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tips to credit line increases

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MrsCHX
Valued Contributor

Re: tips to credit line increases

I would pay it 3 ish days before statement cut. So for a 14th statement date, pay by the 11th.

NFCU: $25,000; PenFed Power Cash Rewards: $3,500; PenFed Gold: $2,500; Capital One: $2,300; Nordstrom Visa: $2,000; Credit One: $1,250
Amazon: 800; Kohls: $1,500
Message 11 of 14
EAJuggalo
Established Contributor

Re: tips to credit line increases

When was your last CLI on the Quicksilver?  CapOne will not give another CLI within 6 months.

EX700 TU 704 EQ 694 4/03/22
Cap1 QS-$4,500 Chase Freedom Flex- $800 Chase Freedom Unlimited- $1,000 Victoria's Secret- $1,200 Citi DC- $800 Amazon Store Card- $3,500 AMEX Hilton Honors-$1,000 Discover It-$1,000 Wal-Mart MC $290 Chase Sapphire Preferred-$5,000 NFCU Flagship $13,800 AMEX BCE-$1,000 AMEX Gold-$5,000 AMEX Delta Blue $1,000 Lowe's $5,000 Navy Platinum $17,000 AMEX BBP $2,000
Message 12 of 14
happypill
Valued Contributor

Re: tips to credit line increases

Every card issuer is different.

 

Capital One loves to see usage.  Best strategy is to use it up to the limit multiple times & PIF multiple times each statement period.  Don't need to let the statement cut with any balance, and certainly do not need to carry a balance.  This strategy actually make sense, as it is a clear indicator that the current credit limit on the card is not high enough for your spend needs.  So, if you have a $1000 limit on the card, spend up close to $1k limit, pay it off, then spend another $1k, then pay it off.  Rinse and repeat as many times as you can each month.  Note, for best credit limit results with Capital One, it might be more effective to apply for a new card after demonstrating spend rather than seeking CLIs on existing cards (this is actually true of a lot of lenders).

 

From my own experience, I got a QS1 with a $3k limit, which was my first unsecured card after years of rebuild.  I was traveling a lot for work at the time, so I spent up close to the limit several times per month.  About 3 months after that I applied and was approved for a Venture at $5k, got a CLI to $7.5K about 3 months later, then app'd for and was approved for another Venture at $30k about 3 months after that.  

 

I don't travel as much for work any more so my spending is quite a bit lower (not to mention I've got 30 other cards I need to spend on now), so when I request CLI currently Cap One says my spending doesn't support a higher CL, which is true.

 

I'll go ahead and state the obvious, but it's not worth spending money on stuff you don't need just to get a higher limit.  That will only get you into trouble.  Don't know anything about Finger Hut.

Message 13 of 14
Anonymous
Not applicable

Re: tips to credit line increases

Ok. That's exactly what I've been doing with my business sparks card I just received. I was doing that so I can get the $500 by spending $4500 in 3 months...with a 500 CL. I will do the sam with my QS1...I'm currently gardening until my mortgage is no longer reporting delinquent (just paid last trial payment for loan modification)...and until my scores are 650. So just want to focus on increasing my chances for cli's in the mean time. Thanks for your help.
Message 14 of 14
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