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Capital One Secured Auto CLI

prevail0001
Established Member

Capital One Secured Auto CLI

Hey,
Just wanted to share with everyone that capital one gave me an auto CLI on my secured card today, right at the 5 month mark. I didn’t have to call or even inquire about it. Today I logged in and noticed my credit limit increased from $200 to $500.

I am now 5 months post d/c and the cap 1 secured was the first card I applied for (Mar 1,2018 on my d/c date). I have used the card responsibly by charging it and paying it off weekly. I also never allow my utilization to report more than 5%. However I use the card heavily to try and indicate to them that I need and handle a larger credit line.

Here is a quick look at my rebuild over the last 5 months:

Cap 1 (secured): March $200/ Aug $500
Cap 1 Plat: May $300
Target: July (awaiting card in mail/approved after received 7-10 day message)
Star Card: Aug $4,075
BK Filed: Nov 2, 2017
DC: Mar 1, 2018
Scores Nov 17, 2018: EQ: 640 TU: 631 EX: 626
11 REPLIES 11
rlstevens14
Member

Re: Capital One Secured Auto CLI

Thanks for the heads up! C1 does state on their site that they will auto CLI after 5 months of good payment history so it's good to know they follow through. I was curious if you IIB'd them or not. I IIB'd them for $7000 and heard mixed reviews on whether they will let me back in on the secured route.
Message 2 of 12
prevail0001
Established Member

Re: Capital One Secured Auto CLI

No I did not IIB C1. However, I’ve read plenty reviews in the forums that say C1 let’s you back in. Have you tried to use their prequel site yet?
BK Filed: Nov 2, 2017
DC: Mar 1, 2018
Scores Nov 17, 2018: EQ: 640 TU: 631 EX: 626
Message 3 of 12
rlstevens14
Member

Re: Capital One Secured Auto CLI

Did. Got the no available offers message but they suggested I apply for the secured. It's a bit premature I think since I'm still 3 weeks out from my DC date but curiosity killed me and I figured no hard pull, no foul. I saw some people say they were back in and others get denied. As with most things it seems it's a YMMV situation.
Message 4 of 12
EJ1980
New Contributor

Re: Capital One Secured Auto CLI

This is good to hear. I started my Cap1 Secured earlier this month, and I'm really hoping my excellent payment history leads to a nice CLI at the 5 month mark. 

Have you had any issues with Cap1 putting extra-long holds on your payments? Every payment I've made in the last two weeks has gotten a six-day hold. (I bank with Simple, an online bank owned by BBVA Compass.) So, I called when my available credit hit zero and I'd made all the payments required to bring it back up to $300 and had no pending transactions. 

The agent I spoke with said the reason all my payments were getting the extra-long holds had to do with the frequency of my payments. Seriously? Right now, this is my only actual credit card, and I use it much like a debit. Purchase something, wait for it to post to my balance, pay it off. Lather, rinse, repeat. The agent I called about the holds told me I should only be paying once a month, and when I said that's not an option for me as I'm rebuilding my credit and need to avoid high utilization, she told me to pay twice a month, tops. 

At this point, I'm wondering whether I should even keep using it at all. If I just stop using it, what happens with the 5mo CLI? Does anyone know? I mean, I guess I could use it to charge up about $30 (10% of CL) once a month, then pay THAT off, but it just seems like something else I'd have to remember to do. The way I'm doing it now, believe it or not, is convenient. I pay all but $10 or so just so there's *some* util for Cap1 to report. 

Anyone else experiencing these issues? Will I still get my CLI, you think? Was that agent correct in telling me that the numerous payments are causing the long holds?

Oh.. I should also mention that I opened a new checking account over the weekend and I'm going to be using that for Cap1. It's Old National Bank, which is exclusive to the Midwest if I remember correctly, but it's a better-known bank than the Simple brand. Maybe that'll help?

8/20/18 Starting FICO 8
EQ:532 TU:493 EX:526

8/30/18 Updated FICO 8
EQ:538 TU:524 EX:562

GOAL: 650 by 8/2020
Message 5 of 12
prevail0001
Established Member

Re: Capital One Secured Auto CLI

Hey! You stated you just received your card this month and that may be why you are having long holds. My first month having the card I would use and pay weekly and would experience 2-3 day holds, however after the first month I haven’t experience any holds on the card. Now when I pay my card my payment posts and my balance is available the next business day.
BK Filed: Nov 2, 2017
DC: Mar 1, 2018
Scores Nov 17, 2018: EQ: 640 TU: 631 EX: 626
Message 6 of 12
Shooting-For-800
Senior Contributor

Re: Capital One Secured Auto CLI

Awesome!

I would check with Discover and Merrick Bank for unsecured prequals.

GL!

Rebuild started in 2014  -  $100k unsecured credit in 2017  -  $400k unsecured credit in 2021.

DON'T WORK FOR CREDIT CARDS ... MAKE CREDIT CARDS WORK FOR YOU!

5% Rotating - Discover                         5%-20% - Amazon & Lowes                   3-6% Groceries - NFCU & Amex Preferred
3-5% Gas - NFCU & Ducks Unl            4% Dining & Entertain - Savor               3% Travel & Hotels - Flagship, Propel, & Uber
2% Everything - Flagship, Synchrony, Evergreen, & Venture


Message 7 of 12
JAG73
Moderator Emerita

Re: Capital One Secured Auto CLI

Congrats! 

Got some pruning to do... No more new cards!
Message 8 of 12
FireMedic1
Super Contributor

Re: Capital One Secured Auto CLI

In a way the rep was right. 2x a month is fine. Discover did the same to me when I thought I paid off the balance before statement cut. Didnt see a pending charge. When it posted I tried to pay it to stay AZEO and the site said it could take up to 8 days. Took 5. I had a total of 5 cards with Cap1. Down to 3 after closing the starters. Use the card, pay every 2 weeks. Yes some spending may not go on the card until you get a higher CL. They want use and PIF. The computer is making sure your payments post before taking another payment. You'll see. Next business day payments will post to Cap1. Congrats BTW!






Homeowner since Sept 2020. My posts are JMHO. My siggy is not to brag. Just sharing my experiences after BK from learning here from rebuild to recovery @ 540's.
Message 9 of 12
Guyatthebeach
Valued Contributor

Re: Capital One Secured Auto CLI

Congratulations on your increase!

 

Keep using that card the right away and it should graduate to a regular Cap1 Card a year to 18 months from when you opened it.

 

You ought to call them see if you can get some type of rewards and your options to increase your credit line. 

 

Guyatthebeach

Message 10 of 12
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