topic Re: Trying for Cap1 CLI increase help! in Credit Cards

Trying for Cap1 CLI increase help!

Anonymous — Sun, 15 Mar 2009 04:16:56 GMT

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!

Re: Trying for Cap1 CLI increase help!

PayingTheBills — Sun, 15 Mar 2009 04:23:23 GMT

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.

Message Edited by PayingTheBills on 03-15-2009 12:23 AM

Re: Trying for Cap1 CLI increase help!

Anonymous — Sun, 15 Mar 2009 04:25:08 GMT

So most likely I would need to Pay in full or at least most of the Cap1 card to achieve a CLI?

Re: Trying for Cap1 CLI increase help!

PayingTheBills — Sun, 15 Mar 2009 04:48:40 GMT

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.

Message Edited by PayingTheBills on 03-15-2009 12:48 AM

Re: Trying for Cap1 CLI increase help!

PayingTheBills — Sun, 15 Mar 2009 04:50:06 GMT

Oh, and regardless of whether you get the CLI or not, get your balances down to less than 10% and keep them there. Responsible use of available credit is a HUGE consideration for CCC's when your are asking for CLI's, and it's a good habit to have anyway.

Re: Trying for Cap1 CLI increase help!

Anonymous — Sun, 15 Mar 2009 04:57:49 GMT

Alright, Im going to make big payments on my Cap1 card and BofA card. Then I will go out and ask for a CLI. Does Cap1 do automatic CLIs anymore or do you always have to ask?

Re: Trying for Cap1 CLI increase help!

PayingTheBills — Sun, 15 Mar 2009 05:12:57 GMT

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.

Message Edited by PayingTheBills on 03-15-2009 01:12 AM

Re: Trying for Cap1 CLI increase help!

PayingTheBills — Sun, 15 Mar 2009 05:16:33 GMT

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.

Message Edited by PayingTheBills on 03-15-2009 01:16 AM

Re: Trying for Cap1 CLI increase help!

Anonymous — Sun, 15 Mar 2009 05:27:29 GMT

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?

Re: Trying for Cap1 CLI increase help!

score_building — Sun, 15 Mar 2009 07:24:20 GMT

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

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!

Re: Trying for Cap1 CLI increase help!

Anonymous — Sun, 15 Mar 2009 08:29:03 GMT

If I were you, I will play that balance game. PIO and keep it low, don't have money, don't spend. Wait another 6 months and app for better cards. Forget about cap1, their cards don't grow like they used to.

Re: Trying for Cap1 CLI increase help!

Anonymous — Sun, 15 Mar 2009 16:12:17 GMT

So do you think if I PIF the Cap1 card now I will be eligible for a CLI anytime soon if I dont use the card for a month or so?

Re: Trying for Cap1 CLI increase help!

haulingthescoreup — Sun, 15 Mar 2009 16:25:52 GMT

BeauJohnson1 wrote:
So do you think if I PIF the Cap1 card now I will be eligible for a CLI anytime soon if I dont use the card for a month or so?

You're missing the point(s): do keep using both cards, but keep them paid off. And your main problem will be your late payments. In this economic climate, my guess is that neither CCC will consider this until each late is at least 12 months old.

Re: Trying for Cap1 CLI increase help!

ralbusta — Sun, 15 Mar 2009 20:49:08 GMT

@Anonymous wrote:
So do you think if I PIF the Cap1 card now I will be eligible for a CLI anytime soon if I dont use the card for a month or so?

No. Not anytime soon.

You need to re-read the responses above. You will not get a CLI from anyone with a recent late payment on not one, but both of your only card accounts. Plus you went over the limit.

On thier credit steps letters Cap 1 states that you will not receive auto increases with any late payments or if you go over the limit.

So I'll have to say that they'll much less raise you through your CLI request.

Manage both your cards wisely for the next 12-18 months. ~~Pay on time~~ Pay Early! Don't go over your limit!

Show responsible use and you'll get rewarded.

Re: Trying for Cap1 CLI increase help!

Anonymous — Sun, 15 Mar 2009 21:14:32 GMT

Thanks guys for your help, Im working on paying these cards off asap.

Re: Trying for Cap1 CLI increase help!

haulingthescoreup — Sun, 15 Mar 2009 22:20:30 GMT

BeauJohnson1 wrote:
Thanks guys for your help, Im working on paying these cards off asap.

Good for you! --there are plenty of other people carrying debt that will keep the banks happy. You'll be amazed how much better you'll sleep at night once you're in control.