Jump to content

Credit Limit Increase? How and Why?


Recommended Posts

Ok..I am not meaning to be a complainer. I have worked very hard on my credit since I joined here. I have had good results for the most part but did make a few mistakes i regret (like anwering a summons when I wasnt served - which I lost becuase Judge didnt even read anything I wrote and didnt care...should have let it pass then would have been past sol..huge mistake I live with daily....) Anyways.....

The reason for the posts-

I have had 3 credit cards withthe saem company: 1 from 1998, one from 2000 and one from 2005. They have small limits : $600, $800, $500 respectively. My scores arent great around 603 and 626 that I know of recently. I owe nothing on 2 of the cards at all and very little on the other card with the high limit. I always pay way more than the minimum and have never been late (at least for last 2 years at all) and never more than a day or 2 when I was but never deliquent.

My rant is why won't they ever raise my limits? I have requested a few times and always get denied..always. Now they say I have to be "invited" or they "periodically review" to see if I qualify for an increase. I thought it was usually ever 6 months. Does anyone know what to do to get an increase?

Link to comment
Share on other sites

There's no such thing as "usually" for CLIs, as every company has different policies. And they also have different policies for different cards.

Whether or not you get a CLI can depend not only on your performance with them, but on a review of your entire credit report(s). Also, you may have been accepted for subprime cards (usually high-rate, low-limit cards with an annual fee) that will never increase.

Your best bet is to look outside this company (Capital One?) for other cards.

Link to comment
Share on other sites

Are you saying I will never get an increase? I have had the one card since 1998 and never got an increase. The apr is 14% but any charges I make I pay within 3 months no more. The cards are all with Cap One. I actually just opened my mail and got an application from Legacy. My scores arent great but 603, 626, 640.

Link to comment
Share on other sites

Are you saying I will never get an increase? I have had the one card since 1998 and never got an increase. The apr is 14% but any charges I make I pay within 3 months no more. The cards are all with Cap One. I actually just opened my mail and got an application from Legacy. My scores arent great but 603, 626, 640.

No, I'm saying you MAY never get an increase. Increases are not a given. Especially with Capital One.

Why don't you scan this forum a bit? We have discussed many times the best options for people with little, no or bad/so-so credit. Not familiar with Legacy, but if it's high-rate/high-fee, you can do better.

Link to comment
Share on other sites

It says Legacy Gold - First National Bank Pierce, SD.

AS for Crap One, do they ever give increases? My payment history with them is good and just over 600s.

Can I call crap one ir some way to request they at least look at my account? They say they dont.

Once again... they do give increases. Just maybe not to you. Like I said already, you may have been approved for subprime accounts (like when your credit was bad) that will never, ever increase.

Let it go. Move on... to another issuer. Don't close these, of course (esp. if they're all you've got), but start looking for other alternatives to build your credit.

Link to comment
Share on other sites

Txs LNY...your harsh does of reality is actually what I needed to motivate me. Txs again. I will start looking asap.

I'm glad!!! You do NOT need to be held hostage by Capital One OR bottom-feeders. You have options. Capital One doesn't want to give you a CLI, f**k 'em. Introduce their cards to your socks and make sure they never see one unnecessary dime from you. And start dating another issuer.;)

Link to comment
Share on other sites

Any suggestions on who I might apply for? Txs again for your help. It is frustrating as they dont report my limits as I already know and dont give me any increases ever. What a joke

Read through this forum!! So many people have taken the time to make suggestions and record their experiences for the benefit of their fellow posters. Why not take advantage of that? :D

Link to comment
Share on other sites

I dont qualify to be a member of any of the local credit unions. I tried before. I have been reading for hours on here since my posts. I am waiting for a medical to come off which should be within 10 days then work on the judgement I guess somehow. Then I only have student loans to deal with. School loans really screwed me up credit wise. I can never pay them off.

Link to comment
Share on other sites

It says Legacy Gold - First National Bank Pierce, SD.

AS for Crap One, do they ever give increases? My payment history with them is good and just over 600s.

Can I call crap one ir some way to request they at least look at my account? They say they dont.

Sure they do, but if it's an account opened as subprime, then they may never. I never got one on my first card with them EVER ($250 CL). I closed it.

Second card I got one CLI on ($300 -> $500). Third card I've had less than a year (started at $1000). I did a two-into-one-and-close keeping the newer card, making it $1500. Then I got a CLI up to $1800.

Link to comment
Share on other sites

I dont qualify to be a member of any of the local credit unions. I tried before.

Really? Have you tried all the ones in your area?

http://creditunionaccess.com/

Also, I've heard of credit unions that you can join simply by being a member of some society. Membership cost for such societies is minimal.

Ask if anyone knows about a couple of such credit unions.

Link to comment
Share on other sites

I went to 2 diff CC I found closer to me. One you had to be a teacher and the other a member of a local church where they send you the formal typed out envelopes saying you donate money to them which I am not.

I am starting to think I will never get an increase with Crap One. I am going to wait for the medical to come off (which it should or I am going to sue the hell off the guy - I sent the payment with the letter). Then work on the judgement. That leaves the school loans which have been killing me for over 10 years.

I have been reading here and just trying to figure out who might approve me for a card after I fix those 2 baddies as I would still have my student loans on there.

Txs for the help though. I appreciate the dose of reality. I guess hurring up and paying them off and always more than the minimum is useless with them.

Link to comment
Share on other sites

I had a $500 "platinum" card with Cap One opened in January 2002 with a 23% interest rate and a $6 monthly fee. Never made a late payment on the account. Each year I would call up and see what they could do in terms of credit limit. They never raised it, but they did reverse the fee for a couple of years, and they dropped the interest rate a little bit last year. So I called last week to see if there was anything they could do, and they would neither raise the limit nor reduce/reverse the membership fee, so I closed the account. Didn't really want to since it was a good 5 year old tradeline, but enough was enough. I told them I now have lower interest cards with no annual fees and real credit limits (you know, prime cards), but they didn't even try to do anything except disconnecting me twice.

So I feel your pain, but I also say keep looking for credit unions. Cap One isn't the only game in town.

Link to comment
Share on other sites

I dont qualify to be a member of any of the local credit unions. I tried before. I have been reading for hours on here since my posts.
Try Patelco Credit Union. They gave me a platinum Mastercard shortly after a BK7. Two years after a total credit meltdown, my limit has been raised to $3500 and they have no fees. At the end of the year, they send me a check for 1% of my purchases.

Not sure why you'd have to live close to the credit union, especially with online management of accounts these days. The nearest Patelco branch to me is 2,872 miles from my house (Philadelphia to San Francisco) and we get along great. In fact, I usually put ALL of my monthly spending on the card (roughly $1500) and then pay in full when the bill comes. **NOTE: you can manage your Patelco account online currently but the online payment system will not be up and running until 3Q 2007- till then, send payment 10 days ahead of due date if you are an east coaster.

Regarding membership, my credit was horrendous when I joined. And they never even asked about whether I was qualified to join- they have these off the wall groups that you must fall into to be able to. Truthfully, I think it is there only for show. Credit Unions love new members as they are in their own best interest, so I doubt they will "disqualify" you. They did, however, require me to verify employment by faxing ID and a paystub (which I redacted). I'd give them a shot!

Link to comment
Share on other sites

Not sure why you'd have to live close to the credit union, especially with online management of accounts these days. The nearest Patelco branch to me is 2,872 miles from my house (Philadelphia to San Francisco) and we get along great. In fact, I usually put ALL of my monthly spending on the card (roughly $1500) and then pay in full when the bill comes. **NOTE: you can manage your Patelco account online currently but the online payment system will not be up and running until 3Q 2007- till then, send payment 10 days ahead of due date if you are an east coaster.

Thanks for the Patelco lead. I'm a native San Franciscan (relocated to Louisiana in 2004) and always knew about Patelco but didnt think I could do business with them here in the South! Thank God for the Internet!!!

Will try and see if I can get a better line of credit from them!

Link to comment
Share on other sites

What is Patelco's stand on an open collection account?

I'll find out shortly as I just applied to Patelco for a Visa Classic requesting a $600 limit (yes they even ask you to tell them how much of a credit limit you want $300- $5,000) and I do have an open collection on my CR (May 2005). :twisted:

Will keep you posted!

Link to comment
Share on other sites

Guest
This topic is now closed to further replies.
 Share

×
×
  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.. For more information, please see our Privacy Policy and Terms of Use.