Published in: Credit Cards | Dec. 2, 2018
By: Eric Volkman
Capital One has several attractive credit cards. They're even more attractive when you can charge more on them.
There is a fairly wide selection of Capital One credit cards; the issuer's card lineup covers various categories and income levels. Over time, a customer could work his or her way from a basic Capital One credit card to the issuer's upper-end products with their perks and bonuses.
A popular alternative is to get a higher credit limit, which takes some time, diligence, and planning. Luckily we're here to help. Here's our guide to getting a Capital One credit increase.
In order to be eligible for a credit limit boost, a Capital One credit card account has to meet the following criteria. It must:
Assuming you've surmounted these hurdles, Capital One lists the following factors as key determinants for credit limit increase eligibility:
An excellent tool for drilling down into the details of your credit score -- and, crucially, how it can be improved -- is Capital One's CreditWise. This is a smart device app offered free of charge not only to Capital One cardholders, but to anyone carrying debt who's eager to monitor their score.
Just because you stand a decent chance of scoring a credit limit increase doesn't mean you should. Credit cards are not piggy banks and they shouldn't be used for excessive spending sprees; it's highly unwise to adapt an, "I've got it, so why not spend it?" mentality with your newly bestowed credit.
If, however, your expenses are still comfortably below your income and there's room in your budget, a credit limit increase could help finance additional outlays.
There are times in a financial life where it's not advisable to shoot for a credit limit increase, of course. There are a great many reasons for this; to name but two major ones:
Of course, an ideal situation as a Capital One credit card holder (or any issuer's plastic, come to think of it) would be to receive a credit limit increase without doing anything.
Some new Capital One cardholders have been pleasantly surprised to receive a credit bump within the first half-year of owning their card. It seems that the issuer automatically lifts the credit limit for certain cards in its family after the owner has made their first five payments on time.
Also, credit card issuers tend to review their accounts every six months as a matter of course. They like to award credit limit increases to cardholders that demonstrate smart and capable debt management (chiefly paying statement balances on time and, ideally, in full).
Naturally, you shouldn't count exclusively on Capital One's generosity for a credit limit improvement; sensible and prudent management should always guide you when handling credit card accounts.
As with most other credit cards, there are several ways to request an increase in your credit limit with Capital One. Arguably the easiest is by phoning the issuer directly, or online through your account's web portal.
No matter the media you choose, Capital One will want to know certain key pieces of information from you, most notably:
Capital One takes pains to stress that this data meets Federal requirements for the information needed in a credit limit increase request.
Every card issuer has slightly different criteria when evaluating a credit limit increase request from a cardholder. But you can be certain that nearly every issuer prioritizes the classic data points of the requester, heavily weighing items such as their income, credit utilization, major expenses, etc.
There have been many thousands of words written by experts about what constitutes the right and wrong ways to ask for a boost in credit. We can generalize this advice by zeroing in on a few smart tips that should work for most issuers, Capital One included.
Ultimately, credit is about trust and faith. Your creditor must go to sleep at night comfortable with the fact that you'll pay back the money. With that in mind, when making your request it's advisable to get across the following (note: this is obviously far easier to do if requesting by phone):
We’re firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers. The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team.
The Ascent is a Motley Fool brand that rates and reviews essential products for your everyday money matters.
Copyright © 2018 - 2020
The Ascent. All rights reserved.