Capital One CLI Questions...

[Andy77]

So, I want to get a CLI on my cap one card.  I a 22k balance and my limit is 23k  My plan is to pay it off in full and my other card with a 10k bal.

In the past when I have requested an increase I got declined because it said my credit score was not high enough and or I had enough credit with capital one.

Here is my plan...of my 98k in total debt, I plan to pay 60k at one time which, according to the simulator here will bring my score from 630 now to 695-699

Question:

Do you think I should pay off both capital one cards, then pay off other cards to get to my 60k in payments I want to make, then wait a month, then try for the increase on the cap one card ?

The reason why I wanna do the increase is I want to put all my remaining debt on that card and I don't want my utilization messed up....so my plan is to.... get the increase, then do an acct combination then transfer my remaining debt onto that one card that would now be combined.  I am hoping with the increase and transferring of 38k left my utilization will be A-ok

Thank you for answering my question....

[Anonymous]

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@Andy77 wrote:

So, I want to get a CLI on my cap one card.  I a 22k balance and my limit is 23k  My plan is to pay it off in full and my other card with a 10k bal.

In the past when I have requested an increase I got declined because it said my credit score was not high enough and or I had enough credit with capital one.

Here is my plan...of my 98k in total debt, I plan to pay 60k at one time which, according to the simulator here will bring my score from 630 now to 695-699

Question:

Do you think I should pay off both capital one cards, then pay off other cards to get to my 60k in payments I want to make, then wait a month, then try for the increase on the cap one card ?

The reason why I wanna do the increase is I want to put all my remaining debt on that card and I don't want my utilization messed up....so my plan is to.... get the increase, then do an acct combination then transfer my remaining debt onto that one card that would now be combined.  I am hoping with the increase and transferring of 38k left my utilization will be A-ok

Thank you for answering my question....

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With that much debt I would focus on paying off the cards with the highest interest rate and not worry about how its going to affect a possible CapOne CLI down the road.

As for your utilization whether the $38K is on one card or lots of them your overall utilization is still the same and unless you have a 0% offer on the CapOne card it doesn't make much sense to do what you are planning.

[Appleman]

If you have enough credit relative to your income with CapitalOne (I believe that is what they told you) I doubt they will give you additional exposure (credit), paid down or not.

You are currently at 95% utilzation on the one Cap1 card, you need to bring that belwo 90% asap.

I am not understaning how you have $60,000 to pay down on $98,000 in debt. Paying down that much debt will be helpful with your scores.

Have you considered paying the $60,000 toward debt, wait for the reports to update and check in with the personal loan companies?

Good luck.

[Anonymous]

You need to pay down everything to 80% utilization, then pay off the highest interest debt asap. That's a boat load of CC debt. I wouldn't worry about CLIs right now if I was you.

[Andy77]

Thank you for the replies.  I have the 60k from farmland sale.  

I want to consolidate the 38k onto one card.  

Cap one will not charge me a bal transfer fee, just the regular APR which is lower than the APR I am paying on the cards that carry the remaing 38k

I suppose if cap one won't give me the CLI increase then I can just put 30k on the newly combined cards with them and the balane on the lowest interest card I have avail

However, another idea I had was to pay off both cards, transfer 30k to the same cap one cards and pay them off , again, in full.  It is my hope by doing this their computers will see I have ability, at least right now in life to use the entire credit lines and PIF...not once, but twice in a month.

Thoughts ?

[Anonymous]

I don't think it's going to matter. You have good credit limits now... How much do you need?

[Anonymous]

If I'm reading this correctly, you still have a 38k balance once you paid 60k. Requesting a CLI will only invite more debt = more % payments. I would think of the repercussions again x10.

[Andy77]

It is not that I need or want anymore credit but the longer I have the same limits and the longer the 38k is not paid down, which it's going to take me longer to pay that down, the longer my score will take the utilization hit unless I can get the CLI

[Andy77]

I think you are looking as my getting the CLI so I can incur more debt, that is not why I am asking for it.  I am asking for it to help with my utilization.  

Larger credit lines and larger balances go hand as the gap between credit limit and balance is wider which in turn makes your utilization better looking

[Anonymous]

The creditor may look at it as you trying to accrue more debt. I would say the consensus is to mainly focus on paying your debt and forget about CLIs. You can try though.