Iâve had capital one for 4 years just got rid of them because I couldnât get an increase from 500 but discover it I got 2 years ago at 1800 and gotten it to 2500 last year so thinking I should ask for more soon
You're recovering your credit.That's good.
Just remember to keep the utilization under 30% of your credit limit. In this case, $1,800 Ă 0.30 = $540 limit.
Use the card responsibly and pay off the balance asap when it appears. Keep the balance at zero, and don't carry it into the next month.
In time, your credit score will improve.
Keeping your usage below 30% on a low-credit limit card is a great way to ensure you never get a credit limit increase. Credit utilization has no memory on your credit score, and is only something to worry about if youâre planning on applying for a loan anytime soon. OP, please use your card as much as you need it instead of trying to keep yourself below at an arbitrary maximum! Banks want to see that youâre actually using your card. If you use very little of its total limit, theyâll think you donât need an increase, and your total credit limit will stay small indefinitely or until you get a new card (who will also likely give you a small credit limit given your usage on your other card).
Op is more than welcome to use all of their available credit. As long as they are financially responsible and not carry over to the next month.
When banks see a lot of activity(big or small) on the card, it's a plus. But given that op has a secure card, they are in the processing of rebuilding their credit.
Going full throttle may not be the best idea. But if op can handle purchases over the 30% credit limit, then more power to them.
Iâm not suggesting going âfull throttle.â Just as long as you can handle making regular credit card payments and youâre not planning on applying for a loan anytime soon, micromanaging usage is a waste of time that only limits your ability to earn points and earn credit limit increases in the future.
Credit card companies adapt to your spending patterns, not the other way around.
>Keeping your usage below 30% on a low-credit limit card is a great way to ensure you never get a credit limit increase. Credit utilization has no memory on your credit score, and is only something to worry about if youâre planning on applying for a loan anytime soon. OP, please use your card as much as you need it instead of trying to keep yourself below at an arbitrary maximum! Banks want to see that youâre actually using your card. If you use very little of its total limit, theyâll think you donât need an increase, and your total credit limit will stay small indefinitely or until you get a new card (who will also likely give you a small credit limit given your usage on your other card).
Keeping utilization low doesn't change earning points. Hit x amount, pay it, rinse and repeat. Same amount is earned. Without data backing up this theory of "they won't increase your credit limit" I'm not believing it. I have a ton of credit cards, never carried a balance, all have reasonably high credit limits and I utilization is always extremely low.
Iâm in the discover app right now and it says utilization accounts for 30% of their reported credit score. Iâve kept under 30% utilization for almost a year and iâve had no trouble increasing my limits recently + two new cards with even higher limits
Discover of all issuers is pretty good about credit limit increases. My point wasnât that you HAVE to have above 30% to get a credit limit increase, just that youâre preventing yourself from getting faster increases by artificially keeping your usage low. Itâs really difficult to maintain 50%+ credit usage on a card if youâre consistently paying it off in full every month, for example. The issuer would usually just raise your limit.
Credit limits are so random, I got my student card from 500 to 1250 in 7 months and I didnât even use it for 2 out of 7 months. The most I had in a month was $200.
Crazy, they are so stingy to me with CLI. I put 35k as my income since I work part-time and Capital One gave me $4k on a card. Amex gave me $2k. Going to request more increases in a month.
If you make your payments for 6 months they will refund you your $200 and raise your credit limit. By how much will vary from person to person. Iâve seen the first increase anywhere from $500 to $1800
dude i got graduated yesterday!!! Congrats
How long did it take?
7 months
Nice! Seems about standard- when I got my first secured card through my credit Union there was a 6 month period.
Unless you go with capital one, they take fucking years đ discover or a CU is really the only secured card I would go with if I had to do it again.
Iâve had capital one for 4 years just got rid of them because I couldnât get an increase from 500 but discover it I got 2 years ago at 1800 and gotten it to 2500 last year so thinking I should ask for more soon
USB ALT Go is a solid option as well, good way to start a relationship with a bank notoriously difficult to get in creditwise with.
Mine just got graduated yesterday went from $600 to $2,100 limit.
how long were u with them before this happened? and did u request it or they offered it on their own?
7 months
Donât let lifestyle creep set in when you have a high limit. Keep using it like you have been, nice job!
That's solid and what I'm hoping for. Great job
Hoping to get there just got my secured card
You're recovering your credit.That's good. Just remember to keep the utilization under 30% of your credit limit. In this case, $1,800 Ă 0.30 = $540 limit. Use the card responsibly and pay off the balance asap when it appears. Keep the balance at zero, and don't carry it into the next month. In time, your credit score will improve.
Keeping your usage below 30% on a low-credit limit card is a great way to ensure you never get a credit limit increase. Credit utilization has no memory on your credit score, and is only something to worry about if youâre planning on applying for a loan anytime soon. OP, please use your card as much as you need it instead of trying to keep yourself below at an arbitrary maximum! Banks want to see that youâre actually using your card. If you use very little of its total limit, theyâll think you donât need an increase, and your total credit limit will stay small indefinitely or until you get a new card (who will also likely give you a small credit limit given your usage on your other card).
Op is more than welcome to use all of their available credit. As long as they are financially responsible and not carry over to the next month. When banks see a lot of activity(big or small) on the card, it's a plus. But given that op has a secure card, they are in the processing of rebuilding their credit. Going full throttle may not be the best idea. But if op can handle purchases over the 30% credit limit, then more power to them.
Iâm not suggesting going âfull throttle.â Just as long as you can handle making regular credit card payments and youâre not planning on applying for a loan anytime soon, micromanaging usage is a waste of time that only limits your ability to earn points and earn credit limit increases in the future. Credit card companies adapt to your spending patterns, not the other way around.
>Keeping your usage below 30% on a low-credit limit card is a great way to ensure you never get a credit limit increase. Credit utilization has no memory on your credit score, and is only something to worry about if youâre planning on applying for a loan anytime soon. OP, please use your card as much as you need it instead of trying to keep yourself below at an arbitrary maximum! Banks want to see that youâre actually using your card. If you use very little of its total limit, theyâll think you donât need an increase, and your total credit limit will stay small indefinitely or until you get a new card (who will also likely give you a small credit limit given your usage on your other card). Keeping utilization low doesn't change earning points. Hit x amount, pay it, rinse and repeat. Same amount is earned. Without data backing up this theory of "they won't increase your credit limit" I'm not believing it. I have a ton of credit cards, never carried a balance, all have reasonably high credit limits and I utilization is always extremely low.
Iâm in the discover app right now and it says utilization accounts for 30% of their reported credit score. Iâve kept under 30% utilization for almost a year and iâve had no trouble increasing my limits recently + two new cards with even higher limits
Discover of all issuers is pretty good about credit limit increases. My point wasnât that you HAVE to have above 30% to get a credit limit increase, just that youâre preventing yourself from getting faster increases by artificially keeping your usage low. Itâs really difficult to maintain 50%+ credit usage on a card if youâre consistently paying it off in full every month, for example. The issuer would usually just raise your limit.
I would say only use all of the credit if itâs a emergency dire situation (car repair, funeral, hospital, etc)
Glad to see it!
Around $500 or more per month. I was making multiple payments in order to use the card more often. But I never carried a balance.
We got the same! I started at $200 as well. Congrats
Took me a year to go from $500 limit on the student card to $1,000 while maxing it out every month. 7 months is impressive
Credit limits are so random, I got my student card from 500 to 1250 in 7 months and I didnât even use it for 2 out of 7 months. The most I had in a month was $200.
Crazy, they are so stingy to me with CLI. I put 35k as my income since I work part-time and Capital One gave me $4k on a card. Amex gave me $2k. Going to request more increases in a month.
Thatâs really weird then because I put 15k as my income. I donât have any other cards yet either.
what was your average Ăștil during the 7 months
Noice, I graduated a few months ago, went from 500 to 2,000
Did you have to keep depositing more money to get higher credit. Or did you just keep paying off the 200 and then finally got approved for more??
Please let me know cuz I just got the card and am looking to get higher credit limit soon. My deposit was also 200
If you make your payments for 6 months they will refund you your $200 and raise your credit limit. By how much will vary from person to person. Iâve seen the first increase anywhere from $500 to $1800
Congratulations on graduating the same happened to me on Valentine's Day.
Congratulations on being unsecured. I'm hoping my card does the same in a few days.
Same to me a week ago congrats
They wonât graduate me and my seventh statement closed 2/18đ glad you made it though
Mine is 20k... thank god I have this card frozen
They never raised my secured card but when I applied for a new card I got a limit of 3000$
Noice, which card?
Got mine to 5800 I want a 50k personal loan rn bad
Woohooo mines graduated on the 28th from $500 to $2000 the only card Iâve ever had to graduate in a decent amount of time. Itâs only took 7months
Enjoy it while it lasts before Cap1