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On the CapOne CLI request form, they ask a few questions & I wanted to get feedback about the best way to answer them. I used to think a question was what it seemed on the surface, but the 2008 recession taught me that when they say something is "so we can better serve our customers", it more likely means "why don't *you* give us a reason to deny your request" ... mainly because I hear it spoken in the voice of the wolf in Little Red Riding Hood ... "all the better to serve you, my dear."
My real reason for requesting a CLI is to shore up my reserves for the coming months. I'm already experiencing cashflow challenges & need a couple months (*best* case scenario with the current uncertainty of the marketplace) to get it flowing well again. But I was approved with a $17K 0% card yesterday, so while I want to bump CapOne to the highest CL I can get, at this point, it's more for managing the utilization % on that card than it is for the plan to actually use it. However, like I said, I don't want to shoot myself in the foot if being honest on these questions is going to hurt me.
My current CapOne card:
CapOne CLI Request Form Questions:
1. How much will you spend each month? (truth: not much because I'll be using that new 0% card I just got)
2. Maximum Desired Line (truth: as much as possible ... duh)
3. Why are you requesting a credit line increase? (choices: (1) I have a large upcoming one-time purchase. (2) I expect higher expenses over the next few months. (3) My current line doesn't meet my long-term spending needs. (4) Other. (5) I prefer not to answer. (truth: before COVID, it would have been #3 as I was waiting for that last derog to fall off before requesting CLIs from my cards. Truth with COVID: #2
Any advice on how to best answer these questions to get the highest CLI based on my circumstances?
Thanks in advance,
Kimberly
This is a great topic and I'd like to hear some feedback too. I'll say that I have always been uncomfortable with these questions also. But as for one, I just answer what I spend on credit cards monthly. For two, Ive not known what to ask, but going forward I will start to ask for 3x my current CL. And for three, I always answer #3. I used to get nothing out of them. But this last time around, in December 2019, I had an $1100 CL on a Quicksilver One. I asked to go up $2000 and they gave it to me (now the total is $3100 and they've since upgraded me to Venture one). That was after about three CLI denials over the previous 4 months or so and a concerted effort to put a lot of spend on the card and pay large payments multiple times per month. I also asked for a CLI that same month for my $500 CL Platinum card and denied. So I put large amounts of spend and multiple large payments over the next month and asked again. That time they doubled me to $1000 CL on that card and have since upgraded it to a Quicksilver One. So, I'd love to hear other thoughts on the answers to the questions as you pose. But I tend to think for Capital One it's a matter of how the card is being used. The only question I have for my Cap One cards going forward now that my FICO scores are far better than when I started with them is are these cards bucketed such that I should be looking to cancel them and start over with Cap One with one of their more premium products.
@Anonymous wrote:The only question I have for my Cap One cards going forward now that my FICO scores are far better than when I started with them is are these cards bucketed such that I should be looking to cancel them and start over with Cap One with one of their more premium products.
I know very little compared to many others on here, but based on your low CLs it seems that you're on the early end of things. If that's the case, you would want to look at the impact on your overall Credit Age if you "cancel them" (which I'm assuming you mean close the account versus keeping the account open, but putting the card in a drawer & not using it).
Also after making my post, I ran across this one. It doesn't answer my question but is really informative regarding Capital One. A specific thing I picked up is that different lenders like different profiles (target markets) & it's not really worth fixating on one credit card issuer (i.e. I must get a higher CL with CapOne. I have to get the higher level card from CapOne). Rather they say to find a credit card issuer that is friendlier to your type of profile (i.e. they are more likely to give you card, increase your credit limit, etc.) & to stick with & grow with them. Anyhoo, you can give it a read here: https://ficoforums.myfico.com/t5/Credit-Cards/So-frustrated-with-capital-one/td-p/5975879
Kimberly
I've tested this in the past w different figures and I get the same results, even when entering really high numbers for the requested amount and anticipated spend. Unless they have a really sophisticated system that keeps track of my original answers and ignore future responses, I don't think that it's too much of a factor if you don't first meet their score/credit requirements. I think that it might be a secondary factor once they determine that you qual for a CLI.
As far as the reason for the request, I don't think that it matters bc it's not included in the CLI section on the mobile app. Requested amt is also not on the mobile app. I get the same CLI on the site and app. If you're concerned about those 2 q, just use the app.
@cr101 wrote:I've tested this in the past w different figures and I get the same results, even when entering really high numbers for the requested amount and anticipated spend. Unless they have a really sophisticated system that keeps track of my original answers and ignore future responses, I don't think that it's too much of a factor if you don't first meet their score/credit requirements. I think that it might be a secondary factor once they determine that you qual for a CLI.
As far as the reason for the request, I don't think that it matters bc it's not included in the CLI section on the mobile app. Requested amt is also not on the mobile app. I get the same CLI on the site and app. If you're concerned about those 2 q, just use the app.
Thanks for sharing ... that's interesting. I also ran across another post that suggested that when considering a CLI request the card issuer might not use the most recent credit score they've pulled on their regular monthly update ... for sometimes as long as 3 weeks out. So I might be waiting a bit anyway for my derogatory that dropped off to reflect in the updated score then wait a little while since it was a 25+ point jump.
Kimberly
@HomeBuyerSpring2021 wrote:... when considering a CLI request the card issuer might not use the most recent credit score they've pulled on their regular monthly update ... for sometimes as long as 3 weeks out ...
For Cap1, make that 6-8 weeks out. They used to post the date of report used in the rejection letter & this was my (frustrating) experience.
@Anonymous wrote:
@HomeBuyerSpring2021 wrote:... when considering a CLI request the card issuer might not use the most recent credit score they've pulled on their regular monthly update ... for sometimes as long as 3 weeks out ...For Cap1, make that 6-8 weeks out. They used to post the date of report used in the rejection letter & this was my (frustrating) experience.
On here, it's like the more you think you know, the more you realize you don't. Had I not run across that 3-week lag time tidbit on another post & then yours saying it can be even longer, I was going to request CLI the very day my new, more beautiful score was posted. So I'm going to push back my dates, so I can get the best result. Thanks for sharing that.