captial one just raised my credit limit again

[backtoschool]

Hi all, I got a capital one card right after discharge. They gave me an initial credit line of $1,000. I was on their plan where they raise the credit limit after 3 months of use. My credit limit was increased to $1,500 after three months of use. Well it has been another 3 months and they just raised my limit again to $2,000. I use the card regularly to rent cars when I travel for work or to buy stuff online. I think the regular use of the card helped me get another credit limit increase. I always pay it off right away, usually right when the charges post a couple of days after I make them, or worst case, I pay it off right when I get the statement, so I never carry a balance on the card.

Just posting this so that people can figure out what they need to do to get their credit limits increased also.

[readytofile]

Very cool! I got a Cap One card not too long ago and they gave me 0% interest til January and $750 limit. I only used it to put some doctors bills on there.

[Flamingo]

Remember also they see you are using the card and also hoping by increasing the limit, you will charge more...

[backtoschool]

Remember also they see you are using the card and also hoping by increasing the limit, you will charge more...

Yes Flamingo, I totally agree with you on that. I use it like a debit card and pay it off immediately, so even if I were to charge a large ticket item on it like a computer, it would be something I have the cash to pay for immediately.

I like using it instead of my debit card because it is not directly tied to my bank account, which for online purchases makes me feel a bit more protected.

[frogger]

Remember also they see you are using the card and also hoping by increasing the limit, you will charge more...

Sort of like playing with a rattlesnake.........

[cptne33]

Is there an annual fee with the card?

[readytofile]

Yes, $39 a year. I just got a letter in the mail this weekend that said after 3 months of paying on time and not going over my limit that they would raise my limit by $500.

[backtoschool]

I have two cards with capital one, one is a rewards card. Both are in the program where my limit gets raised after 3 months. Only one has a $39 a year fee (the rewards card). The other card has no annual fee. (the one I originally discussed in this thread).

[ForumReader]

"I like using it instead of my debit card because it is not directly tied to my bank account, which for online purchases makes me feel a bit more protected."


Hey BTS, that does make sense! A friend of mine complained to me today saying Blockbuster automatically deducted late fees from her checking account that she provided her debit card (Visa logo) with. It is supposed to be a new policy Blockbuster will be doing from now on to post late fees automatically. Anyway, I suggested to her that if she had a credit card, to switch over so to protect her bank account from unexpected transactions such as this one.

[Logan]

Yes Flamingo, I totally agree with you on that. I use it like a debit card and pay it off immediately, so even if I were to charge a large ticket item on it like a computer, it would be something I have the cash to pay for immediately.

I like using it instead of my debit card because it is not directly tied to my bank account, which for online purchases makes me feel a bit more protected.

Good plan but remember that the credit bureaus don't know if you charged anything if you pay it off prior to CapOne issuing a statement.

Logan

[jadams]

Good plan but remember that the credit bureaus don't know if you charged anything if you pay it off prior to CapOne issuing a statement.

Logan

It doesn't matter.

Capital One will report a $0 balance and "pays as agreed" every month, even if you pay off before closing.

With a small limit card, this is especially important if you are concerned about FICO. Letting your balance report can make you look maxed out and have very high utilization (drops your score) with just a small number of routine charges.

[Logan]

It doesn't matter.

Capital One will report a $0 balance and "pays as agreed" every month, even if you pay off before closing.

With a small limit card, this is especially important if you are concerned about FICO. Letting your balance report can make you look maxed out and have very high utilization (drops your score) with just a small number of routine charges.

There have been discussions on this board that having a balance can help your FICO score so I'm just pointing that out.

I believe that each person should do what makes them comfortable and as long as they pay their bills on time their FICO will improve.

Logan

[ladyjenn]

Did anyone that got a Cap One Card have one included in BK??

[Amy26]

Yes, I did.

But Capital One denied me for many months before they decided to change their minds. I included a cc that I got 3 months before I filed for about 2,000. Every time I applied with them after I was discharged I got an immediate response saying I was denied due to "prior deliquency with Capital One".

I think I tried 2 different times to get a card with them. I don't even think they checked my credit those two times... was just immediate denial.

But, last month, they decided they would let me have one. I was approved with a 1k limit and zero percent interest for a year.

[ladyjenn]

Wow! That is rather quick. So this whole nightmare of "you will have no credit for the 10 yrs the BK is on your CR" is bologna, it sounds like.