How come I didn't get a credit limit increase? Over a year
I opened two cards a little bit over a year ago. Capital One and Discover. Both were secured cards with $200 deposit and got a credit limit of 200. My credit score was around 570-600 at the time and as of today it's about 700-740.
- Capital One Quicksilver cash back card. I use the card all the time, pretty much anytime when I make a purchase it would be my credit card and rarely use my debit for any transactions. The first six months I would hit the limit(200) once or twice and I would pay it off in full before the statement gets sent over to the credit bureau so I could use it again. After about 6 months, I got my security deposit back and got an increase to $500.
With Discover it's been a different story.... after about 6 months I got my security deposit back ($200) but they did not give me a credit increase. I asked for an increase at the time and they declined because of some late payments from years ago when I wasn't "all there". I asked for an increase another time and got the same result and they sent me a mail with the reasons why and it's pretty much the same. I'm so confused at why would Capital One give me an increase and they didn't with Discover? Each month was paid off in full and I never leave a balance on the card.
Am I doing something wrong here?
It's been about a year now and It's been pretty much the same. I would use all my purchases with Capital One and Discover. Every time I reach the limit I would make a payment and then I would be able to purchase again with the card. **(Awesome feature with Capital One is that as soon as I make the payment, I am able to use the card immediately, the amount I paid is instantly counted towards the balance and funds are available instantly)
So what am I doing wrong?
Should I be leaving some sort of balance each month so it shows utilization?
Is it okay if I reach my limit and then pay it off and use it again and then right before it get's sent to the credit bureau I would pay it off in full.
What would be best to be able to get the maximum credit limit?
Thank you in advance