There will come a point in your credit card journey where your spending outweighs the amount banks allow you to spend. Hopefully, this means that your income is growing and you're able to buy more things and the bank just doesn’t know it yet.
Capital One is actually one of the smoothest companies when it comes to increasing your credit limit and you don’t need a perfect credit score to do it.
Let me show you how.
Of course you have to log-in and then once you’re logged in, click on the “I want to…” with the gear symbol.
All the way at the bottom under “Offers and Upgrades” there is an option to “Request Credit Line Increase”. Click that.
A form will come up asking for things like your annual income, employment status and other questions. These things are necessary and actually required for Capital One to make a decision to increase your limit or not.
Fill them out to the best of your ability and click Submit Request.
Now Capital one can do a couple of different things here. They could approve your credit limit immediately. That is, of course, a good thing because mission accomplished.
They could also take you to a confirmation page. This means that you will get notified in a few business days if your request has been accepted or denied.
Now, there are some things that are required to receive a credit limit increase with Capital One.
Your account must be three months old at least. Within the past six months, you cant have received an increase or decrease in your limit on that account. Also, obviously, your account must be unsecured.
These requirements doesn’t mean your automatically accepted if you apply. There are factors that go into deciding that.
Factors for Credit Limit Increases
For any bank, a big one is going to be on-time payments. Your credit score and how much credit you use will factor the decision. Then you have all the things you input on the form, like your income and how much more credit you’re asking for.
Will A Credit Limit Increase Lower My Score?
This actually depends and in some cases actually makes your score go higher. For Capital One, at the top of their request to submit for an increase it says “Asking for an increase won’t affect your credit score.”
This means that Capital One does not use a hard pull, or cost you an inquiry, when checking out your credit score. Some banks like Chase do use hard pulls and it could lower your score.
If a bank like Capital One doesn’t do a hard pull but does give you an increase, it more than likely will increase your score because your credit utilization rate will go up. Basically your percentage of credit you use a month will go up because your limit will go up.
To Wrap It Up
Lots of people ask for credit limit increases all the time. Some get accepted and some get denied. Now you know how to do it and what it takes to get accepted.
If you used this post to ask for a credit limit increase from Capital One, let me know in the comments down below.
If you’re interested in learning everything about travel hacking, I have a post on the Ultimate Guide to Travel Hacking for 2019 that will surely help you out so be sure to check that out.
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