CapOne Quicksilver 17 year old CLI Denied

[Anonymous]

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@Anonymous wrote:

I am quite perplexed over this 'One CapitalOne QuickSilver card' that I have for 17 years that is stuck with $750 limit (I did a PC to QS few years ago)... I have 800+ score on all credit bureaus, I rarely go over 10% credit utilization, most of all my other Credit cards have $15k+ limits... This was 1 among 4 Credit Cards I got when I was a student... whenever I ask for CLI, CapOne has always denied indicating below reasons:

- Recent usage of this account for monthly spend has been too low
- Recent use of this account's existing credit line has been too low

I put all my streaming charges on this card every month (~ $100 in total) and pay it off. I try to not go over this amount due to the Credit Usage ratio. CapOne's CreditWise shows 800+ credit score. Their Cust Service says they cannot help me on this - I have told them, that they are creating a 'Catch 22' situation for me (For me to increase usage on this card, I need higher limit). I am not sure what to make of this; how to get CapOne to increase the limit on this card. Any suggestion in this regard is quite appreciated.

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If you really want the card to grow, you really have to use it. They only grant more credit if they see you *need* more credit.

If you keep utilization low, they think you are comfortable using it at the limit it is at and do not require any more.

It is quite easy to use the whole limit or more and still maintaining the low *reporting* utilization. They know you use the card based on internal records, they dont need to see high utilization report on your credit report, so not really a catch 22: use heavily, pay before statement cuts, control how much reports to the credit bureaus to keep your scores and reported utilization in check.

You use up the entire limit and pay it before the statement cuts. You can do this several times, need be.

This is how I got auto-CLIs. The auto-CLIs will be much greater than requested (which amount to 10% of the credit limit, rounded to the nearest $100 - meaning for you a $100 CLI when requested). When it is auto, they basically can bump it up to whateber they feel like. For me it was the average of my spend for the prior 5 months.

I am cycling my new limit again and hope to have another auto-CLI equal to my new monthly average spend.

If this is more effort than it is worth to you, throw it in the sock drawer, but it will not grow seeing the limit is confortable to the spend you place on it.

Good luck!

[JLRDC909]

I have probably had my Venture card longer (ugh, too long).  This bank is so odd to figure out. I wonder who writes the risk aversion methods for them?  Often their cards have a ceiling cap and are made to not go higher than a certain amount, which they will never divulge to you that limit or even if the card has a cap on the limit.  I also keep my card, which has been $5,000 for decades now, just for the credit age. Ive tried getting it higher and its always the same excuses with them, they usually throw in about 3 excuses as to why.  Oddly, I applied for the Savor card a few year ago and got a $20,000 limit.  They don't make sense.

[Brian_Earl_Spilner]

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@JLRDC909 wrote:

I have probably had my Venture card longer (ugh, too long).  This bank is so odd to figure out. I wonder who writes the risk aversion methods for them?  Often their cards have a ceiling cap and are made to not go higher than a certain amount, which they will never divulge to you that limit or even if the card has a cap on the limit.  I also keep my card, which has been $5,000 for decades now, just for the credit age. Ive tried getting it higher and its always the same excuses with them, they usually throw in about 3 excuses as to why.  Oddly, I applied for the Savor card a few year ago and got a $20,000 limit.  They don't make sense.

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When the card is opened it's packaged into Asset Based Securities. It's extremely rare for the card to be repackaged hence the bucketing. Discover does this as well. It's possible to grow, but there will be a ceiling which is why it's recommended to close and open a new one when your credit is better. Question then becomes, is it worth getting rid of your AAoA anchor. Cap1 tends to report for the full 10 years after a card closure.

[SoCalGardener]

There's some really great advice in this thread!

One thing I'd like to add is that even if you do get a different CapOne card--which sounds like the best choice--you might want to go ahead and keep this card open. A 17-year history is nothing to sneeze at. It helps your credit score. I would only close it if it had an annual fee; otherwise I'd keep it open, and once or twice a year charge something on it to keep it active.

[Anonymous]

To be honest, a 17-year-old CapOne card is worth keeping even with an AF - their AFs are not exorbitant and as stated, that old a card is golden, especially if your next-oldest is 4-5 or more years younger. Personally I'd keep it with that much age and buy lunch every few months with it.

[firefox100]

AS others said your account is bucketed and will not grow what ever you w spend on the card. This is one reason why I don't like Cap One, but they must know what they are doing ther stock price is over 150. You could write letter to the Ceo, but it won't do any good it might make you feel good. I don't understand how they operate, if you have a customer who has the account over 17 years in good standing why not work with the card holder and make money on customer get more spend on the account. There are other banks who raise credit limit with out lot of spend. Just my opinion don't close account just couple of dollars on it once year.

[Anonymous]

Closing doesn't seem to be a popular opinion around here but 17 year history or not I would do exactly that. If I read correctly elsewhere the account will stay on your reports for up to 10 years.  

But this is coming from someone who isn't interested in the sock drawer method and didn't have the patience to wait for credit steps with Cap One so take it with a chunk of salt. 

[SUPERSQUID]

DON'T FEEL BAD. BEFORE I FILED BK 7 I HAD A CAP 1 STUCK AT 500 FOR ABOUT 20 YEARS.

[Yasselife]

I also have the QS and after so many tries I am convinced it is bucketed. Now I only use it for sketchy businesses and a $3 car wash machine. I'm thinking about closing it too; it's 5yrs old and it was one of my first cards. Let us know if you're going to cut it so maybe I get the will to do the same.

[Anonymous]

Thank you all for sharing your thoughts.. I really appreciate it. As most of you said, looks like the card is bucketed by CapOne. I plan on NOT cancelling the card, and rather just us it once or couple of times a year and continue to just keep it Active. I don't want to close the card, since 17 years of history is too precious to loose; once lost it's gone forever.

Again, thank you all.