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Message
Unanticipated increase in credit limit
Posted on 4/25/16 at 7:55 pm
Posted on 4/25/16 at 7:55 pm
I don't usually visit the Money Talk, but I have a question about a credit card that I know better to ask on the OT. 
I have a Capital One Visa that I have been having for about a year. It has a credit limit of $5000. I got my April statement today and looking at it, it shows that the credit limit is $25000. I didn't request an increase in the credit limit. I usually charge anywhere from $200-500 per month and pay the whole balance. For example, today's statement showed a balance due of $346.
I checked my account online and it also shows a credit limit of $25000.
Could this be a mistake? I don't intend to ever use that much on the card. I just find it odd that they would increase the limit by that much, a couple of thousand, I could understand, but not 20k. Thoughts?
I have a Capital One Visa that I have been having for about a year. It has a credit limit of $5000. I got my April statement today and looking at it, it shows that the credit limit is $25000. I didn't request an increase in the credit limit. I usually charge anywhere from $200-500 per month and pay the whole balance. For example, today's statement showed a balance due of $346.
I checked my account online and it also shows a credit limit of $25000.
Could this be a mistake? I don't intend to ever use that much on the card. I just find it odd that they would increase the limit by that much, a couple of thousand, I could understand, but not 20k. Thoughts?
5
Posted on 4/25/16 at 8:06 pm to doublecutter
My AMEX typically goes up $5000 a year without asking. While it's a large jump it's not unthinkable. If they notice it's not you're primary card they are likely trying to lure you into making it your primary card. No downside IMO if you have the self control not to spend more than you can pay off each month. 
Posted on 4/25/16 at 8:08 pm to doublecutter
quote:
Thoughts?
Vegas baby
Posted on 4/25/16 at 8:29 pm to doublecutter
Your utilization just plummeted, and your credit score will skyrocket. Congrats
Posted on 4/25/16 at 8:33 pm to doublecutter
That's a pretty big jump. The biggest increase I've ever gotten at once is 5K. Just say thanks for the increase in your credit score and keep the account open.
Posted on 4/25/16 at 9:27 pm to bayoubengals88
quote:
Your utilization just plummeted, and your credit score will skyrocket. Congrats
It won't "skyrocket" but it'll probably be a nice bump up.
Posted on 4/26/16 at 9:40 pm to doublecutter
It's not a mistake. Capital One is very generous with their credit limits.
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