How often should I ask for a credit limit increase?

Discuss the Visa & MasterCard payment networks as well as cards that operate through them.
15 posts
dfm990
Platinum Member
Platinum Member
 
Posts: 66
Joined: Sat Apr 02, 2011 2:28 pm
Location: Miami

How often should I ask for a credit limit increase?

Postby dfm990 » Mon Apr 09, 2012 1:54 pm

Hey guys, just a quick couple of questions. How often should I ask for a credit limit increase (referring to a Capital One MC) if ever? I've had a the card for about 13 months now, they gave me an automatic upgrade about 5 months ago but just 200 dollars more.

My credit scores have gone up significantly since i first got the card. Also if I do ask for an increase does is count as an inquiry at all. The only reason i haven't asked is I don't wanna risk another inquiry.

Thanks beforehand for your time and feedback. :)
Amex Gold NPSL (35000 Approved)(11/13)
Discover It $22500 (12/13)
Bank of America Cash Rewards $7000 (3/13)
Amex BCP $6000 (12/14)
Walmart Store Card $3050 (2/10)
Capital One Platinum $2000 (3/11)
Chase Slate $1000 (1/16)


CC Deville
Centurion Member
Centurion Member
 
Posts: 1067
Joined: Thu Aug 04, 2011 7:07 pm
Location: Phoenix

Postby CC Deville » Mon Apr 09, 2012 4:43 pm

If this was a starter or rebuilder card, you can ask until you are blue in the face or until the cows come home; whichever comes first. If you go to any credit board you will read over and over again that Capital One does not give increases-even upon request.

It never hurts to try of course, and they will not pull a bureau if you ask (mostly because it will be a big NO). 13 months is plenty of time to have waiting to request the increase. After that, most creditors like to see at least 6 months in between increases.

Have you looked into any other cards? You may be able to get approved for a much better card.

dfm990
Platinum Member
Platinum Member
 
Posts: 66
Joined: Sat Apr 02, 2011 2:28 pm
Location: Miami

Postby dfm990 » Mon Apr 09, 2012 4:52 pm

Yea im actually dying for a different card, but when i was about 19 (about three years ago) i was hospitalized and i didnt have insurance... long story short that stuff eventually became negatives on my credit... which took me down to about the high 500s-very low 600 and even though ive made it up to mid 600s and semi high 600s... i wouldn't know what to apply for (i dont like to risk inquiries too often, ive had a few in the past.)
Amex Gold NPSL (35000 Approved)(11/13)
Discover It $22500 (12/13)
Bank of America Cash Rewards $7000 (3/13)
Amex BCP $6000 (12/14)
Walmart Store Card $3050 (2/10)
Capital One Platinum $2000 (3/11)
Chase Slate $1000 (1/16)

CC Deville
Centurion Member
Centurion Member
 
Posts: 1067
Joined: Thu Aug 04, 2011 7:07 pm
Location: Phoenix

Postby CC Deville » Mon Apr 09, 2012 5:44 pm

That bites. Medical care in this country can and does ruin people financially. You are on the right track though. Don't be overly cautious about inquiries. Yes, they can be bad and they do lower your score, but it is temporary. Inquiries are mostly bad because if you have too many in a short amount of time it looks to potential creditors that you are out to get a ton of credit to bust out on (opening a card, charging it up and then walking away).

I would suggest a Citibank card (Forward, Platinum Select, Thank Your or Dividend). As long as your derogs are over a year old you should be okay to start getting serious about moving on up. Also, check out the Tropicana Credit Union down there, if you can establish a relationship with a credit union you may be able to get a better rate/credit line based on that relationship.

Before you apply for anything, make sure your utilization (balance versus available credit lines) is below 30% for best chance of approval. Keep in mind too that bureaus can take weeks to update, so if you pay a huge balance off now, wait until the new balance reports before you apply.

dfm990
Platinum Member
Platinum Member
 
Posts: 66
Joined: Sat Apr 02, 2011 2:28 pm
Location: Miami

Postby dfm990 » Mon Apr 09, 2012 6:13 pm

well i took your advice, applied for the Thank You... now just awaiting reply.... i dont wanna get hopes up though :/
Amex Gold NPSL (35000 Approved)(11/13)
Discover It $22500 (12/13)
Bank of America Cash Rewards $7000 (3/13)
Amex BCP $6000 (12/14)
Walmart Store Card $3050 (2/10)
Capital One Platinum $2000 (3/11)
Chase Slate $1000 (1/16)

CC Deville
Centurion Member
Centurion Member
 
Posts: 1067
Joined: Thu Aug 04, 2011 7:07 pm
Location: Phoenix

Postby CC Deville » Mon Apr 09, 2012 7:47 pm

I'm pulling for you!

dfm990
Platinum Member
Platinum Member
 
Posts: 66
Joined: Sat Apr 02, 2011 2:28 pm
Location: Miami

Postby dfm990 » Tue Apr 17, 2012 10:53 am

once again denied... no big surprise, i give up for now... not much i can do with those f****** deliquencies, im just tired of having crappy credit.
Amex Gold NPSL (35000 Approved)(11/13)
Discover It $22500 (12/13)
Bank of America Cash Rewards $7000 (3/13)
Amex BCP $6000 (12/14)
Walmart Store Card $3050 (2/10)
Capital One Platinum $2000 (3/11)
Chase Slate $1000 (1/16)

CC Deville
Centurion Member
Centurion Member
 
Posts: 1067
Joined: Thu Aug 04, 2011 7:07 pm
Location: Phoenix

Postby CC Deville » Tue Apr 17, 2012 3:49 pm

dfm990 wrote:once again denied... no big surprise, i give up for now... not much i can do with those f****** deliquencies, im just tired of having crappy credit.


What were the reasons they gave you for the denial? Can you try to recon?

Do you belong to a credit union? You may have better luck going that route (especially a local one with a branch office that allows you to speak to someone face to face). Medical delinquencies should be looked at differently IMHO.

Crashem
Centurion Member
Centurion Member
 
Posts: 538
Joined: Fri Mar 09, 2012 9:29 am
Location: San Francisco, CA

Postby Crashem » Tue Apr 17, 2012 11:38 pm

My understanding is that Capital One hardly ever grants user requested CLIs. Other issuers need you to request for faster CLIs. Depends on the issuer's policies.
Amex Centurion, Amex Platinum, Amex BCP 8k->24k (5/23/12), Amex TE 15k, Cap One 1.5% 15k->20k (8/7/13), CSP 25k, Chase Palladium 100k, Citibank AA 35k (AU), Firestone 1.8k->2.2k->2.4k (8/20/12), JFCU Jloc 30k, PenFed Plat Rewards 30k, SF Fire 30k, US Bank Cash+ 25k

dfm990
Platinum Member
Platinum Member
 
Posts: 66
Joined: Sat Apr 02, 2011 2:28 pm
Location: Miami

Postby dfm990 » Tue Apr 24, 2012 1:54 pm

I've been thinking of joining one... but i wouldn't know how to go about it really i here that you have to get a savings or checking account. but i already have those at BoA, all i really want a credit card, to increase more score, and gradually gain their trust so they higher my limits... would i have to open those type of accounts and just keep them open to apply for a card?
Amex Gold NPSL (35000 Approved)(11/13)
Discover It $22500 (12/13)
Bank of America Cash Rewards $7000 (3/13)
Amex BCP $6000 (12/14)
Walmart Store Card $3050 (2/10)
Capital One Platinum $2000 (3/11)
Chase Slate $1000 (1/16)



Return to “Visa & MasterCard”

Who is online

Users browsing this forum: No registered users and 2 guests