Capital One CLI 2-3 Day Message

[Anonymous]

I just requested a cli and got a 10 day message. Did you ever get your increase? BTW, how long have you had your Discover card and what was your limit and scores when you applied? I’m kinda in the same boat. Just closed on a new home and applied for the Amex BCE and they only gave me a $1000 SL.

[TiggerDat]

I didn't read all the replies, so I am sorry if what I say was already said.

Don't get a second CapOne card, as it will be a HP at all three bureaus.  They are notorious for this.  Instead use the card PIF each month, then reapply until they give you a limit increase.  Don't hold your breath waiting for that though.  If or when you have a good score apply with another bank that has a good rewards card and will only pull 1 credit bureau, which basically means every other bank out there!  When your annual fee for the QS1 card comes due ask for them to remove it.  Keep asking until they waive it for one year, then repeat the process the next year.  Eventually you will find they will eliminate the fee, then put the card in the sock drawer.  If you need another 1.5% card for general spend there are cards out there and now there are cards which have 2%, so get that card and PIF each month.  Banks are always more willing to extend credit to those who PIF and use the card wisely.  

Other things which will help your report.  Get a limit past $2500 on a regular (not store card), as this will boost your score!  Use the entirety of your credit limit at least once, this sets a threshhold which some banks will check and use when you apply to determine your limit.  Some banks chase limits, other chase upper limits!  (Upper limit is the most you have ever used.)  Some do both, depending on your score you get the larger.  Some do averages, some do DTI, and some do whatever they want.  Use no more than 10% of your limit on any one card to max your score right before you apply.  Never use more than 40% of your limit individually or combined if you have a usage of 40% on all cards.  Never close a card unless you really have to or it becomes too much of an issue.  Except as follows:  Close accounts which have an AF when your score permits you to have cards without annual fees and the bank won't do anything about the AF on a permanent basis.  Close accounts which have an AF, but have rewards, if the rewards don't offset the AF fee at least (basically airline cards where you don't really use them often enough to make the miles work for you!).  Close any card which is too difficult to deal with, horrible customer service, long holds on payments for no reason, you know just annoying stuff some of the subprime or slightly shaky banks do.  Always use the card which offers the best rewards for the purchase!  Don't get duplicate rewards cards, having three 1.5% cash back cards might make you report look good, but really you have no need for so many cards with the same rewards.  

Hopefully you will get to the point where closing cards might actually be a good thing to do because your limits are so nice and you can figure out which 5-8 cards are best to keep because they offer rewards which are unique.  

Always PIF if you can.  If you can't then balance transfer and take advantage of 0% for 12 months, but don't let it become a habit or a need!

The ideal is to keep your rewards for as long as you can or use them to pay off balances.  Keeping them as long as you can means that you basically are now saving.  (I have save 150,000 flight miles...)

[Anonymous]

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@Anonymouswrote:
I just requested a cli and got a 10 day message. Did you ever get your increase? BTW, how long have you had your Discover card and what was your limit and scores when you applied? I’m kinda in the same boat. Just closed on a new home and applied for the Amex BCE and they only gave me a $1000 SL.

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For what its worth Cap1 denied my CLI request several times on my QS. This card had started as a QS1 with a $500 limit  and grew to $8250 and upgraded to QS. Then nothing. 

So I applied for the Venutre One (for the 0% 12 mos) and they gave me a $20k limit. 

From my readings here others have had this experience as well.  

[Anonymous]

My own tale is kind of funny: I got a Platinum unsecured MC last February, PC'ed it to QS MC in June, and received a $500 Credit Steps increase in August. I had understood from my reading here that this card would probably be stuck in the "starter" bracket, and when I tried for a CLI in February and was declined, I figured that this was how it was going to be. In the meantime, I had checked the Cap One prequal page right after New Year's and found that I was eligible for a new QS with an APR considerably lower than my QS MC. So I went ahead and applied, and got a QS Visa Signature with a $10K limit.

So, a couple of weeks ago, based on reading a thread here - I can't remember which one it was right now, unfortunately - I decided to try again with the "luv button". I was asked for more information than usual (notably, I was asked what amount I wanted to apply for, and put down $14,000, or 4x my then-current CL), and pressed the button - and hey presto, I got a $2,500 CLI! That brings my QS MC to a nice round $6,000 CL, which means that when I combine it into my QS Visa this summer as I've been planning to since I got the new card, I'll have at least a $16,000 CL, maybe more if I'm eligible for a CLI on the new card come June/July.

[LXRM36]

I have been on a long road to rebuilding credit for several years now. I got the CO Visa Platinum card long ago. It has always carried a $2K CL. Then, during more of my true rebuilding phase, I got a different CO MC Platinum, a $1K limit.

In Oct 17 I applied for a Chase Sapphire Reserve card. Instant $11K approval. I decided to go for a CLI on the CO cards; MC first, then the Visa. MC was approved to $1,750. Visa, 2-3 day online message.

Every single time, I have received the message that my monthly payments were too low. This didn’t make sense as I have paid $50-$250 above the minimum every single month for (now) 17 straight months. I just got off the phone with them. And their message is not very clear.

When you get the letter, explanations for monthly payment too low say to make more than the minimum payment for three months, and apply for the CLI again. What is actually the truth, and it DOES NOT say, is that it is an average of every single payment made. So, if you do like I did, and set the minimum to automatically come out to ensure CO ALWAYS gets paid, you lose because that is two payments in a month instead of the one. So you have a payment for $200 and a payment for $25, and your average “monthly” (term used loosely) payment is $112.50. Man, even the people who pay $100 a week are screwed on this!

It makes no sense. There’s nothing anyone can or wants to do about it. I’m just trying to expand my limits for utilization purposes. I don’t really need the cards. The extra available could be a big help though.

Guess I shouldn’t lose too much sleep over it! I hear those PC’s aren’t approved for anything above $3,500 anyway.

- Long time reader, first time poster. No idea how to do this signature thing, but I’ll adlib!
BOA Auth User - $15.9K
CO Plat Visa - $2K
BOA Rewards Cash - $500
CO Plat MC - $1.75K
DESCO FCU - $10K
Synchrony Value City - $4K
Best Buy - $3.5K
Synchrony Care Credit - $2.5K
Chase Sapphire Reserve Infinite - $13.5K
AMEX BCP - $12K
Chase Marriott Rewards Signature - $7.5K

[Anonymous]

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@Anonymouswrote:
I just requested a cli and got a 10 day message. Did you ever get your increase? BTW, how long have you had your Discover card and what was your limit and scores when you applied? I’m kinda in the same boat. Just closed on a new home and applied for the Amex BCE and they only gave me a $1000 SL.

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I never did get my increase, but after I closed on my mortgage I went on a mini app spree so if they thought I had too many inquiries before, I definitely do now.  I did end up applying for a new CO Platinum with the hopes of PCing to a QS in the future and they approved me for a $3,000 limit, which is fine for now.  On the same day,  1/11 I applied for the Discover Card and was approved with a SL of $9500, which blew me away!  I was hoping for $3,000 and thought $5,000 would be amazing!  Also applied for AMEX BCE the same day and they hated me and told me to go away and never come back.  I have a modest income, but a good investment profile and Discover did ask about money in savings and investments, I am assuming that helped me out greatly.

[Anonymous]

Thanks for the response. I did end up getting my CLI from Cap One. Went from 1500 to 3500. Because I had a hard time applying initially due to a system issue, I ended up applying for the Amex BCE. They only approved me for 1k. Because I just purchased my new home and it needs some work, I was hoping to get a descent limit and take advantage of the intro 0% apr. I don’t want to use the Cap One card since I’ll be paying too much interest on it. I def can’t do anything with the Amex SL. I’m wondering if I should take another hit and try for the Discover It card. I guess I’m going to have to sleep on it some more because I’ve heard my score is already likely to take a dive down when the new mortgage reports. Decisions decisions. I appreciate your input and wish you well with your credit endeavors. We’ll get there!

[Meanmchine]

"....(I think I received my credit steps increase and asked for 1 or 2 CLI in that time)"

Just a quick question.  Was your last CLI within the last 6 months?  Cap1 allows only 1 CLI per account every 6 months

[Anonymous]

Not really. I got 3 CLI for each account at the same time but that was more than 2 years ago. I have to wait a bit before I request CLI with them since I have some credit fixing myself at the moment

[Shooting-For-800]

7-10 message usually good news (mine was $30k at 13.9%)

2-3 message usually bad.