topic Re: Is there a guide for Capital One [QuickSilver] CLI guide? in Credit Cards

Is there a guide for Capital One [QuickSilver] CLI guide?

Anonymous — Mon, 26 Oct 2015 22:33:24 GMT

Hello,

I was wondering if there is a guide on how to obtain a CLI for a Capital One QuickSilver card (how long to wait, how much to ask for, is it auto, hard pull, soft pull, etc)?

I have searched and came up with some info but not something that has everything I'm looking for. So I recently applied for a QuickSilver card and was approved for a $10,000 CL. I have the following questions.

-How long do I wait until I can ask for CLI, and how much do I ask for (if it's something I can ask for, or do they just tell you how much they give you)?

-Is a CLI a hard pull or soft pull?

-If I get an auto CLI, does it reset my CLI date?

Re: Is there a guide for Capital One [QuickSilver] CLI guide?

securingourfuture — Mon, 26 Oct 2015 22:38:02 GMT

If you put a lot through it (and PIF), ask for a CLI on the 61 st day. If they offer like $400, wait a week and request again to see if they bump it up. No option to ask for a specific amount.

It's a SP. Not sure about auto-CLIs, but I heard they only give increase every 6 months.

HTH

Re: Is there a guide for Capital One [QuickSilver] CLI guide?

OmarGB9 — Mon, 26 Oct 2015 22:47:41 GMT

Wait at least two statements. Can't ask for a specific amount. They'll offer an amount if there's any CLI available. It's a soft pull. And yes auto luv resets the clock IF it's credit steps. Any other time I believe it doesn't affect the 6 month wait.

Re: Is there a guide for Capital One [QuickSilver] CLI guide?

PNW_Hunter — Mon, 26 Oct 2015 22:52:49 GMT

Credit limit increases are given out, generally speaking, every 6 months down to the day. They will give you as much as you qualify for.

I've never heard of capital one doing a hard pull for a CLI, even for a manual review from the execuive office. Luv button is a soft pull, and you can hit it as much as your heart desires.

Good luck getting an auto CLI

Re: Is there a guide for Capital One [QuickSilver] CLI guide?

Anonymous — Wed, 28 Oct 2015 14:50:49 GMT

@OmarGB9 wrote:
Wait at least two statements. Can't ask for a specific amount. They'll offer an amount if there's any CLI available. It's a soft pull. And yes auto luv resets the clock IF it's credit steps. Any other time I believe it doesn't affect the 6 month wait.

Can you further explain these "steps". I've heard of the terms before but don't know exactly how it is structured? I assume it's only in place for lower starting CLs, but I could be wrong?

Re: Is there a guide for Capital One [QuickSilver] CLI guide?

Anonymous — Wed, 28 Oct 2015 16:04:11 GMT

I was surprised that I was given an automatic credit limit increase even after receiving a CLI only a month ago through the request button!

Re: Is there a guide for Capital One [QuickSilver] CLI guide?

OmarGB9 — Wed, 28 Oct 2015 16:09:31 GMT

@Anonymous wrote:
@OmarGB9 wrote:
Wait at least two statements. Can't ask for a specific amount. They'll offer an amount if there's any CLI available. It's a soft pull. And yes auto luv resets the clock IF it's credit steps. Any other time I believe it doesn't affect the 6 month wait.
Can you further explain these "steps". I've heard of the terms before but don't know exactly how it is structured? I assume it's only in place for lower starting CLs, but I could be wrong?

Not 100% sure myself, but I would assume yes only small SLs are enrolled in steps. Being that you got a visa sig at $10k (which is already pretty generous, btw), it probably isn't in credit steps. But anyway to answer your question about how it works: basically, you're guaranteed a fixed CLI after 5 months. Part of the requirements are to use the card at least once, don't go over limit, don't miss a payment, and make 5 on time payments. After 5 statements you should automatically receive the promised increase to yor account. This is a one time deal, too. So it's just the one guaranteed increase and after that you can ask at any time for an SP CLI and/or hope for auto increases. But of course neither of those are guaranteed.

Re: Is there a guide for Capital One [QuickSilver] CLI guide?

Anonymous — Wed, 28 Oct 2015 16:15:29 GMT

@securingourfuture wrote:
If you put a lot through it (and PIF), ask for a CLI on the 61 st day. If they offer like $400, wait a week and request again to see if they bump it up. No option to ask for a specific amount.

It's a SP. Not sure about auto-CLIs, but I heard they only give increase every 6 months.

HTH

If I receive a CLI, how would I be eligible to request again only after 1 week? Isn't there a waiting period like the other companies?

Re: Is there a guide for Capital One [QuickSilver] CLI guide?

OmarGB9 — Wed, 28 Oct 2015 16:41:11 GMT

He/she meant that if they offer you a $400 CLI for example, DON'T accept it and wait a bit longer (I would say 2-3 more weeks rather than a week) instead to see if they offer more.

Re: Is there a guide for Capital One [QuickSilver] CLI guide?

Anonymous — Wed, 28 Oct 2015 19:31:58 GMT

@OmarGB9 wrote:
He/she meant that if they offer you a $400 CLI for example, DON'T accept it and wait a bit longer (I would say 2-3 more weeks rather than a week) instead to see if they offer more.

Thank you for clarifying. I misread the original comment.

Re: Is there a guide for Capital One [QuickSilver] CLI guide?

Shooting-For-800 — Fri, 30 Oct 2015 03:12:54 GMT

You can ask for a CLI anytime you want without a HP inquiry on your credit report.

I would spend several thousands and pay off several thousands before worrying about it.

I have received CLI for $500 (3000 to 3500 in steps program)

I have received CLI for $750 (10,000 to 10,750 on card not used much)

I have received CLI for $3,000 (10,000 ti 13,000 on card used a lot.)

and I even went from $3,500 to $12,500 in one shot on my oldest card.

Point is --- use the card for everything. Pay the card off weekly or bi weekly. Show them you dont need to carry a balance but you need to have more room to charge large purchases.

BTW - You can have up to 5 accounts. I have been denied CLIs (I ask all the time) and then just opened another 10k Siggy Visa the same day.

No, it does not make sense.

Re: Is there a guide for Capital One [QuickSilver] CLI guide?

UncleB — Fri, 30 Oct 2015 11:24:40 GMT

@OmarGB9 wrote:
@Anonymous wrote:
@OmarGB9 wrote:
Wait at least two statements. Can't ask for a specific amount. They'll offer an amount if there's anyCLI available. It's a soft pull. And yes auto luv resets the clock IF it's credit steps. Any other time I believe it doesn't affect the 6 month wait.
Can you further explain these "steps". I've heard of the terms before but don't know exactly how it is structured? I assume it's only in place for lower starting CLs, but I could be wrong?
Not 100% sure myself, but I would assume yes only small SLs are enrolled in steps. Being that you got a visa sig at $10k (which is already pretty generous, btw), it probably isn't in credit steps. But anyway to answer your question about how it works: basically, you're guaranteed a fixed CLI after 5 months. Part of the requirements are to use the card at least once, don't go over limit, don't miss a payment, and make 5 on time payments. After 5 statements you should automatically receive the promised increase to yor account. This is a one time deal, too. So it's just the one guaranteed increase and after that you can ask at any time for an SP CLI and/or hope for auto increases. But of course neither of those are guaranteed.

I've never seen a reference to Credit Steps when speaking of a Venture or Quicksilver Visa. I'm not saying it's not possible, but from what I've seen (and understand) the 'Credit Steps' program is designed to give an early 'reward' (CLI) to those who start with a smaller credit line and have shown responsible use of their account early on.

As for Venture and Quicksilver (Visa), the first CLIs can be quite generous. My own Quicksilver Visa Signature was approved at $5k, and once I got my third statement I decided to give the 'button' a try, and I was offered a $2k CLI - which I accepted - making my new credit line $7k. I might could have done it a few weeks earlier, but I wasn't as 'enlightened' then as I am now.

As a data point, I was putting all of my spending through the card at the time, which was approx. $1500-$2k per month those first few months, which likely helped me out with the CLI.

Good luck!

Re: Is there a guide for Capital One [QuickSilver] CLI guide?

Anonymous — Fri, 30 Oct 2015 22:39:04 GMT

Shooting-For-800 wrote: