- This topic has 9 replies, 5 voices, and was last updated 10 years ago by
.
-
Posts
-
I read so many places that it’s hard to get capital one to increase your credit limit.
Well it has been 6 months from when I got my card.. I put $550 down for a $550 limit (fully secured). I pay it off twice a month. Average balance is roughly $300 between payments (again, I pay usually twice a month)
Today, I got this email. Enjoy! ($100 Increase – My photo is not loading..)
(link removed for security reasons)
Congratulations on the increase!
You are one of the lucky few to get one (I’ve heard a lot of people complaining they’ve never received one). Just like you, I got the $100 increase around the 6 month mark, but haven’t received any since then (I’ve had the card for a little more than a year and a half).
It does feel great to be awarded with an increase and it means your moving in the right direction!
p.s.
I removed your link for security reasons. It had your name and last digits of your card and you don’t want to be sharing that information online. If you do, make sure to remove any sensitive information.
I have had the Capital One secured card for 6 months. I was initially approved for $200 credit limit with a $99 deposit. I immediately added a deposit to bring it up to a $1000 credit limit. I paid off the first month bill in full. After that I found myself charging a few hundred dollars a month and paying $100 mth payment which is 4 times the minimum payment. Last month I made two payments totally over $250 but I was still carrying about 70% of my credit line as a balance. I know that is not good but figured it is what it is. Today I got an email from Capital One notifying me that my credit line has been increased by $300 with no additional deposit required. Whoopeeeee! My goal is to get the balance down and pay if off each month but it appears to pay off with Capital One that I use the card a lot and pay the bill early and for a lot more than the minimum. No idea how this has affected my credit score. I don’t know how much credibility I put into CreditInform because they don’t seem to check my actual credit each month.
Hey JJ,
Congratulations on your credit increase. Definitely one of the highest, if not the highest I’ve heard for this particular card so far as they rarely offer increases to anybody. I had a $100 increase on this card more than a year ago. That’s it.
Carrying a large balance is not good for your credit as you already know, but it’s definitely good for the banks, that’s how they make a profit. I just had a similar thing happen to me with my Paypal credit card. I used it so much within the first three months, I got an automatic $300 dollar increase.
I try not to carry a balance and I pay 2 or 3 times within a statement if I can (before I spend the money on something else). Sometimes things come up and you have to use your credit. That’s what cards are for right? Just don’t let it snowball. It’s very easy to get into debt with a credit card.
Remember you have a secured card and you’re establishing credit, so you don’t want to be maxing out your card all the time. Try to keep it under 40%. When you are ready to apply for a new card, bring it down to under 10% and let it report before you apply.
You can get a free annual report from: https://www.annualcreditreport.com/
That’s the official site.
- You must be logged in to reply to this topic.