@Anonymous wrote:
Hi all!
Just wondering what the best answer would be for this question on a CLI application. I just got my first credit card and am in no way requesting a limit increase but I am however looking over every detail to best understand the best way to use my cards.
I know UTI is to be kept at 9% or lower, but when asked this CLI question, what would be the best answer? On one hand I can see them saying the lower the amount you spend per month the less of a risk you are. On the other hand, I'm wondering if they want to see a larger dollar amount than my current $300 limit. If I make several payments in each month, using the card a lot then paying it right back down days later, does that look better?
My situation is I have a $300 credit limit. I put my phone bill on the card then went on days later when that posted and paid it off the very first day I could. I then did the same with gas and groceries paying them off immediately after. I like this plan because I'm getting cash back rewards but is this screwing me over from getting a better CLI in 6 months? I thought showing that I could use the card but had a need for a higher limit would show more favorably to the creditor.
Any and all help is welcome, thank you all so much for answering so many of my questions!!
No clue on inputting the cc spend and it having impact. Tried both ways never made a noticeable difference. CC utilization will heal with time, so dont worry so much about that. You should be able to earn 1% back on gas and groceries with the credit one (but of course focus more on the cap1 now).I had luck calling in to cancel, and they offered a nice increase, I don't even remember, it went form $500 to either 1050 or 1500. They also essentially refunded all fees and interest I ever paid and said something like "dinner is on us!". I ended up canceling it several months before the next AF hit. I wouldn't cancel the credit one until you get another card, thats just me. Have you considered something at a credit union? Especially where you can validate your income, or perhaps where you do your banking at as a last resort.
I have said this many times before and I will say it again. Capital One is an ok bank. But as big as they are, I feel they should offer a wider variety of cards. They should also nerf the 1.25% venture one. And for a card like the Quicksilver World Elite MC, it shoud only be 1 or 2 inquiries (without modifications) instead of 3. Despite all of this, capital one seems to stick with folks through thick and thin. While they may not have APR reductions like Citi, Amex, BOA, etc, they do at least offer ongoing BT offers (although nowhere as frequently as discover), temporary APR reductions, and no bt fee options great for debt shuffles.
I prefer cards that aren't set in stone. If something changes and I want an increase earlier than 6 months, and I am willing to sacrifice an inquiry, that should be an option. And cards that are only reviewed by a computer once or twice a year for APR adjustments don't seem to be as competitive as cards that allow folks to request one manually a few times per year. I also dislike banks that basically encourage you to apply for another card just because you have outgrown what you currently have (commerce bank, capital one, etc).
I remember the days when I had to make multiple payments a week. It was a habit to just pay charges off daily. Now I prefer to let that money earn interest, and take advantage of grace periods.
