I've had a Capital One card for a Year,When will they raise my limit?

Question

Hi..I've had my credit card for a little over a year now,And i have a limit of 500..it was 300 when i first got it..and a couple months latter they raised it to 500.But that has been about 8 months ago!I asked them to for a credit limit increase and they said that they look at the account periodically and see if I qualify!I have never been late,and i've always paid at least 75.00 a month on it!Am i doing something wrong to where there not rasing my limit?My mom and boyfriend have the same card and they have been having it for a couple years now and there limit is the same!Its weird because there other credit cards have a WAY higher limit!Is capital one just hard to get an increase?Thanks Alot for your time!

Answer 1

It's on a case by case, person by person situation. Capital One does auto increases once a card has been in good payment history for 3-6 months. That's when you went from $300 to $500. If it's been 8 months they don't necessarily owe it to you do increase it right now. Usually it's not raised again until the account is a year old. They can review as little or as often as they please.

You may want to start paying off the full balance and not a fixed amount of $75. Show that you can manage paying what you owe and not just a portion of it.

Answer 2

I don't have a definitive answer for you, but I do have to say that Capital One has been the one card that has kept my limit very low and is very reluctant to ever raise it.  My guess is that Capital One has stricter credit limit policies than other cards.

Answer 3

well i typically pay my entire balance so that may make a differencewhen it comes to ur limit or maybe have u missed a payment on anything else recently because im sure they look at ur whole credit report when deciding if ur eligable for a raise in limits

Answer 4

They look at your TOTAL credit report, not just that card alone.

Answer 5

request it again.  if they say no...tell them you are going to accept a balance transfer offer from another creditor who has offered you a higher limit.  in this day and age, creditors want people who carry a balance, but always pay their bills on time.

Answer 6

Need more info: are you working? have you been making headway on your balance?

If both answers are yes and you're not credit impaired, I suggest going to another institution. First try a local bank where you have your checking account, then try a credit union if you're a member.

Capital One is not well-rated on their customer service.

Answer 7

Probably never....I have excellent credit and my CapOne limit has been frozen at $1,600 for over five years.  CapOne has a favorite trick of not giving you credit line increases but rather giving you more low-limit cards....that way, if you miss payments or go over the limits, CapitalOne will get multiple fees from you instead of just one....

Answer 8

Try changing to a Washington Mutual card. They have raised my limit from $1,000 when I first got it to $12000 over the next five years, without even asking. Mind you, my FICO is just under 800 and I have never gone over 40% of my limit.

Answer 9

It sounds as though you might have little credit history or a low credit score.  with the economy the way it is, lenders are not willing to bear as much risk as they once were.

I'm from Canada and when I moved to the U.S,, I was a bad risk simply because my U.S. credit file was completely empty... no credit history equals the same treatment as those with bad credit.  Within three years I was turning the credit card companies away.  These things take time.  Try getting a mixed card i.e. Macy's Visa or circuit City Visa.  you earn points towards gift certificated in those stores and the credit seems to increase faster on those cards with good behaviour.

Answer 10

I would think they should raise it.  I got my first credit card last August with Chase.  They have increased it several times.  I started out at $500 and now have a limit of $3000 and it has been less than a yr.  So, I would definitely ask, it won't hurt your credit or anything to ask for an increase.  Sometimes you can even do it right online without having to call.