Capital One not giving Credit Limit Increase?

The trick to getting the limit raised is to stop asking them to raise it. Capital One, for whatever reason, has decided that it will not increase the limits of customers who ask to have their limits raised.

I don't think closing it will negatively affect your credit scores.

My guess is that closing it will increase your credit scores. Here is why:

1. Since it is only 6 months old than your second oldest account, closing it will only cause a 6 month decrease in the age of your oldest open account.

2. Since your other limits are higher than this card's limit, closing this account will increase your average limit.

Capital One Credit Line Increase

Capital One Credit Increase

I had a Capital One card with a $500 limit as well when I first started working on my credit. After about a year I opened another account with a bank that had a significantly higher limit. Another year goes by and I do the same thing again.

I contacted Capital One to ask why my limit hadn't been increased. They had no good reason but just had decided against it.

I think it is probably about their risk avoidance strategy. If they keep limits low and have more customers because of it, perhaps their risk is less than having less customers with higher limits.

Moral of the story is that they'll never increase your limit so you either need to close the account or leave it open and store the card away. This will increase the accounts age but you wont have to pay anything for it (aside from an annual fee if you have one).

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RE Capital One not giving Credit Limit Increase?

Just looking for some advice.

Capital One is my oldest credit account and I have a 500 dollar limit.

I now have three other cards: Amex, bofa cash rewards, and chase freedom.

The other three cards limits are WAYYYY higher than cap1 and they constantly

raise them. However, captial one refuses to raise my limit. They say, "You are a great customer and your account is in perfect standing but customer initiated increases are not available." I have the complete understanding that cap1 has the right to extend credit it or not. However, I feel as though I just want to cancel if they wont raise the limit. I dont use the card anyways. Do you think that closing the account will negatively affect my credit scores. They are about 6 months older than my second oldest account. Also if you know a trick that gets the to increase it thatd be great.

Thanks for you input!

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RE:

Capital One not giving Credit Limit Increase?

Just looking for some advice.

Capital One is my oldest credit account and I have a 500 dollar limit.

I now have three other cards: Amex, bofa cash rewards, and chase freedom.

The other three cards limits are WAYYYY higher than cap1 and they constantly

raise them. However, captial one refuses...

A credit score is based on a 12 month activity and usually goes up 5 to 10% per month providing you are paying on time. If you do not use the Capital One card, it will not effect your credit since there is no activity on it. I would cancel the card. All you need is one credit card to help boost your score and i'm sure Chase Freedom reports to the credit bureau monthly. You can also request your free yearly credit reports by calling Trans Union toll free @ 1-877-322-8228

Capital One is notoriously stingy when it comes to credit line increases. It took them about five years to give me a credit line increase...and I have good credit. You're probably better off limiting your business with them anyway...

Here are three schools of thought on the subject:

First is to close it since you don't use it and get on with your life.

Second is to charge a minimal amount and pay it off every month. This would show an on time payment history on your credit report for future credit.

Third, run up a balance where you start paying them interest. They may then realize the earning potential of the account and raise your limit.

Only 6 months? Close it.

Enjoy calling them and telling them that you can't simply use this card because the limit is too low.

Just make positive it has a $0 balance before you close it.

Never close an account with a balance. Just making sure you know this.