I have both a Platinum ($2K CL - age of card is about 6 months old) and a Quicksilver ($3K - age of card is about 2 months old).
I use both, but charge most to the QS (due to the cashback feature). The question I have is that for my QS card, when I log in, I see the notice that if I make 6 payments on time (2 down - 4 to go), then I'll get an automatic CLI to $3.5K. This, plus the cashback is why I usually churn about 1/2 of my charges through this card (the other 1/2 go through my NFCU CC). Basically I treat the QS as a debit card, charge and pay it off as soon as the charge hits (about 2 days later).
I do the same for the Platinum (about 2-3 charges a month) but I don't see the notice about the automatic CLI in 6 months. So my question is, since it's not automatic, does that mean that I'll just need to request it at the 6 month mark...and are they going to be as forthcoming with a CLI (or the amount of the CLI) if they don't see much activity (vesrus what I put on my QS card) every month? My FICO scores are slowly increasing (anywhere from 4-6 pts each month)...but I just wanted to be sure I wasn't making a mistake with the Platinum card. If putting more charges on it will result in a higher CLI, then I'll gladly do that...but wasn't sure how much of an effect that was versus the impact of my score.
Thanks for any feedback!
My responses are both based on personal experience as well as what I've read about/heard from other Capital One cardholders.
Capital One LOVES when their cards are heavily used and large payments (in relation to credit line) are made. In my experience, as long as all other credit is acceptable to them, if you establish a 3 month long period of heavy usage and large payments on an individual card, you stand a good chance at a CLI...granted you're at/beyond the 6-month gap between increases. This 6-month gap does not, however, seem to apply when youre in the "Credit Steps" automatic CLI program. What I did (and many others have done) was request a CLI (as often as you like since Cap1 is a soft pull for CLI) right before (2-3 weeks) your automatic CLI is scheduled. It shouldn't count in this 6-month period and your "guaranteed" increase from $3,000 to $3,500 ($500 increase) would still apply, at minimum.
Example:
Credit Steps Card Currrent Credit Limit: $3,000
"Guaranteed" CLI at completion of program: $500 for a total of $3,500
If you manually request a CLI 2-3 weeks prior to the completion and you're granted a CLI of $500, then at the end of the Credit Steps program, your NEW MINIMUM credit line would then be $4,000.
I hope this helps! Keep in mind, Capital One, just like all other credit card issuers, has their own niche. They are, however, relatively easy to predict.
Basically all of their cards have a steps increase now whether it's shown, or not. That doesn't mean, you'll get one for sure since nothing in credit is guaranteed. You're allowed an approved CLI once every 6 months on a card. Again, doesn't mean you'll get it. Like stated above, you need to put some heavy use. The part mentioned above about requesting right before the steps increase is wrong currently, however. At one time this was true. At this point, they'll simply give you early access to part of your steps increase, nothing more. To get a higher increase, you need to use it heavily for multiple months in a row. For me, it was cycling the limit 3x for 3 months before they started giving me increases or gave me a higher steps increase.
Also, you can PC that Platinum to another qs or maybe venture. Just stay away from the qs1.
