Question about credit, Can the limit of money you have on your card be raised without you you knowing?

I just checked my capital one credit account online and my limit was $300 now it says $500. Is this a mistake or what? i'm new with credit cards lol

They do that all the time with customers in good standing. And quite often, they do not tell you that they've done it. Be careful with that if you plan on making any large purchases soon. If buying a car or a house, not only will a potential creditor look at the actual amount of debt you have, but they will also look at the amount of money AVAILABLE for you to borrow right now (even if you have not borrowed the full amount available). The creditor will determine your ability to pay off the amount availabe to you, not your current balance on the card, b/c they know that you can go on a spending spree 5 minutes after talking to them ;)

I asked Capital One to not raise my credit limit on my card anymore for this reason. I didn't want to get turned down for a mortgage because Capital One said I had $15,000 available to me, when I really only had $500 on the card! It's a good thing they are raising your limit, but you may want to call and give THEM a limit at least a month before making any large purchases :)

Yes unless you have the Credit card company put a limit on your account they will raise your limit as you charge more on your card but they will send you a notice stating they've raised your limit.

no...its not a mistake. if you have been making payments on time (usually after 6 months or have made 6 payments on time) credit card companies will incresase your limit automatically. Dont worry, its a good thing on your behalf. congrats!

Yes they can raise the limit without you knowing. Usually they will contact you via mail but I have had some companies that don't even do that. But its yours...

Yes. Companies will increase your credit as you build a history with them. If you pay on time and don't go overlimit or are close to being maxed out they will eventually raise the limit on your account. This can be good for you because it will lower the ratio of debt thus giving you a better fico score (if you don't use more credit that is).

You're just starting out so don't get yourself in a hole that you have to did out of ( believe me it's NO FUN). Try not to spend what you don't have.

You don't have to request the increase, but they should inform you about it, either on the statement or in a separate letter. Try calling their customer service and ask since when they raised the limit on your card and when did they notify you about. Also, having a big limit is actually a good thing, b/c when the credit score for you is calculated, they look into the credit limit to balance owed ratio (the bigger the difference, the better you look on the credit report.)

It is not a mistake...and it is what you want! What you have is like a starter card (probably your first credit card right?) They start you off low with a $300 credit and then if you pay your bills on time and seem to be doing good managing your credit - they will raise it to $500. If you keep doing well they will raise it again to $700 or $1000, and then to $2000 and so on. I have capital one also and did the exact same thing I have had the card for about 5 years now and i started at $300 and now am at $3000.

Yes, if u are doing good on making payments they raise it sometimes..

Yes, if you have a good pay history they will automatically review it every so often, if you pay on time, then chances are they will keep raising your limit....so keep paying on time and just don't go crazy and over extend yourself just cause they raised the limit....