topic Re: Is it Time? in Credit Cards

Is it Time?

Brian_Earl_Spilner — Fri, 11 May 2018 19:32:57 GMT

I've had a Cap1 QS1 for almost 4 years, which I received during an initial rebuild. It's been stuck at an $800 limit for quite some time now. Whenever I request a CLI, the reasons for denial are not large enough payments and high utilization of existing credit. I receive those reasons no matter what I pay and whether the card is carrying a zero balance or not. I've been approved for 3 other Cap1 cards since. I just tried another request after making a $500 payment and having a 25% utilization on it. Got the 2-3 day message. I'm basically done with this card. It's my oldest card by 8 months, but I'm thinking about combining it into my QS. I have enough cards that I'm not worried about age, but has anyone else gotten stuck like this and somehow got out, or should I just combine it?

Re: Is it Time?

Anonymous — Fri, 11 May 2018 19:35:11 GMT

What's the balance that you're carrying?

What payment amount are you making per month?

Re: Is it Time?

Zolomon — Fri, 11 May 2018 19:37:57 GMT

If AAoA is not a problem, I would merge it with another card that works for you. I would not bother with lower limits unless I was in a critical rebuilding stage.

Re: Is it Time?

Brian_Earl_Spilner — Fri, 11 May 2018 19:39:41 GMT

@Anonymous wrote:
What's the balance that you're carrying?
What payment amount are you making per month?

Currently, $200 after making a $500 payment. I average between 0-25% utilization and my payments are no less than 4x the minimum, averaging $2-500 per payment as I push almost 2k through it a month. It had a high balance this month because I just got back from Vegas, but paid down before statement cut. Before I went to Vegas it had a 0 balance.

Re: Is it Time?

Brian_Earl_Spilner — Fri, 11 May 2018 19:42:42 GMT

@Zolomon wrote:
If AAoA is not a problem, I would merge it with another card that works for you. I would not bother with lower limits unless I was in a critical rebuilding stage.

My AAoA just dropped to 1 yr 8 mos after my latest app a couple of months ago. I'm at the current stage of fair credit where I'm good enough that I don't need rebuilder cards, but not good enough for decent cards.

Re: Is it Time?

K-in-Boston — Fri, 11 May 2018 19:43:44 GMT

@Brian_Earl_Spilner wrote:
I've had a Cap1 QS1 for almost 4 years, which I received during an initial rebuild. It's been stuck at an $800 limit for quite some time now. Whenever I request a CLI, the reasons for denial are not large enough payments and high utilization of existing credit. I receive those reasons no matter what I pay and whether the card is carrying a zero balance or not. I've been approved for 3 other Cap1 cards since. I just tried another request after making a $500 payment and having a 25% utilization on it. Got the 2-3 day message. I'm basically done with this card. It's my oldest card by 8 months, but I'm thinking about combining it into my QS. I have enough cards that I'm not worried about age, but has anyone else gotten stuck like this and somehow got out, or should I just combine it?

Your age of accounts is close enough, so it shouldn't matter at all. Combine it and move on. The card will still be counted for its age for up to 10 years after closing it. It's common for CapOne cards obtained with less-than-stellar or new credit to never grow. I just closed my last CapOne card that was made up of numerous CapOne cards that never got a CLI over 20 years, but most people seem to have better luck with cards opened up later.

Re: Is it Time?

Gmood1 — Fri, 11 May 2018 19:44:32 GMT

Yeah, you can either consolidate limits into it or close it and move the limit into a different card.

Mine was stuck at $1100 for 8 years. Never could get an increase. But I was able to get other Capitol One cards. That's why that $1100 card is now $49.5k. 😉

Re: Is it Time?

Brian_Earl_Spilner — Fri, 11 May 2018 20:59:34 GMT

@Gmood1 wrote:
Yeah, you can either consolidate limits into it or close it and move the limit into a different card.
Mine was stuck at $1100 for 8 years. Never could get an increase. But I was able to get other Capitol One cards. That's why that $1100 card is now $49.5k. 😉

So, after you combined into it, did it start to grow on it's own? Did you start getting CLIs? Just curious, if anything, I'm going to combine into my regular QS as it's no AF and I got it with a better score, so I'm hoping that one isn't in a bucket. Though I did convert it from a Platinum.

Re: Is it Time?

Gmood1 — Fri, 11 May 2018 21:34:07 GMT

@Brian_Earl_Spilner wrote:
@Gmood1 wrote:
Yeah, you can either consolidate limits into it or close it and move the limit into a different card.
Mine was stuck at $1100 for 8 years. Never could get an increase. But I was able to get other Capitol One cards. That's why that $1100 card is now $49.5k. 😉
So, after you combined into it, did it start to grow on it's own? Did you start getting CLIs? Just curious, if anything, I'm going to combine into my regular QS as it's no AF and I got it with a better score, so I'm hoping that one isn't in a bucket. Though I did convert it from a Platinum.

No, once I combined them , I had already hit my max exposure with Capital One.

Your profile may be different and allow more growth than mine.

Re: Is it Time?

AverageJoesCredit — Fri, 11 May 2018 21:44:21 GMT

I got 5:44

Re: Is it Time?

Brian_Earl_Spilner — Fri, 11 May 2018 22:07:00 GMT

@AverageJoesCredit wrote:
I got 5:44

Thanks, based on that my meatloaf should be done in about 10 mins. I'd eat a snack, but I'm currently gardening my diet until dinner time.

Re: Is it Time?

Anonymous — Fri, 11 May 2018 23:21:27 GMT

Cap 1 tends to bucket cards based on scores when you got the card. Mine is aound $1.5K DW $7 K and biz spark $15K

Based on income and scores I would though mine would have been atleast $5K DW $10K and Spark $20K

We have better cards for all three

Re: Is it Time?

Brian_Earl_Spilner — Sat, 12 May 2018 02:59:36 GMT

How long is the account combination process?

Re: Is it Time?

K-in-Boston — Sat, 12 May 2018 03:03:15 GMT

If it's available for your card online, you should be done in less than 10 seconds.

Re: Is it Time?

Brian_Earl_Spilner — Sat, 12 May 2018 03:52:58 GMT

@K-in-Boston wrote:
If it's available for your card online, you should be done in less than 10 seconds.

oh wow, so the entire process is completed with a couple of clicks?

Re: Is it Time?

Brian_Earl_Spilner — Sat, 12 May 2018 06:25:24 GMT

Another question, I can combine now or wait until October to try for a PC. I already PC'd another card in April so I have to wait. Which would be better? In just worried that even if I do PC, I'll still be in the same bucket.

Re: Is it Time?

AverageJoesCredit — Sat, 12 May 2018 10:58:09 GMT

Even with a PC if you dont spend enough to justify them giving big cli they may not do so . Cap One likes to see heavy usage . Just a thought and mho of course

Re: Is it Time?

Brian_Earl_Spilner — Sat, 12 May 2018 13:08:01 GMT

@AverageJoesCredit wrote:
Even with a PC if you dont spend enough to justify them giving big cli they may not do so . Cap One likes to see heavy usage . Just a thought and mho of course

I'm pushing about 3x the limit through it a month. I've also tried barely using it at times over the years. Guess I'm hoping that if it PC's I'll get lucky and start getting some luv. But at this point, in going to move all my spending to my newer cards and hope for better results.

Re: Is it Time?

Shooting-For-800 — Sat, 12 May 2018 22:52:22 GMT

Check prequal page for a new better account.

Research "buckets" and "glass ceilings" for Cap One.

I have been denied for CLI and approved for $30k new card SL in the same day.

Re: Is it Time?

Brian_Earl_Spilner — Sat, 12 May 2018 23:53:22 GMT

@Shooting-For-800 wrote:
Check prequal page for a new better account.
Research "buckets" and "glass ceilings" for Cap One.
I have been denied for CLI and approved for $30k new card SL in the same day.

I'm not eligible for a card for at least 2 months.