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With 13 credit cards in its arsenal, Capital One is one of the largest major card issuers around.
If you have a Capital One credit card, you may be looking to increase your credit limit so you can earn more rewards or lower your credit utilization ratio.
No matter the reason, it’s really easy to request a credit limit increase from Capital One.
On this page:
- How to Request a Capital One Credit Limit
- How to Improve Your Chances of Getting Approved
- When You Need a Credit Line Increase
How to Request a Capital One Credit Limit Increase
If you’re in good credit standing and can demonstrate the income to support it, Capital One is typically happy to offer a credit line increase.
This is evident by the fact that they make it extremely easy to request one and doing so won’t impact your credit score. The only exceptions are if your credit card account is less than three months old or you have had a credit line increase within the last six months.
You can request a credit line increase two different ways with Capital One – online or by phone.
First, go to the Capital One website and sign in.
Next, click “View Account.”
Then, in the upper righthand side of the screen, click “I Want To…” next to the gear icon.
Finally, Click “Request Credit Line Increase” under “Offers and Upgrades.”
Next you’ll just have to fill out some basic info about your income, occupation, expenses, and credit card usage.
In some cases you could receive an immediate approval. If you don’t, you will see a confirmation page indicating that Capital One will take up to two to three days to approve your request.
You might be asked to provide some information regarding your income and employment.
You can also call to request a credit line increase with Capital One. Here rare the steps:
- Call 1-800-955-7070
- Enter the last four digits of your credit card number
- Enter the last four digits of your Social Security number
- Next say “main menu”
- When prompted, say “request credit line increase”
- Follow the remaining instructions to request your credit line increase
It’s an automated feature that will generate a near immediate response or a confirmation that your request has been received and you can expect an answer within two or three business days.
With either method, if your request is approved, your credit line will be immediately increased. If you are declined, you can apply for another increase at any time; however, it is recommended that you wait until you have addressed the particular reasons Capital One had for refusing a request.
How to Improve Your Chances of Getting a Capital One Credit Limit Increase
Among the reasons Capital One may decline your request are any missed payments, your average monthly payment amount, and your credit score.
If you have a long history of on-time payments and your monthly payments are substantially more than the minimum, you stand a good chance of being approved.
In terms of your credit, Capital One wants to see that you manage your credit well, so it will look at your credit utilization ratio.
If it is too high, you may be considered a credit risk. Your credit utilization ratio should be below 30% for a better chance of having your credit line increase request approved. Keeping your credit utilization ratio at the proper threshold is also the quickest way to improve your credit score.
When You Need a Credit Line Increase
Whichever Capital One card you have, there ultimately comes a time when you need a credit line increase.
That can occur when you rely heavily on one or two credit cards, when your monthly expenses increase, or when you need to make periodic large purchases.
The more your balances push up against your available credit the more it increases your credit utilization which can hurt your credit score even if you pay your balances in full each month.
It also reduces your spending capacity in case of unexpected or emergency expenses. By getting a Capital One credit limit increase, you can improve your credit utilization ratio and have the spending capacity to meet your needs.
A Credit Line Increase Can Help Your Score If You Don’t Abuse It
Generally, increasing your credit limit can help improve your credit score. If you continually run your credit utilization ratio up over 50%, you can hurt your credit score. Increasing your credit limit will make that less likely to happen.
The key is to not increase your spending along with your credit limit. If you increase your credit limit and keep your spending level the same, it will lower your credit utilization ratio.
Author: Jeff Gitlen
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