Capital One CLI questions

[Anonymous]

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@marmaladepie wrote:
4 months ago I requested 5k increase and it went into review. A few days later I noticed they gave me an increase of +10k. I was honest about the spend, putting about 10k/month on different cards and wanted to potentially move over to cap1.
I think also, in the 4-5 mo leading up to the increase I was already putting in ~6k month on the card.

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Interesting that you received a CLI of 2X what you requested; That's quite rare.  What was your limit prior to the $10k increase?  A $6k/mo spend is pretty strong and IMO the #1 reason for your larger than expected CLI.

[Anonymous]

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@Anonymous wrote:

I originally started with $10K on my Quicksilver Visa and combined my old (PC'ed) Quicksilver MC into it back last June, about 8 months ago now, for a current total of $16K. I recently got a raise which may help, but I also seem to remember $20K is about as high as Capital One will go before they start asking you for proof of income.

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What is your typical monthly spend on the card?  If it isn't a significant amount of (say) at least $1000-$2000 I'd be cautious about increasing the limit much.  One of the most common reported CLDs I hear about on the forum is a > $10k Cap One limit being lowered to exactly $10k.  Many have gone from $30k --> $10k and the reason given is always not using enough of your current credit limit.

[Anonymous]

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@HeavenOhio wrote:

To get 3k offers, I spend in the 3k range per month in the three months preceding the CLI. For the lesser offers, I spent quite a bit less.

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Which makes perfect sense.  Good to see that Capital One is "smart" with their CLIs (risk vs reward) as opposed to other lenders like Amex and Discover that will throw people $40k-$50k+ limits when you barely use their cards at all!

[HeavenOhio]

The CLDs to 10k have happened when people have spent an average of about $100 per month or less over a period of 12 months. Secondary reasons have been low spending on other Capital One cards and low spending on non-Capital One cards.

The CLDs are the reason why I've put some thought into my Capital One limits. I stopped at 16k on my main card. If I feel that more is reasonable, I can always ask whenever. On my other two cards, I'll keep the limits at or below 10k.

[Anonymous]

I'm not sure how much my average spend over the first 6 months or so I had my Quicksilver was, but I'm pretty sure it averaged well over $100/month (I remember putting two pairs of SAS shoes on that card among my first purchases; if you're familiar with that brand you know they're pretty pricey). My average spend since then has gone up pretty substantially, something like $700/month since September. I don't think I'd want to raise the card above $20K, to be honest, since I'm aware of the CLD potential if Cap One thinks you've not been using their card enough for a given CL.

[Taurus22]

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@Caardvark wrote:

Another question: Does getting a CLI impact my ability to apply for another card? I'm planning on getting the Savor in May (for the SUB and the 4% on Dining) and don't want to shoot myself in the foot.

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Caardvark, I had the same question recently and was told that if the CLI is by a different lender, then the lender for the new card won't see that. And this would lower your UT% before you apply for the new card, so it would really only benefit you. If it's the same lender, different card, then they would obviously know....but not sure of the affect it would have.

Just curious, I don't see the Barclay Uber Visa in your sig. Have you considered that versus the CapOne Savor? It also offers 4% on dining, + 3% airfare, + SUB (only $100 vs $500 but the benefits of the card itself might outweigh the bonus).....and there's no AF as you would have with the Savor, which ultimately will offset the bonus over time.

[Anonymous]

I don’t know how this works with Capital One, but I can say how it goes with NFCU. I requested and got a CLI of $5k on my card and decided to apply for another card with them same day and was approved for a $10k limit. I’m sure it varies from lender to lender.

[HeavenOhio]

Lenders will see your credit limit history on each card for the past 24 months (EQ and EX) and the past 30 months (TU).

[Taurus22]

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@HeavenOhio wrote:

Lenders will see your credit limit history on each card for the past 24 months (EQ and EX) and the past 30 months (TU).

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Really?  See, sometimes there is some wishy-washy info given regarding things like this. I was planning to CLI my Citi and Discover before I apllied for 2 new cards in May, as well, (like the OP) simply to lower my UT% before I apply.  Now I may have to leave those alone until after the apps.

[Anonymous]

I didn’t know that was included historical data either. It’s not shown on my annual credit reports, just the current limit and the highest balance.