topic Re: Cap One PC process and odds? in Credit Cards

Cap One PC process and odds?

Ellifino — Sun, 17 Aug 2014 12:20:36 GMT

Hey all,

I am pretty new to revolving credit, having gotten my very first card, a Chase Freedom with a $500 limit, in April. Having gotten the bug, I quickly added a $600 amazon store card, a $300 target card, and a $500 Walmart card. In May, I applied for a Capital One card and got a $300 limit platinum card and was put on the credit steps program to be raised to $500 at 6 months. Obviously I needed to garden, right? So many new accounts and a smaller credit limit each time. Well, the next month I got a preapproved offer in the mail for a Bank of America Cash Rewards card through an organization I care about, so I leaped out of the garden and was approved with a $1000 limit.

I use the heck out of my cards and pay the balances as soon as they post. With the small limits, it's hard to keep the utilization low otherwise.

In spite of being new to revolving credit, I have a twelve year credit history (student loans, 100% ontime payments) and a couple of auto loans, again, 100% ontime payments. I cleaned a nasty baddie out of my report and now have squeaky clean files and fico scores (from myfico) in the 730-740 range.

I'm trying hard to garden because I know I've got two solid cards in the Freedom and Bank of America cards, but that Capital One card annoys me. $300? Really? When they gave me that limit, my fico score was around 640 with one month of revolving history. I know I need to garden, but do you guys think there's any chance that if I contacted one of those executive office numbers, that they might bump me up to a nicer card with a nicer limit? Considering my new excellent credit scores? I'd rather garden a QS... or even a Venture...

Also how do you contact the eo? Do you have to like them on Facebook?

Thanks for any advice you guys have. I have learned a TON from this board, and there's no doubt that I owe my credit success to you guys!!

Re: Cap One PC process and odds?

js0319 — Sun, 17 Aug 2014 12:34:27 GMT

You are eligible to request a CLI or receive an auto-CLI every 6 months from Capital One with a soft pull. The minimum CL needed to qualify for a VentureOne is $3k, and $5k for the Venture with the AF. Quicksilver is based more on score. I would garden your cards and try every 6 months for a CLI with Capital One, and as your score increases this will put you in a better spot too. For now, I would continue doing what you're doing, even though it is a pain having to micromanage utilization.

Re: Cap One PC process and odds?

Ellifino — Sun, 17 Aug 2014 12:49:36 GMT

So you don't think the 740 score would make me eligible for PC to a QS, because it's been less than six months?

Re: Cap One PC process and odds?

creditFiend — Sun, 17 Aug 2014 13:52:32 GMT

I agree with js0319. CapOne prefers any requests at 6 mos. At that time you can ask to PC your card & request a CLI. If no luck in 6 mos; then contact EO.
However, It's always a SP so I guess it wouldn't hurt to try before six months. YMMV. GL in whatever you decide.

Re: Cap One PC process and odds?

Ellifino — Sun, 17 Aug 2014 14:00:01 GMT

Okay. I guess I can wait the three more months. But if I don't get good love from Cap One at the six month mark, I'm sock drawering this puppy.

Re: Cap One PC process and odds?

Anonymous — Sun, 17 Aug 2014 14:01:06 GMT

Cap One won't consider a CLI until you've had an account for six months. I tried to do it before six months and got a denial that stated they would not consider a CLI before six months.

Re: Cap One PC process and odds?

s_haliz — Sun, 17 Aug 2014 14:17:50 GMT

@Anonymous wrote:
Cap One won't consider a CLI until you've had an account for six months. I tried to do it before six months and got a denial that stated they would not consider a CLI before six months.

When you got denial from them, did they do HP or SP? Six months means six statements with them or exact six months from the day you had been approved by them?

Re: Cap One PC process and odds?

js0319 — Sun, 17 Aug 2014 15:03:17 GMT

It should be 6 months from the day. Also, I have sock drawered the card since I've had it. I only have my Netflix membership and Scorewatch on auto-payment for the card so it will continue to report monthly. With those charges alone, every month I've been able to get two CLI's.

Re: Cap One PC process and odds?

Ellifino — Sun, 17 Aug 2014 15:04:45 GMT

Too funny, those are the exact same charges I have on my Cap One card.

Re: Cap One PC process and odds?

lonelyisland — Sun, 17 Aug 2014 15:19:25 GMT

Your score got better, but immediately rolling out the red carpet and upgrading your cards isn't really how Cap one does business. You can contact the EO, and might give you a little CLI, or remove your annual fee, but if you will probably just need to apply again if you want a venture or a QS. I'd recommend waiting out the credit steps program and see what happens in two months.

Re: Cap One PC process and odds?

maiden_girl — Sun, 17 Aug 2014 16:24:10 GMT

I know you arent happy with 300 but credit takes time to build. You have to be patient. Cap One also doesnt issue CLIs without usage. So if you want your limit to move, you have to use your card. I dont believe you should call the EO for a card you just opened. Wait out the credit steps to see what happens. You have other cards you can use in the mean tine. Good luck.

Re: Cap One PC process and odds?

dang729 — Sun, 17 Aug 2014 17:12:16 GMT

See my post on my recent success with cap1 pc and cli. I got the platinum mc with a 637 score. My score has actually dropped to 600 and they bumped me from 1k to 4k.

I have seen other people pc to a qs after 3 months, but something to note is that when I pc'd the rep informed me that I wouldn't be able to make any changes to the card for 6 months from the date I made the change. Not sure if that includes cli's.

Re: Cap One PC process and odds?

maiden_girl — Sun, 17 Aug 2014 18:12:56 GMT

Re: Cap One PC process and odds?

s_haliz — Sun, 17 Aug 2014 23:17:43 GMT

@js0319 wrote:
It should be 6 months from the day. Also, I have sock drawered the card since I've had it. I only have my Netflix membership and Scorewatch on auto-payment for the card so it will continue to report monthly. With those charges alone, every month I've been able to get two CLI's.

Great to know. Thank you.

Re: Cap One PC process and odds?

Anonymous — Mon, 18 Aug 2014 10:12:43 GMT

I was recently able to PC my Platinum to a QS via online chat. Painless and they didn't HP because it was only a change to the card type. CLI via automated phone service was also painless, fast and soft pull.

Re: Cap One PC process and odds?

Anonymous — Mon, 18 Aug 2014 12:15:57 GMT

@dang729 wrote:
See my post on my recent success with cap1 pc and cli. I got the platinum mc with a 637 score. My score has actually dropped to 600 and they bumped me from 1k to 4k.

I have seen other people pc to a qs after 3 months, but something to note is that when I pc'd the rep informed me that I wouldn't be able to make any changes to the card for 6 months from the date I made the change. Not sure if that includes cli's.

I was told the same thing just recently when I PC'ed my Platinum to a QS Siggy.