Over the past few months, I've paid down most of my UTL, and had a couple of baddies deleted/fall off resulting in a nice improvement in my score (680-700 scores across the board).
I currently have a Cap1 Platinum toy card with a $500 limit. I was planning this month to go the EO route to get a PC/CLI, but was informed on the board by several different people apparently Cap1 always uses the last 'periodic' soft pull for evaluation. In my case, the last report they pulled was in early December.
So I've temporarily shelved my plan to do a Cap1 PC/CLI until the summer, and hopefully by then they will have another (more favorable) soft pull in their system for me.
What I don't understand is why wouldn't they just use a fresh SP to review my credit? As we all know, CR's change all the time (for good and bad)...why would they base their decision on a 3 month old report?
Anyway, is this standard practice in the credit card industry to use the last periodic SP to evaluate PC or CLI's? Or is this just particular to Cap1?
Does anyone know if US Bank does this as well (I am planning to ask them to 'unsecure' my secured card this week)?
Thx.
I would at least try to get your Cap1 product changed to the Quicksilver! From what I have read they have been really good about that. I sent a message through Facebook and they forwarded it to the EO. Try front line customer service first to product change so there is a record you tried. Tell them you would use there card more if it had rewards. Good Luck!
Discover IT $17k / US Bank Ace (VSig) $13.5K / US Bank Cash+ (VSig) $13.5k
@p- wrote:Standard practice for the industry is actually a hard pull for any customer requested CLI. It's kind of nice that Cap1 is willing to review a soft they have on file already.
Cap1 softs me quarterly, so if they do the same to you it's almost time for an update. You don't necessarily have to go the the EO for an increase, and it's not a magic wand. That's a card better played when you have other high limit cards and Cap1 is lagging behind.
How long have you had the card? What other cards and limits do you have? Are you part of a "credit steps" program?
http://ficoforums.myfico.com/t5/Credit-Cards/How-to-get-a-PC-or-CLI-from-Capital-One/td-p/1690104
I have three cards:
Cap One Plat ($500 CL) 1999
Cap One Plat Secured ($2000 CL) 2012
US Bank Secured ($1000 CL) 2010
Stats: (680-700 all three CRA); one baddie (5.5 year old CO); Util < 5%; AAofA: 7.2 years. Income ~ $80K
My initial plan was to request a product change to one of the rewards cards (QS or QS1) and also a CLI; then do the same for US Bank. I could then close the Cap1 Secured (to free up the $2K), and app for 2-3 prime cards.
I'm now thinking I should do it the other way around...app for the prime cards now, once those start reporting, close the secured cards, and try in the Spring (when Cap One has a more "updated" report). I definitely do not want to close the card (it's my oldest). But I do want a useable card...
The U.S. Bank CSR that processed my CLI request told me that any CLI under $3.5K is a soft pull.
You can ask for a product change without going to the Execs, but that is more likely to work once your limit is higher. I'd say ask for a CLI through the web site next month, and your next app should be for a prime card like a Freedom. Definitely don't close the secured cards until you have unsecured limits to match. Keep the cap 1 card... Even if they won't improve it now, once you have other primes they will. My 10k World Card started its life as a "Credit Steps" card, and is one of my oldest.
It would be nice if you could get rid of that charge-off. Is it paid? Was it a credit card or something else? Have you looked at PFD/GW?
I got approvals for Chase and USAA when I was worse off than you, so it is possible.
Good luck...
The charge-off has been paid since 2010, and it was for a WF credit card. I sent several good will letters to Wells Fargo, but that kind of backfired. They have now tacked a "consumer dispute" notation to my report. I faxed them the other day to please remove it as I am not disputing the accuracy/validity of the TL. Hopefully it doesn't take too long for them to remove it as that kind of freezes everything until it's gone.
I am planning to app for Chase Freedom, AMEX Delta and maybe one other card (have not decided) next month. Definitely won't close any of the secured until new cards start to report. Thx!
@twall06 wrote:I chatted with a Cap1 rep online earlier and got my plat card switched to Qs. I never had any offers when I clicked on the thing in my account but as sson as i started the chat they said I had an offer to upgrade only took a few minutes .
Congrats on the new card! Maybe I will try that too. Was it the QS or QSOne? Did they give you a credit line increase as well?
@thelethargicage wrote:The U.S. Bank CSR that processed my CLI request told me that any CLI under $3.5K is a soft pull.
Good to know. Thx!