Next step... Capital One CLI??

[CaptainGreenThumb]

Hi Credit Community,

First time poster here so please bear with me if I don't provide all the necessary information, I will catch on.

My credit history is pretty limited.

I have had a Capital One card for about four years which is in good standing. About six months ago I received a CLI from $500.00 => $1000.00 and about two months later I upgraded my card to the Quicksilver Mastercard.

About a week ago I applied for a Discover It card and was instantly approved with a $7,500.00 limit.

These are my only two credit cards.

My question is where should I go from here? What should my next step be?

I become eligible to apply for a CLI from Capital One here in about one week. As I have seen from this forum they are notoriously tough on giving large increases. Will my new Discover limit help with my CapOne? or is that completely unrelated?

Should I apply for the increase immediately? or should I wait until I have paid a few statement balances with Discover so that I have some negotiation power saying I have changed companies due to the low credit line?

Thanks in advance for the help!

I am glad to join the community.

CaptainGreenThumb

[coldnmn]

Welcome to the forum. The best route is to contact the executive office. When I contacted them I messaged them through FaceBook. I told them my details and told them I really wanted to use their card but with the limited CL it wasn't possible. They told me they would expedite it to the EO a few day later they called and very friendly. Be sure to try the online first and tell them you had been turned down. That saves a step or two. Good Luck.

[Creditaddict]

Congrats on DIscover... I would look at applying for a 3rd and possibly 4th card... Chase Freedom, American Express Blue Cash Preferred, Fidelity Amex is at the top of my list for 2% on everything... great every day card.

Then as other poster said contact Capital Executive Office about a CLI to $10k, they will ask you if you would accept less and you can say yes and then they will counter... but you can tell them you have had their card the longest and want to use it the most but can't with the lowest limit...

[myjourney]

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@CaptainGreenThumb wrote:

Hi Credit Community,

First time poster here so please bear with me if I don't provide all the necessary information, I will catch on.

My credit history is pretty limited.

I have had a Capital One card for about four years which is in good standing. About six months ago I received a CLI from $500.00 => $1000.00 and about two months later I upgraded my card to the Quicksilver Mastercard.

About a week ago I applied for a Discover It card and was instantly approved with a $7,500.00 limit.

These are my only two credit cards.

My question is where should I go from here? What should my next step be?

I become eligible to apply for a CLI from Capital One here in about one week. As I have seen from this forum they are notoriously tough on giving large increases. Will my new Discover limit help with my CapOne? or is that completely unrelated?

Should I apply for the increase immediately? or should I wait until I have paid a few statement balances with Discover so that I have some negotiation power saying I have changed companies due to the low credit line?

Thanks in advance for the help!

I am glad to join the community.

CaptainGreenThumb

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Welcome to the forum and thanks for joining us 

CAP1 since you've had it 4 years contact EO for a CLI 

Capital One EO

Wait for CAP1 results to update (EO) including Discover reporting to CR's and then figure out your next move before applying for any new cards 

this will increase your chances of other approvals and with possibly higher limits 

[TeamPunishment]

I assume that QS MC comes with the $39.00 AF? was the orginal Capital One a secured card? Also contact the EO and ask for a manual review.

[CaptainGreenThumb]

Thank you everone for the quick feedback.

So what I am hearing is that I should first apply online for my CLI when I become eligible and then if I am disappointed in what I receive I should contact the EO through email and state my case for why I want/need a CLI . And, having been a client for multiple years they should be somewhat helpful?

I believe my original Capital One card was just the standard platinum card, not secured.

And, when I upgraded to my Quicksilver MC I was told and I re-confirmed that there would be no annual fee attached. It must have been a benefit of being with them for ahile?

[TeamPunishment]

Disagree with contacting them through e-mail. Contact them straight over the phone, and state you want a reconsideration on the credit limit of your cards. Very helpful people at the EO. Just got a CLI on one of my cards for $1,000.00 granite it was the wrong card, but whatever.

[CaptainGreenThumb]

Will someone confirm this is the correct course of action? I have seen on other threads that e-mailing the EO is the preferred method of contact with potentially a follow up phone call.

[09Lexie]

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@CaptainGreenThumb wrote:

Will someone confirm this is the correct course of action? I have seen on other threads that e-mailing the EO is the preferred method of contact with potentially a follow up phone call.

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Follow myjourney's advice.  He spelled out the best course of action. 

[Bradyok]

My experience with Capital One is signing up Nov 10th with 15K Credit Limit and requesting a CLI a month later and getting upgraded to 25K. I am not sure if my results are typical though. I had to call in constantly to pay off my bill early during the month.