Credit limit increase

[Anonymous]

Thanks for all the information guys! I’m going to just sit back and wait! I’m hoping that my next CLI will be a decent one due to my credit score being so much higher than the last credit increase! Do you think that credit score comes into play when they give a CLI ???

[Anonymous]

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@Anonymous wrote:
Thanks for all the information guys! I’m going to just sit back and wait! I’m hoping that my next CLI will be a decent one due to my credit score being so much higher than the last credit increase! Do you think that credit score comes into play when they give a CLI ???

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It's not the sole factor (they always consider income, for instance, as you'll notice when they ask you for that on a CLI app), but yes, issuers do look at scores when they SP or HP to see if you're eligible for a CLI. Some issuers set certain threshholds - for instance, Synchrony, in many people's experience, won't even consider you for a CLI until your TU score (which they SP) has cracked the 650 barrier.

[Anonymous]

First, as people said, don't do any inquiries 6 months before a mortgage application.

Second, Capital One doesn't care if your scores are better, that isn't the process for giving a CLI on certain rebuilder accounts.  Read my post on Asset Backed Securities and the credit card industry.

Third, you likely CAN combine both accounts into one bigger account.  I believe the feature is available online.  Combine the QS1 limit into the QS limit (after your mortgage closes) and you'll remove the annual fee, have a larger credit limit and maybe break out of the tier you're in.

Fourth, if you've ever had any payment mistakes with Capital One, you may be internally marked for your limits.  Payment mistakes include a payment error (such as typing in the wrong account number) or being late even 1 or 2 days even if they never reported it to the agencies.  Have you ever had a payment mistake on any account with them?

[Anonymous]

Never had any payment issues at all!!
Annual income is $80,000

[Anonymous]

If I combine both cards will that hurt my score? My quicksilver one card is my oldest account!?

[Anonymous]

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@Anonymous wrote:
If I combine both cards will that hurt my score? My quicksilver one card is my oldest account!?

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Without knowing the months/years of each account, it's impossible to forecast, but closed accounts continue to report for up to 10 years after closing, so it continues to help your AAoA and AoOA for that length.

The only way I can imagine it hurting your score is if you have 5 or fewer credit cards open.  FICO likes to see 5+ credit cards over 24 months of age, so don't close an account if you're at 5, or fewer.

[Anonymous]

Thanks so much for all the information! I learn so much from this forum.

[Anonymous]

I had 3 cards with Cap1 and because they wouldn't budge on giving me any CLI at all. I ended up just grouping them together. I get the higher limit, 1 card only, and no annual fee.

Since doing that I was eligible for a CLI, but they denied me because my "monthly payments" were not high enough. Which makes no sense to me at all. Considering the fact that I paid it off in full every month, but it's Cap1!

As others have said though, I would just sit back and wait the 6 month period and try again!

[Anonymous]

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@Anonymous wrote:
I had 3 cards with Cap1 and because they wouldn't budge on giving me any CLI at all. I ended up just grouping them together. I get the higher limit, 1 card only, and no annual fee.

Since doing that I was eligible for a CLI, but they denied me because my "monthly payments" were not high enough. Which makes no sense to me at all. Considering the fact that I paid it off in full every month, but it's Cap1!

As others have said though, I would just sit back and wait the 6 month period and try again!

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I've seen that "your monthly payments are too low" excuse before, too. Considering that you PIF every month, you can take it as what it is, a convenient excuse. If things are good with your payments, balance, FICO score and credit history, and the like, the usual actual reason is that it's too early for you to apply for a CLI after your last one - Capital One has, like everyone else reports, a pretty strict policy of six months between CLI's on unsecured cards (and they usually won't grant CLI's on secured cards after the first auto-CLI at all, though there may be exceptions).

[Anonymous]

Quick update guys, I actually called capital one and asked when my last increase was on both of my cards! I’m about 4 days away from it being 6 months on my quicksilver card so I will keep you posted, I’m hoping for a decent increase sense it’s on quicksilver card and not my quicksilverone card!