How does Cap1 cli's work? Trying to strategize how to manage this card....

[heather06]

I have had a QS1 for over 2 years and started with credit steps and was increased generously in the first 14 months up to $5k where it sits now and has been for over a year. I pushed the luv button one time around 8 months or so ago and was denied. I have been trying to get some info on the forum about this card and am wondering if its even worth it to ask for cli now. My uti is high overall - around 50% (paying it down) and my card with them is nearly maxed out with only $400 left in available credit. 

What is the 6 month rule I keep reading about with Cap1? If I request cli and am denied - do I have to wait 6 months before asking again or does that only apply if they actually give a cli? I read that sometimes applying for another one of their cards is a better strategy where you can get a higher SL and then combine cards after awhile to increase overall CL. I know they will pull all 3 reports if I app for a new card so not sure im ready to do that just yet.

Im trying to do what i can to lower my overall uti by apping just for a few cards now while I pay everything down. My strategy is to use my tax return in a few months to make a hefty payment to all my cards and get my uti down to 30% or below depending on how much we get back.

If I request cli and they grant it - do i then have to wait 6 months before applying for one of their other cards?

Any help or advice on this would be great! Just trying to do what i can to continue things moving in the right direction and strategize about what my best steps are with new apps - adding additional cl's to help with uti - hopefully get some 0% balance transfer offers to transfer balances, etc.

My current scores are:

FICO 8

Exp - 721

TU - 706

EQ - 720

with high uti at around 50% ....

thanks so much for your guidance!

[Anonymous]

1. 6 months CLI rule only applies to CLI approved and accepted, there is no time limit if you were declined or if you refused the offer.

2. You do not need to wait 6 months to apply for new cards after a CLI, that rule only applies to receiving new cards.

3. I would wait until after you pay down your debt to under 30% with your tax refund before applying for new cards, 50% is pretty high and you risk being denied or approved with low SL/high APR.

Good luck

[marty56]

I would not ask for a CLI as strategy to lower % util.  If you really do need more credit, I would ask Captiol One if they would approve the amount for a puchase and when you intend to PIF.  They may say no or require a CLI request but if you do that, you may save an INQ or even get approved.  Having high util and asking for a CLI or a new CC  looks bad on a MR and could open you up to AA.  My experience with Capitol One is that they are not CLI friendly when you have high util.

[Anonymous]

From my personal experience with Capital One, particularly the QS card, they will not give a CLI when the card is even close to being maxed out.

When I got the QS card, I received a $1,000 limit and then got a CLI to $2,000 a few months after I got it.  I ended up almost maxing out the card around the end of that year so I requested a CLI and was denied.  After I got my tax refund I paid the card off in full, then requested a CLI and was approved to $5500 instantly.

I'd suggest putting all of your cards in the sock drawer and heading off to the garden until you get your UTI below 20%.   I used to be a balance carrier until I put all of my cards in the drawer and figured out how to not only not put any money on my cards, but how to also pay them down to no balance.  Once we got to zero, I put my debit card in the sock drawer and started using credit cards instead. We now use various cards for our every day spending and pay them off each month.  The amount of money we earn through the various rewards is unbelievable, and since we pay off each month we don't pay any finance charges!

Hope this helps, and good luck!

[Shooting-For-800]

Cap One has tiers or at least ratings of each account from when it was opened.  I would say atleast 3 different tiers or groups.

This is per card not per person.

The simpliest answer...If you charge a lot and pay a lot and are not getting the CLI you want and your score is 50 points higher than it was when you opened the current card - prequal for a better or at least newer card.

I have received $9k single CLI on a card then never approved again for another CLI.  I applied for a new card and got a new $10k card.

I have been denied for CLI on a $23k and $25k card then approved for a new additional $30k the same day.

Cap One has glass ceilings or buckets or tiers or groups on cards.

[Anonymous]

See my post on why Capital One has tiers on their cards (as do other lenders): http://ficoforums.myfico.com/t5/General-Credit-Topics/Credit-Card-Asset-Backed-Securities-ABS-and-wh...

Secondly, if you have a card maxed out with a lender, asking for CLI is a bad idea.  Any card reporting more than 68% utilization is greatly harming your FICO score (most likely).  Anything over 88% utilization is considerd "MAXED OUT" per FICO and probably is destroying your score.

Don't ask for more when you are having trouble managing what you have.  Pay down to the AZEO Method (see my signature link) and try again after that.