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Established Contributor
Ravensfan2001
Posts: 566
Registered: ‎11-10-2012
0

Secured Capital One CLI

My DH and I both got secured cards in May 2012 in attempt to start fixing our credit. I paid $49 for a $200 CL and he paid $200 for a $200 CL. The first 2 months, I pretty much maxed it out, but PIF. I added another $100 to increase my CL. I probably used about 70% of the CL, but continued to PIF. At the same time, my husband maxed his out and was paying about $30-$50/month on it. Cap1 gave him an auto CLI of $100, while mine remained the same. Why is that? What am I doing wrong or what is he doing right? What can I do to possibly get a CLI without an extra deposit?


Starting Scores: (4/16/12 lender pull) TU 596 | EX 550 | EQ 576
Mortgage Scores:(7/24/13 lender pull) TU 663 | EX 635 | EQ 649
Current Score (11/7/14): TU 664 | EX 605 (no update) | EQ 661
Goals: 680 across the board by 3/2015. Last app 7/16/14 (auto loan)
*** Homeowner 9/27/13*** All but 2 CCs are in the sock drawer!***
Contributor
svtthis
Posts: 124
Registered: ‎07-09-2012
0

Re: Secured Capital One CLI

Ravensfan2001

 

I can tell you from my experience what happend with my Cap1 secured card. I basically did the same as you charged almost max and PIF for a couple of months. Then after I paid on my card month to month for about 3 months they gave me a 100 CLI. So I can't say that's exactly what it was from but from all the research I did from what others did it seemed to be inline.

 

Seems like CAP 1 likes to make the most money on you and to do that if you charge alot  and then pay month to month they really like that. But as always YMMV

Contributor
BearOSO
Posts: 97
Registered: ‎10-03-2012
0

Re: Secured Capital One CLI

I received a CLI the day I was approved. I deposited 500 and had a $651 CL. My assumption is that they gave me what they advertised as the 49 for 200 CL difference on top of my deposit. I must say, C1 is weird. But I've had no problems with them.
Frequent Contributor
jdirilo
Posts: 331
Registered: ‎08-27-2012
0

Re: Secured Capital One CLI

I've had my secured card about 8 months, and another card with them for about 7. I got the auto cli from 500-750 on the rebuilder card,and then emailed EO to see if they could do $1500. They called me Wednesday and I'm still waiting for a response. I asked If there's any way to do an increase.on my secured card and she said.only if I deposit more because they rarely review secured accounts. But she said she would ask. So I keep checking my account for any changes. Nothing yet. Hoping for something next week.
Contributor
BearOSO
Posts: 97
Registered: ‎10-03-2012
0

Re: Secured Capital One CLI

Looks like I need to email the EO. My oldest card is with them and hasn't seen a CLI in 5 years lol
Frequent Contributor
payingoffdebt001
Posts: 406
Registered: ‎04-15-2011
0

Re: Secured Capital One CLI

[ Edited ]

I emailed EO and when they called the said my cards do not qualify for a CLI since they are secured.  I paid 29.00 on one for a 200 line of credit and the other - I think I put the full dollar amount in this was 2 years ago.  So on both accounts she said since they are Secured that the only way for me to increase is deposit more but that I was welcomed to apply for a different type of card with them.
  This was my experience with them two days ago.

 

Senior Contributor
Wolf3
Posts: 3,197
Registered: ‎01-24-2010
0

Re: Secured Capital One CLI


Ravensfan2001 wrote:

My DH and I both got secured cards in May 2012 in attempt to start fixing our credit. I paid $49 for a $200 CL and he paid $200 for a $200 CL. The first 2 months, I pretty much maxed it out, but PIF. I added another $100 to increase my CL. I probably used about 70% of the CL, but continued to PIF. At the same time, my husband maxed his out and was paying about $30-$50/month on it. Cap1 gave him an auto CLI of $100, while mine remained the same. Why is that? What am I doing wrong or what is he doing right? What can I do to possibly get a CLI without an extra deposit?


You are both doing it right.   My guess is you started out with $150 unsecured CL and he started with $0 unscecured CL and now has $100 unsecured  You are still ahead by $50.   I think the unsecured CLI is a 1 time thing at 6 months, and not everyone gets it.

 

Adding to the deposit is a good thing if you can spare it.    It can help you get a larger CL when you apply for unsecured Cap1 later.   I built my deposit to $2200 over 1.5 years time and applied for unsecured with Cap1.   Got a $3000 cash back card with $500 step at 6 months. 

Established Contributor
Ravensfan2001
Posts: 566
Registered: ‎11-10-2012
0

Re: Secured Capital One CLI

Wolf3, I do have another secured card - $500 rewards Visa with SDFCU with no AF and 6% APR. I'm thinking that if I can afford to put more money into a secured card, it would be that one. It doesn't graduate, either. I'm sticking with Capital One only because it's my oldest card. Should I put money into both?


Starting Scores: (4/16/12 lender pull) TU 596 | EX 550 | EQ 576
Mortgage Scores:(7/24/13 lender pull) TU 663 | EX 635 | EQ 649
Current Score (11/7/14): TU 664 | EX 605 (no update) | EQ 661
Goals: 680 across the board by 3/2015. Last app 7/16/14 (auto loan)
*** Homeowner 9/27/13*** All but 2 CCs are in the sock drawer!***
Senior Contributor
Wolf3
Posts: 3,197
Registered: ‎01-24-2010
0

Re: Secured Capital One CLI


Ravensfan2001 wrote:

Wolf3, I do have another secured card - $500 rewards Visa with SDFCU with no AF and 6% APR. I'm thinking that if I can afford to put more money into a secured card, it would be that one. It doesn't graduate, either. I'm sticking with Capital One only because it's my oldest card. Should I put money into both?


Assuming you expect a long term relationship with SDFCU, I would put money there first.     If you are planning to apply for unsecured Capital One in the future, putting some extra deposit there will help with that, if not I would not bother.   


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