06/12/2019
🙄🙄Capital One Credit Limit Increases🙄🙄
Tip #1 - Swipe A LOT. Capital loves to see a lot of activity. This is an easy feat when this is your only card. The challenge occurs when you get approved for additional cards and tailor your spending based on the card perks. A recent call with a Capital One Rep suggested that when you are seeking an increase, you should be using about 60% of your limit. Again, this is easy when it's your only card or when your limit is small. You may have to use your Capital One card as ya main card for several months to get approved for your next CLI.
TIP #2- Pay down A LOT. Self explanatory. You are free to use your cards as much as you like, but it's imperative to report your low utl! Utlization is calculated by your statement balance. Generally speaking, you have two option; pay down to low utl or cap your spending to not go over utl. The threshold for healthy utl is 30%, but you want to be WAY below that. Keep your utl under 10% and then shoot for 1-3/5%.
TIP #3 - "Increase" your monthly spending. I recently spoke to a representative who states that when requesting a CLI, exaggerate on your monthly spending. When you complete the CLI on the app or on the website, there's a field that says, "Monthly Spending with (all) Credit Cards". The dollar amount in this field should be MORE than your current limit. The idea, again, is to show that you have a NEED for an increase. The rep example was, if you have a card with a CL of $300, state that your monthly spending is $1K. Again, this is easy when you have a small limit.
TIP #4. Apply for a new card. Apparently, when you first apply for a CC, Capital One gives you a "credit limit cap". So, from the day you apply, on the back end, there is a finite limit that you can reach. This can be a reason why you have cards with other issuers for much larger limits and your capital one increases are getting denied.
This will be a hard pull to all CBs for a new card.
