Question : When should i ask to increase my credit limit?
I'm 30 and just got my credit score up to the mid 70's after 8 years of hard work. (college credit cards destroyed my history) I only have college loans showing on my report of 23k which are in good standing for 3 years now. I've applied for a cap1 card and am waiting to get approval to improve upon it by paying the bill every month. Do any of you use capital one? If they approve me for the platinum, afer how many months of being a "good credit card user" can i apply for a higher limit?Dear Scott,College was 10 years ago. I've grown, matured and become much more responsible. I am not heading into the wrond direction by wanting to increase my credit score. I do not want to go into debt, i want to use a credit card to my advantage by using it to pay necessities every month which i know i will pay off the balance every month. The reason I want to increase my score is that I want to buy a home in the next few years. Next time you answer a question, don't assume things. I'm very proud of what I have done and what I intend to do.I don't have debt. I dont want to get into debt. I simply want to use a credit card to advance my score and record to help me get the best interest rate i can for my first home... which i am doing by MYSELF. Thank you. -N
- asked by Queen Nefertiti
All Answers:
Answer #1
now
- answered by leigh p
Answer #2
6 months is usual
- answered by akg
Answer #3
I'm assuming you mean your credit score is in themid 700's (right??). Well over the 8 years I'vehad my capital one card I've used it maybe a dozentimes and only had one credit increase and theydropped the inital annual charge. Wait a year andif your credit is still good and you are payingyour bill on time then ask them.
- answered by jmdavis333
Answer #4
In general, you can probably ask them to reviewyour credit limit once per year without causingany problem. However, if you've already hadproblems with credit card debt, I would leave thelimits alone to increase the odds that you willalways be able to pay the bill off in full. Credit cards are an easy way to borrow, but it'sjust a huge rip-off in the end. Budget better andyou can get by fine with whatever limit you've gotnow.
- answered by foofoo19472
Answer #5
I would wait 6-12 months, then ask for subsequentincreases annually. If you do too quickly, it mayappear to them that you want to push the limitvery soon and may red flag you as a potentialrisk.
- answered by Rich B
Answer #6
Capital one very rarely gives out credit limitincreases. Also they don't report credit limits tothe 3 credit reporting agencies...so that has away of bring down your score..they only reportyour high amount you've used...so it hurts withutilization. You are far better off with Citi orBank of America and Amex. Stay away fron Cap 1
- answered by Indianadude
Answer #7
Let me make sure I understand you. You say that"college credit cards destoryed my history" yetyou're anxious to increase your credit limit. Isthat correct?It seems like you're heading thewrong direction. If you couldn't handle thecredit cards while in college, why do you want toincrease your limit and get deeper intodebt?Believe it or not, people can live withoutcredit cards. My family hasn't had a credit cardfor nearly two years. I have no desire to everhave another one. We're 100% debt free and havemoney in the bank. We did that by cutting up ourcards, paying off our debt and living on a budget. I'd challenge you to look at how many peopleyou'll find on Yahoo Answers asking for help toget out of debt. There's a lot. Don't fall intothat same trap. I hope this helps. Scott...
- answered by Scott C
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