Capital One Quicksilver - CLI Declined

[mAtchew]

Tried to get my Quicksilver card to match some of my other limits with other banks, but was not successful. Credit scores all above 790, no derogatory marks, and household income was $105k last year. This is my oldest card at 13 years old, too. For my sake, it seems others have difficulty with Capital One approving credit limit increases as well. That makes me feel a bit better 

Currently at $5.3k, asked for $10k. Initially stated I will get a response in 2-3 days. About 10 minutes later, got an email that I received a document in the app. Reasoning states recent use of this account's credit line has been too low. This is true. I would say I spend, on average, about $500-$1000 on this card per month. Sometimes nothing at all. Just depends on other rotating categories with my other cards.

EDIT: Just realized this should have been on the Credit Card Applications subforum, not here. Apologies moderators!

[GZG]

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@mAtchew wrote:

Tried to get my Quicksilver card to match some of my other limits with other banks, but was not successful. Credit scores all above 790, no derogatory marks, and household income was $105k last year. This is my oldest card at 13 years old, too. For my sake, it seems others have difficulty with Capital One approving credit limit increases as well. That makes me feel a bit better 

Currently at $5.3k, asked for $10k. Initially stated I will get a response in 2-3 days. About 10 minutes later, got an email that I received a document in the app. Reasoning states recent use of this account's credit line has been too low. This is true. I would say I spend, on average, about $500-$1000 on this card per month. Sometimes nothing at all. Just depends on other rotating categories with my other cards.

EDIT: Just realized this should have been on the Credit Card Applications subforum, not here. Apologies moderators!

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if it's not a useful card, it's okay to close it, FICO won't look down on you (too) much

good luck getting a CLI though, tough road ahead if they think $500 spend/month isn't enough

[Creditwiser]

Have my QS for 11 years. I can't get any CLI's from them in the last 2-3 years. They've tightened up but so have I. I used them every now and then and thats it.  I use the cards that have given me luv or meet the spend categories.

[mAtchew]

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@GZG wrote:if it's not a useful card, it's okay to close it, FICO won't look down on you (too) much

good luck getting a CLI though, tough road ahead if they think $500 spend/month isn't enough

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I was under the impression closing this line would lower my scores due to losing the 13 year history? Perfect scenario would be to transfer this limit and the limit on my Savor to a new Capital One card with rewards that better suit my needs, and just have one card. But that is mostly me being me and wanting to have less cards and just retaining ones with higher credit limits ($10k+ is my preference). 

[mAtchew]

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@Creditwiser wrote:

Have my QS for 11 years. I can't get any CLI's from them in the last 2-3 years. They've tightened up but so have I. I used them every now and then and thats it.  I use the cards that have given me luv or meet the spend categories.

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Same here. I think I will start putting a monthly bill on it just to keep it active. I have been using my credit union's credit card for the most part recently, the cashback option works great and it's my highest limit card at $25k so my utiliziation always stays low.

[AndySoCal]

@mAtchew I have had similar problems with Capital One and Synchronny Bank on credit limit increases. The reason given had similar verbiage as yours. I found another credit card that had similar rewards that I  had  then. I close my card(s) with Cap 1 and Synchronny Bank and received larger credit limits that I had before. Just as a disclaimer see my siggy at the bottom of my post and check the banks will not no do business with.

[coldfusion]

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@mAtchew wrote:

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@GZG wrote:if it's not a useful card, it's okay to close it, FICO won't look down on you (too) much

good luck getting a CLI though, tough road ahead if they think $500 spend/month isn't enough

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I was under the impression closing this line would lower my scores due to losing the 13 year history? Perfect scenario would be to transfer this limit and the limit on my Savor to a new Capital One card with rewards that better suit my needs, and just have one card. But that is mostly me being me and wanting to have less cards and just retaining ones with higher credit limits ($10k+ is my preference). 

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The card would continue to report for up to 10 years and closing it would normally only have minimal-to-no impact on your FICO scores.  You'd have to end up with a senario something like either a) end up with a high aggregate utilization across all of your remaining cards, or b) close it such that it next reported with with a non-zero balance i.e. a 100+% utilization, as a closed account reports with a $0 CL,  to risk a meaningful impact to FICO scores.    Senario b) is easy to avoid  by making sure there are no pending transactions and a $0 balance when you close the card.

A closure could impact your Vantage 3.0 scores as that model doesn't include closed accounts in determining your AAoA but basically nobody that matters cares about Vantage 3.0 scores.

[mAtchew]

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@coldfusion wrote:

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@mAtchew wrote:

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@GZG wrote:if it's not a useful card, it's okay to close it, FICO won't look down on you (too) much

good luck getting a CLI though, tough road ahead if they think $500 spend/month isn't enough

---

I was under the impression closing this line would lower my scores due to losing the 13 year history? Perfect scenario would be to transfer this limit and the limit on my Savor to a new Capital One card with rewards that better suit my needs, and just have one card. But that is mostly me being me and wanting to have less cards and just retaining ones with higher credit limits ($10k+ is my preference). 

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The card would continue to report for up to 10 years and closing it would normally only have minimal-to-no impact on your FICO scores.  You'd have to end up with a senario something like either a) end up with a high aggregate utilization across all of your remaining cards, or b) close it such that it next reported with with a non-zero balance i.e. a 100+% utilization, as a closed account reports with a $0 CL,  to risk a meaningful impact to FICO scores.    Senario b) is easy to avoid  by making sure there are no pending transactions and a $0 balance when you close the card.

A closure could impact your Vantage 3.0 scores as that model doesn't include closed accounts in determining your AAoA but basically nobody that matters cares about Vantage 3.0 scores.

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Thank you for this information! I had no idea. This is great news to hear. Once I do my research and figure out which card I would like from Capital One (if any at all), I will go ahead and close these two accounts just to keep things simple for myself. Appreciate the insight!

[Minimalist]

With that 10 year reporting rule I wouldn't latch on to a card to closely if it's not working for you.  Cap one is a good starter card if you're starting out or (like me) will be filing BK and want a card that's forgiving and can get a decent limit after discharge is up.  QS or something similar is a nice card to have if you (also like me) only plan on having one card, and putting all your usage on it.  They like to see that.

[Seven8idee]

The lender doesn't like the risk.  You're at $5.3k and only spend a few hundred, and want an increase.  You need to show them that you need the $5.3k, can pay it and need more.  If they haven't already, do not be surprised if you see that $5.3k limit get cut down to $1-$2k.  Hopefully someone else here can correct me or add something....  Ask yourself, if you were them, how would you evaluate this ask.

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@mAtchew wrote:

Tried to get my Quicksilver card to match some of my other limits with other banks, but was not successful. Credit scores all above 790, no derogatory marks, and household income was $105k last year. This is my oldest card at 13 years old, too. For my sake, it seems others have difficulty with Capital One approving credit limit increases as well. That makes me feel a bit better 

Currently at $5.3k, asked for $10k. Initially stated I will get a response in 2-3 days. About 10 minutes later, got an email that I received a document in the app. Reasoning states recent use of this account's credit line has been too low. This is true. I would say I spend, on average, about $500-$1000 on this card per month. Sometimes nothing at all. Just depends on other rotating categories with my other cards.

EDIT: Just realized this should have been on the Credit Card Applications subforum, not here. Apologies moderators!

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