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Regular Contributor
Posts: 104
Registered: ‎12-20-2010
0

Giving Capital One EO a try

After reading about repeated positive experiences from the myFico Community I'm giving it a try! I have no idea how it'll turn out but I'm optimistic. I've been working so hard to repair my credit after going through some financial struggles 6 years ago. I do not have a single negative item on my credit report over the past 3 years and my debt to income ratio is less than 10%. The problem is I have all these rebuilder credit cards with tiny limits. The simple act of buying groceries can result in over 50% utilization. Depending on when charges and payments post my utilization can fluctuate from under 20% to over 40% from one month to the next and my credit score can go up and down 50-80 points every month as a result. I had the magic 700 in my sites back in January, but ended up needing emergency dental work which I had to use my CareCredit card for. I had just paid it off and then used $1500 of my $2000 credit limit to pay for it. The day that reported my credit score fell an average of 55 points between the three credit bureaus, because my utilization went from 18% to 45% (that card has the largest CL) I'm hoping to buy a house in the fall and I just can't deal with those kind of fluctuations! Plus my husband and I love to travel and it's frustrating to have to make sure we have so much extra cash just to cover the hotel's incidental authorization! My income alone is well over 6 figures and we have a very healthy savings, I just want credit limits that make sense! I have 3 Cap 1 cards here's what I asked for: 

  • Orchard Bank Gold Card, opened in Jan 2011, $0 balance, paid in full every month, current CL $420, asking for $5000
  • Capital One Platinum, opened Aug 2011, currently has a balance of $400, current CL $750, asking for $2500
  • Best Buy Rewards, opened Jun 2012, $0 balance, paid in full every month, current CL $300, asking for $1500

What do you think my chances are that they will increase all three? Do you think those requests are reasonable? If they do approve it the FICO score simulator says my EX will jump to between 685-711 and TU to between 715-730! Oh to be in the 700 club!!! 


Starting Score: FICO TU 503 FICO EX 470 FICO EQ 498
Current Score: FICO TU 705 EX 698 FICO EQ 692
Goal Score: 700 Club


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Community Leader
Super Contributor
Posts: 30,990
Registered: ‎02-07-2013
0

Re: Giving Capital One EO a try

[ Edited ]

Bestbuy can't say but the other 2 I would say you have a good chance of seeing results in your favor. Good luck


shanao621 wrote:

After reading about repeated positive experiences from the myFico Community I'm giving it a try! I have no idea how it'll turn out but I'm optimistic. I've been working so hard to repair my credit after going through some financial struggles 6 years ago. I do not have a single negative item on my credit report over the past 3 years and my debt to income ratio is less than 10%. The problem is I have all these rebuilder credit cards with tiny limits. The simple act of buying groceries can result in over 50% utilization. Depending on when charges and payments post my utilization can fluctuate from under 20% to over 40% from one month to the next and my credit score can go up and down 50-80 points every month as a result. I had the magic 700 in my sites back in January, but ended up needing emergency dental work which I had to use my CareCredit card for. I had just paid it off and then used $1500 of my $2000 credit limit to pay for it. The day that reported my credit score fell an average of 55 points between the three credit bureaus, because my utilization went from 18% to 45% (that card has the largest CL) I'm hoping to buy a house in the fall and I just can't deal with those kind of fluctuations! Plus my husband and I love to travel and it's frustrating to have to make sure we have so much extra cash just to cover the hotel's incidental authorization! My income alone is well over 6 figures and we have a very healthy savings, I just want credit limits that make sense! I have 3 Cap 1 cards here's what I asked for: 

  • Orchard Bank Gold Card, opened in Jan 2011, $0 balance, paid in full every month, current CL $420, asking for $5000
  • Capital One Platinum, opened Aug 2011, currently has a balance of $400, current CL $750, asking for $2500
  • Best Buy Rewards, opened Jun 2012, $0 balance, paid in full every month, current CL $300, asking for $1500

What do you think my chances are that they will increase all three? Do you think those requests are reasonable? If they do approve it the FICO score simulator says my EX will jump to between 685-711 and TU to between 715-730! Oh to be in the 700 club!!! 




Before you app think...
Have you done your research of the CC?
Does it fit your spending?
Do you have a plan for the bonus w/o going into debt?
Can you afford the AF?
Do you know the cards benefits? Is it worth the HP?
Regular Contributor
Posts: 127
Registered: ‎03-07-2013
0

Re: Giving Capital One EO a try

[ Edited ]

With your income and up and coming scores you are well on your way but I would suggest one thing.

 

I would pay the Cap1 card down to $20 then let it report and then contact EO for CLi.

 

I am just now getting hot and heavy in to credit and scoring models etc and am certainly no expert but everything I read shows a lower score for zero balance on your card.

 

I carry roughly 10% on one card and 0% on the other four.

 

You said your Cap1 is at $400 out of $750 which is 55% or so.

 

FICO measures not only each card but overall and that card balance in my opinion is hurting your score.

 

If you wait to call EO after paying down the balance to say $20 I would almost guarantee an increase.

 

EDIT: Forgot just got a new card few weeks ago.

 

 

Regular Contributor
Posts: 104
Registered: ‎12-20-2010
0

Re: Giving Capital One EO a try

[ Edited ]

Matt6995 wrote:

With your income and up and coming scores you are well on your way but I would suggest one thing.

 

I would pay the Cap1 card down to $20 then let it report and then contact EO for CLi.

 

I am just now getting hot and heavy in to credit and scoring models etc and am certainly no expert but everything I read shows a lower score for zero balance on your card.

 

I carry roughly 10% on one card and 0% on the other four.

 

You said your Cap1 is at $400 out of $750 which is 55% or so.

 

FICO measures not only each card but overall and that card balance in my opinion is hurting your score.

 

If you wait to call EO after paying down the balance to say $50 I would almost guarantee an increase.

 

EDIT: Forgot just got a new card few weeks ago.

 

 


My current utilization is showing at 45%, but its not including big payments I made recently on other accounts, I expect next month for utilization to be around 25%. I have a payment scheduled for the Cap 1 Platinum card on April 12th for $175, $200 of the current balance is a charge from a dog training place that I have an appointment with tomorrow. It's a consultation for my dog to enter their Therapy Dog program, the consultation is free but they require a deposit of $200 in case you don't show it's there cancellation fee. I made the appointment 2 months ago so its been sitting there and will be refunded back to me after my appointment tomorrow. I know it sounds crazy but this place is the best training program in my area. My husband runs a non-profit for kids with cancer and he wants our dog to become its mascot and make hospital visits with the kids. Smiley Happy I decided to sent the e-mail now because I'm getting to the point where utilization is the only thing hurting my score. I pay all of them at the same point in the month but they all report to the credit bureaus at different times, so short of just not using them at all, a credit limit increase would make keeping my credit utilization low easier. Here's a breakdown of my current revolving credit, though they haven't all updated these balances on my credit report :

Show Mastercard, CL: $550, current balance $250, payment scheduled for mid-April will bring to $0.

Legacy Visa, CL: $350, current balance $0, previous balance $248, just paid in full. 

Orchard Bank, CL: $420, current balance $0

Best Buy Rewards, CL: $300, current balance $0

First Premier, CL: $250, current balance $0

First Premier Platinum, CL: $400, current balance $280 (just used to purchase bridesmaid dress for my sisters wedding, had to order over the phone), paying 1/2 in April, 1/2 in May

Cap 1 Platinum, CL: $750, current balance $400

Banana Republic, CL: $400, current balance $120, paying in full in April

Express, CL: $840, current balance $285, will be paid in full by June

Victoria's Secret, CL: $700, current balance $310, will be paid in full by June

CareCredit, CL: $2000, current balance $1280

Credit One, CL: $450, current balance $0

 

Yes I know I could just pay them all off at once, but I'm trying to balance savings with paying down my debt. I try to save 20% of my paycheck and I refuse to raid my savings to pay these down, especially when I'll have them all paid off by the end of May. My goal is to get my CLI increased on my Cap1 cards, close my rebuilder cards (1st Premier, Show, Legacy, Credit One) and then I'm aiming for the Barclays Sallie Mae Rewards Card and JetBlue Amex. After I close on a mortgage of course! 


Starting Score: FICO TU 503 FICO EX 470 FICO EQ 498
Current Score: FICO TU 705 EX 698 FICO EQ 692
Goal Score: 700 Club


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Regular Contributor
Posts: 104
Registered: ‎12-20-2010
0

Re: Giving Capital One EO a try

Well I sent the e-mail on Friday March 22nd and still no response. I'm a little disappointed, everyone seems to have had such good luck. Smiley Sad


Starting Score: FICO TU 503 FICO EX 470 FICO EQ 498
Current Score: FICO TU 705 EX 698 FICO EQ 692
Goal Score: 700 Club


Take the myFICO Fitness Challenge
Community Leader
Super Contributor
Posts: 30,990
Registered: ‎02-07-2013
0

Re: Giving Capital One EO a try


shanao621 wrote:

Well I sent the e-mail on Friday March 22nd and still no response. I'm a little disappointed, everyone seems to have had such good luck. Smiley Sad


That's unusual im sending you an PM

Before you app think...
Have you done your research of the CC?
Does it fit your spending?
Do you have a plan for the bonus w/o going into debt?
Can you afford the AF?
Do you know the cards benefits? Is it worth the HP?
Valued Contributor
Posts: 1,599
Registered: ‎11-10-2012
0

Re: Giving Capital One EO a try

I also have a $750 Cap1. I will also try the EO route when the card hits one year in July. Good luck to you and keep us informed on your progress.

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Community Leader
Super Contributor
Posts: 30,990
Registered: ‎02-07-2013
0

Re: Giving Capital One EO a try


indiolatino61 wrote:

I also have a $750 Cap1. I will also try the EO route when the card hits one year in July. Good luck to you and keep us informed on your progress.


I didn't wait a year I have 2 cards with them as a matter of fact I got them the same day and both limits were doubled.

I emailed after 6 months so please dont feel you have to wait a year for results and its a SP.

 

Before you app think...
Have you done your research of the CC?
Does it fit your spending?
Do you have a plan for the bonus w/o going into debt?
Can you afford the AF?
Do you know the cards benefits? Is it worth the HP?
Regular Contributor
Posts: 104
Registered: ‎12-20-2010
0

Re: Giving Capital One EO a try

[ Edited ]

So I finally got a call back from the Cap 1 EO office about 15 minutes ago. The gentleman I spoke with stated he only handled the former HSBC accounts. He said that they needed to verify my income and the increase amounts, then he asked for my permission to do a hard pull on my credit. I wasn't excited about it, but i have only 4 inquiries in the past year and most are quite old. Only 7 in the past 2 years. He explained that, while he wouldn't make any promises, they try their best to approve my request. He mentioned they hadn't been offering CLIs for quite some time so they really wanted to try to do so now, especially for a quality customer like me (that made me laugh). So the requests that are being reviewed are my Orchard Bank Card which I opened in Jan 2011, it has a current credit limit of $420, never had a CLI, requested $5k, and my Best Buy RZ Card, opened in June 2012 with a pathetic $300 credit limit. Wish me luck! I would be beyond estatic if this request was approved. I make a pretty signficant amount of money and it's so frustrating to have such paltry credit limits. I haven't had a single negative mark on my credit report in 3 years, this would help me so much because my utilization would be so much better and that alone would raise my scores 50-80 points! I'm so close to the 700 club I can taste it! 


Starting Score: FICO TU 503 FICO EX 470 FICO EQ 498
Current Score: FICO TU 705 EX 698 FICO EQ 692
Goal Score: 700 Club


Take the myFICO Fitness Challenge
Community Leader
Super Contributor
Posts: 30,990
Registered: ‎02-07-2013
0

Re: Giving Capital One EO a try


shanao621 wrote:

So I finally got a call back from the Cap 1 EO office about 15 minutes ago. The gentleman I spoke with stated he only handled the former HSBC accounts. He said that they needed to verify my income and the increase amounts, then he asked for my permission to do a hard pull on my credit. I wasn't excited about it, but i have only 4 inquiries in the past year and most are quite old. Only 7 in the past 2 years. He explained that, while he wouldn't make any promises, they try their best to approve my request. He mentioned they hadn't been offering CLIs for quite some time so they really wanted to try to do so now, especially for a quality customer like me (that made me laugh). So the requests that are being reviewed are my Orchard Bank Card which I opened in July 2011, it has a current credit limit of $420, never had a CLI, requested $5k, and my Best Buy RZ Card, opened in October 2012 with a pathetic $300 credit limit. Wish me luck! I would be beyond estatic if this request was approved. I make a pretty signficant amount of money and it's so frustrating to have such paltry credit limits. I haven't had a single negative mark on my credit report in 3 years, this would help me so much because my utilization would be so much better and that alone would raise my scores 50-80 points! I'm so close to the 700 club I can taste it! 



Wishing you double luck and best wishesSmiley Wink

Before you app think...
Have you done your research of the CC?
Does it fit your spending?
Do you have a plan for the bonus w/o going into debt?
Can you afford the AF?
Do you know the cards benefits? Is it worth the HP?

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