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Hi everyone-
I am going to be asking for a significant CLI on my current Capital One Platinum Toy Card ($400) and a product chance (Quicksilver?). I am going to go through the EO a ssuggested and have heard from several people on here it's generally a soft pull...
My question is assuming every goes as planned, how long does it take for them to report the new CLI to the bureaus? Is it instantaneous (next day), or does it get reported after the statement cuts (my bill is 1st of the month)?
The reason I am asking is I'm trying to determine the timing in terms of apping for a couple of prime cards...and I'd like to show a decent limit on the Cap One so they aren't frightened off by my credit limits. Has eveyone had experience with this?
Thx!
My background: Scores all 680+; <10% UTL; no lates for 3+ years; one 6 year old CO.
Its reported when you next statement cuts.
Yeah I was thinking that made the most sense...but with banks and the CRA's, I've learned that common sense is not what always wins the day.
Thx!
I'll try to help.....I just got approved for a Barclay card about 12 days ago for 2500, I called Barclay the next day, and ask for a higher limit. Barclay gave me a higher limit of 3500. I got my card in the mail yesterday, and activated it, I then call customer service to confirm I do indeed have a limit of 3500 which the customer rep said I do....I then called all three credit bureaus, and they told me it shows 2500 limit. I then called Barclay back, and they said next time my statement reports, which for my card is on the 8th of every month, it will show 3500 limit......so, I do believe, get your cli right before your statement cuts, and then go for the prime cards....but if your bill is on the first, the statement usually cut 3 days after, which is today.......
Thx for the insight, Vegas and congrats on the new Barclay's. I'm actually planning on doing this in March :-).
I just paid down one other card, to $0, but it has not reported yet. So I will be around <5% accross the board by the 20th (figured I might as well go in with the best possible resume...lol). Once everything reports, I will contact Cap One for the PC/CLI.
I'm not in any hurry...if it has to wait until April/May for all the stars to align, so be it. One thing my credit repair journey has taught me is the art of patience. My only hard date is I will be doing some traveling with the girlfriend this summer, so I'd like to have 1-2 prime cards with decent limits. The low CL's on my current cards are killer... We went to Europe last year and we had to carry more cash than one should in a foreign country.