Credit limit increase?

[Jgutta420]

What is the name of your state? Florida


So today I got a push notification from Experian. I use their credit monitoring service as well as credit karma. Anyway, it said there was a credit limit increase on at least one of my cards. So I click the notification and it said, "congratulations! Capital One Bank USA raised your credit limit to $xxxxx". Then I got another notification saying a hard inquiry was performed and sure enough, it was capital one! Ummmmmm

So first, how'd they know before me. I know they're "monitoring" my credit but I feel like I should've known. Secondly, I never authorized them to do a inquiry or raise my limit. All my other cards have sent notification of their intent/willingness to raise my limit and ASKED if I wanted to. I'm pretty sure they can't just hit my credit all willy nilly whenever they want. I don't want the increase and if they'd bother asking me then they would know.

Thinking about cancelling this card and disputing this inquiry. Inquiries lower your score even if temporarily. It's the principle. I am not a happy camper. Has anyone else ever had something like this happen to them before and is it even legal?

 

[adjusterjack]

I'm sure it's happened to many and it's legal. When you first applied the card you probably authorized it in the fine print.

Cancel the card because Capitol One sucks. I got one of their cards and when I called to activate it they put me through 9 yards of crap questions so I cancelled the damned thing on the spot. Then I read the reviews (google them and you'll see) and learned that the general consensus is that Capitol One sucks.

Once you have cancelled the card, forget about disputing the hard pull. The minor drop in your score will recover within a month or two. You'll be banging your head against the wall for nothing.

 

[PayrollHRGuy]

Even if you don't cancel the card, (I have no opinion on Capital One one way or the other) the minor drop from the inquiry will be offset by the increase in your available credit and increase your credit score. That's assuming you don't use up the additional credit.

 

[ajkroy]

I have had Capital One for 20 years. They give me free money every year in the form of rewards (usually between $500-$600). Never had a problem and never once paid them a cent in interest or fees.

 

[HighwayMan]

I have had Capital One for 20 years. They give me free money every year in the form of rewards (usually between $500-$600). Never had a problem and never once paid them a cent in interest or fees.

Plenty of credit cards provide rewards. That is not a reason to use any card in particular.

 

[adjusterjack]

I have had Capital One for 20 years. They give me free money every year in the form of rewards (usually between $500-$600). Never had a problem and never once paid them a cent in interest or fees.

I do the same with my cards.

Since you are so happy with Capital One, don't get bent out of shape for something you probably authorized when you got the card.

 

[Jgutta420]

Well I guess I'll allow it, take it all in stride. But I am definitely going to send a letter requesting my credit not be ran again. I read through the original agreement and found out that's what I have to do to put a stop to it. I guess it wasn't all bad tho, the increase did lower my utilization thus increasing my score. I wonder if the increase will be reported on my credit as an increase.

 

[PayrollHRGuy]

Yes it will

 

[adjusterjack]

I wonder if the increase will be reported on my credit as an increase.

At some point you'll see the higher limit in that credit card entry on your credit report.

Give it a month or so and go to www.annualcreditreport.com and get one of your credit reports. You can get all three of them once a year for free.

 

[Jgutta420]

At some point you'll see the higher limit in that credit card entry on your credit report.

Give it a month or so and go to www.annualcreditreport.com and get one of your credit reports. You can get all three of them once a year for free.

Well as I stated in my original post, I have access to my credit report from all three bureaus. I can check them whenever I want. I looked and it already shows the increased amount. My question was will it show up as an "increase" and not just a raised amount. Same as how hard inquiries and missed payments show up. For instance, say I apply for a line of credit here soon. When that lender pulls my report they will see the higher amount but if it is not explained that it went from x to y then they would never know about the increase. They just will see it for what it is. Does that make sense? Guess I should have explained it better the first time.

 

[adjusterjack]

For instance, say I apply for a line of credit here soon. When that lender pulls my report they will see the higher amount but if it is not explained that it went from x to y then they would never know about the increase. They just will see it for what it is. Does that make sense?

Yes, it makes sense. I don't think it will make any difference to a prospective creditor who will look at your credit score first and if your score is 750 or better, probably nothing else will matter.

 

[Jgutta420]

Yes, it makes sense. I don't think it will make any difference to a prospective creditor who will look at your credit score first and if your score is 750 or better, probably nothing else will matter.

Gotcha! Appreciate all the help and quick responses.