Capital One Bucket Thought

Andy77 · ‎03-02-2022

so I got my capital one platinum card two years ago when my credit was the worst. I did credit steps like 1.5 yrs ago and now my CL is 750.00. I charged 725.00 the other day and one day later did a bill pay for 725.00 from my bank, 9 day hold. So I called them and said I will send another payment dor 725.00 and hope the system does not put a hold on that payment and you can just cut me a check if I have a credit balance at the end of the day.

one thing I was contemplating, to get out of the bucket and or help me get a cli ( current decline reasons I was not using card enough and too many inq) the inq reason just popped up as a second denial reason, the fist 5 decline letters stated I didn't use the card enough then all of a sudden for no reason now they are stating it was declined also because I have too many inq. Anyway, my thought was why not just push from my bank 5k. I was going to do this for a few reasons, cap one states they base cli's partly on payment history and account usage. I can live without this money while it sits as a credit on my cap one card but maybe by making such a large payment it will tell their computer that hey , I have assets and I can make large payments and maybe I should be upgraded or get a cli.

what are your thoughts on making the large payment to see if that helps my situation ?

thank you

dragontears · ‎03-02-2022

@Andy77 wrote:
so I got my capital one platinum card two years ago when my credit was the worst. I did credit steps like 1.5 yrs ago and now my CL is 750.00. I charged 725.00 the other day and one day later did a bill pay for 725.00 from my bank, 9 day hold. So I called them and said I will send another payment dor 725.00 and hope the system does not put a hold on that payment and you can just cut me a check if I have a credit balance at the end of the day.

one thing I was contemplating, to get out of the bucket and or help me get a cli ( current decline reasons I was not using card enough and too many inq) the inq reason just popped up as a second denial reason, the fist 5 decline letters stated I didn't use the card enough then all of a sudden for no reason now they are stating it was declined also because I have too many inq. Anyway, my thought was why not just push from my bank 5k. I can live without this money while it sits as a credit on my cap one card but maybe by making such a large payment it will tell their computer that hey , I have assets and I can make large payments and maybe I should be upgraded or get a cli.

what are your thoughts on making the large payment to see if that helps my situation ?

thank you

Are you planning on using the card for 5k worth of purchases in the near future? Or are you wanting to know if a large over payment with continual low usage will bypass the CLI algorithm for usage?

Andy77 · ‎03-02-2022

No I was going to make the payment and use the card with high spend, I know I can't make a single purchase over my cl, 750.00. I might use up all the 5k credit or might use 2 or 3k of it. My line of thinking is the reason why k am doing it is so the computer knows I have the ability to make large payments and use the card with heavy use with the hope I get a cli or upgrade.

SouthernCredit · ‎03-02-2022

You're honestly just better off getting a new card if your scores have improved and can support better cards/limits. While it can be done, it's really hard to get out of the bucket with Cap1. If you want to stick with Cap1, check their prequal page for any offers you may have available to get something better.

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Andy77 · ‎03-02-2022

I tried the prequalify and I don't qualify. Too many inq and I don't wanna be dinged on all three reports and only get a card with a 2k limit, not worth the HP's for me.
I don't mind trying my way of sending the large payment to see how that affects my account in the long term. I am sure most have not tried this method to this extent.

AlanGJP · ‎03-02-2022

@Andy77 wrote:
I am sure most have not tried this method to this extent.

I was in a similar situation. (My scores are now in the 750+ range with 28 accounts) I pushed 5-8k through my CO QS and they still denied me every time once I reached $1200. It's one of my oldest cards and quite frankly it's about to get cut. Once you're bucketed, it seems to be for the life of that card. I've seen reports of others dropping their CO in a similar situation and then getting non-bucketed cards 6 months or a year later.

Honestly though, with 3 hard pulls should I decide to go back, CO really isn't worth it to me moving forward. They were great during my rebuild, but that purpose is in the past and I think both me and CO have moved on.

As an aside; Discover was a similar for me. Approvals until $1k, then denial after denial regardless of spend. For fun, tried app'ing for a second card - instant approval for $10k. Still denials for the first card. About to cut that one off too.

If it works for you OP, let us know. But no offense, I doubt it will.

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Andy77 · ‎03-02-2022

Thank you Alan. Sounds like you tried what I was going to attempt and it didn't work. I will just use the card and pif and not make the large payment I was thinking of doing. It's pointless.

OmarGB9 · ‎03-02-2022

@Andy77 wrote:
Thank you Alan. Sounds like you tried what I was going to attempt and it didn't work. I will just use the card and pif and not make the large payment I was thinking of doing. It's pointless.

Definitely the best plan. Pushing a large payment through wouldn't do a thing, IMO. A bucketed card is just impossible to grow. Not to mention they'd probably just put a long hold on your payment.

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mwrobers · ‎03-02-2022

My Capital One had a SL of $800 just about 10 years ago and stayed $800. I used the card regularly and maintained a running statement balance of roughly $500 a month. Last year I started working on building my credit using this site. I began paying the account off monthly with increased usage of about $1,500/month. I started hitting the CLI button that I didn't know was a thing on the app prior to last year. I was denied every time for about six months. A month or two after my last attempt, I received a $1,000 increase to $1,800. I've attempted the CLI button several times since with no success. I rarely use the card now as I have better options, so it's my myFico and Netflix subscription card with minimal other purchases paid to $0 monthly. Not quite to AZEO yet, but close. Good luck on your attempt.

@Andy77 wrote:
so I got my capital one platinum card two years ago when my credit was the worst. I did credit steps like 1.5 yrs ago and now my CL is 750.00. I charged 725.00 the other day and one day later did a bill pay for 725.00 from my bank, 9 day hold. So I called them and said I will send another payment dor 725.00 and hope the system does not put a hold on that payment and you can just cut me a check if I have a credit balance at the end of the day.

one thing I was contemplating, to get out of the bucket and or help me get a cli ( current decline reasons I was not using card enough and too many inq) the inq reason just popped up as a second denial reason, the fist 5 decline letters stated I didn't use the card enough then all of a sudden for no reason now they are stating it was declined also because I have too many inq. Anyway, my thought was why not just push from my bank 5k. I was going to do this for a few reasons, cap one states they base cli's partly on payment history and account usage. I can live without this money while it sits as a credit on my cap one card but maybe by making such a large payment it will tell their computer that hey , I have assets and I can make large payments and maybe I should be upgraded or get a cli.

what are your thoughts on making the large payment to see if that helps my situation ?

thank you

increasingmyfico · ‎03-02-2022

Just my opinion, but I think you're spinning your wheels. Cap1 isn't known for growing subprime cards. Someone posted here recently that they had one that was 11 or 12 years old and still had a small limit. Your best bet is to get cards from other issuers. Use the various soft pulls so you can see who is willing to play ball and go there. Once you get some new ones see if you can pc this to a no annual fee card and sock drawer it or nuke it. If you really like Cap1 app for something else with them once you grow/age your other cards.