congratulations on your CLI!
I have not been a member too long so could someone give me a short review of known DPs regarding credit steps buckets?
did read other members implying that the Platinum, quicksilverOne, and Journey cards had a CL ceiling....think I've seen signatures indicating a Platinum card with approx $5k-6k CL so wondering what the ceilings are
my own DPs:
I had Platinum card that started as $300 about 7 years ago. Then I missed payments multiple times within first year and second year. I was told that my credit steps program was taken away and that I lost my ability to charge past my credit limit. Once that happened I decided I really had to get my act together, and then someone stole my debit card and wiped out my account, so while I was waiting on that to get resolved I literally could only use credit cards, have my employer send me live checks instead of direct deposit and then make my credit card payments in cash at branch. With a low limit I had to go to the branch at least once per week. After doing that for a few months I asked for a credit line increase and was jumped to $1800. It still wasn't enough since I was using it as a debit card so I asked for another CLI about 9 months later and got $4300.
From then on I asked for CLIs about 4 times over the course of 18 months and was denied each time.
-once when I carried a $4000 balance (had no idea about FICO calculations, utilization, and thought paying interest meant I was more valuable to bank and would earn myself more increases and approvals LOL)
-once when I carried a balance of about $3000
-once when I carried a balance of about $2000
-once when I carried a balance of about $2000
each time the feedback had to do with needing to pay significantly more than minimum due and other utilization/prior delinquency
the fourth time I was denied I flipped out because I was trying to game my utilization at the time. Was hoping for a $10k limit so my $2k was 20% instead of 45%. When I flipped out I told the supervisor that my other cards at least paid me points or cash back to soften the blow of interest and said I would only keep the card if they gave me a rewards program. The supervisor said he could look into a rewards upgrade. Then that it was available, already on the account that I had options, and that all I had to do was ask. I felt so stupid, realized there probably was a forum where people discussed this stuff LOL and found MyFICO.
anyway, at that time I switched to the Savor since it was brand new and had the 3/2/1 structure like the BOA card I was lusting at the time...
Once I had the Savor I took the experience dealing with CLIs, bank fraud, forum feedback and the Comenity situation I described in another post -and turned my mindset into paying everything down. Go full out on rewards and only charge what I can pay in full. And since I only use credit instead of debit then my actual total spend needs to chill out a bit so that I can pay in full.
A month later I got my CLI with Savor card up to $7300. My balance was lower but not totally paid off, I believe I had about $500 still carried over and accruing interest. But obviously $500/$4300 is a much better utilization than $2000+.
So I can't tell if I got the increase because of the utilization or because I product changed...... which is why I was asking for 'bucket' or 'bracket' feedback but also wanted to share my own experience in case it helps. I'm sure there's a thousand other members who have already shared a similar story but just in case there's an extra DP in my story I will always gladly share, I've gained so much from this forum I feel obligated to offer up DPs.
side note: my BuyPower Card is clearly bucketed or whatever you guys are talking about - ever since the card was merged into the regular CapitaOne website I have been auto-declined for increases. After that story I just told, I paid off every single card and pay in full...haven't even carried a balance on the 0% intro cards. Still get told the decline is due to the fact that they currently not providing CLIs on this type of card.
What I can't tell is if 'this type of card' means 'ALL GM BuyPower Cards' or 'cards acquired when your credit was in the crapper'. I had credit steps almost four years ago, $750 SL, $1250 step up. I tried charging $1300 and paying it off - declined.
Makes we wish I had my credit improved a couple years ago when they offered CLIs on the old site with a HP. I never tried that because I knew my credit was weak but didn't know what would make it better at that time.
Does anyone have additional insights into this? Would love to be able to find an address to write to begging for a CLI. To truly take advantage of the cap'd 5% returns I would need to charge more than 30% utilization each month and be ok with that on my credit report or have the time to make mid-cycle payments to keep the reporting utilization down
I tried to PC the card recently and was told I could only PC to another card within the GM family. I could get the employee card(surprised they offered) or the friends/family card or whatever the heck it's called. Those cards did not have the 5%/2% structure but apparently the family card allows the earnings to be redeemed for cash. I have considered doing that PC and then cashing out my earnings - then closing the card.
Now that the Volt is discontinued (the car I was going to use the earnings for) if I can't grow this card and Mastercard took away all of the cool WEMC benefits I'm just about done convincing myself this card was worth shaming myself over.
anyway, i'm gonna start another thread, sorry I kinda ran off and hijacked the page.
Congrats again on your CLI approval! I hope you continue growing your profile and enjoy all of the rewards available to you!
