I'm waiting to hit 6mo on of paid statementsm before apping for a CLI on my SavorOne. My goal is to ask for a 5k limit on a card that started with a $3k limit. I hope that won't be asking for too much.
@Zoostation1 wrote:I'm waiting to hit 6mo on of paid statementsm before apping for a CLI on my SavorOne. My goal is to ask for a 5k limit on a card that started with a $3k limit. I hope that won't be asking for too much.
Your success may depend on just how heavily you use your SavorOne, @Zoostation1. In general terms, most lenders are more generous as spend and/or paid utilization increases as a ratio of current credit limit. And with any lender, getting almost 2x current limit on a soft pull CLI request would be unusual without a great profile combined with heavier spend.
Specific to Capital One data points, when my Capital One card was in the ~$3K range, my normal CLIs were about $1K to $1.5K with moderate spend. As my limit increased over around $12K, the standard CLI interval went to $3K per six months. But of course, YMMV.
@Aim_High wrote:
@Zoostation1 wrote:I'm waiting to hit 6mo on of paid statementsm before apping for a CLI on my SavorOne. My goal is to ask for a 5k limit on a card that started with a $3k limit. I hope that won't be asking for too much.
Your success may depend on just how heavily you use your SavorOne, @Zoostation1. In general terms, most lenders are more generous as spend and/or paid utilization increases as a ratio of current credit limit. And with any lender, getting almost 2x current limit on a soft pull CLI request would be unusual without a great profile combined with heavier spend.
Specific to Capital One data points, when my Capital One card was in the ~$3K range, my normal CLIs were about $1K to $1.5K with moderate spend. As my limit increased over around $12K, the standard CLI interval went to $3K per six months. But of course, YMMV.
My previous CLI experience with Cap1 was on a then QS1 card with a $2k limit (about 2 weeks after opening the SavorOne). I used about $2000-2100 on it avg. per statement and after 7 months did a SP request and got $1500 for the CLI (PC from QS1 to VentureOne a few days after the CLI). I'm spending roughly the same on the SavorOne. I don't necessarily think they'll give me $2000 but it's what going to ask for in several months and hope for the best.
@Zoostation1 wrote:
@Aim_High wrote:
@Zoostation1 wrote:I'm waiting to hit 6mo on of paid statementsm before apping for a CLI on my SavorOne. My goal is to ask for a 5k limit on a card that started with a $3k limit. I hope that won't be asking for too much.
Your success may depend on just how heavily you use your SavorOne, @Zoostation1. In general terms, most lenders are more generous as spend and/or paid utilization increases as a ratio of current credit limit. And with any lender, getting almost 2x current limit on a soft pull CLI request would be unusual without a great profile combined with heavier spend.
Specific to Capital One data points, when my Capital One card was in the ~$3K range, my normal CLIs were about $1K to $1.5K with moderate spend. As my limit increased over around $12K, the standard CLI interval went to $3K per six months. But of course, YMMV.
My previous CLI experience with Cap1 was on a then QS1 card with a $2k limit (about 2 weeks after opening the SavorOne). I used about $2000-2100 on it avg. per statement and after 7 months did a SP request and got $1500 for the CLI (PC from QS1 to VentureOne a few days after the CLI). I'm spending roughly the same on the SavorOne. I don't necessarily think they'll give me $2000 but it's what going to ask for in several months and hope for the best.
Understand. I've never limited myself to what I expected from Capital One or other lenders on my CLI requests anyway, and have normally found they will offer what they offer. Asking for a higher amount, IMO, doesn't hurt at all, since they will normally just counter with what they are comfortable with. On the other hand, asking low might mean they approved it but you've "left some on table" that could have been achieved. It would be interesting to see if you can break the $1500 increase which was typical from my experience also in that CL range, so I'll watch to see your data points when the time comes. I mainly just responded to temper expectations and pass along my experiences since Capital One can make credit limit increases challenging. That's a healthy amount of spend on a $3K limit, so maybe asking for even higher than $5K might yield a positive outcome. Good luck!