Capital One CLI with high UTL?

[Anonymous]

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@icyhot wrote:

I've been hitting the LUV button on my QS at least once a week, first it was "your account is too new" then it was "your minimum monthly payment has been too low." I was making only the minimum payment since it was on 0% and that was really all I could do, but now I can do a little more and have made $100-$200 payments for the past two months. The letter has stated if I make over the minimum payments for 3 months I could be eligible, however my UTL will still be ~80%. Do they still give CLIs with high balances? I'm payig it off for good in January, just would like the UTL to be cushioned a little.

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 I've gotten CLI with larger payments for 3 consecutive months even with high(ish) balances, but no CLI with minimum payments I made when I was unable to pay in full.

[Anonymous]

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@Anonymous wrote:

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I could never feel comfortable having any debt. I always have an urge to pay off my balance whenever I can which is once a week. I have credit cards because I want to rob them of their benefits. Fat chance I'll buy something with my credit card that I can't already pay in cash.

My creditors, thanks for the 5% cash back and cash back sign up bonuses because your hopes that I will purchase beyond my means will never occur. 

Icyhot, guess how my creditors respond to my credit behavior? They increase my CLI in an attempt to get me to purchase beyond what I can handle! Fat chance I'll be doing that! Only if I was a fortune teller and knew I would never lose my job or become injured I might take that chance!

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That's great, but didn't you just get all/most of your cards within the last month? Most of them should still be in the 0% interest promotion.

[Anonymous]

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@Anonymous wrote:

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...didn't you just get all/most of your cards within the last month? Most of them should still be in the 0% interest promotion.

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Yes, but I have a bit of oddity in me. A debt is like a thorn in the flesh. I can not stand any debt for any period of time. Persoanlly, for me (emphasis AGAIN!), debt feels like an enslavement.

[tiger_uppercut]

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@Anonymous wrote:

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@icyhot wrote:

 I was making only the minimum payment since it was on 0% and that was really all I could do, but now I can do a little more and have made $100-$200 payments for the past two months. 

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I could never feel comfortable having any debt. I always have an urge to pay off my balance whenever I can which is once a week. I have credit cards because I want to rob them of their benefits. Fat chance I'll buy something with my credit card that I can't already pay in cash.

My creditors, thanks for the 5% cash back and cash back sign up bonuses because your hopes that I will purchase beyond my means will never occur. 

Icyhot, guess how my creditors respond to my credit behavior? They increase my CLI in an attempt to get me to purchase beyond what I can handle! Fat chance I'll be doing that! Only if I was a fortune teller and knew I would never lose my job or become injured I might take that chance!

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This was totally unhelpful except to pat yourself on the back?

OP - Capital One seems to be pretty forgiving in terms of utilization at time of CLI. Just want to let you know, though, that people that try for an early CLI when on credit steps tend to get exactly the promised credit steps increase and not a penny more. Whereas if you wait, they are sometimes more generous with the credit steps CLI. Just food for thought.

[kdm31091]

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@icyhot wrote:

I've been hitting the LUV button on my QS at least once a week, first it was "your account is too new" then it was "your minimum monthly payment has been too low." I was making only the minimum payment since it was on 0% and that was really all I could do, but now I can do a little more and have made $100-$200 payments for the past two months. The letter has stated if I make over the minimum payments for 3 months I could be eligible, however my UTL will still be ~80%. Do they still give CLIs with high balances? I'm payig it off for good in January, just would like the UTL to be cushioned a little.

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The problem is that with high utilization, you are somewhat seen as more risky than someone whose util is low. Therefore, giving you a CLI to potentially rack up more debt is probably not within the lender's best interest. If you get one with high util, the payments are going to have to be high too, generally. Min payments and high util do not generally allow for CLIs.

As far as hitting the button once a week that's probably a waste of time. They only do a SP every so often, and generally only allow CLIs via the button once every 6 months.

[Kutuzov]

My experience with cap1.

In 2012 or before I got a 500 cl on a platinum cc. I hardly ever used it cause of the low cl. They never increased my limit, other than the steps. Closed it in 2013 cause Barclay gave one with $1300 cl that was usable.

In 2014 I got a QS, with an initial cl of 1k after the steps was suppose to be 1.5k. My surprise was they did a cli to 3k instead. Heavy use and paid. Maybe 1-2k payments and 2k use a month. When the 10 months promotion was almost over I requested a cli, balance was maybe around 2.5 to 3k, so high util, and almost the 0% gone, basically I bait them to believe I was gonna carry the balance and keep using it at 24% APR and $39 AF, they took the bait and gave me 2k increase. I then paid in full and stopped using the cc, applied for a Discover when the 0 balance was reported. Since then they never gave me another cli but with 5k I can keep my overall util down.

So to answer your question, if you paid more than minimum and carry a balance AFTER the 0% rolls out, or just before, they most likely will give you one. As long as your overall credit looks good or about the same as before (no new baddies, lates, other cc going on high util., etc).

[Anonymous]

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@tiger_uppercut wrote:

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This was totally unhelpful except to pat yourself on the back?

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Perhaps, that post was a bit off but I did eventually answer his question that high utilization often means a decline in CLI since offering more credit would most likely lead to more debt for any individual.

[Anonymous]

Heavy use and big payments or PIF. That formula has worked out well for me and getting CLI's.

I understand taking advantage of the 0% financing and if that's important to you and keeps your utilization high, the trade off is probably no CLI until you've paid it down quite a bit. Just my best guess without knowing all the specifics of your irrational.

[Kutuzov]

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@Anonymous wrote:

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@tiger_uppercut wrote:

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This was totally unhelpful except to pat yourself on the back?

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Perhaps, that post was a bit off but I did eventually answer his question that high utilization often means a decline in CLI since offering more credit would most likely lead to more debt for that individual.

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In the old days cap1, wouldn't give you a cli under any circumstances. That was true until last year or so. That's why I got my wife a cap1 cc, known my fixed payments would be 500 if she maxed it out, and she doesn't seek credit on her own. Starting in 2014 cap1 changed it's policy they upgraded her cc to a QS and even did a cli to $1500, after maybe 5 years. Then a few months later she got a cli to $3k, all auto cli, she never calls the issuer. 

Most of the time even though I pif or about the full amount, her util. Was high, now is low (30% or so). So they will extend you credit to the extend of what they believe they can milk you without you defaulting. They probably have your payments/usage on a computer that calculates your ability to carry a debt and the interest you will pay, and the risk. So yes they will lend you over your debt if they believe you won't default, they don't care about repayment of the initial amount they wanna milk you.

[ddemari]

My best CLI's with capitalone come when my account is at a zero balance and I had just been paying off the balance heavily with multiple payments.