Use DoNotPay to Request an Increase on Your Secured Capital One Card
Increasing the credit limit on your Capital One secured card is a great way to improve your credit score and enhance your creditworthiness. Whether you want to increase the limit to cover a large purchase, or you're simply looking to boost your score, DoNotPay can help.
Can I Increase My Credit Limit on a Secured Card?
A secured credit card is different from more traditional cards because you must pay a refundable deposit to open the account. Your credit limit may be equal to the amount of the deposit, or you may have an additional line of credit over the deposit amount.
The credit limit on your card is the maximum amount you can spend. When you apply for a credit card through any bank, from American Express and Citi to Discover, Credit One, and Apple, each institution considers your application based on your credit score, payment history, income, expenses, and other factors. Using this information, they determine the amount that you can be reliably expected to pay back in a timely fashion. That amount becomes your credit limit.
are designed to help individuals with poor or no credit improve their credit scores. After approximately six months, Capital One will automatically increase your credit limit as long as you have met their criteria. If you do not receive a credit limit increase, you may be able to submit a request.
About Capital One Financial Corporation
Capital One Financial Corporation is a major American provider of credit cards, checking and savings accounts, and auto loan financing for individuals, small businesses, and large commercial clients throughout the US, Canada, and the UK. Unlike more traditional banking institutions like Bank of America, JP Morgan Chase, and Wells Fargo, Capital One's business focuses mainly on credit cards.
A secured Capital One credit card can be used like any other credit card to purchase goods and services. Depending on the card type and your credit history, each card features different interest rates, rewards, and credit limits. Since these cards are typically reserved for individuals with poor or no credit, it can be more difficult to increase your credit line.
What to Consider When You Request a Higher Credit Limit
automatically increase the credit limit on secured cards after six months, as long as all payments have been made on time. Factors that affect your eligibility for an increase include the age of the account and whether you have received an increase or decrease in your credit limit in recent months.
If your credit has improved, you have made regular payments, and your balance is low, you may also consider opening a non-secured credit card with Capital One or another lender. For new applications and credit limit increase requests, Capital One will consider the following factors:
- Income and employment status
- Living expenses
- Credit score
- Payment history
- Card use and frequency
- Recent credit inquiries
Requesting a Capital One Secured Card Increase by Yourself
With a secured Capital One card, you are automatically given an increase if you are eligible. You can also submit a request through the Capital One portal:
- Log into your Capital One account.
- Select Request Credit Line Increase from the Services menu.
- Enter the requested information and submit the form.
- You should receive an immediate response to your request.
If your request is approved, you will see an immediate increase in your credit limit. If not, you will receive a separate letter from Capital One requesting more information or providing reasons for the denial. If you aren't sure what to do next, DoNotPay can assist you with the next steps.
Request a Higher Credit Limit on Your Capital One Secured Card Using DoNotPay
Increasing your credit limit on a secured card is complicated. While a simple online form may be sufficient for unsecured accounts, Capital One's secured cards have more restrictions.
DoNotPay can streamline the process with these six easy steps:
- Go to the Credit Limit Increase product on DoNotPay.
- Select which type of card you own and your credit provider.
- Tell us more about your card, such as when you first created this card, your current credit limit, what you would like your new limit to be, your card number, and whether you've missed past payments.
- Tell us more about your current income and expenses and why you would like to request a limit increase.
- Indicate whether you want to allow hard inquiries to be made into your credit history. Upload a copy of your ID and provide your e-signature.
- Submit your task. DoNotPay will deliver the request letter on your behalf. You should hear back from the card provider with confirmation or a request for more information within a few weeks.
DoNotPay will send a letter to Capital One on your behalf requesting a credit limit increase for your secured card. Capital One will contact you directly with a decision or information request.
Why Use DoNotPay for Your Credit Limit Increase Request
When you choose DoNotPay, you enjoy the following advantages:
|Fast||Don't waste time sitting on hold or writing long letters.|
|Easy||Avoid complex forms and let us track your request progress.|
|Successful||Know that DoNotPay will make the best case for your credit limit increase.|
DoNotPay Works With Every Business
DoNotPay can help with more than your Capital One secured card. We work with all banks and financial institutions to help you request a new card, increase credit limits, reduce interest rates, and submit disputes. Our other financial services include: