topic Re: CapitalOne Credit Limit Increase Question in Credit Cards

CapitalOne Credit Limit Increase Question

RedWolfFish77 — Tue, 12 Mar 2024 16:32:27 GMT

Hello, hope your year is going great so far!

I have a question about CapitalOne and their limit increase tendencies. For the longest I would never get any kind of increase on my $500 limit SavorOne card. I finally got one but it was a $100 increase. I've heard that Cap1 can be a little stingy when it comes to credit increases, but they usually warm up to you after your first increase. Is this true? I'd eventually like to raise my limit up to around $3,000 as I will be cancelling my Gold card soon enough. Any experience or opinions is great appreciated. Thank you!

Re: CapitalOne Credit Limit Increase Question

GZG — Tue, 12 Mar 2024 16:36:32 GMT

@RedWolfFish77 wrote:
Hello, hope your year is going great so far!

I have a question about CapitalOne and their limit increase tendencies. For the longest I would never get any kind of increase on my $500 limit SavorOne card. I finally got one but it was a $100 increase. I've heard that Cap1 can be a little stingy when it comes to credit increases, but they usually warm up to you after your first increase. Is this true? I'd eventually like to raise my limit up to around $3,000 as I will be cancelling my Gold card soon enough. Any experience or opinions is great appreciated. Thank you!

what did your credit look like when you opened the savor one?

was there any negative information on it? collections/late payments/charge offs?

if it was clean, it wouldn't surprise me to see you get a much nicer CLI in ~6 months provided the card is being used during that time.

if it wasn't clean, it's anybody's guess. I got an auto CLI to $2100 on my quicksilver that started at $500 as platinum after 15 months, and got a similar $100 CLI at around 6 months.

Re: CapitalOne Credit Limit Increase Question

pizzadude — Tue, 12 Mar 2024 16:46:44 GMT

Cap1 is one of those lenders who may bucket your card into a low / no-growth category so you may not be realistically eligible for much of an increase if that's the case.

Re: CapitalOne Credit Limit Increase Question

RedWolfFish77 — Tue, 12 Mar 2024 16:49:37 GMT

I have a lot cards overall, maybe that could do it. Only negative thing would be late payment from like 2018

Re: CapitalOne Credit Limit Increase Question

RedWolfFish77 — Tue, 12 Mar 2024 16:52:33 GMT

Understandable, I've accepted the fact the VX is never gonna happen unless I get a P2. Guess I'll stick with Amex and Citi

Re: CapitalOne Credit Limit Increase Question

CorpCrMgr1 — Tue, 12 Mar 2024 16:57:07 GMT

If you have decent credit you can apply for another Cap1 card with much better results.

Re: CapitalOne Credit Limit Increase Question

RSX — Tue, 12 Mar 2024 17:11:33 GMT

there is a chance you can build that one up - but you will need to put some effort in for the next 3-4 months to give it a chance - and it might not work....

put all your normal spend on that card - use it for more than the $500 monthly - make multiple payments - keep this going for 3-4 months, and then ask for a CLI

if you only get another $100, then likely this card is bucketed

if you get a $500-$1k CLI, then keep on the same path for another 6 months and ask for a CLI again

good luck to you!

Re: CapitalOne Credit Limit Increase Question

Horseshoez — Tue, 12 Mar 2024 17:37:33 GMT

My two CapOne cards behave very differently when it comes to CLIs:

Quicksilver: opened when I was rebuilding following my Chapter 13 discharge, my FICO 8 scores were all in the very low 600s; my starting limit was $3,000. Since then they have dropped several $1,500 auto-CLIs on my card, typically about once every year.
SavorOne: opened when my Chapter 13 had fallen off my record and all FICO scores were somewhere north of 800; my starting limit was $2,000. Since then they have refused to increase that limit even a penny.

Re: CapitalOne Credit Limit Increase Question

DXness — Tue, 12 Mar 2024 18:57:11 GMT

Capital One uses a business model where they package accounts into asset-backed securities and sell them to investors. According to SEC disclosures, they have 4 "buckets" your card can be in. $500 for an SL on a Savor One suggests that it's located in a lower bucket and unlikely to grow much regardless of what you do. IMO, doing the high util, heavy spend thing in a low bucket is a waste of time and spend assignment.

Since cards are bucketed, not people, you can apply when your credit profile changes in a way Capital One likes (not necessarily gets "better!") and place into a higher bucket. The same person who receives a $500 Savor One could close it and re-apply later for a $5K-10K Savor One that can become a $10K-20K Savor One in 3 months with normal spend and no effort. This is the strategy I would pursue.

Capital One likes profiles with few cards, middle of the road scores, low velocity, and have an elevated chance of revolving balances. If that sounds like you now or at any point, that's when they'd warm up to you. You can get a $10K Savor One with a FICO 8 as low as 620 if you look like what they want (I saw this in person). This is kind of a weird bank compared to most others, but once you know how they operate, some things make more sense.

Caveat - there are still things we collectively don't understand about Capital One, so as always, YMMV.

Re: CapitalOne Credit Limit Increase Question

Zoostation1 — Wed, 13 Mar 2024 00:39:35 GMT

Capital One has been hit and miss for me. Started my rebuild in Nov 21 and got in with Cap One 3 months later.

QuicksilverOne: Feb 2022 $2000 SL (not FICO soreable at the time of opening) --> Oct 2022 $1500 CLI to $3500 -->PC to VentureOne less than a week later-->PC to Quicksilver Mar 2023--> CLI denial June 2023 (low usage denial reason)-->Aug 2023 transfer $1200 of CL from QS to SavorOne. $2300 current CL
SavorOne : Sep 2022 $3000 SL (~660-665 FICO 8 sores at time of opening)--> Mar 2023 CLI denial-->June 2023 $300 CLI to $3300--> Aug 2023 $1200 CL transfer from QS. $4500 current CL
Venture X: July 2023 $10000 SL (~675-685 FICO 8 scores at time of opening --> Mar 2024 $1500 CLI to current $11500 CL.

All of these were manually requested and when all CLIs occured, the card receiving was my heaviest usage and utilization reporting card. I was AZEO for the first 2 of 3 CLIs, but no longer do that. Capital One tends to like heavy usage and seems to like showing more significant reported utilziation. Anecdotally, it seems like they have been stingier on Savor and SavorOne than QS and some Venture family cards. I've seen more CLDs from inactivity along with fewer big CLIs and/or high limits in general on SavorOne. The QS I have is a fairly low bucketed card though maybe not the lowest of low. My SavorOne is also likely bucketed (maybe to a slightly lesser degree), and my Venture X is either not bucketed or is at least in a decent enoguh bucket it can probably still grow further with enough use.

Re: CapitalOne Credit Limit Increase Question

stonedog23 — Wed, 13 Mar 2024 00:50:58 GMT

@RSX wrote:
there is a chance you can build that one up - but you will need to put some effort in for the next 3-4 months to give it a chance - and it might not work....

put all your normal spend on that card - use it for more than the $500 monthly - make multiple payments - keep this going for 3-4 months, and then ask for a CLI

if you only get another $100, then likely this card is bucketed
if you get a $500-$1k CLI, then keep on the same path for another 6 months and ask for a CLI again

good luck to you!

Sorry, but I think that is a waste of time for this particular card holder with a starting limit of $500. I'm in the same boat, or should I say same bucket. Twelve years ago I started with their $1000 credit steps quicksilver, got the automatic $500 increase after 6 statements. And I've been at $1500 for 12 years.

Re: CapitalOne Credit Limit Increase Question

stonedog23 — Wed, 13 Mar 2024 00:57:28 GMT

I know the consensus is that cards are bucketed and not people. But I think they have bucketed my Walmart MC that migrated over from another lender to go along with my bucketed Quicksilver. My Walmart MC came over at $8000 a few years ago and will not move despite me spending a good portion of my life in Walmart and on their website. I'm pretty done with these two cards.

Re: CapitalOne Credit Limit Increase Question

LjHunter — Wed, 13 Mar 2024 11:58:28 GMT

I had the same issue at first with both my Capital One cards (Walmart rewards & Platinum) after about 1 year of $100 increases they finally bumped them up to 3,600 (after I requested CLI) & 2,600 on the other (automatically). How long have you had your card?

Re: CapitalOne Credit Limit Increase Question

LjHunter — Wed, 13 Mar 2024 12:14:45 GMT

For s**ts and giggles I just requested a CLI and got it up to 6,600. I've had my CAP1 card for about 2 years. (Walmart rewards)

Re: CapitalOne Credit Limit Increase Question

RedWolfFish77 — Wed, 13 Mar 2024 12:35:49 GMT

I've had my Quicksilver since 2021, stuck at $500 since then. had my SavorOne since last August