Hello Family----My Cap 1 Platinum was opened 12/12/21----4k SL.........I did the add/productupgrade on the home page, and walla---this popped up. I do no travelling so the Venture card would be of no real value unless---its easier to get a CLI than the QS-----both are 0 AF, which is nice, but the Platinum has 0 rewards-----Im guessing the QS is a no brainer with the 1.5 cb on everything----after an upgrade, are CLI's still hard to get unless I am spending 30-45% of CL?......whats the word from the Gurus out there.
@rchvmz wrote:Hello Family----My Cap 1 Platinum was opened 12/12/21----4k SL.........I did the add/productupgrade on the home page, and walla---this popped up. I do no travelling so the Venture card would be of no real value unless---its easier to get a CLI than the QS-----both are 0 AF, which is nice, but the Platinum has 0 rewards-----Im guessing the QS is a no brainer with the 1.5 cb on everything----after an upgrade, are CLI's still hard to get unless I am spending 30-45% of CL?......whats the word from the Gurus out there.
Quicksilver and Venture are both considered prime cards from Capital One, so either would grow your CL similarly. Pick the one that's best for your spend and rewards use. The Venture being offered from the Platinum is a new one to me so this is a good data point.
As far as growing your SL in itself, a $4K card wouldn't be bucketed from what I've read around here. This being said, keep up the spend, pay in full and your CRA's clean, and Cap One *should* take notice sooner or later. They're a little slow with some, but they do come around.
@rchvmz wrote:Hello Family----My Cap 1 Platinum was opened 12/12/21----4k SL.........I did the add/productupgrade on the home page, and walla---this popped up. I do no travelling so the Venture card would be of no real value unless---its easier to get a CLI than the QS-----both are 0 AF, which is nice, but the Platinum has 0 rewards-----Im guessing the QS is a no brainer with the 1.5 cb on everything----after an upgrade, are CLI's still hard to get unless I am spending 30-45% of CL?......whats the word from the Gurus out there.
Thanks so much for this, I'm waiting for this too, 700(one CLI, 200) on Apr. last year. I have Citi DC 2% card so leaning for VO, which I can use it to rent cars at the least. My card is a secured one though
@rchvmz wrote:Hello Family----My Cap 1 Platinum was opened 12/12/21----4k SL.........I did the add/productupgrade on the home page, and walla---this popped up. I do no travelling so the Venture card would be of no real value unless---its easier to get a CLI than the QS-----both are 0 AF, which is nice, but the Platinum has 0 rewards-----Im guessing the QS is a no brainer with the 1.5 cb on everything----after an upgrade, are CLI's still hard to get unless I am spending 30-45% of CL?......whats the word from the Gurus out there.
Since you don't travel, upgrading from a Platinum with no rewards to a QS with cash back and no AF is a no-brainer in my book!
@rchvmz wrote:... I understand if I am spending 1600 a month thru the card(40%) that will up my chances of healthy CLI's.......I am choosing the QS.
Definitely recommend the Quicksilver in this case, @rchvmz. Good choice. The Venture One is better than the Platinum but the Quicksilver is by-far better than Venture One. QS earns 1.5% and Venture One only earns 1.25%. And if you don't travel, you don't need a Venture card anyway since they work better on travel rewards.
As for the spend, you are correct about the percentage but that's about the TOTAL amount of spend you need to run through between CLI requests (one every six months.) That is often-misunderstood concept with both Capital One and Apple card data points. Sure, if you run 40% through monthly, that's probably even better!! As your CL grows, you may find it hard to hit a 40% target monthly anyway. I usually suggest spending a minimum of 45% of the credit limit between increases. So on your current $4K CL, 45% = $1,800 / 6 = just $300 a month minimum if you use it regularly. That's easy for most people. Higher spend will make an increase more likely but from my experience, Capital One is not like Goldman Sachs, where higher spend yields a higher CLI. You may just get $1500 to $3000 per increase but it will grow sure-and-steady with soft pulls.
Using the same model, if your CL was $15K; 45% = $6,750 / 6 = $1,125 to spend monthly on average. You can see how satisfying the spend limit becomes more-and-more difficult at higher CLs. It appears to me that Capital One has been a little more generous on their annual-fee cards: Venture (original); Savor; and Venture X (new) but increases still depend on regular use.
@rchvmz wrote:Wow...thank you for clarifying the spend amount. I was figuring I needed to spend 1600-1800 per month vs the % being the total spend over some months. I'm guessing with this upgrade being an offer from Cap 1...the age of the account will stay the same... Would that be accurate?....
You're welcome! And there's nothing wrong with spending higher amounts on the card. I just haven't seen heavy spend forcing higher CLIs on Capital One cards. Also, just always make sure you're not driving unnecessary spend you can't promptly repay just to hit those targets. Finances always before FICOs! And hitting at least that minimum amount of spend will probably be needed to generate any CLI.
Yes, on product changes you normally will keep the same account number, credit limit, and APR. And yes, since the account number stays the same, the account age is preserved so the credit bureau doesn't even really see the change at all.
And while you avoid a Hard Pull (Good thing!), you also miss out on SUB opportunities. But I still think product changing is a wise course of action sometimes.
