topic Re: How to get biggest increase? in Rebuilding Your Credit

How to get biggest increase?

Anonymous — Sat, 29 Aug 2015 00:25:56 GMT

So I just got a new cap1 500 limit qs1. Email says after 5 on time payments I'll have access to a larger limit.

My question is this. Should I put one of my larger purchases on it, and make 5 large 3-4x minimum payments ? Or. Just keep doing what I'm doing with my other cap1 and maxing/PIF like 3-5 times a month...and letting a small balance report on one of them?

Re: How to get biggest increase?

Duke84 — Sat, 29 Aug 2015 00:43:46 GMT

I would recommend making the QS1 your primary card, putting heavy use on it and paying it off quickly. With my QS1, I didn't carry a balance or tried my best to avoid carrying one.

I went from $300 > $800 (luv button 5th statement) > $1300 (Credit Step Increase).

Re: How to get biggest increase?

Anonymous — Sat, 29 Aug 2015 00:47:11 GMT

Aye. I was kinda thinking that.... It's lower than 700 but even if I have to keep PIF over and over might as well get that cashback. Beats using a debit card which I hate with a passion... I have a run of bad luck with debit cards lol. Also. Should I go ahead and place one large purchase on my 700 then and make some 3-4x min payments tovkeeo it used and show cap1 I can manage? I don't really wanna do the whole charge/PIF a ton with both. But there is some stuff I need to pick up. Good idea or bad? I know some ppl claim not PIF is the absolute death of you lol.

Re: How to get biggest increase?

Duke84 — Sat, 29 Aug 2015 01:46:45 GMT

I know there are people who live by not PIF, but at the same time, you need to do what is best for you and realize where you are financially. I don't know your situation, but just make sure that whatever it is you have to do, you can at least make minimum payments towards your balances.

Re: How to get biggest increase?

Anonymous — Sat, 29 Aug 2015 02:34:17 GMT

I have a Cap1 Platinum card I have had for 4 or more years, it had a 750 CL. I hit the Luv button in May and they gave me a CLI of 1k for a total of 1750. I bought a couple things that I needed that had come up, like a new BBQ grill and other things for the house, and I thought I would let a balance go for a couple months. I made a payment about 6 times the mininum and carried a balance of about 550 for that month, unusual for me.

They sent me an email and a follow up snail mail saying that if I made 5 payments of at least 125 each, they would give me another auto CLI of 500 after the sixth month. So I am doing that, but it will be paid off sooner. I'll just stretch it with smaller purchases and PIF after that so I can get the CLI. I think they are dangling a 500 carrot in front of me to discourage me from asking for 2 or 3 k. I'll play this time, but after the next 6 months, I am asking for bigger CLIs.

My scores are much better now, and I am thinking of going for the Venture and QS play and sacrificing the HPs for the better CLs. Scores are now upper 6s and low 7s from CCT.

Re: How to get biggest increase?

Anonymous — Sat, 29 Aug 2015 09:43:17 GMT

So don't pay stuff off in more than min payments because they'll screw me on clis?

Re: How to get biggest increase?

Anonymous — Sat, 29 Aug 2015 15:01:38 GMT

@Anonymous wrote:
So don't pay stuff off in more than min payments because they'll screw me on clis?

Not necessarily. I had two cap 1 cards that were in credit steps. One went from 500-1500-3000 and the other went from 500-1500-2000. I pif in full every statment and probably put around 6000 through the first one and about 3500 through the second one.

Re: How to get biggest increase?

Anonymous — Sat, 29 Aug 2015 16:50:23 GMT

@Anonymous wrote:
So don't pay stuff off in more than min payments because they'll screw me onclis?

I am doing more than that for my situation.

I had a balance when they looked at it that was probably around 600. They offered me a CLI of 500 if I made 125 payments for the next 5 or so months. The minimum payment would be 25 to 40 maybe, but if I made the 125 amount, I get a reward of a promised CLI. This is the first time I received such an offer from a CCC so I am following it.

Normally, I would pay it in full, or maybe in two payments, but I am following their offer.

For pursuing CLIs, my usual method is to charge something and make one or more payments per cycle, and PIF before the due date and statement cuts, whichever is first.

I make sure that at least one CC reports a balance of 9% or less, and all CCs combined have a UTI of less than 9% too.

HTH

Re: How to get biggest increase?

Dj4Money — Sun, 30 Aug 2015 00:59:38 GMT

When I have more data I will have a better idea.

Right now, I have two Cap One card in the steps program, QS and Secured Platinum.

The secured went from $229 ($99 desposit to start for $100 secured/$100 unsecured = $200) to $529 back in June ($400 unsecured + $129 secured). We'll see what happens over the next six months because I will ask (online) for a line increase after my Sept statement while the steps program has me setup for Nov to get my next line increase.

I was suggested to me after 90 days (3 statements) I should ask for a line increase on my QS. So I will try to get a line increase for both after the next statement.

Re: How to get biggest increase?

Anonymous — Sun, 30 Aug 2015 03:27:06 GMT

@Anonymous wrote:
Aye. I was kinda thinking that.... It's lower than 700 but even if I have to keep PIF over and over might as well get that cashback. Beats using a debit card which I hate with a passion... I have a run of bad luck with debit cards lol. Also. Should I go ahead and place one large purchase on my 700 then and make some 3-4x min payments tovkeeo it used and show cap1 I can manage? I don't really wanna do the whole charge/PIF a ton with both. But there is some stuff I need to pick up. Good idea or bad? I know some ppl claim not PIF is the absolute death of you lol.

If this is your only card, don't worry about trying to peak your scores by showing a small balance - that will come later. Right now just use it however you need to, and PIF or pay as much as possible - just don't fall for the minimum payment trap. After the third statement, go online and request a CLI.

Never mind, I reread your first post and see you have two cards. I would PIF one and let the other show a balance. Doesn't matter which. If you don't have a third card you need to get one.

Re: How to get biggest increase?

Anonymous — Sun, 30 Aug 2015 03:30:19 GMT

I have 1k local CU. 500 cap1qs1 700 cap1 secured. (200 fingerhut) .. That's why I was thinking since I PIF anyway. I'll use the 500 and often/PIF rinse repeat.. One of the larger purchases like 300-500$ I could just drop on the $700 limit card and pay it off over time. And my local CU isn't even being used. So the only balance reporting will be on the 700 card. Or should I be letting the balance report on the qs1?

Re: How to get biggest increase?

Anonymous — Sun, 30 Aug 2015 03:35:48 GMT

@Anonymous wrote:
I have 1k local CU. 500 cap1qs1 700 cap1 secured. (200 fingerhut) .. That's why I was thinking since I PIF anyway. I'll use the 500 and often/PIF rinse repeat.. One of the larger purchases like 300-500$ I could just drop on the $700 limit card and pay it off over time. And my local CU isn't even being used. So the only balance reporting will be on the 700 card. Or should I be letting the balance report on the qs1?

That would seem to be the way to go, IMO.