Does Capital One do a hard pull for a credit limit increase?

You can request a Capital One Platinum Credit Card credit limit increase online, through the Capital One mobile app, or by calling customer service at the number on the back of your card. To raise your chances of being approved for a higher credit limit, pay your bill on time for at least six straight months, reduce your outstanding debt, and update the income Capital One has on file. Capital One will be more likely to increase your credit limit if the revised income clearly shows that you can afford a higher limit.… read full answer

How To Get a Capital One Platinum Credit Limit Increase Online

1. Log in to your online account or the Capital One mobile app.
2. Choose the Capital One Platinum card from the list of account options (if you have more than one Capital One card).
3. Click “I Want To...,” and then “Request Credit Line Increase.”
4. Enter your total annual income, employment status, occupation, how much you will spend monthly on the card, your mortgage or rent payment amount, and your desired credit limit.
5. Confirm the information entered and click “Submit” to complete the request.

You should receive a decision in just a few seconds. If you’re approved for a Capital One Platinum credit limit increase, the new limit is effective immediately.

Impact of a Capital One Platinum Credit Limit Increase on Your Credit Score

When you request a Capital One Platinum credit limit increase, Capital One will conduct a soft pull of your credit report, which does not affect your credit score. However, some Capital One Platinum credit limit increase requests may involve a hard pull, which will cause a short-term dip in your credit score. Capital One cannot do a hard pull without your permission.

Alternatively, you could be eligible for a Capital One Platinum credit limit increase without even requesting one. The Capital One Platinum card may offer an automatic credit limit increase if Capital One’s regular review of your account shows a history of on-time payments and low debt. An automatic credit limit increase involves a soft pull, which does not affect your credit score.

Requesting a credit limit increase can hurt your score, but only in the short term. If you ask for a higher credit limit, most issuers will do a hard “pull,” or “hard inquiry,” of your credit history. A hard inquiry will temporarily lower your credit score. Bank of America, Barclays, Chase, U.S. Bank and USAA will conduct a hard inquiry if you request a credit limit increase. American Express, Capital One and Wells Fargo will not. Citi will notify you when you call if they will generate a hard inquiry or a soft inquiry, which does not affect your score. Discover typically uses soft inquiries, but if you don’t accept the credit limit offered and request a higher limit, it will then be a hard inquiry.… read full answer

Hard inquiries will lower your credit score by a few points, but can only affect your score for one year. After two years, hard inquires completely drop off of your credit report. The other thing you need to watch out for is overspending. Requesting a credit limit increase could really wind up hurting your credit score if you use the extra spending power to rack up debt you can’t afford to repay.

Still, the potential negatives that come with requesting a credit limit increase can be managed and are often outweighed by the benefits of having a higher credit limit. The boost in your credit limit could also raise your credit score as long as your spending stays at the same level. The additional credit would lower your utilization, which is the ratio of your balance compared to your credit limit. Ideally, this number should be less than 30 percent for each card. Keeping utilization low tells issuers you’re responsible and aren’t just desperate to max out your card.

Some issuers also extend automatic credit limit increases to eligible cardholders. These increases may occur periodically and do not generate a hard inquiry. To give yourself the best odds of receiving an automatic increase, make all of your monthly payments on time, preferably in full. And give it some time. Issuers tend not to extend automatic increases until you’ve had a card for at least six months. Similarly, if you recently received an increase on an existing account, expect to wait at least six to 12 months before you’re considered for another increase, assuming you manage your account responsibly in the meantime.

You can request a Capital One credit limit increase online or by calling customer service at the number on the back of your card. To raise your chances of being approved for a higher credit limit, pay your bill on time for at least six straight months, reduce your outstanding debt, and update the income Capital One has on file. Capital One will be more likely to increase your credit limit if the revised income clearly shows that you can afford a higher limit.… read full answer

How to Get a Capital One Credit Limit Increase Online

1. Log in to your online account.
2. Choose the Capital One card for which you’re requesting the increase (if you have more than one card).
3. Click “I Want To...,” and then “Request Credit Line Increase.”
4. Enter your your total annual income, employment status, occupation, how much you will spend monthly on the card, your mortgage or rent payment amount, and your desired credit limit.
5. Confirm the information and click “Submit” to complete the request.

You should receive a decision in just a few seconds. If you’re approved for a Capital One credit limit increase, the new limit will be effective immediately.

Impact of a Capital One Credit Limit Increase on Your Credit Score

When you request a Capital One credit limit increase, Capital One will conduct a hard pull of your credit report, which will cause a short-term dip in your credit score. Capital One cannot do a hard pull without your permission, though.

On the other hand, there are times when you could be eligible for a Capital One credit limit increase without even requesting one. Capital One may offer an automatic credit limit increase if its regular reviews of your account show a history of on-time payments and low debt.