Cap1 Platinum & QS1 CLI Denial

[Anonymous]

Put CLI increases in for my $800 limit platinum and $600 limit QS1, they both where auto increased about a year ago, and just got approved yesterday for the Savor1 w/ $500 limit. Seems like in the letter for the denials where wrapped around my monthly payment amounts have been too low. Any recommendations here? Spend more on them each month and pay in full? How long until I should try again, if at all? Should I just keep doing what i'm doing and keep working my way up to something else besides Cap1 since it seems they have always been stingy about CLI's? Pretty new to this but should I consider these 2 cards 'bucketed' since my credit wasn't fantastic when I got them to begin with? Thanks for any input! 

[Anonymous]

Congrats on your Savor One!

Cap One wants to see PIF from the other 2 cards. Call CS and see if you have any product upgrades available on your Platinum or QS1. Next, Zero out your balances and focus your spend on the Platinum and wear out that magstripe. Make sure to PIF every month and never let more than 29% report on Statement Date (preferably <9%). Right after statement cuts, pay it down to Zero and start over. Figure on a 6 month process for this. In that timeframe Cap One may Auto CLI you which is preferable as those tend to be higher $ amounts than if you personally requested. If no Auto CLI, then you can hit the Luv button if you want. Don't spread yourself around with the other cards. Focus your spend on one card at a time for better results and never overextend yourself.

If you find yourself getting too close to your CL then pay the balance down mid cycle. Cap One doesnt mind if you spend close to the limit as long as you don't go over and you PIF after statement cuts. Remember, don't let more than 29% of the CL get reported or you'll take a larger than average FICO hit and other creditors will start to give you the side-eye.

[Anonymous]

Thanks for the reply @Anonymous. Is there a reason to start with the platinum instead of QS1 since there's no rewards on the platinum? Also, my due date is the 1st on each and statement close is the 10th. I've been paying in full on the first then not using until I see it update on my report, only leaving me like 2-2 1/2 weeks a month to use it. Should I just pay the minimum on the 1st to get the on time then pay in full a couple days prior to the 10th? This has been the most complicated part for me is understanding when/how much to pay. Thanks for any insight! 

[SUPERSQUID]

I do a similar thing with 2 cards i have concerning the due dates. just a note try never just to pay the minimum no matter what. pay 2 x or 3x the min or more if you cant pif.

I get paid once a month on the 3rd wednesday. i have 2 cards with due dates on the 18th. sometimes the 3rd wednesday is after the 18th. what i do on those months is shoot them a payment early to cover the minimum so im not late, usually 2 or 3 times the min payment. then when i get paid i make a second payment to either pif or a nice chunk.

The next month i will have to do that is january 2022 when the 3rd weds is after the 18th. in fact it happens several times a year so i watch the calender carefully.

[Anonymous]

Figured the Platinum is overdue for a PC upgrade to a QS. Call CS and see if they'll give it to you. That'll at least give you the 1.5% cashback on that card. Also compare your APR on both the Platinum and QS1. The Platinum when PC'd to a QS will be the most attractive if not bucketed considering the QS1 has an AF and generally higher APR. You'll most likely want to grow the card with no AF in case you want to cut the QS1 loose one day if the CLI's arent happening and the CL is hurting your average overall average.

PIF right after the "Statement Date" or Cut Date if you want to show a small balance. If not, pay well in advance of your "Due Date" not "ON" the due date in case something doesnt go right. Murphy is always lurking. Mastering the Statement Date and Due Date dance is top priority.

[OmarGB9]

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@Anonymous wrote:

Thanks for the reply @Anonymous. Is there a reason to start with the platinum instead of QS1 since there's no rewards on the platinum? Also, my due date is the 1st on each and statement close is the 10th. I've been paying in full on the first then not using until I see it update on my report, only leaving me like 2-2 1/2 weeks a month to use it. Should I just pay the minimum on the 1st to get the on time then pay in full a couple days prior to the 10th? This has been the most complicated part for me is understanding when/how much to pay. Thanks for any insight! 

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While the Platinum may have no rewards, there is also no AF. The QS1 has a $39 AF, meaning to just break even rewards-wise, you have to spend at least $2,600 a year on the card. Also, the QS1 is notoriously difficult to PC to a different card.

Aa for your proposed plan, if you only pay the minimum by the due date, anything you pay afterwards will lower your balance, but will not count towards having paid the previous month off in full. In other words, if you don't pay your previous month's balance IN FULL by the due date, you will be charged interest, which will eat up any rewards earned.