so I have a 'bucketed' CapitalOne BuyPower account from a few years ago. I've spent a ton on the card, especially in the beginning and middle. Previously had a bucketed Platinum card that I managed to grow from $300 to $4300 by pumping spend through it like a debit card. I tried the same strategy to getting myself increased from a measly $1,250 on the GM card but met no success.
I was always too chickens*** to do the HP increase on the old website.....
anyway I would request a CLI several times per year and always get the 'At this time we are currently not accepting credit line increase requests on this type of account' response that other 'bucketed' members can attest to.
So the 3 year expiration of the original card came up, I received the new card and activated it. I figured, at this point, it's 3 years old so I can close it without it looking like churn, but I can also HOPE that having a new card validation date, since it is longer than 3 years validation at this point, let's get superstitious, curious, and reckless and try once more to get a CLI once the new card is activated and the cycle ends.
I have not added new charges to this account since last year so I paid my kid's tuition with it, just $175 so that I would have low utilization when the cycle ended on 24th. (for those gamers, the school system charges 2.5% which is the same as Plastiq so I just pay directly instead of having to wait for Plastiq to send a check to the school. And the card gets 5% back in earnings for the first $5k spent each anniversary year so as long as I actually follow through on a GM purchase, then the return is still solid)
Cycle ended 24th, I applied for CLI and was denied. today I checked the Online Documents expecting to see the typical bucketed language but was surprised to see.
"There is a currently pending or recently processed application with Capital One"
"Recent use of this account's existing credit line has been too low"
FINALLY some new language. I'm so pumped to be declined!
both are true,
1) I got the Venture card on 11/28, but they might not consider my approval to be until about 12/14 or 12/26. They were super slow to approve the card during the fraud prevention process. It's generally understood that you can't do new accts or CLIs within 6 months, right?
2) as mentioned, I had not put any spend on the card since like January and for the past 9 months i've only spent like $100 max on it.
So I'm seriously wondering if now that the card validation/expiration period has renewed - am I eligible for a CLI???
It may seem lame to bystanders. I just got a card up to $25k, my Venture card is $15k, I have solid rewards earning cards, why would I care about this little, loser of a card?
1) it's a matter of principle. I want the bank to give me back. I want the satisfaction of getting some acknowledgement for long term spend.
2) This was a credit rebuilder. I realize there are customers out there who actually favor GM and got this card for realz and have regular limits, but for me I was an idiot who didn't pay bills correctly. I had to learn the hard way to get my act together and respect finances. This card was a rebuilder, I was one of the deadbeats who was marketed a credit steps version and since I got my Platinum years ago up to a decent limit, $4,300 I'm determined to make this card's limit grow as well.
3) I actually will need a new car anytime between tomorrow and the next few years, depends on how my cars holdup. I've been trying to run a few Toyotas into the ground. I have two cars that are 10+ years old and weren't originally maintained all that well so I've had to put money into repairs and i"m not going to do it again. If they have some expensive work needed then it's time to take a loan or get a lease. I'd be ok with leasing a Chevy during a holiday sale.
4) Until recently this was my only World Elite Mastercard. Since I got a handle on my finances I've begun nerding out on credit products. I've gotten past the Platinum phase and into the Visa Signature realm. Time to get past Platinum MC and World MC and up into all WEMC space. I would also like to get a Visa Infinite sometime in the next few years so I'm continuing to spend on credit vs debit, try to strategize distribution of spend for max return, so getting 5% towards an auto lease is actually a solid proposition for me alongside 8% returns for airfare and whatnot. I look at it like a waste of a WEMC in my wallet to keep this card at $1,250 or to just cancel it. Cancelling a Platinum card, no big deal. Cancelling a Credit One card, no big deal. Eventually cancelling the Blue Cash Everyday, no big deal. But I think a $0AF WEMC seems like worth keeping if only for emergencies.
Has anyone else kept a bucketed card long enough to get a 'renewal' and then bully their way into a CLI?
I will post the results of my quest in a few months after I drive a little bit more spend through this.
