Capital One - CLI?

[MBOhio2]

I have a Capital One CC that only has a $750 limit. For the last 4 years since I got the card, it's been maxed out (finishing school, some unemployment, etc). However, it was never paid late. I just paid the card off in full so the balance is now $0. However, my overall credit is still rough because of 1) a handful of student loan charge-offs and 2) high util % overall (still working on that!). My credit scores are in the mid-500s.

Anyway, here's the question - what is the liklihood that Capital One will increase my credit limit? Is it likely that they'll see the card is now paid off and therefore, increase the credit limit on their own? Or, if not, and I need to actually request a CLI, how likely is it that it would be approved based on what I've described above?

[visorboy1974]

From what I understand and have seen firsthand, Capital One will not give you a customer initiated CLI.  

I have two cards from them...one started out at $1500 (2007) and the other one at $750 (2008).  The $750 one was increased to $3000 after about 6 months.  About 2 weeks after that, the financial crisis began.  I have yet to receive any love since then, auto CLI or customer initiated.     

[MBOhio2]

visorboy - thanks for the information. Sounds like I need to just be patient and hope they give me a CLI after time with a low balance and continue to improve my credit score.

[vish1]

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@MBOhio2 wrote:

I have a Capital One CC that only has a $750 limit. For the last 4 years since I got the card, it's been maxed out (finishing school, some unemployment, etc). However, it was never paid late. I just paid the card off in full so the balance is now $0. However, my overall credit is still rough because of 1) a handful of student loan charge-offs and 2) high util % overall (still working on that!). My credit scores are in the mid-500s.

Anyway, here's the question - what is the liklihood that Capital One will increase my credit limit? Is it likely that they'll see the card is now paid off and therefore, increase the credit limit on their own? Or, if not, and I need to actually request a CLI, how likely is it that it would be approved based on what I've described above?

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When you checked your scores, had your 0 balance posted or you checked before the balance could post. In any case, I will suggest, letting a small balance say 10 post and then check your scores. They may be way higher that what you see now. Remember util is abt 35% of your score and absolute 0 is no good either (I am assuming this is your only credit account)

[Smug]

My 6 month old card went from300 to 1300 today.

[JayRizzo]

Wooooo!!!  U GO, SMUG!!!  I know u did both the Song & Dance already.... "oooow!  I feel Gooood!  (Da, da, Da, da, Da, da, Dum) I knew that I would".  Congratulations!!!  Now, I'll move over and be YOUR Cap-1 side-kick -- you're the lead!!!

[mauve]

30%, actually.  Payment history is 35%.

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vish1 wrote:

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MBOhio2 wrote:

I have a Capital One CC that only has a $750 limit. For the last 4 years since I got the card, it's been maxed out (finishing school, some unemployment, etc). However, it was never paid late. I just paid the card off in full so the balance is now $0. However, my overall credit is still rough because of 1) a handful of student loan charge-offs and 2) high util % overall (still working on that!). My credit scores are in the mid-500s.

Anyway, here's the question - what is the liklihood that Capital One will increase my credit limit? Is it likely that they'll see the card is now paid off and therefore, increase the credit limit on their own? Or, if not, and I need to actually request a CLI, how likely is it that it would be approved based on what I've described above?

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When you checked your scores, had your 0 balance posted or you checked before the balance could post. In any case, I will suggest, letting a small balance say 10 post and then check your scores. They may be way higher that what you see now. Remember util is abt 35% of your score and absolute 0 is no good either (I am assuming this is your only credit account)

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[DI]

I'm glad I fired Capital One!!  To me all of its cards and the Capital One brand is subprime. 

[vish1]

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@mauve wrote:

30%, actually.  Payment history is 35%.

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@vish1 wrote:

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@MBOhio2 wrote:

I have a Capital One CC that only has a $750 limit. For the last 4 years since I got the card, it's been maxed out (finishing school, some unemployment, etc). However, it was never paid late. I just paid the card off in full so the balance is now $0. However, my overall credit is still rough because of 1) a handful of student loan charge-offs and 2) high util % overall (still working on that!). My credit scores are in the mid-500s.

Anyway, here's the question - what is the liklihood that Capital One will increase my credit limit? Is it likely that they'll see the card is now paid off and therefore, increase the credit limit on their own? Or, if not, and I need to actually request a CLI, how likely is it that it would be approved based on what I've described above?

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When you checked your scores, had your 0 balance posted or you checked before the balance could post. In any case, I will suggest, letting a small balance say 10 post and then check your scores. They may be way higher that what you see now. Remember util is abt 35% of your score and absolute 0 is no good either (I am assuming this is your only credit account)

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You got it right. My bad

[visorboy1974]

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@DI wrote:

I'm glad I fired Capital One!!  To me all of its cards and the Capital One brand is subprime. 

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They actually have one of the better subprime programs out there with the credit steps program.  Definitely much better than HSBC and First Premier.  The only thing that I think stinks about them is the fact that you can't graduate to a rewards card from a subprime card without another application.  Their prime offerings aren't bad...a little high on the interest rate, but not bad.