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confused321

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Declined for a credit limit increase
I was declined for a credit increase and was told it was due to low payments. I always pay over the minimum payment. My balance on my card is $646 on a $4000 limit and my last 6 payments were $500 and over. I called Capital One and they said they couldn't tell me how high my payments should be to get an increase and that the computer determines if you are eligible. They said a couple more payments I should try again. Does anyone know what kind of percentage on a balance the credit card company feels is a good payment? I thought paying at least $500 plus a month was a pretty good payment.

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I just applied online for an increase at Capital One, and was turned down too.

The reason they rejected ME was that I wasn't using enough of the existing limit ($10,000).

The reason I wanted to increase it is because I need to replace my heating/air system, and wanted to charge it all on one card.  1.5% cash back, and all that :)

Bumping it to $13,000 or so would have been sufficient.

Note, I didn't call.  Maybe I could have explained why I wanted it, and why it wasn't a real risk for them.  I have never paid interest on that card with them.

I just applied online with another card (1% back), and was immediately upgraded to a $16,000 limit.  Not anywhere close to my limit on that card either.

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Well, a lot might depend on how much you charge every month.  You don't want the charges to negate the payments (don't charge $500  when you are paying $500 because of the interest added in).  They just might want to see the usage ratio drop to 10% or less and may be happier if you get to where you pay the balance in full every month..

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