I have a partially secured card with Capital One meaning I sent them $99 to get a $500 limit. Does anyone know if they are like Providian in that if you send them another $99 they'll increase your limit by $500 more? Thanks so much.
it all depends on your original offer. After your account has been open for a few months (about 6), you can call to request a credit limit increase. If you have not had any past due or overlimit fees or returned checks on your previous 6 statements, then you will be able to receive a credit limit increase without sending any money in. Also, if you keep your account in good standing, you will be sent offers in which you can make additional deposits for limit increases, such as $99 deposit for a $500 increase (or whatever the case may be). hope this helps.
Providian is much more generous and consistent about credit line increases than cap1 but if Providian offers you an increase for a fee, don't take it. Within a month or two, you'll be granted one without paying for it. I had an unsecured account with Cap1 with a $300 limit. The offer said that the I would be considered for an increase "in as little as three months". In month 10, after making all payments on time, I was told I had to wait a year. I cancelled the account rather than incur a hefty $59 annual fee for the next year. While Cap1 was refusing to increase the credit line even a little bit on this practically useless card that has no benefits and a 20%+ variable rate, I applied and received two platinum cards with reasonable midteen interest rates and a line of credit, each with 5K-6K limits. I don't understand Cap1. Maybe Heather can explain since she works there.
The current wait i was told is 8 months from previous line of increase. On month 2 , i got $100 increase. so i guess i wait dave wrote: ------------------------------- Providian is much more generous and consistent about credit line increases than cap1 but if Providian offers you an increase for a fee, don't take it. Within a month or two, you'll be granted one without paying for it. I had an unsecured account with Cap1 with a $300 limit. The offer said that the I would be considered for an increase "in as little as three months". In month 10, after making all payments on time, I was told I had to wait a year. I cancelled the account rather than incur a hefty $59 annual fee for the next year. While Cap1 was refusing to increase the credit line even a little bit on this practically useless card that has no benefits and a 20%+ variable rate, I applied and received two platinum cards with reasonable midteen interest rates and a line of credit, each with 5K-6K limits. I don't understand Cap1. Maybe Heather can explain since she works there.
I recieved a $100 increase after the first month from Cap One. After 8 months they more than doubled my credit limit and upgraded me to a gold card (big deal!). But when you rebuilding your credit, small things of this nature are very satisfying. IMO, the key to getting increases at Cap One - "make large monthly payments". If your minimum payment is $15, then send $50 or $100 - that will get you line increases!! chet
chet-- I never even carried a balance on my card. I charged alot (well--as much as I could with a $300 limit!) and paid it off each month. Your post adds to my impression that getting increases at cap1 is a process filled with mystery and wonderment.
You can use the secure messenging to get a quick reply on credit increase. Was told: 8 months between each increase minimum.I got my first at 2months
I'm sure there are different guidelines for different people, depending on their FICO and credit situation! But...these companies are in business to make a profit, so.. let them make some money off of you! Carry a balance and let them make some money from the finance charges! Obviously, keep it in perspective! There is a price to pay for credit repair! We have to pay for our past mistakes! I will allow the companies helping me to repair my credit to make a profit from (some of the "high" fees and interest that I am being charged), in exchange for helping me establish strong credit. If you are "repairing your credit", then somewhere along the line you got something for nothing - hence "stiffed somebody". There is a price that "has" to be paid for that indescretion. The sooner that you realize this, the sooner you will get on the road to strong credit!
