@masscredit wrote:When it comes to Cap1 CLIs, I never know how to answer this. Spending varies each month. I could run a few hundred dollars through it or I can it a few thousand dollars of attention. We all want our limits to increase. Even if we don't need them. How do you answer this if you do?
whatever your credit report can justify, think highest reported balance over the last 3-6 months, I'd say, not unreasonable you could spend that on the card
I doubt the answer will change the decision though
@masscredit wrote:When it comes to Cap1 CLIs, I never know how to answer this. Spending varies each month. I could run a few hundred dollars through it or I can it a few thousand dollars of attention. We all want our limits to increase. Even if we don't need them. How do you answer this if you do?
I heard or watched something somewhere that said for Cap One, you need to say you will spend 1/3 of what you are asking for. So, when I was at $6.3k ony Quicksilver, I asked for $15k and said I would put $5k per month on the card. They came back with a $12k offer which I took. Keep in mind that the month before I requested I put $5k on my card. I think they like to see high spending but not maxed out. I don't use that card much anymore, so they have denied my requests the last few times. Plus, I PCd it to VOne and moved some of the credit line over to Savor.
Here at my data points
cap 1 savor card
-9 months old at this point
- received first CLI offer at 3 months, requested thru the app, but they only offered $100 increase, so I declined the increase cause $100 extra credit line did nothing for me, so I knew if I waited until the 6 month mark, they would probably do an auto CLi, and I was hoping once that happened I would get a much better offer.
- during the first 6 months I spent anywhere between 2000-4500. My lowest spend for those 6 months was like $1800 and my highest was $4500. Most months were between 2500-3500. I knew capital one loved high spend and paying in full, so I gave them the vast majority of my spend to try to beat the bucket ASAP.
- at the 6 month mark I got an auto CLI from $1500 to $5000. So it looks like they took the highest monthly spend during those 6 months, tacked on an extra $500 bucks. And made that my new credit limit
(strangely enough chase also appeared to do this as well 2 separate times. They also took my highest month spend, tacked on an extra $500, and made that my new credit limit)
I personally tried and had no luck with that, I was denied until after my 3rd statement posted. But I have seen stories of people who got CLI's as soon as they got the card, like before they even received it in the mail. Some of them were fairly substantial as well.
As for the why it happens, not exactly sure how that works. Why some people had luck with that and others not. I know for me the system wouldn't even consider me for a CLI until 3+ months. And furthermore, If they are willing to give you an increase immediately why not just give you a larger starting limit?