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What does Capital One look for when reviewing your credit for an increase? |
I got a capital one card to help increase my credit a while ago when my credit score was around 500. I purchased a car right before that and the car alone raised my credit 150-200 maybe having a little to do with the credit report. But now the 300 dollar limit on the credit card is just hurting my credit score. Are they ever gonna raise my limit? Or should I just get rid of the card? Ive had the card for about 6 months and the only thing thats keeping me from breaking 700 is that 300 dollar limit. If I call and ask then to raise it would they review my credit then? I have read that the credit limits only over $300 are used for FICO calculation. You have to use your credit card to make your daily purchases and then pay promptly the full amount at end of each month. Usually you call after six months and ask for limit increase. You have to be current with all other credit cards. any creditor will look for percentage of open debt vs closed I think it has something to do with how long you have had an acct with the creditor, as well as your history of payments. Be patient. I started years ago with a $300 credit limit with Capital One. Now, I have A LOT more... i have a capital one credit card...they automatically increase your limit, if you pay at least the minimum on time, and dont go over your credit limit. i know this because i went from $500 to 750 after 3 months. they should have included this info in the letter once you got your credit card because thats where i read mine. it read something like: pay the minimum on time and dont go over your limit and by the 4th payment your credit will have increased. |
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