Examine your current card status to determine your eligibility before you contact the bank. The bank will not approve an increase in certain situations, such as for secured cards, accounts less than six months old, or for those who had a credit limit adjusted in the last six months. If you're still not sure of your eligibility, call Capital One at 1-800-955-7070 and speak with an agent. Capital One requires background information such as your employment details, current income and monthly income to process the request.
You may make your request online if you already manage your Capital One account on the Internet. Log in and choose "Request Credit Line Increase" under the Services tab. If you are not registered online, you may click on the "Enroll Here" link on the bank's homepage to do so. If you prefer to speak to an agent, call the bank at 800-955-7070 and select "More options" to get to the "Credit Line Increase" option. You could get a decision immediately, or it may take up to 10 days.
Capital One considers several factors before deciding on the increase. Your account status, whether you make payments on time, how much of your existing credit line you are using and information from the credit bureaus all play a part in the decision. The bank could deny your request because of late payments and a large balance. It could approve it if you have a record of making payments on time and paying large portions of the balance each time.
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Credit Score Impact
According to information from U.S. News, requesting a credit limit increase typically results in a hard inquiry into your credit history that lowers your credit score. However, Capital One does not generate additional inquiries when a customer asks for an increase. Instead, it bases its decision to approve or deny the request based on information it receives from the credit bureaus on the customer's credit history monthly. This system will not impact your score.