Capital One Classic and Limits

gotham892

Hello,

I am new to credit building, I want to get a grip on my finances and sort them out. I went ahead and applied for the capital one credit card and was accepted no problem with a £200 limit which I don’t mind as I won’t even spend £100 a month to be honest and I will pay it in full. So does anyone have any experiences with capital one are they a good provider in terms of sub-prime cards?

One last question around what frequency do they increase the card? 

Sorry if I sound stupid I am just a newbie to credit

thanks again

xlnc99

cap 1 are stingy when it comes to credit increases. 200 is always the starting point. Personally would go with New DAY credit cards, any of their companies (aqua, amazon etc) - they are usually quick and good at high credit increases if you manage your account properly

cymruchris

Make sure you do pay in full each month - set up a direct debit so you don't forget - and you'll likely get some incremental rises out of them over the period of a year. Mine went from £400 to £800 - and had another Cap one card with £400 on it - closed it - and they added that to the first card - £1200 in total - it didn't move after a year - so I closed it. Newday are definitely worth a look in about 6 months time once you've got some positive history on your records.

whitesmith

I know I am probably being stupid, but if you have a credit limit of £200 and "I won’t even spend £100 a month to be honest", then why do you care how often they increase your limit?

gotham892

Thanks for your help, I will definitely look at the other cards the reason I went with capital one is because they are the only credit card to except me as my credit is poor due to some fraudulent accounts I am having removed. whitesmith said:

I know I am probably being stupid, but if you have a credit limit of £200 and "I won’t even spend £100 a month to be honest", then why do you care how often they increase your limit?

Because it will look better on my credit file, I'm new to all of this but if I do get increases I will use more as I go along (credit utilisation) keeping it below 50% 

abc.xyz

As already pointed out, they're crap for limit increases. Stick with it for 6 months then apply for another CC elsewhere.

ManyWays

It's good to keep your utilisation below 30% not 50%.  And have a credit limit of over £250 I think.
So after 6 months of perfect usage ask them to increase your limit to £300.

D3xt3r5L4b

ManyWays said:

It's good to keep your utilisation below 30% not 50%.  And have a credit limit of over £250 I think.
So after 6 months of perfect usage ask them to increase your limit to £300.

Utilisation makes no difference if you’re paying in full each month 

FtbDreaming

I have 2 cap one cards..  one went from £200 to £950 after about 6 months and has Thayer at that ever since. Ive had it about 4 years. 

The second I’ve had just a bit less time  than the first and that’s stayed at £200 ever since opening it. 

[Deleted User]

I have 2 Capital One cards (one is branded Luma) the Luma one had £200 credit limit when I got it in 2014 but was increased to £450 last year. The other Capital One card came with a £750 limit from the off.

I also have a Newday (Marbles) card that came with £600 limit and a 118118 card with £250.

PRAISETHESUN

Deleted_User said:

I have 2 Capital One cards (one is branded Luma) the Luma one had £200 credit limit when I got it in 2014 but was increased to £450 last year. The other Capital One card came with a £750 limit from the off.

I also have a Newday (Marbles) card that came with £600 limit and a 118118 card with £250.

I'm in the exact same situation with my Capital One LUMA card - had a starting limit of £200, increased to £450 after 9 months or so and it's been there for the last 2 years without any further increase. I make the occasional purchase to keep it alive as it is my oldest account but otherwise it just sits there. Logging onto their website there's an option to request an increase the limit but I always get a message saying that I can't request one and that they will write to me when I am eligible for an increase. It's done its job though and worked well as a stepping stone to better cards with better rates and limits.