I'm 30 and just got my credit score up to the mid 70's after 8 years of hard work. (college credit cards destroyed my history) I only have college loans showing on my report of 23k which are in good standing for 3 years now. I've applied for a cap1 card and am waiting to get approval to improve upon it by paying the bill every month. Do any of you use capital one? If they approve me for the platinum, afer how many months of being a "good credit card user" can i apply for a higher limit?
2006-07-12 05:10:56 · 7 answers · asked by Queen Nefertiti 3 in Business & Finance ➔ Credit
Dear Scott,
College was 10 years ago. I've grown, matured and become much more responsible. I am not heading into the wrond direction by wanting to increase my credit score. I do not want to go into debt, i want to use a credit card to my advantage by using it to pay necessities every month which i know i will pay off the balance every month. The reason I want to increase my score is that I want to buy a home in the next few years.
Next time you answer a question, don't assume things. I'm very proud of what I have done and what I intend to do.
I don't have debt. I dont want to get into debt. I simply want to use a credit card to advance my score and record to help me get the best interest rate i can for my first home... which i am doing by MYSELF.
Thank you. -N
2006-07-12 08:47:16 · update #1
I would wait 6-12 months, then ask for subsequent increases annually. If you do too quickly, it may appear to them that you want to push the limit very soon and may red flag you as a potential risk.
2006-07-12 07:12:28 · answer #1 · answered by Rich B 3 · 2⤊ 1⤋
In general, you can probably ask them to review your credit limit once per year without causing any problem. However, if you've already had problems with credit card debt, I would leave the limits alone to increase the odds that you will always be able to pay the bill off in full.
Credit cards are an easy way to borrow, but it's just a huge rip-off in the end. Budget better and you can get by fine with whatever limit you've got now.
2006-07-12 12:15:11 · answer #2 · answered by foofoo19472 3 · 0⤊ 0⤋
Let me make sure I understand you. You say that "college credit cards destoryed my history" yet you're anxious to increase your credit limit. Is that correct?
It seems like you're heading the wrong direction. If you couldn't handle the credit cards while in college, why do you want to increase your limit and get deeper into debt?
Believe it or not, people can live without credit cards. My family hasn't had a credit card for nearly two years. I have no desire to ever have another one. We're 100% debt free and have money in the bank. We did that by cutting up our cards, paying off our debt and living on a budget.
I'd challenge you to look at how many people you'll find on Yahoo Answers asking for help to get out of debt. There's a lot. Don't fall into that same trap.
I hope this helps.
Scott...
2006-07-12 15:36:17 · answer #3 · answered by Anonymous · 0⤊ 2⤋
I'm assuming you mean your credit score is in the mid 700's (right??). Well over the 8 years I've had my capital one card I've used it maybe a dozen times and only had one credit increase and they dropped the inital annual charge. Wait a year and if your credit is still good and you are paying your bill on time then ask them.
2006-07-12 12:14:43 · answer #4 · answered by jmdavis333 5 · 0⤊ 0⤋
Capital one very rarely gives out credit limit increases. Also they don't report credit limits to the 3 credit reporting agencies...so that has a way of bring down your score..they only report your high amount you've used...so it hurts with utilization. You are far better off with Citi or Bank of America and Amex. Stay away fron Cap 1
2006-07-12 14:43:19 · answer #5 · answered by Anonymous · 1⤊ 0⤋
6 months is usual
2006-07-12 12:13:58 · answer #6 · answered by akg 3 · 0⤊ 0⤋
now
2006-07-12 12:12:47 · answer #7 · answered by leigh p 2 · 0⤊ 1⤋