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I use to ask for a credit increase once a year with Capital One online. I only had to verify my info like expenses & household income. It would increase by $10 K each time. HOWEVER, I pay the entire balance each month.
I recently made the case for my avant credit card limit to go from $300 to $500. Basically, I told them that $300 wasn't a good limit for long term use ( implying that I might close the acct.) . Also I had been a customer for over 1 yr with excellent standing and I felt that I deserved the increase. I know I couldve asked for more but I wanted to play it safe. I have other cards so its not like I'm desperate for credit. A day after I submitted my reasons for it, I got approved . :-)
You didn't say WHEN a person should EXPECT a credit limit increase ,when it happens without you asking for this ( with all things being equal ,meaning you pay your bills on time and are responsible). Is there a time frame, such as after a year? I have a 697 ,700 and 680 score. 2 of those scores I'm trying to get above 700 and the amount of credit I use is low every month- I just buy gas with my card.
Nice video, but there is something I disagree. You say "ask for credit increase when you really need it", true is banks like to lend money to people who doesn't need it, so I suggest to ask for credit increase when you don't need it.
I understand what you are saying, but my point is that you will get credit limit increases naturally over time without asking for them if you are paying your bills on time, so there is no need to ask for them at all if you don't need them. (Some people like to "collect' them for no particular reason and this is what I recommend you don't do.) Also, I am suggesting it is OK to request an increase if you have a low credit limit and don't want to keep getting near the maximum each month before paying it off. This is different than someone that that has a $9000 debt on a $10,000 limit. In the first instance, you may be a good customer whose limit is simply too low. In the second instance, asking for an increase would be trying to get more credit because you can't handle what you have --- no one is going to give that person an increase.
This was very informative... I presently have a capital one and discover card. Its been two yrs since i opened these accts. My on time payment ratio is 100 percent but my utilization use is a bit high. My capital one has been paid off for a month now. Should i ask for an increase now or wait until i get my usage down below 30 percent. I also just got a Merrick Bank card but haven't use it at all. Is that a good idea?
give it a try both ways for cap 1. soft pull!! personally when i did my increase for cap 1 they gave me a extra 1500. good for me so i won’t go overboard honestly. give it a try
I been with Capital One Credit for about 3yrs now with a 500 dollar credit loan pay bills on time each month and still haven't received a credit limit increase, what should I do?
Apply for other credit cards...Discover, Apple, Amazon, Ikea, American Express, Mercury, etc. I was in the same situation...I had a secured Capital One card and they only raised my credit to $500 after being with them for 3 years and always paying on time... I took a chance and applied for 6 other credit cards and got approved for all of them in the same day. I went from having $500 in credit to having over $16,000 in credit cards in one day
Is there a benefit to your credit score with having a $100k credit limit vs a $50k credit limit? Just wondering because my current limit across all cards is $35k and plan to apply for 2 more cards in a couple months, expecting to being over $50k total credit limit at that point. Is there any advantage for credit score when your credit limit goes up (just with the credit limit being considered) Obviously I'm aware that utilization goes down and a new line of credit is added, just trying to disregard those things and see if just having a higher total credit limit helps score. Thank you!
I love your videos. I did have a question if you don't mind. Rather than asking for a 3X credit increase ($2,000 >> $6,000) like I've heard, what do you think about asking for a 3X increase based on what you've spent on the card in 3-months? I have a credit card with a $2,000 credit limit (with Navy Federal), but in the first 3-months (70 days to be exact), I've spent $7,099.25. And by the full 90 days, I am expecting to charge between $8,500 and $10,000 to the credit card. So 3X requests based on what I've spent (and paid off every week) would be $25,500 to $30,000. However, 3X on my actual credit limit would only be $6,000. I would appreciate your thought and expertise on this.
How about if u did a balance transfer and u been paying for 6 months consecutively. For example i got approve for the citi bank preferred card limit 6200 I took out 5000 to pay my bank america credit card I still owe citi card 2700
My credit limit increased from 4 to 7k on my discover with soft pull. My italicization is 1%. my scorer dropped 22 pionts with experien. Can you please explain why this happend to me. I have no late fees either. Thanks
Damn so you got a 3 grand raise on your credit card and it dropped your score by 22 points ? That's insane .. I have a $1,000 limit on mine I was thinking about asking Capital One for a increase on mine next month .. I'm needing a 4 points to be approved for a home loan now after reading this I'm kind of afraid to even ask .. Has your score went back up since then ? Hope to hear from you thanks !
Hard to say, depends on the issuer and how much other debt you have. If you have a 12K line to begin with, though, I generally think the issuer sees you as pretty creditworthy and is probably open to an increase.
I have a guestion that I can't find the answer to. If someone can hit me up and help me please, the question is, if I already have a unsecured credit card, dose it make sence for me to apply for a secured card??
Most times I would say no unless the credit line on your unsecured card is extremely low. The secured card could help you build your credit score faster, but it's probably not necessary.
@@mannychristina if I may ask did Capital one give you a increase and if so by how much .. I have Capital One also and was thinking about asking them for a increase this month I have a $1,000 limit on mine I'm hoping they will raise me to $2,000 or 3 ..
I have a quick question I actually asked for a credit limit increase on my Capitol One Platinum Card and was denied ( they said my account wasn’t eligible) my credit limit is $500 but shortly after that I called them and was able to upgrade to the Quicksilver. Is it wise to ask for an increase now after being upgraded or should I wait 6 months to ask for the increase again? Thanks
Your opinions are not really accurate. Go to myfico.com and enter the community tab. I’m sure your opinions on increasing your credit will somewhat change.
I read those often. The problem with them, in my opinion, is that many, many people on those boards are obsessed with getting as much credit as possible. They are not representative of how most people want to use their credit, and, in my opinion, not representative of how most people should use their credit. I see people with 25+ credit cards plotting how they can get more and more. But, like you say, they are my opinions. Whether they are accurate or not is up to the viewer.
You can support our channel by choosing your next credit card via one of the links below (in other words, we make money if you get approved): [Click "Read More" for Advertiser Disclosure]
- CardMatch™: rebrand.ly/p70ubk
- Cash Back Credit Cards: rebrand.ly/8tz84x
- Travel Rewards Credit Cards: rebrand.ly/27jk4y
- Credit Cards For Good Credit: rebrand.ly/yi47oz
- Credit Cards for Fair Credit: rebrand.ly/956h4w
- Amazon: amzn.to/2PpQWoB
ADVERTISER DISCLOSURE: Unless otherwise noted, this channel receives compensation from our partner sites when you click through and are approved for a credit card through the links you see above. Compensation may impact how and where we place these links. While we try to include information on a wide variety of financial companies and products in our videos, we definitely can't guarantee that we've included every company or every available offer.
NOTE: Credit card information in this video is not guaranteed; we have attempted to confirm all information to the best of our ability but we could simply be wrong or the information could be outdated by the time you watch this video. We are doing our best here, but check our work!
I use to ask for a credit increase once a year with Capital One online. I only had to verify my info like expenses & household income. It would increase by $10 K each time. HOWEVER, I pay the entire balance each month.
dayyyum... Big Ballier
Always ask if it’s a soft pull or hard pull. Never take the hard pull
I recently made the case for my avant credit card limit to go from $300 to $500. Basically, I told them that $300 wasn't a good limit for long term use ( implying that I might close the acct.) . Also I had been a customer for over 1 yr with excellent standing and I felt that I deserved the increase. I know I couldve asked for more but I wanted to play it safe. I have other cards so its not like I'm desperate for credit. A day after I submitted my reasons for it, I got approved . :-)
Hell No.. It's a Sport.. Get all you can.
Pay more each month than the minimum payment a few months before you request an increase. May even get the increase wo asking.
I had a credit limit of $100 and capital one said I’ve been doing pretty good so now I’m at $150 FUCK
😂 Capital One is stingy AF.
Lmfao sucks for you
At least it wasn't $5 bucks 😆🤣🤣
Hell nah 😭
😂😂😂😂I'm crying 🤣🤣🤣🤣
Watch for required hard pulls when asking.
And it's working because when I pull out my Amex Gold or Platinum, they say: "you have american express?"
You didn't say WHEN a person should EXPECT a credit limit increase ,when it happens without you asking for this ( with all things being equal ,meaning you pay your bills on time and are responsible). Is there a time frame, such as after a year? I have a 697 ,700 and 680 score. 2 of those scores I'm trying to get above 700 and the amount of credit I use is low every month- I just buy gas with my card.
Nice video, but there is something I disagree. You say "ask for credit increase when you really need it", true is banks like to lend money to people who doesn't need it, so I suggest to ask for credit increase when you don't need it.
I understand what you are saying, but my point is that you will get credit limit increases naturally over time without asking for them if you are paying your bills on time, so there is no need to ask for them at all if you don't need them. (Some people like to "collect' them for no particular reason and this is what I recommend you don't do.) Also, I am suggesting it is OK to request an increase if you have a low credit limit and don't want to keep getting near the maximum each month before paying it off. This is different than someone that that has a $9000 debt on a $10,000 limit. In the first instance, you may be a good customer whose limit is simply too low. In the second instance, asking for an increase would be trying to get more credit because you can't handle what you have --- no one is going to give that person an increase.
My credit is for buying assets and earning points 💪💰😎
Do u think if I ask citi for a limit increase will they give me 1???
yes you can, mansard security heped me a few years back
This was very informative... I presently have a capital one and discover card. Its been two yrs since i opened these accts. My on time payment ratio is 100 percent but my utilization use is a bit high. My capital one has been paid off for a month now. Should i ask for an increase now or wait until i get my usage down below 30 percent. I also just got a Merrick Bank card but haven't use it at all. Is that a good idea?
give it a try both ways for cap 1. soft pull!! personally when i did my increase for cap 1 they gave me a extra 1500. good for me so i won’t go overboard honestly. give it a try
I been with Capital One Credit for about 3yrs now with a 500 dollar credit loan pay bills on time each month and still haven't received a credit limit increase, what should I do?
Ask for one
Its a soft pull so you dont lose anything
Apply for other credit cards...Discover, Apple, Amazon, Ikea, American Express, Mercury, etc. I was in the same situation...I had a secured Capital One card and they only raised my credit to $500 after being with them for 3 years and always paying on time... I took a chance and applied for 6 other credit cards and got approved for all of them in the same day. I went from having $500 in credit to having over $16,000 in credit cards in one day
@@sharone8542 Hell yeah.. I did the same thing.. I applied to just 2 in the same day and got a $500 and a $5000 one.
I have a big purchase coming up so I asked for an increase it went from $1,000 to $18,600 could it be just a temporary limit increase??
Is there a benefit to your credit score with having a $100k credit limit vs a $50k credit limit?
Just wondering because my current limit across all cards is $35k and plan to apply for 2 more cards in a couple months, expecting to being over $50k total credit limit at that point. Is there any advantage for credit score when your credit limit goes up (just with the credit limit being considered) Obviously I'm aware that utilization goes down and a new line of credit is added, just trying to disregard those things and see if just having a higher total credit limit helps score. Thank you!
100K limit.. Buy a new car.. lol
I love your videos. I did have a question if you don't mind. Rather than asking for a 3X credit increase ($2,000 >> $6,000) like I've heard, what do you think about asking for a 3X increase based on what you've spent on the card in 3-months? I have a credit card with a $2,000 credit limit (with Navy Federal), but in the first 3-months (70 days to be exact), I've spent $7,099.25. And by the full 90 days, I am expecting to charge between $8,500 and $10,000 to the credit card. So 3X requests based on what I've spent (and paid off every week) would be $25,500 to $30,000. However, 3X on my actual credit limit would only be $6,000. I would appreciate your thought and expertise on this.
Interesting
Did you ever ask for that credit limit increase?
@@ymerej7171 Yes. They increased my credit limit to $15,000.
@@barryumiami what limit did you ask for?
@@ymerej7171 $25,000.
How about if u did a balance transfer and u been paying for 6 months consecutively. For example i got approve for the citi bank preferred card limit 6200 I took out 5000 to pay my bank america credit card I still owe citi card 2700
My credit limit increased from 4 to 7k on my discover with soft pull. My italicization is 1%. my scorer dropped 22 pionts with experien. Can you please explain why this happend to me. I have no late fees either. Thanks
utilization
I would check inquiries...credit length history
You need to have between a 1-9% utilization. Have zero or 1% actually makes your score drop. Ik because I tested this very topic myself.
Damn so you got a 3 grand raise on your credit card and it dropped your score by 22 points ? That's insane .. I have a $1,000 limit on mine I was thinking about asking Capital One for a increase on mine next month .. I'm needing a 4 points to be approved for a home loan now after reading this I'm kind of afraid to even ask .. Has your score went back up since then ? Hope to hear from you thanks !
Is it difficult to go from a 12 k line to a 15 k line 720 score
Hard to say, depends on the issuer and how much other debt you have. If you have a 12K line to begin with, though, I generally think the issuer sees you as pretty creditworthy and is probably open to an increase.
yes you cn get some help from mansard security
Lol bro theres a few guy i know with millions in card limits.
I have a guestion that I can't find the answer to. If someone can hit me up and help me please, the question is, if I already have a unsecured credit card, dose it make sence for me to apply for a secured card??
Most times I would say no unless the credit line on your unsecured card is extremely low. The secured card could help you build your credit score faster, but it's probably not necessary.
I called capital one for a credit limit increase and it was automated.
bionic woman what do you mean by automated? Did they do a hard inquiry?
@@LivingLikeMary it's a soft check (Capital One)
@@mannychristina if I may ask did Capital one give you a increase and if so by how much .. I have Capital One also and was thinking about asking them for a increase this month I have a $1,000 limit on mine I'm hoping they will raise me to $2,000 or 3 ..
Great review and advise!!
I have a quick question I actually asked for a credit limit increase on my Capitol One Platinum Card and was denied ( they said my account wasn’t eligible) my credit limit is $500 but shortly after that I called them and was able to upgrade to the Quicksilver. Is it wise to ask for an increase now after being upgraded or should I wait 6 months to ask for the increase again? Thanks
Is the credit line still $500? If so, you might as well try, no harm in asking.
ProudMoney - Credit Cards & Personal Finance just saw your reply and yes it is still $500.
Does it help if I use cards up to 50% but then pay in full by the due date
@powerone1 depends on the card.
also found my answer shortly after I posted
@powerone1 Not all cards report it that day. Some don't ev ed n have a set day.
@powerone1 I talked with each of my creditors and even others to find out their specific policies.
Your opinions are not really accurate. Go to myfico.com and enter the community tab. I’m sure your opinions on increasing your credit will somewhat change.
I read those often. The problem with them, in my opinion, is that many, many people on those boards are obsessed with getting as much credit as possible. They are not representative of how most people want to use their credit, and, in my opinion, not representative of how most people should use their credit. I see people with 25+ credit cards plotting how they can get more and more. But, like you say, they are my opinions. Whether they are accurate or not is up to the viewer.