Cap One PC process and odds?

[Ellifino]

Hey all,

I am pretty new to revolving credit, having gotten my very first card, a Chase Freedom with a $500 limit, in April. Having gotten the bug, I quickly added a $600 amazon store card, a $300 target card, and a $500 Walmart card.  In May, I applied for a Capital One card and got a $300 limit platinum card and was put on the credit steps program to be raised to $500 at 6 months.  Obviously I needed to garden, right? So many new accounts and a smaller credit limit each time. Well, the next month I got a preapproved offer in the mail for a Bank of America Cash Rewards card through an organization I care about, so I leaped out of the garden and was approved with a $1000 limit.

I use the heck out of my cards and pay the balances as soon as they post. With the small limits, it's hard to keep the utilization low otherwise.

In spite of being new to revolving credit, I have a twelve year credit history (student loans, 100% ontime payments) and a couple of auto loans, again, 100% ontime payments. I cleaned a nasty baddie out of my report and now have squeaky clean files and fico scores (from myfico) in the 730-740 range.

I'm trying hard to garden because I know I've got two solid cards in the Freedom and Bank of America cards, but that Capital One card annoys me. $300? Really? When they gave me that limit, my fico score was around 640 with one month of revolving history. I know I need to garden, but do you guys think there's any chance that if I contacted one of those executive office numbers, that they might bump me up to a nicer card with a nicer limit? Considering my new excellent credit scores? I'd rather garden a QS... or even a Venture...

Also how do you contact the eo? Do you have to like them on Facebook?

Thanks for any advice you guys have. I have learned a TON from this board, and there's no doubt that I owe my credit success to you guys!!

[js0319]

You are eligible to request a CLI or receive an auto-CLI every 6 months from Capital One with a soft pull. The minimum CL needed to qualify for a VentureOne is $3k, and $5k for the Venture with the AF. Quicksilver is based more on score. I would garden your cards and try every 6 months for a CLI with Capital One, and as your score increases this will put you in a better spot too. For now, I would continue doing what you're doing, even though it is a pain having to micromanage utilization.

[Ellifino]

So you don't think the 740 score would make me eligible for PC to a QS, because it's been less than six months?

[creditFiend]

I agree with js0319. CapOne prefers any requests at 6 mos. At that time you can ask to PC your card & request a CLI. If no luck in 6 mos; then contact EO.
However, It's always a SP so I guess it wouldn't hurt to try before six months. YMMV. GL in whatever you decide.

[Ellifino]

Okay.  I guess I can wait the three more months.  But if I don't get good love from Cap One at the six month mark, I'm sock drawering this puppy.

[Anonymous]

Cap One won't consider a CLI until you've had an account for six months. I tried to do it before six months and got a denial that stated they would not consider a CLI before six months.

[s_haliz]

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@Anonymous wrote:

Cap One won't consider a CLI until you've had an account for six months. I tried to do it before six months and got a denial that stated they would not consider a CLI before six months.

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When you got denial from them, did they do HP or SP? Six months means six statements with them or exact six months from the day you had been approved by them? 

[js0319]

It should be 6 months from the day. Also, I have sock drawered the card since I've had it. I only have my Netflix membership and Scorewatch on auto-payment for the card so it will continue to report monthly. With those charges alone, every month I've been able to get two CLI's.

[Ellifino]

Too funny, those are the exact same charges I have on my Cap One card.  

[lonelyisland]

Your score got better, but immediately rolling out the red carpet and upgrading your cards isn't really how Cap one does business. You can contact the EO, and might give you a little CLI, or remove your annual fee, but if you will probably just need to apply again if you want a venture or a QS. I'd recommend waiting out the credit steps program and see what happens in two months.