I have two Capital One cards; a Platinum with a $600 limit and a Quicksilver with a $1500 limit. They've both been open for over 2 years with no automatic CLIs because I was just making the minimum payments. A couple of months ago I paid off all my CCs in full and got my score up to 700. Today I applied for a CLI on both Capital One cards. The Platinum gave me $0 (waiting for the explanation) and the Quicksilver gave me just $150.
Conversely, Discover yesterday gave me an increase from $4500 to $7000, and Apple/Goldman approved me for $4000 (both had previously declined me a couple of months back).
Any thoughts on why Capital One might have been so stingy, not to mention inconsistent between the two cards?
If you arent using the CapOne cards as much, that could possibly explain why. CapOne likes to see a lot of usage. The more usage, the more likely you may see a CL increase.
@4sallypat wrote:Yes Cap 1 is very conservative like USB.
Lots of threads here showing that Cap 1 is not very CLI friendly for most...
For mine, I can not get a CLI on my QS1 I have had for over 4 years!
USB is not conservative. They have a more stringent rule of how many new revolving accounts they will tolerate within the last 12 months, but implementing a UW policy to avoid credit seekers/SUB chasers doesn't make them conservative. They are actually fairly generous with SP CLIs sometimes, and have been known to massively increase people's SLs with a manual recon upon approval as long as said applicant is willing to pay with another HP. Cap1 has been conservative with both approvals as well as CLIs during the pandemic. Beforehand it wasn't hard to grow their prime, non-bucketed cards as long as you were putting some spend on them. They went this route back in '09ish or so with the recession and then loosened way back up when the economy started to swing back. I suspect they'll start doing the same thing again once the unknowns of the COVID start calm down. One can at least hope. The unfortunate nature of Cap1 is that they do in fact bucket some cards that are categorized into a certain account type, and those cards will see painfully slow growth throughout their entire existence. If it's too much to deal with, cut ties and move on to better lenders once your profile supports it. I feel your Cap1 CLI pain too. It seems I've hit the cap they are comfortable lending me with where my current exposure and income are at. That's their latest denial reason they give me now.
Not weird at all, actually. This is par for the course with Cap One, especially starter cards that are bucketed.
Yeah, they just gave me a reason. Not enough utilization to increase the CL over the original $600. What a crock. I can't use the stupid card because I have multiple monthly purchases of over $600 each. Meanwhile Discover upped me to $7K and Apple approved me for a $4K new card.