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hello everyone, Im 19 and trying to build some credit, I know Im new to the forums but Im glad I joined. I feel like I can gain alot of knowledge from some of the people on here so I would like to ask some questions.
I have had a Capital One Platinum card since May of 2008 and its been stuck on a $300 Credit Limit. Ive made pretty much all the payment on time and only have been over my limit once. I currently owe $265 out of my $300 limit.
Im trying for a CLI, I called the back door number last week and the lady said she would send me a letter in the mail, and of course it was a letter of denial. I also own a Bank of America Student Card that has a $600 dollar limit, I currently owe $570 on it.
Im slowly but surely paying off these cards, Im going to pay another $65 dollars on my Capital one card tomorrow. So when should I request another CLI from Cap1? Im very eager to get a dang CLI, but at the same time I dont want to have bad credit by requesting too many CLIs'
Anyways I was thinking if I paid $125 towards my Cap1 card and brought it down to the $150 range, would I be better off to getting a CLI? Maybe I can transfer my balance to a better Cap1 card with a higher CL?
I need some insight, I would really appreciate it. Thank you for viewing!
With low limit cards like these, especially in an economy like the one we're in now, CCC's want to see you PIF every month, or at least report a VERY small balance - less than 10%, and they want you to do so consistently.
You will not likely see a CLI until you make this happen on both of your CC's.
Yes, but you would also need to do the same for your BoA card. Cap1 will do a soft check on your credit, and with another card over 90% utilization, you'll get denied every time.
Get both cards to 9% or less (ideally 0%), and then request a CLI.
Make sure your new balances report before asking for a CLI.
Cap1 does auto increases if your card is part of their Credit Steps Program. Some builder/rebuilder Cap1 cards can not be increased at all.
Do you need the CLI or are you just trying to get more available credit? If you do not NEED the CLI, I'd hold off for a while if these are newer cards. Build a solid reputation with both cards for 9-12 months, then they'll take you seriously when you request a CLI.
Hold on a sec, I didn't see in your first post that you "pretty much" pay on time and have "only" been over the limit once. those are big red flags for CCC's.
IMO, definitely do not request a CLI until you have 9-12 consecultive months of paying both cards in full. Show BoA and Cap1 that you can handle your current available credit before you ask them for more.
Yeah I have had both cards for about a year. I have missed 1 payment on the BofA card and 1 on the Cap1. I went over the limit on the cap1 card just 3 months ago
Anyways Im gonna start making 2-3 payments a month on both of these cards, then I will show them that I can pay them off. If I pay off my Cap1 card completely, could I then ask for a new card or stick with the same one and getting a higher CLI?
BeauJohnson1 wrote:
Yeah I have had both cards for about a year. I have missed 1 payment on the BofA card and 1 on the Cap1. I went over the limit on the cap1 card just 3 months ago
Anyways Im gonna start making 2-3 payments a month on both of these cards, then I will show them that I can pay them off. If I pay off my Cap1 card completely, could I then ask for a new card or stick with the same one and getting a higher CLI?
without considering your brief length of history this alone pretty much makes you ineligible for an increase with any bank in the short term. generally speaking if one pays late and goes over limit (even once) in the same year as requesting a cli it will be a no go.
it's a good thing to become more aware of when you may be a good candidate for an increase, asking for one at the wrong time in this market can lead to a CLD or complete closure of the acct. instead. since you apparently only had some isolated difficulties, no doubt you'll soon be on your way to an increase if you continue take good care of your accts. going forward. GL!