topic Re: Cap1 upgrade. Did I break the Bucket? in Credit Cards

Cap1 upgrade. Did I break the Bucket?

Montana4f1 — Sun, 16 Oct 2022 04:15:37 GMT

Re: Cap1 upgrade. Did I break the Bucket?

OmarGB9 — Sat, 02 Apr 2022 00:27:24 GMT

Still bucketed, sorry. Although you're one of the outliers in how much it did grow.

Re: Cap1 upgrade. Did I break the Bucket?

Montana4f1 — Sat, 02 Apr 2022 01:42:21 GMT

Thank you. As this is my second oldest acct behind a close auto loan, I don't want to close it so I'll keep using it in a backup capacity. I feel like 5k is a boundary. If I did want to test that theory and push the boundaries for general knowledge of the community, any advice?

Re: Cap1 upgrade. Did I break the Bucket?

HeavenOhio — Sat, 02 Apr 2022 04:07:26 GMT

@Montana4f1, how much do you use this card?

Re: Cap1 upgrade. Did I break the Bucket?

Montana4f1 — Sat, 02 Apr 2022 06:08:17 GMT

not as much as my others anymore. Maybe 300/mo

Re: Cap1 upgrade. Did I break the Bucket?

lgtwriter — Sat, 02 Apr 2022 21:07:36 GMT

My Merrick visa and my two Capital One platinum cards were my first cards out of bankruptcy in Dec of 2009. I was able to get my Capital One cards from initial 300 credit lines to 13k and 5k within a couple of years post bankruptcy. But after that, they now only grow 10% a year. I get approved for one 10% credit limit increase a year on both of them. (I upgraded them to Quicksilvers) I didn't try for some years, and just recently started trying to increase them a year or so ago. One sits at 5500 and one sits at 14k now. My last cli was a couple of weeks ago (or a month I can't remember, time is going by quickly lol. I posted a thread on it) and it was a strange semi-auto increase, where a form popped up when I logged into the site and asked me if I wanted to apply for a cli (very strange).

I would expect to only get 10% increases a year once you are at a certain limit with them for awhile. I keep my Cap Ones for age. There is debate as to whether I should close them, but I have decided to keep them for age, and for sentimental reasons and use them once in a while.

Re: Cap1 upgrade. Did I break the Bucket?

Montana4f1 — Sat, 02 Apr 2022 20:02:03 GMT

It's nice to know that you can possibly break the ceiling. I'd be happy to dbl the cl. I'll try using more often and see if that makes a difference. I don't remember exactly when the last CLI was. I've never asked for a CLI, they have always happened auto on all my cards. I never see links inviting me to request one or LUV button but I also only use the apps and never the websites. I wonder if that makes a difference and limits what offers I'm able to see

Re: Cap1 upgrade. Did I break the Bucket?

lgtwriter — Sat, 02 Apr 2022 21:10:14 GMT

@Montana4f1 After awhile, I no longer got auto cli and ended up with the 10% a year I mentioned above. I had to ask for a cli, although there was a pop up form asking me if I wanted to ask, which I am calling a "semi-auto" cli. I got the pop up both in the app and on the web. I tend to use the web page when I am doing a one off manual payment so sometimes I log in from the web and not the app.

Re: Cap1 upgrade. Did I break the Bucket?

Montana4f1 — Sat, 02 Apr 2022 21:31:51 GMT

Update: I looked at my statements bc I was hazy on the details. I PC'd 4/21. My auto CLI occurred 3 month later, tripling my CL to 4500. Now it's been about 8mo. Im wonder if I should wait a full year and see what happens with more usage or if I should hit that button in the drop down menu I found now. I appreciate all the help. I'm great at managing my cards but asking for an increase scares me, tho I feel like I'm not getting all I could by not requesting the increases myself. I'm coming up on 6mo on my USB Cash+ so I really hope to see an auto CLI on that one too.

Re: Cap1 upgrade. Did I break the Bucket?

GApeachy — Sat, 02 Apr 2022 22:18:35 GMT

@Montana4f1 wrote:
asking for an increase scares me

The first time Cap1 asked me how much I was planning on spending on my card and was it for an upcoming expense(?) I was like, "Oh cr@p!" and closed the browser. The next time I got the notion to rock the boat, I requested an apr reduction with the intention of requesting a cli but was informed Cap1 quit giving reductions (height of Pandemic) so I decided to nix the cli question again ....row, row, row your boat gently.

You can always call and ask if you have any offers on your card. If so, take what you can get and theeeennnnn ask if you could squeeze out a cli.

Re: Cap1 upgrade. Did I break the Bucket?

Gollum — Sun, 03 Apr 2022 09:19:07 GMT

@Montana4f1 wrote:
Update: I looked at my statements bc I was hazy on the details. I PC'd 4/21. My auto CLI occurred 3 month later, tripling my CL to 4500. Now it's been about 8mo. Im wonder if I should wait a full year and see what happens with more usage or if I should hit that button in the drop down menu I found now. I appreciate all the help. I'm great at managing my cards but asking for an increase scares me, tho I feel like I'm not getting all I could by not requesting the increases myself. I'm coming up on 6mo on my USB Cash+ so I really hope to see an auto CLI on that one too.

Montana4f1,

I think that your Capital One credit card was not "bucketed" because of the credit limits that Capital One agreed to for your account.

I think that Capital One probably liked your potential creditworthiness.

Because of current 40-year highs in inflation, no signs of decreased federal "spending"/borrowing, the Fed "signalling" interest rate increases, and an economic slowdown/recession seeming likely/imminent, I think it is likely that Capital One is in the process of making credit less available.

Re: Cap1 upgrade. Did I break the Bucket?

EAJuggalo — Sun, 03 Apr 2022 14:40:36 GMT

Still bucketed. I'm in a similar boat. I got a Platinum in 2016 with no credit score, between credit steps and account consolidation I got it to $4500 in 2017, where it's sat ever since. I've gone between 615 and 700 FICOs and nothing has changed. I've got a couple small things on it just to keep it open for the time being.

Re: Cap1 upgrade. Did I break the Bucket?

Gollum — Mon, 11 Apr 2022 10:31:16 GMT

For the definition of what the term "bucketed" means regarding credit cards, I always refer back to the post on 11-01-2017 by ABCD2199 with the Subject line "Credit Card Asset-Backed Securities (ABS) and why some subprime card never grow or graduate":

https://ficoforums.myfico.com/t5/General-Credit-Topics/Credit-Card-Asset-Backed-Securities-ABS-and-why-some-subprime/td-p/5083619

Re: Cap1 upgrade. Did I break the Bucket?

Montana4f1 — Wed, 13 Apr 2022 03:06:36 GMT

Good info, even if it hurt my head reading it. It wasn't a secured card to start with though.

Re: Cap1 upgrade. Did I break the Bucket?

Gollum — Wed, 13 Apr 2022 07:18:37 GMT

@Montana4f1 wrote:
Good info, even if it hurt my head reading it. It wasn't a secured card to start with though.

The point of that article written by ABCD2199 (4+ years ago, now) is that some credit card accounts are limited/bucketed/(frozen in time) because of the way credit card accounts are sold to investors.

In your case, I think your credit card is not "bucketed." Interest rates are going up, so expect changes.

Re: Cap1 upgrade. Did I break the Bucket?

SUPERSQUID — Wed, 13 Apr 2022 08:53:07 GMT

@Gollum wrote:
For the definition of what the term "bucketed" means regarding credit cards, I always refer back to the post on 11-01-2017 by ABCD2199 with the Subject line "Credit Card Asset-Backed Securities (ABS) and why some subprime card never grow or graduate":
https://ficoforums.myfico.com/t5/General-Credit-Topics/Credit-Card-Asset-Backed-Securities-ABS-and-why-some-subprime/td-p/5083619

Excellent post. From what i digest from reading that post is if you are bucketed and it might be forever. It seems wiser to just close the card and app for a new one if your credit file has improved significantly.

Re: Cap1 upgrade. Did I break the Bucket?

OmarGB9 — Wed, 13 Apr 2022 18:42:45 GMT

@Montana4f1 wrote:
Good info, even if it hurt my head reading it. It wasn't a secured card to start with though.

It doesn't have to be. An unsecured card can still be bucketed.

Re: Cap1 upgrade. Did I break the Bucket?

Gollum — Thu, 14 Apr 2022 09:32:32 GMT

@OmarGB9 wrote:
@Montana4f1 wrote:
Good info, even if it hurt my head reading it. It wasn't a secured card to start with though.
It doesn't have to be. An unsecured card can still be bucketed.

OmarGB9, I am curious about what your definition of a "bucketed" credit card is.

Re: Cap1 upgrade. Did I break the Bucket?

KJinNC — Thu, 14 Apr 2022 16:17:31 GMT

I don't know the fine points of "bucketing," but generally speaking, it is used here to refer to a card that has some sort of data flag or way of being treated by the issuer, such that it will grow slowly and/or to a limited maximum, compared with other cards from the same issuer. It is most often used here regarding Cap 1 "starter" cards that were originally issued with tiny credit limits such as $300.

For the OP - if it were me, I'd probably close it. It will not hurt your account age as it stays on your credit reports for ~10 years, and from what you said, I don't think it will have much impact on your utilization, or rewards/cash back.

Re: Cap1 upgrade. Did I break the Bucket?

OmarGB9 — Fri, 15 Apr 2022 02:05:16 GMT

@Gollum wrote:
@OmarGB9 wrote:
@Montana4f1 wrote:
Good info, even if it hurt my head reading it. It wasn't a secured card to start with though.
It doesn't have to be. An unsecured card can still be bucketed.
OmarGB9, I am curious about what your definition of a "bucketed" credit card is.

@Gollum

https://ficoforums.myfico.com/t5/General-Credit-Topics/Credit-Card-Asset-Backed-Securities-ABS-and-why-some-subprime/td-p/5083619