Used the Capital One Quicksilver Cash Rewards Credit Card for about three months and paid off the balance as soon as I could. I was excited to have any line of credit as I was building my credit score. In one reviewer’s words, “Applied for this card as a first credit card and was approved right away. ![]() A large number of Credit Karma reviewers report receiving unsolicited credit limit increases on a regular basis after opening their accounts. The easiest way to obtain an increase in your Capital One Quicksilver Cash Rewards Credit Card limit may actually be to let the increase come to you. This means your credit score may not be negatively affected by requesting an increase from Capital One. Users will receive an email to check the Online Document Center for the outcome of their request, though those not signed up for paperless documents will also receive a letter in the mail.įor some credit card issuers, credit limit increase requests may result in a hard credit pull, but reviews in the myFICO forums suggest Capital One credit limit requests involve a soft credit inquiry. Online requests for credit limit increases can be granted immediately in some cases, but it is not uncommon for requests to take two to three business days for review. This can be done either online through your Capital One credit card account, or over the phone by calling customer service at 1-80 (select “More Options” for credit limit services). The most proactive way to obtain an increase on your Capital One Quicksilver Cash Rewards Credit Card is to ask for one from Capital One. According to the Capital One site, “Customers who are most often approved for credit line increases tend to use more of their credit line, either by spending and paying off the card each month or by keeping a balance on the account and paying it over a period of time.” 1. Those who don’t use the card very often or only use a small portion of their existing credit limit may also be denied an increase. Also, note that you can only have one increase every six months, so you’ll be denied if you’ve recently received an increase. A single late payment can ruin your chances of being approved for a credit limit increase, even if you would otherwise be a prime candidate, so always be cognizant of due dates. On the other hand, you will likely be denied an increase if your card is too new, your balances are too high, or you have recently been past due on your account. Cardholders who make their payments on time every month and maintain low card balances are more likely to receive a credit limit increase, often without needing to show an increase in income. That means the best way to improve your chances of qualifying for a credit limit increase on your Capital One card is to regularly use your card and maintain healthy credit card habits. In particular, unsecured Capital One cards that are at least three months old may be eligible for a credit line increase, so long as they’re in good standing. Regardless of your reason for wanting a larger credit limit, you can relax knowing you may not be stuck with the limit you received when the card was approved especially if you’re willing to put in a little time. ![]() The amount of credit you have available to you is the “credit” part of your debt-to-credit ratio, which is an important factor in credit score calculations. While some of the anxiety over a credit card limit can be driven by the need to meet a specific financial goal, your credit limit can be important even if you’re using your credit card solely for the perks, like the flat-rate 1.5% cash back rewards of the Capital One Quicksilver Cash Rewards Credit Card. For example, reviewers of the Capital One Quicksilver Cash Rewards Credit Card (regular 19.24% - 29.24% (Variable) APR) have reported credit limits up to $30,000.Ĭredit Limit Range | Credit Limit Increases | Pre-Qualifying In general, the amount of credit you are offered will depend on factors such as your personal credit history, your yearly income, and the individual credit card for which you are applying. When you need your new credit card for a specific purpose, such as making an important purchase, the $64,000 question can become less about finding out whether you’ll be approved, but, rather, for how much you’ll be approved. The 60 seconds it often takes for the computer page to refresh with your answer can seem like an eternity as you impatiently wait (and hope) for those magic words: “Congratulations, you’ve been approved!”īut simply being approved isn’t always enough to ease the anxiety for some applicants. Waiting to learn how much your new Capital One Quicksilver Cash Rewards Credit Card credit limit will be can add even more anxiety to the general nervousness that can accompany submitting a credit card application for approval.
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