. So I kept paying off my balance every single day...

...until a few months ago. I stopped making inquiries to my credit for about 6 months and thought that they'd raise it if I asked them this time. At the same time, I tried for PenFed Rewards too. I was declined on the CL raise from Capital One and they sent me a denial letter. I was then approved for a 20k CL from PenFed so guess what Capital One did? They immediately, that same day I was approved with PenFed, without even telling me, raised my CL to 5.5k! I then received a letter from Capital One saying that since I was a good member, they increased my CL....by 5k!?

Long story short, they watch your credit actively and if they think you're gonna stop using their card, they might get scared and increase it. Otherwise, they have no reason to increase it.

gufstefson
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Postby gufstefson » Thu Sep 15, 2011 6:30 pm

Thanks for the responses guys. Am so glad I finally registered and asked this question! Disappointing to hear the truth but a relief at the same time, because I was wondering if Capital One was just picking on me!

I was hoping there was some trick or magic phrase to say but now that I know that's not the case, I suppose then it's time for me to move on to another card and I would still fall under that 'fair credit' type, I believe. Does Discover consider those with under prime credit?

Funny to say but I can't really be mad at Capital One for not increasing my credit limit, because they did take a chance on me when others would not and for that reason I will always be thankful.

ooxs
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Postby ooxs » Sat Sep 17, 2011 10:40 am

Gufs, you should look into that Household Bank Card i recommend above. I have nothing negative to say about that card, just keep in mind that they will start you off with a low CL.


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Postby Tato » Fri Oct 07, 2011 3:58 pm

SteelReign I'm in the same boat, but I have a question for you. what was your credit score when you applied for the new credit? I only have Capital one card with 750$ and score between 660-695. My wife has the same score like me because we started out together 2 years ago since we lived overseas and she just got Discover card for 2.5k.

One more question for everyone. Which is better applying for new Card or accepting a pre-approved offer?

YourFinancesSimplified
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Postby YourFinancesSimplified » Sat Oct 08, 2011 10:17 am

I Have a Capital One Venture Card with a limit of 30k. It was pulling teeth to get my limit that high but here is my story.

Started out with a 1k limit in 2001. I asked for a credit limit increase every 6 months for 3 years only to be declined because it was not their policy. I got around this by applying for another Capital One card and combining the limit and closing the new one. I took a credit hit but my limit increase to 10k. Tired of Capital One and their small limits I stopped using the card for a couple years. I asked them to increase my limits every six months while I didn't use the card and they gave me a 18k limit. I started using the card again recently because I think the venture card has better rewards than other cards. The problem was that 18k wasn't good enough. So I called customer service and said. "I spend roughly 5-12k per month on credit card purchases, I pay in full every month. But your limit is restricting. I need 50k credit limit or I stop using the card". The said we can give you 30. I took it and ran. Fin.

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jumbo
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Postby jumbo » Wed Nov 09, 2011 3:29 am

looks like I need to stop using cap one... actually I am planning to because of no rewards and low CL...
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