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If you're looking to get a mortgage soon, DON'T app for anything new!!
They don't like to see any new credit inq's.
Once you get your mortgage approved & you CLOSE, then go for it!
What is the reason Cap1 gives you when you hit cli request? They are usually pretty good at increasing every six months if you request it, as long as your accounts are in good standing and everything else on credit report looks good. It’s also a soft inquiry so that will not hurt. Were you just waiting for automatic increases?
@Anonymous wrote:
Need some advise! I have a capital one quick silver, and a capital one quick silver one card, my CL on the quick silver one is $1450 CL on the quicksilver is $1200 I have had these cards for 2 years now never a late payment and pay the entire balance every month, my credit has majorly increased the last couple of months. Equifax 708 Trans 674 and Experian 630, I have tried everything to get capital one to increase my CL and they just won’t! I’m starting to get frustrated, I have thought about applying for other cards like America express to hopefully have higher CL but I don’t know if I won’t the inquiry on my report due to wanting a mortgage within the next few months! What do you all think? Just keep riding it out with capital one hoping for a better CL soon!? Thanks!
Definitely don't app for anything if you're looking to get a mortgage soon.
Keep in mind that CapOne and some other lenders will bucket you into a category of borrower at the time you first app for a card. Essentially, they're initial judgment of you for a particular card will not change much, if at all. That's not to say you can't/won't get CLIs on your current cards with them, but it means that you don't seem to have yet met whatever criteria they feel you must meet (again, based on their initial analysis of you when you app'd) in order to have earned a CLI. It also means that those cards have a ceiling in terms of how high they will go. So even if/when they start giving you CLIs the cards probably won't rise to very high limits.
CapOne was the first card I app'd for about 5 or 6 years ago when I decided to start rebuilding my credit. I had 3 in total with them. I got some increases on all of them after awhile, but never very much. I currently only have one CapOne card with a $7450 limit--and that's only because I combined all 3 of my cards into one card. Haven't been able to get a CLI on that card since combining even though my score has increased about 125 points since then (my scores across all 3 bureaus are between 784-785). Bothers me sometimes, but I have better cards now so I just let it be.
Just combine the limits onto the no-annual-fee card and call it a day. I did this last week as I was in the same boat. I'll keep the one card around for a while, but probably won't use it.
Combine the Cap 1's into 1 card. Find a good credit union. They have decent credit limits, lower interest rates and great banking products.
@Anonymous wrote:
They tell me that my account has recently had a credit increase but the last credit increase was probably about 6 months ago and it was only for $100
That's likely your problem... you'll need to wait until six months have passed before you're eligible again. If you try too early you'll get the message you recieved.
@UncleB wrote:
@Anonymous wrote:
They tell me that my account has recently had a credit increase but the last credit increase was probably about 6 months ago and it was only for $100That's likely your problem... you'll need to wait until six months have passed before you're eligible again. If you try too early you'll get the message you recieved.
And FYI, Blaine17, it’s 6 months exactly. I set a calendar appointment for every 181 days to request my Capital One CLI’s. Look at my signature and you’ll see what I’ve been able to do to a $300 QuicksilverOne through regular CLI’s, a product change and an account combination.
@UncleB wrote:
@Anonymous wrote:
They tell me that my account has recently had a credit increase but the last credit increase was probably about 6 months ago and it was only for $100That's likely your problem... you'll need to wait until six months have passed before you're eligible again. If you try too early you'll get the message you recieved.
Yep - I decided to see if I could get a CLI on my Quicksilver MC this past weekend after getting my new QS Visa, and got that message (because I'd had a CLI in September so it was still only 4/5 months on). I'll just have to wait until February or March.