topic Re: Should I request a Cap One CLI or wait? in Credit Cards

Should I request a Cap One CLI or wait?

Anonymous — Fri, 17 Jul 2015 01:02:32 GMT

I have 2 capital one cards, the platinum and QS1. I opened the accounts in March. Its been almost 4 months. Should I request a CLI or wait for them to auto increase? I'm seeing people post about cap one increases after 2 months so it makes me wonder if I could get one. Its a soft pull right? Also, if they deny the CLI, will they still give one at the 5 or 6 statement? I'm in credit steps so both cards are 300$ CL. each.

Re: Should I request a Cap One CLI or wait?

kdm31091 — Fri, 17 Jul 2015 01:11:17 GMT

With their "starter" cards like that you're very unlikely to see any movement on a CLI before 6 months. You can try and AFAIK it doesn't reset the clock or anything, but don't expect success.

Most of the 2 month reports are from their higher end products like Venture.

Re: Should I request a Cap One CLI or wait?

Anonymous — Fri, 17 Jul 2015 01:13:29 GMT

Ok, I'm not sure I could handle more rejection right now. I'll wait. Thanks!

Re: Should I request a Cap One CLI or wait?

Anonymous — Fri, 17 Jul 2015 01:27:59 GMT

lol you'll unfortunately get rejected. be patient tejasmama

Re: Should I request a Cap One CLI or wait?

Anonymous — Fri, 17 Jul 2015 01:28:47 GMT

I have had success getting CLIs on all my family's and friends' starter cards after the 2 month mark.

Re: Should I request a Cap One CLI or wait?

UncleB — Fri, 17 Jul 2015 02:03:22 GMT

@Anonymous wrote:
I have had success gettingCLIs on all my family's and friends' starter cards after the 2 month mark.

There's certainly no harm in trying, since it's only a SP, but like the others have also mentioned it's highly irregular, at least among the folks on the forum. As with most things, YMMV.

Of course this doesn't mean it's "impossible", just that the OP shouldn't be upset or shocked if they say no, at least this early.

Re: Should I request a Cap One CLI or wait?

Anonymous — Fri, 17 Jul 2015 02:12:08 GMT

Honestly, I would give at least one a try. If you've charged and pif, I do believe you're most likely to get at least one cli after about 2/3 months. Hey, they give you an extra 500.00, it's not too bad.

Re: Should I request a Cap One CLI or wait?

Anonymous — Fri, 17 Jul 2015 02:14:00 GMT

I've been paying in full every month except this month. I had to pay off a collection... $500, so I just made the min payment.

Re: Should I request a Cap One CLI or wait?

Anonymous — Fri, 17 Jul 2015 02:37:01 GMT

I hit the button and was approved. Both of my cards got a $500 increase!!

Re: Should I request a Cap One CLI or wait?

Anonymous — Fri, 17 Jul 2015 02:41:39 GMT

well congrats! i was just trying to prevent you from getting upset tejas

Re: Should I request a Cap One CLI or wait?

UncleB — Fri, 17 Jul 2015 02:43:03 GMT

Rock on!!

With Capital One it's truly YMMV... as your case clearly demonstrates!

The general consensus has been that Capital One had 'loosened up' on their prime offerings (Venture and QuickSilver) but were still being tight with the other cards. Clearly your example shows this might not necessarily be the case.

I guess the new 'Rule of Thumb' will be just to give it a try, and see what happens!

Congrats!

Re: Should I request a Cap One CLI or wait?

Anonymous — Fri, 17 Jul 2015 02:43:10 GMT

capital one's CLIs are always soft pull anyway, so push the buttons whenever you're bored (doesn't mean you should press it everyday)

Re: Should I request a Cap One CLI or wait?

Anonymous — Fri, 17 Jul 2015 02:44:09 GMT

Lol, no worries. My credit score was 568 when I opened my accounts and now it's 620 so I thought I'd give it a shot. I'm happy now! 1600$ in available credit now!

Re: Should I request a Cap One CLI or wait?

Anonymous — Fri, 17 Jul 2015 02:46:56 GMT

Their disclaimer was that I wouldn't get anymore increases for 6 months. I'll try again in 3 :-P

Re: Should I request a Cap One CLI or wait?

Anonymous — Fri, 17 Jul 2015 02:49:20 GMT

haha uh oh. we got another ballsy one...

Re: Should I request a Cap One CLI or wait?

Anonymous — Fri, 17 Jul 2015 02:49:54 GMT

Do increases help or hurt your score?

Re: Should I request a Cap One CLI or wait?

Anonymous — Fri, 17 Jul 2015 02:50:43 GMT

that is a question that super depends. if you carry balances it helps because your utilization goes down. if you don't carry balances or report balances it doesn't matter.

Re: Should I request a Cap One CLI or wait?

Anonymous — Fri, 17 Jul 2015 02:52:10 GMT

you said that you didn't PIF due to a collection so let's say you owe $100 and your card was $500 then you're at 20% which is not great but definitely not bad. now you got another $500 so your balance is $100 with a $1k limit so your utilization is 10%. much better

Re: Should I request a Cap One CLI or wait?

Anonymous — Fri, 17 Jul 2015 02:55:03 GMT

Congrats!
You should get another CLI automatically at six or seven months, as I'm sure you're in credit steps. After that, you can be approved for a CLI every six months.

Re: Should I request a Cap One CLI or wait?

Anonymous — Fri, 17 Jul 2015 02:58:45 GMT

Ok, so basically I went from 87% uti to 33%. I'm not super concerned about utilization right now because I'm still rebuilding. I do plan to pay off the cards before the next statement tho so that 33% will go down to 5%.