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i have 1 credit card with capital one and it is only a $ 500 limit. ive had this card since 2005 and have consistently paid on time and it is about to have a 0 balance and yet i never can seem to get a limit increase. i had trouble early on being young and in college i had about 5 credit card all with low balances around 200-400 each all maxed out but were paid off yrs ago and closed. is there any way i can get a limit increase on this capital one card or a bank that will allow me to get a card with a higher limit? i don’t really need a high limit card for purchases as i learned my lesson from my early mistakes as a 20yr college student with no knowledge on how credit really works, my main reason for wanting 1 or 2 new cards with limits in the 2,000 -5,000 range is so that i can improve my credit rating. i currently have around $ 35,000 in student loan debt and only a $ 500 capital one credit card so my score is low (569) and one reason is due to the credit to debt ratio. i do not own a house or anything like that. im now responsible 26yr old who works 2 jobs and pays bills on time every time and my credit score has gone from 330 to 569 in about 2 yrs of diligence and paying off my debts. i would appreciate advice on what i should do about my credit limit and or credit score. i am currently enrolled in the care one debt management program for a few collections accounts i have and i am enrolled in a credit monitoring site so i can see everything on my credit. i want to be able to buy a house in a few yrs so im trying to fix my credit! thanks!

4 Thoughts on credit limit increase and credit score increase help!?
  1. Reply
    RetiredDebtFree
    August 14, 2011 at 2:56 am

    You have accounts in collections and a very large amount of student loan debt. You are not likely to get a credit increase since you are considered to be a risky credit customer. Get your collections accounts completely paid off and your student loan debt paid down as fast as possible. Until you get these things squared away, you have no business buying a house.

  2. Reply
    bdancer222
    August 14, 2011 at 3:13 am

    I’m not sure why you think a big limit will increase your score. About a third of your score is based on the ratio of credit card debt to limit. Carrying balances of more than 30% of your limit hurts your score. Pay off the balance and your score rebounds.

    Credit card companies are not automatically increasing limits like they use to. They also are not handing out large limits on new cards. If you want to increase the limit on your current card, use the card up to about 80% of the limit and pay in full each month. In about 6 months or so, they will increase your limit.

    It would probably be a good idea to get a second credit card. You need multiple open active accounts to build your credit faster. Use both cards and pay in full every month.

    Well I just read the rest of your post. Since you are in a debt management program, you need to wait till you complete that program before you open any new accounts. When you complete the program the annotation that you are in a debt management program will be removed from your credit report and your score will improve. You will then need at least 24 months of consistent on time payment history to further improve your score.

  3. Reply
    My Take on It
    August 14, 2011 at 3:40 am

    With a credit score of 569 you will not get Capital One to increase your limit and you for sure will not get a new card with a $ 2500 to $ 5000 limit, much less a new card with even a $ 300 limit.

    You need to keep working on getting your score up. It is in the Poor range right now. Your past mistakes are still haunting your score. Get a copy of your credit report and see what is on there to make sure your score isn’t being affected by something you don’t even know about.

    http://www.annualcreditreport.com

  4. Reply
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    August 14, 2011 at 3:44 am

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