CapOne auto-CLI

[jmp-ny]

I got a Cap One Platinum card back in late November. They gave me a $2k limit, as I was in the process of rebuilding.

They offered me a 0% APR for the first 2 years. I had some incoming funds that got delayed, so I carried a balance for the first couple of months, making more than minimum payments.

In early March, while still carrying a balance on the account, I hit the luv button after my 3rd statement posted, and got a $200 CLI. That same week, I PC'd the card to a QuickSilver.

The delayed funds came in, and I've been spending more, paying the account in full, spending close to the limit, then paying in full. I must've run $4k through the card in April, and this weekend I got my latest statement showing only $41 due. This morning, I got a message for an auto CLI of $500, and my EQ score jumped 20 points.

I had been planning on hitting the luv button again in early June, 3 months after the last time. Should I now wait for 3 months from the auto-CLI?

[EmmaGolden]

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@jmp-ny wrote:

I got a Cap One Platinum card back in late November. They gave me a $2k limit, as I was in the process of rebuilding.

They offered me a 0% APR for the first 2 years. I had some incoming funds that got delayed, so I carried a balance for the first couple of months, making more than minimum payments.

In early March, while still carrying a balance on the account, I hit the luv button after my 3rd statement posted, and got a $200 CLI. That same week, I PC'd the card to a QuickSilver.

The delayed funds came in, and I've been spending more, paying the account in full, spending close to the limit, then paying in full. I must've run $4k through the card in April, and this weekend I got my latest statement showing only $41 due. This morning, I got a message for an auto CLI of $500, and my EQ score jumped 20 points.

I had been planning on hitting the luv button again in early June, 3 months after the last time. Should I now wait for 3 months from the auto-CLI?

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In my opinion, you were in credit steps. the auto CLI was your graduation from the program. Now, you are eligible for CLI's every 6 months,next time you should hit the luv button is in 6 months.

[MrsCHX]

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@EmmaGolden wrote:

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In my opinion, you were in credit steps. the auto CLI was your graduation from the program. Now, you are eligible for CLI's every 6 months,next time you should hit the luv button is in 6 months.

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+1

And from reading here, Cap One is pretty stringent with the 6 months between requests. 

[jmp-ny]

Doesn't Credit Steps usually require specific enrollment, or is it an auto-enroll program? I never saw any information about Credit Steps when I opened the account. (And isn't 2k a large initial CL for Credit Steps?)

I had been planning on hitting the luv button every 90 days or so, but this would change things. Alternately, when my score gets back above 700, I was thinking of applying for Citi DC, but I might wait until it gets a bit higher.

[MrsCHX]

You can ask them if you're in credit steps!

[jmp-ny]

I just checked w/them, and it was indeed part of the Credit Steps program.

From what I've read, this suggests that the card will hit a maximum limit at some point, beyond which I will not be able to get any more CLIs, even with large spending and always PIF. The question then is whether I should apply for another CapOne card at some point, once I've been gardening for a while and my scores are all above 700 again. Although as I mentioned earlier, the card I really want is Citi DC, so I wouldn't want to jeopardize that...

[sjt]

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@jmp-ny wrote:

I just checked w/them, and it was indeed part of the Credit Steps program.

From what I've read, this suggests that the card will hit a maximum limit at some point, beyond which I will not be able to get any more CLIs, even with large spending and always PIF. The question then is whether I should apply for another CapOne card at some point, once I've been gardening for a while and my scores are all above 700 again. Although as I mentioned earlier, the card I really want is Citi DC, so I wouldn't want to jeopardize that...

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This is incorrect.

FYI- I believe once you get a CLI you have to wait six months to be eligible for another one.