topic Re: Capital One CLI questions in Credit Cards

Capital One CLI questions

Anonymous — Sun, 25 Nov 2018 20:38:00 GMT

When I last asked for a Capital One CLI, It asked me how much I spend on CCs and how much I intend to spend on that card if I get the increase.

My day-to-day spending is pretty much Amex now, as I've been trying to pay off everything else and for the last few months that has amounted to ~$1800 (some utilities go on there, bridge tolls, etc.) that I pay off every month.

That could easily fit into the existing limit on my venture, and my intention for an increase is really to have a higher limit so that one day when an emergency does take place I have a big enough buffer to deal with it (and not go into a crazy utilization ratio).

How do you answer those questions to maximize the CLI?

Re: Capital One CLI questions

Anonymous — Sun, 25 Nov 2018 21:14:15 GMT

Following, I'm sure someone's going to say be honest, but I would also like to know the best way to answer those to maximize the CLI.

Re: Capital One CLI questions

CreditInspired — Sun, 25 Nov 2018 22:17:54 GMT

I’ve never been asked the question but if I were, I would say the following, which were true.

I am planning on replacing the carpet in my home with wood floors.

I need a new washer/dryer (name any appliance).

Others that I will use if asked:
I’m planning a vacation.
I’m replacing my deck.
I need to replace my laptop.

VIP. This is why I always apply for cards with 0% APR for 12+ months.

Re: Capital One CLI questions

Anonymous — Sun, 25 Nov 2018 22:22:29 GMT

@CreditInspired wrote:
I’ve never been asked the question but if I were, I would say the following, which were true.

I am planning on replacing the carpet in my home with wood floors.

I need a new washer/dryer (name any appliance).

Others that I will use if asked:
I’m planning a vacation.
I’m replacing my deck.
I need to replace my laptop.

VIP. This is why I always apply for cards with 0% APR for 12+ months.

I've been asked to fill out similar questions by the internet increase system, and its a figure they were asking for

Re: Capital One CLI questions

Anonymous — Sun, 25 Nov 2018 23:13:16 GMT

Sorry - I just went in to see what the questions are:

1. Monthly Mortgage or Rent - that one I don't have a question on.

2. How much do you spend each month using all of your credit cards?

3. How much will you spend each month on this credit card?

4. Maximum Desired Line?

It also asks your annual income, employment status, and occupation. I have it set to my annual salary (no bonuses, options, benefits, etc.) because those are maybe-income in my mind that I cannot count on, and if I were to have to verify, I can easily verify my salary, whereas anything else I might run into issues because it might be proprietary and I don't have years of history to work from, as I changed jobs 6 months ago.

Re: Capital One CLI questions

Pikaboo-icu — Sun, 25 Nov 2018 23:25:35 GMT

@Anonymous wrote:
Sorry - I just went in to see what the questions are:

1. Monthly Mortgage or Rent - that one I don't have a question on.

2. How much do you spend each month using all of your credit cards?

3. How much will you spend each month on this credit card?

4. Maximum Desired Line?

It also asks your annual income, employment status, and occupation. I have it set to my annual salary (no bonuses, options, benefits, etc.) because those are maybe-income in my mind that I cannot count on, and if I were to have to verify, I can easily verify my salary, whereas anything else I might run into issues because it might be proprietary and I don't have years of history to work from, as I changed jobs 6 months ago.

Best advice: Be honest...

If you blur the lines, it could have negative affects down the road..

just sayin'

Re: Capital One CLI questions

RonM21 — Mon, 26 Nov 2018 17:39:39 GMT

I used to have a Cap1 card and was concerned about some of the same questions and how they effect the CLI. I just recall being fairly honest about it. I wasn't too sure it would make a drastic difference anyway.

Re: Capital One CLI questions

Anonymous — Mon, 26 Nov 2018 19:17:02 GMT

I actually talked to customer service about this last time I did a CLI and they said that the questions don’t impact much, there’s a set offer that the system has so if you shoot over it, you’ll get a counter offer.

Just keep in mind that Cap is one of those lenders that has in the past been known to slash credit lines of low utilization cards.

That said, they gave me a bump from $6250 to $8250 in March and I haven’t seen any AA despite turning around and opening a 7500 Disco, 5000 SSFCU the same month and then a 3000 NFCU 6 months later — I am still bracing for potential AA from Cap though.

I think it depends on how you’ve managed your card though. I am coming up on 5 years in March and I’ve never been even a day late and it was my first card post-BK.

Re: Capital One CLI questions

Anonymous — Mon, 26 Nov 2018 19:22:25 GMT

@Anonymous wrote:

How do you answer those questions to maximize the CLI?

In August I asked Cap1 for a CLI from 750 to 10K. I listed total monthly spend as 3K & hypothetical amount to Cap1 as 1K. I got a 1500 CLI to 2250 -- not what I asked for -- so the hypothetical is thus invalid. I've given them no new charges since the CLI.

I plan to charge some small purchase to the card in December & try again for a workable CL in February (6 months since last CLI).

I wouldn't worry too much about some bean counter looking over your shoulder to make sure you're charging every last dollar you listed on the CLI Request Form. I think bargaining in reasonable "good faith" is all that's necessary.

Re: Capital One CLI questions

MakingProgress — Mon, 26 Nov 2018 21:30:16 GMT

@Anonymous wrote:
@Anonymous wrote:

How do you answer those questions to maximize the CLI?
In August I asked Cap1 for a CLI from 750 to 10K. I listed total monthly spend as 3K & hypothetical amount to Cap1 as 1K. I got a 1500 CLI to 2250 -- not what I asked for -- so the hypothetical is thus invalid. I've given them no new charges since the CLI.

I plan to charge some small purchase to the card in December & try again for a workable CL in February (6 months since last CLI).

I wouldn't worry too much about some bean counter looking over your shoulder to make sure you're charging every last dollar you listed on the CLI Request Form. I think bargaining in reasonable "good faith" is all that's necessary.

Cap one is unlikely to go from 750 to 10K. It is unlikely they will go from 2250 to 10K. Cap one is generally not that generous with CLI and all the more so when you have a low SL.

Re: Capital One CLI questions

HeavenOhio — Mon, 26 Nov 2018 22:03:02 GMT

@Anonymous, based on data here, it's rare to see increases over $3,000. For my last increase, I requested $3,100 and was countered with $3,000. That result didn't surprise me at all.

But 3k is pretty common if the card has enough spending. Small charges aren't likely to convince them to raise your limit. I've gotten a bunch of 1k and 3k increases. I figure I spent about 1k per month over three-plus months for the 1k increases and about 3k per month for the 3k increases.

Based on your previous $1,500 CLI, I don't think you're stuck in a low bucket and that you can probably grow this card quite a bit. Was $750 your starting limit?

Keep in mind that if you accept a CLI offer, you won't be eligible to request again for six months. You always have the option to decline an offer without resetting any clock. If you think you can get an improved offer in a couple of months, it'd make sense to decline a small CLI.

Re: Capital One CLI questions

Anonymous — Tue, 27 Nov 2018 15:35:16 GMT

@MakingProgress wrote:

Cap one is unlikely to go from 750 to 10K. It is unlikely they will go from 2250 to 10K. Cap one is generally not that generous with CLI and all the more so when you have a low SL.

Agreed. The point of my post was not to suggest a way to get from a 750 CL to 10K, but rather to add DPs, re: filling out the request form.

As to my CLI, I saw no harm in asking for a limit I likely would not receive. A process I will repeat in Feb 2019 when my 6 months is up.

I expect the only way for me to get a workable Cap1 CL is to app a new card and then combine existing ones into it. Or inch up, little by little, over many years. I've not yet decided on the former so, for now, I choose the latter.

Re: Capital One CLI questions

Anonymous — Tue, 27 Nov 2018 15:34:43 GMT

@HeavenOhio wrote:
@Anonymous, based on data here, it's rare to see increases over $3,000. For my last increase, I requested $3,100 and was countered with $3,000. That result didn't surprise me at all. This is useful data -- thank you.

But 3k is pretty common if the card has enough spending. Small charges aren't likely to convince them to raise your limit. I've gotten a bunch of 1k and 3k increases. I figure I spent about 1k per month over three-plus months for the 1k increases and about 3k per month for the 3k increases. This sounds reasonable. I'm not sure I'm committed to giving them spend, at this point.

Based on your previous $1,500 CLI, I don't think you're stuck in a low bucket and that you can probably grow this card quite a bit. Was $750 your starting limit? Yes

Keep in mind that if you accept a CLI offer, you won't be eligible to request again for six months. Right. I had noted February as the 6-month mark. You always have the option to decline an offer without resetting any clock. If you think you can get an improved offer in a couple of months, it'd make sense to decline a small CLI. I'll see how much they offer in Feb and go from there.

Thanks for the info, HO. Much appreciated.

Re: Capital One CLI questions

Anonymous — Tue, 27 Nov 2018 15:38:00 GMT

I'm dying right now.. but I know what you meant