CapitalOne CLI question, help me choose!

Anonymous · ‎09-01-2015

Hi All!!

So a brief history on my cards...I currenyl have 3x capital one cards, they are as follows:

Capital One Platinum (opened: 9/14) started $500 -> $1500 -> $2000 ($1300 balance)

Capital One QS1 (opened: 11/14) started $500 -> $1500 -> $2000 ($1300 balance)

Capital One QS1 (opened: 1/15) started $500 -> $1500 -> $2000 ($1000 balance)

My oldest card just hit the 1 year mark. I was just offered a +$1000 CLI on my oldest card sitting on a $1300 balance. Now my question is, based on your experiences, should I deny the CLI they are offering me of ($1000)? Do I wait til closer to the end of the year when I pay off my balances, then attempt a CLI?

Would waiting for a CLI yield a better result if my accounts have a much lower balance? I know it's free money on the table and before I wouldn't even question accepting it, but I'm trying to get the most bang for the buck here that I can. All my cards started as credit steps cards and have all matured. From the time I was originally approved for these cards, my scores have gone up 50-60 points since. Still have 3 baddies on reports, set to fall off 2/2016.

So my other question is, do I wait til I have a 95% clean TU report (with EE) and then try??? I'm sure once those CO fall off I should see a decent score bump. No new INQ on any of my reports in the last 6 months. Your insight would be greatly appreciated myFico fam!

Anonymous · ‎09-01-2015

yfan · ‎09-01-2015

I'd take the increase. End of the year is 4 months away, and in 6 months you will be eligible for another SP CLI anyway. So you can take the increase now, and get another one on March 1, which if it is indeed affected by balances, should be a bigger increase then.

Anonymous · ‎09-01-2015

@yfan wrote:
I'd take the increase. End of the year is 4 months away, and in 6 months you will be eligible for another SP CLI anyway. So you can take the increase now, and get another one on March 1, which if it is indeed affected by balances, should be a bigger increase then.

Hmm, never thought about it that way. That doesn't sound like a bad idea..

Anonymous · ‎09-01-2015

@yfan wrote:
I'd take the increase. End of the year is 4 months away, and in 6 months you will be eligible for another SP CLI anyway. So you can take the increase now, and get another one on March 1, which if it is indeed affected by balances, should be a bigger increase then.

My thinking exactly

Anonymous · ‎09-01-2015

Anyone else?

Anything would be appreciated

SunriseEarth · ‎09-01-2015

@yfan wrote:
I'd take the increase. End of the year is 4 months away, and in 6 months you will be eligible for another SP CLI anyway. So you can take the increase now, and get another one on March 1, which if it is indeed affected by balances, should be a bigger increase then.

I agree. Take the money and run.

rockbttm442 · ‎09-01-2015

I agree take the increase and then combine your limit to one card in March.

Cap 1 QS1 - $3300, Kemba CU - $500, Chase Freedom - $500, Sears MC - $751, Sears - $2000, Hot Topic - $1230, Grismer - $1200, Target - $1800, Walmart - $200, Home Depot - $500, Discover IT Chrome - $7000, Chase Sapphire Preferred - $5000

Anonymous · ‎09-01-2015

well it's not money so don't think of it that way but take it since its offered and you're over 50% utilization. once you pay that down as you anticipate doing then do another one in 6 months as advised.

Chaselover · ‎09-01-2015

Take it without any doubt. The util also wud get better with the extra 1k for the coming months. What happens in the future, vl think of it later.

In a committed relationship with Chase from 12/2012.
Age: 26, Income: $59,240/-, Current score: TU from CK: 750/A (12/24/14), TU Vantage score from CK: 775/C (12/24/14), Experian from Creditsesame: 717, Equifax from myfico: 724, Overall Util: 1% (12/24/14), Total credit limits: $62,150, In the garden from 12/19/2014, AAoA : 7 months, Oldest account: 8 months, Newest account: 1 week, HP: 18.