capital one credit classic limit increases please input feedback

loony2012

Simon7685 wrote: »

Update for my Classic card:

Opened August 2011
Just had notification of my first increase, effective from 1st June 2012. Gone from £200 to £800.

How much do you pay back? All or min?

Simon7685

loony2012 wrote: »

How much do you pay back? All or min?

Always paid in full every month, normally within 3 days of receiving my online statement.

Started off by spending between £40 - £60 a month. When there was no increase after my fourth statement, I increased my spending to between £100 -£150 a month. Using my card to pay for everyday items, like groceries but making sure I set aside the money from my current account to pay the bill when it came in.

I don't know if the increase in my limit was in any way linked to the increased spending but the same thing worked with Aqua, then Vanquis. You have to be disciplined though and keep the money to pay the card when the bill arrives, or I guess you could end up in a mess.

Having said all this though, I applied for their Progress card 2 weeks ago, got green lights online, then declined later...........
I received the decline letter early last week, then on Saturday got the increase letter for the Classic card.

Bizarre to say the least:rotfl:

rtoo

Just getting my first Cap 1 card after my credit rating was destroyed by my now very ex wife. Limit has been set at £500. I still have 1 CCJ (1 yr left) on file and a satisfied default account but have a mobile phone and bank account that are shown as satisfactory.

I'll report back when I've had it a few months but this is being used as a credit "score" building exercise.

credtit

I applied for one of these today and it went through online then I got the message saying they will either do further checks or send out the card in the post if everything is ok. Am I still likely to be declined after this? At least I wasn't declined straight away I suppose!

Paradox12

credtit wrote: »

I applied for one of these today and it went through online then I got the message saying they will either do further checks or send out the card in the post if everything is ok. Am I still likely to be declined after this? At least I wasn't declined straight away I suppose!

Not necessarily. I applied the other day and i got the same message, today my pin arrived and i have been accepted for a £200 limit. My credit file is awful though is on the road to recovery.

I applied for a capital one card a couple of months ago and was offered a secured card with a £200 limit after a £200 deposit. I did not go through with this so was surprised i was accepted.

jpb77

I thought I add my two a penny here...

When Cap1 review your account they look at what other credit you have elsewhere, how these other accounts are managed.

So for the ones that don't have a limit increase regardless if you pay in full each month after 4th, 5th, 6th or even 12th statement, you got to also look at 'Credit Utilisation' on your credit reports i.e. balance vs credit limits - If overall you have a total of £2k credit limits across all of accounts i.e. Credit card 1 limit £1000 and a Credit card 2 limit £1000 and overall balances add up to £2k (lets say £1k balance on each card) then you are using 100% of your credit utilisation which is not a good picture and you will find it increasingly difficult to get a limit increase or another credit card elsewhere.

You need to ensure that you are only using a maximum of 30% credit utilisation i.e. total of £2k limits i.e. £1k on Credit card 1 and £1k on credit card 2 = £600 total balances across all accounts. i.e Credit card 1 balance £200 and Credit card 2 balance £400.

This will appear you are not credit hungry and that you do not rely on credit all the time.

This is the 2nd biggest factor that they use when considering for a limit increase and also when you apply for fresh credit elsewhere. As i see from other posters that they mention they haven't had an increase for a while and are bemused to why they are not considered regardless of their perfect conduct with Cap1. You need to look outside of the box etc..

Also, what salary did you give them at the time of the application? Also they look at this vs total credit limits you have been granted. So they will not give you more than 60% overall credit vs salary as they need to factor your other payment commitments elsewhere. If you have had a salary increase or changed jobs with a higher salary it is worthwhile to inform Cap1 and/or other credit card providers as this will also have a contributing factor.

I hope you find this info useful and let me know what you credit utilisation % is by posting them here.

My credit utilisation is 17%! total limit £7500
£4000k limit cap1 - balance £840
£3500k limit barclaycard - balance £435

Dee4life

Hi Guys,

I have a terrible credit history and in the last few years I've tried to pay everything off and slowly but surely getting there.

I needed a credit card for something so thought its been a while since i applied for credit so went onto Tesco but was declined. I then come on this site and entered some details in and the site recommended the Capital One classic card. So I thought what the hell worst they can say is no (and make credit score worse, I know).
To my surprise, I was accepted. I couldn't see how much my credit limit was so I used google and found this thread. After a quick skim I thought ok, il probably get £200 as a limit. To my surprise, they have set me a limit of £1500.

Called them this morning to set everything up and the nice Gordie girl was really helpful, and so here begins my quest to improve my credit limit!

BugsyBrowne

Dee4life wrote: »

Hi Guys,

I have a terrible credit history and in the last few years I've tried to pay everything off and slowly but surely getting there.

I needed a credit card for something so thought its been a while since i applied for credit so went onto Tesco but was declined. I then come on this site and entered some details in and the site recommended the Capital One classic card. So I thought what the hell worst they can say is no (and make credit score worse, I know).
To my surprise, I was accepted. I couldn't see how much my credit limit was so I used google and found this thread. After a quick skim I thought ok, il probably get £200 as a limit. To my surprise, they have set me a limit of £1500.

Called them this morning to set everything up and the nice Gordie girl was really helpful, and so here begins my quest to improve my credit limit!

Geordie girl & capital one??

k2150

I just read the last post by Dee4life, and thought nobody's credit rating can be worse than mine, I have rent arrears, and electicity arrears that I've been trying to pay off for ages, but being inspired by Dee4life I also applied for the Capital One classic card, and guess what, I was accepted. I don't know how much my credit limit is until I receive my card, but even if its only £100 it's a start. Really grateful I followed this thread
.

willLeeds

£200 Limit, had the account 12 months now with spending on each month and paid in full. Yet to have an increase!