CP1 luv button questions

[Anonymous]

On the Capital One credit limit increase request web page it asks for the total amount the card holder spends on credit cards monthly. The response is optional. How does this question impact the decision to grant the increase? Will answering the question increase the chance of an increase? If so, what is the optimal response considering that you must also provide your income.

[Anonymous]

Also to follow up on the previous post, does living at home and not paying any rent hurt my chances, I work full time and make 40k, but I am saving before moving out, or should I just say I'm paying rent.

[Anonymous]

The "total monthly spend" on cards may not have a huge effect but I have seen the CLI decline reasons include "credit limit is appropriate for your transaction history." So if you are only spending $500 and paying it off every month on your $3k limit card you may not get an increase.

As far as housing, that is used in determining your debt-to-income ratio. When I worked for a lender if you lived at home we always turned that $0 for housing into a $400 for basic living expenses. I am not sure what credit card giants like Capital One do if you put $0 for the housing expense.

[Anonymous]

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TBG wrote:

The "total monthly spend" on cards may not have a huge effect but I have seen the CLI decline reasons include "credit limit is appropriate for your transaction history." So if you are only spending $500 and paying it off every month on your $3k limit card you may not get an increase.

As far as housing, that is used in determining your debt-to-income ratio. When I worked for a lender if you lived at home we always turned that $0 for housing into a $400 for basic living expenses. I am not sure what credit card giants like Capital One do if you put $0 for the housing expense.

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This is exactly what I was thinking. But what puzzles me is the fact if CP1 is doing a soft pull then they should see how much a person spends on credit cards. 

[NP27]

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@Anonymous wrote:

On the Capital One credit limit increase request web page it asks for the total amount the card holder spends on credit cards monthly. The response is optional. How does this question impact the decision to grant the increase? Will answering the question increase the chance of an increase? If so, what is the optimal response considering that you must also provide your income.

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I left it blank and received an increase on 2 cards in the same day and received 2K on each card.  This was recent.

[Anonymous]

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@NP27 wrote:

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@Anonymous wrote:

On the Capital One credit limit increase request web page it asks for the total amount the card holder spends on credit cards monthly. The response is optional. How does this question impact the decision to grant the increase? Will answering the question increase the chance of an increase? If so, what is the optimal response considering that you must also provide your income.

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I left it blank and received an increase on 2 cards in the same day and received 2K on each card.  This was recent.

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Hmmm....interesting!

[Anonymous]

I hit Cap1 up via the button just a couple of days ago. I own my home outright. I have no mortgage or rent payment, so I put $0. I also left the monthly spend blank. 50K income, $2000 CLI on my QS.