How do I increase my credit limit with Capital One secured card?

Question

You may be eligible for a credit limit increase without asking after 6-12 consecutive months of on-time bill payments with a new credit card account. Credit card companies need evidence that you can handle your current spending limit responsibly before giving you the ability to borrow more.

Creditors will review your credit, income and payment history on a regular basis moving forward. If they feel you can afford an increase and refrain from abusing the added spending power, they may automatically grant a credit limit increase without you asking.… read full answer

If you get a credit limit increase without asking, it should help your credit score. To start off, issuers only use a soft inquiry (which does not affect your credit score) for this type of increase. If you ask them for an increase instead, they’re more likely to use a hard inquiry, which can cause a temporary drop in your score. In addition, getting any kind of credit limit increase adds to the total credit you have available, which can lower your credit utilization if you spend the same amount of money (or less) than you did before. Or, it can allow you to spend more without increasing your utilization.

If you want to increase the chances of a credit card company giving you a higher limit without you having to ask for it, there are a few steps you can take.

How to get a credit limit increase without asking:

Always pay all your bills on time.

Pay off the card you want the higher limit on fully each month.

Update your income on the credit card company’s website/app.

Keep your account open for at least 6-12 months.

These steps won’t guarantee you a credit card limit increase without asking. But they will certainly help your chances.

If your credit card’s issuer doesn’t grant you an unsolicited increase, you may want to just ask for an increase yourself. While your request will probably lead to a lower credit score, the damage will be small and temporary. And in the long term, a limit increase has the potential to bring your score higher.

show less

Answer 1 · 2021-10-21 00:02:44

Maria Adams, Credit Cards Moderator

@m_adams • 10/21/21 This answer was first published on 05/14/21 and it was last updated on 10/21/21.For the most current information about a financial product, you should always check and confirm accuracy with the offering financial institution. Editorial and user-generated content is not provided, reviewed or endorsed by any company.

Permalink Report Abuse

There are two ways to increase your Capital One Platinum Secured credit limit: Depositing more money than required and consistently paying your monthly bill on time. The first option is available prior to account opening and the second after your account has been open for at least six months. I’ll walk you through both below.

Increase Capital One Platinum Secured Credit Limit Options:

Over-deposit before getting your card
If you get approved, Capital One will require you to place a security deposit of $49, $99 or $200 to actually open your account. The deposit amount you’re assigned depends on your overall credit standing, but everyone starts with a $200 credit limit – unless you deposit more than is required, that is. Any amount you deposit above what’s required will boost your spending limit by the same amount. For example, if you’re required to place a $49 deposit and you put down $149, your credit limit will be $300 instead of $200.
Pay on time for 6+ months
After account opening, the only way to get a Capital One Platinum Secured credit limit increase is to pay on time for 6 months. If you do, Capital One will likely raise your credit limit during the 7th month. By how much, though, is completely up to them. If you pay on time but other aspects of your credit get worse, you might not get an increase.

It’s also possible that Capital One will eventually return your deposit and transition you to an unsecured credit card with a higher credit limit. But that depends on how financially responsible you are.

Final Take

Different secured cards have different rules regarding security deposits and spending limit increases. You can usually increase your limit by depositing more money, often at any time. But you generally can’t just call and ask for more spending power without giving the credit card company something in return.

The only absolute chance you have to get yourself more credit is at the very start when you send in extra money on top of your deposit. Otherwise, you’ll have to speak with your actions by paying on time until Capital One raises the limit themselves.

Answer 2 · 2018-02-11 18:24:37

Paul Filmore, Member

@paul_filmore • 02/11/18 This answer was first published on 02/11/18. For the most current information about a financial product, you should always check and confirm accuracy with the offering financial institution. Editorial and user-generated content is not provided, reviewed or endorsed by any company.

Permalink Report Abuse

If you've had over 6 months the card, and have been paying it on time religiously, then sure, you can give them a call.

Answer 3 · 2018-10-24 11:45:44

nealeylee, Member

@nealeylee • 10/24/18 This answer was first published on 10/15/18 and it was last updated on 10/24/18.For the most current information about a financial product, you should always check and confirm accuracy with the offering financial institution. Editorial and user-generated content is not provided, reviewed or endorsed by any company.

Permalink Report Abuse

After 6 months of on time payments and occasionally paying off the full amount I automatically got a $300 increase. This is a great card and is amazing at building or rebuilding credit. I would also recommend the discovered secured credit card they also offer a credit increase after 6 months and cash back.

Answer 4 · 2018-07-17 09:50:14

yjdmaryland, Member

@yjdmaryland • 07/17/18 This answer was first published on 07/17/18. For the most current information about a financial product, you should always check and confirm accuracy with the offering financial institution. Editorial and user-generated content is not provided, reviewed or endorsed by any company.

Permalink Report Abuse

After paying my fifth statement, I got an automatic increase of 300 without asking. That was on my secured card with a 1k limit.

Answer 5 · 2021-03-22 18:21:35

tomasshigg, Member

@tomasshigg • 03/22/21 This answer was first published on 03/22/21. For the most current information about a financial product, you should always check and confirm accuracy with the offering financial institution. Editorial and user-generated content is not provided, reviewed or endorsed by any company.

Permalink Report Abuse

Make payments on time and balance low

How do I increase my credit limit with Capital One secured card?

Maria Adams, Credit Cards Moderator

Increase Capital One Platinum Secured Credit Limit Options:

Final Take

Capital One Platinum Secured Credit Card

Paul Filmore, Member

nealeylee, Member

People also ask

When will I be eligible for a credit limit increase without asking?

How to get a credit limit increase without asking:

Does getting a credit limit increase affect your score?

yjdmaryland, Member

tomasshigg, Member

Join WalletHub