I'd wait for the age on the Capital one card hits 6 months. Is that the Platinum card? Does it give you an automatic increase in so many months? When I had mine, it was 300, then in 5 or 6 months, it was 500. But I don't know about users who received higher initial limits like 500 and got any more increases. As I'm reading around, Capital One is stingy and doesn't really like to give CLI's. I'd try to apply for another card, but even then your income may be too low at 7k a year if that's it. Don't forget credit scores aren't everything. They can be misleading. People can have negative items on their report and have a seemingly high credit score. And you say you are building credit over the last year or so? Your average age of accounts will be kinda low. That also might be a factor for a denial. Do you need or want it would be my next question lol. Sure you want it, but do you really really need it? Ultimately, it's your decision
Let us know how it turns out or any more thoughts or questions you come up with.