How do I submit a credit limit increase for a secured credit card? (2024)

FAQs

How to raise credit limit on secured card? ›

If you can deposit more than the minimum, you'll increase the limit on your secured credit card, giving you more flexibility in spending. If you are approved for a secured credit card, you'll be required to pay a minimum refundable deposit into an account that is equal to your credit limit.

You can get a Credit One Bank® Secured Card credit limit increase by making a request through your online account, or over the phone at (877) 825-3242. Once submitted, a Credit One Bank® Secured Card credit limit increase request may take up to one week to process.

The key to building credit with a secured credit card is to use a small percentage of your credit line each month and then pay it off when your statement arrives. This demonstrates to your card issuer, and in turn the credit bureaus that you can responsibly manage credit.

Be automatically considered for a higher credit line in as little as 6 months.

Credit card issuers may have different requirements for when you can increase a secured credit card's limit. For example, some may allow you to raise your credit limit by making an additional security deposit. Others may increase your credit limit after a certain number of on-time payments.

While we can't say for sure how much your credit score might improve, we can tell you that using a secured card can boost your credit score relatively quickly — think “under six months” — especially if you focus on the five factors that make up your credit score: Payment history. Credit utilization.

Every secured card allows you to deposit more than the minimum, but most set a maximum deposit amount. Your deposit is usually equal to your credit limit. Once you've improved your credit enough to qualify for a regular "unsecured" card, you can upgrade or close your secured account and get your deposit back.

Call your credit card company.

The back of your card has a customer service number you can call and learn if you're eligible for an increased limit. You may have to answer some questions regarding your request and financial situation, but if you meet the requirements they can put in a request for you.

Credit One Platinum's maximum credit limit is around $2,000, according to customer reviews. Some people report being approved for this amount right away, while others have worked up to it over years of responsible card use. The minimum credit limit for Credit One Platinum is just $300.

Should I pay off my secured credit card every month? ›

It's a good idea to pay off your credit card balance in full whenever you're able. Carrying a monthly credit card balance can cost you in interest and increase your credit utilization rate, which is one factor used to calculate your credit scores.

By having two secured cards, you effectively double your total available credit. A higher available credit limit can lower your credit utilization ratio, potentially boosting your credit score.

Paddy Sullivan, WalletHub Credit Card Advisor

For instance, you can add funds to your security deposit to raise your credit limit, subject to approval from the issuer. Plus, with some cards, if you make several consecutive timely payments, the issuer may increase your limit without an additional deposit.

Capital One Savor cardholders report credit limits between $5,000 and $30,000, but you won't know your actual credit limit until you're approved. When determining credit limits, factors such as your debt-to-income ratio, repayment history, and the length of your credit history will play a significant role.

Not all card issuers follow the same guidelines when it comes to how long it takes for a secured card to become unsecured, although it typically ranges from six to 18 months. During this period, you need to use your card correctly and keep an eye on your credit score to qualify.

Some secured cards have no annual fee, some have no activation fee, some have varying interest rates and some give you a bonus like providing your credit score every month. A security deposit can range from $200 to $10,000, though it's rare to go anywhere over $1,000.

But some cards, like the Capital One Platinum Secured card, might provide a credit limit that's higher than the amount of the security deposit. With Platinum Secured, an initial security deposit of $49, $99 or $200, depending on your credit history, can open an account with a credit line of $200.

Apply to increase your credit line

If over time you find that you need a higher credit limit, you can apply for a credit line increase and add to your security deposit.

Having multiple secured credit cards is not necessary to build good credit, and there is nothing intimating that you'll achieve a good credit score faster by doing so. However, opening more than one secured credit card can help you in one important way: credit utilization.