Getting an increase on your credit card limit not only boosts your purchasing power but also translates to a higher credit score. Capital One offers the possibility of a credit line increase on some of its cards. Here is what you need to know before making that credit limit request.
How often can I get a credit limit increase from Capital One?
Well, you can get a credit limit increase every 6 months!
Truth is, you can request for a credit limit increase as often as you want but can only get approved every six months. But if you request more credit too often, the card issuer might interpret this as a red flag signaling you’re struggling financially.
To get approved, you must have made 5 consecutive on-time payments on any of these eligible cards:
· JourneyStudent Rewards from Capital One
· Secured Mastercard
· QuicksilverOneCash Rewards Credit Card
· Platinum Credit Card
The approval time for your new-limit could be in a few days or up to a month. Here are a few requirements that you must meet to qualify for the limit increase:
· Have had the card for at least 3 months
· You haven’t requested a credit limit increase in the past six months.
· Your card has on-time payments and shows responsible card use
Getting a credit card limit increase is a good sign. If you’re approved for an increased limit, you must continue making on-time payments and ensure that you use the increased buying power responsibly. Continue to make payments on time and in full.