Capital one question

boogiemaster

I’ve got a classic visa with a £200 limit and wanted to know if anyone has paid well over their minimum payment and still received an increase.
I have used £150 and my wife wants me to pay £100? But I don’t want to spoil the chance of not getting an increase because I didn’t pay it all off?.
Has anyone not paid the full amount and still got an increase? Or is it wise to pay off the full amount?.
This is my first credit card and I don’t want to blow my chances.

Ps do you have to wait till you get the statement to pay off the bill, or can you pay some money off your card when you have some spare?.
Thanks

Iona_Penny

I think that for the experts on here to give you some advice they may need more information.
How long have you had the card? -I may be wrong but it sounds like you just got it and i could be wrong but you may have to wait a while before you ask for or they offer an increase. You have a very low limit which suggests previous poor credit history or low income? It may be that you have to build up a good usage/payment record to show you are reliable.
You can ring and pay off any time over the phone or ask them to send you a payment slip to pay in bank/post. I suppose you could try ringing and asking about the credit limit.

InsuranceLiability

Make the payments (preferably the full payment) each month before the payment due date. After 6 months, ring them up and ask for a credit limit increase.

Fedz

According to the leaflets included with your card they say they will consider increasing your credit limit after seven months of usage.

The best to do is pay the balance in full every month and before the due date allowing 7 days for payment to reach your account (they say 5 days).

What I do is buy the shopping and a few small items on the card and keep the money in my bank account (Halifax Web Saver) earning interest and when the statement comes to pay I have the money already and waiting

I honestly don't think if you paid the odd one or two statements at 2/3 (£100 of £150) of the full balance amount it would make any damage, just try to avoid it

Hope this helps.

boogiemaster

I’ve decided I’m not going to take the risk! And pay off the full amount each month.
I will carry on and wait for six months and see if they will increase my limit by checking online.
I have a debit check guarantee card from the Halifax with £200 overdraft and that’s where my wages get put into.
This is my first ever Credit Card and I didn’t want to make any mistakes that could affect my credit rating.
I also own my own house outright and I don’t like debts, so maybe that’s why they gave me a low limit? Anyway I’ don’t mind about a low limit for the time being as it may be increased later.
My wife just loves a little money in her purse and I don’t mind that its just I like to pay my bills on time and in full.


Anyway thanks for all the help and advice

Fedz

Your position is the exact same as mine

I have a Halifax Current Account, cheque guarantee card and £200 o/d limit. I also have the Capital One credit card.

Believe me Cap1 will increase the limit without even asking them as £200 is the bare min. they offer - just wait until 7 months is up, they'll look at your account and adjust accordingly and write to inform you (also viewable via the online section).

They might even offer you a better status card (premier/platinum)

Kind regards

THE_ROCK84

a friend of mine (18, no income, student) got a £200 limit.

He spent £190 each month, and paid IN FULL for three months, then his limit was automatically raised to £500 after the 3rd month. :beer:

:T PAY IN FULL EVERY TIME!! :T

makaveli_3

Hi There

Just Thought You Should Know I Have Had My Cap One Card For 2 Years Paying Off The Balance In Full Each Month, I Have Never Been Offered An Increase. (dont Know If Its Because They Have Made No Money Out Off Me?)

Fedz

I'm beginning to think that when Cap1 check your account they take in to consideration that if you use your full credit amount and pay, they could increase it to get you to spend more and hopefully you'll stop paying the full amounts monthly.

If you comfortably stay well within your credit limit and pay back monthly in full you don't really need a credit increase - otherwise you'd spend to the limit and after 7 months you'd call and request an increase yourself

THE_ROCK84

makaveli wrote:

Hi There

Just Thought You Should Know I Have Had My Cap One Card For 2 Years Paying Off The Balance In Full Each Month, I Have Never Been Offered An Increase. (dont Know If Its Because They Have Made No Money Out Off Me?)

whats is your limit, current APR and how much do you spent every month?

makaveli_3

this is why cap one have confused me , i have a limit of £200 use about £195 each and every month for the past 2 years never missed a payment and always cleared the balance.i've tried calling them i just get told to try in 3 months time