Capital one cards and CLI

[aesl1982]

So I have two capital one cards, one platinum and one qs1. They both earn cash back. Both have a $500 limit. I pay the minimum payment every month which is $50 I believe may be $25 but I pay $50. Have never missed or been late in 4.5 years with them. But always carried a balance of about $200/250. When I do the CLI online they sent me a letter saying not enough payments made something to that accord. Any advice how to get CLI for these cards

[Remedios]

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@aesl1982 wrote:
So I have two capital one cards, one platinum and one qs1. They both earn cash back. Both have a $500 limit. I pay the minimum payment every month which is $50 I believe may be $25 but I pay $50. Have never missed or been late in 4.5 years with them. But always carried a balance of about $200/250. When I do the CLI online they sent me a letter saying not enough payments made something to that accord. Any advice how to get CLI for these cards

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Well, they already told you how. You need to pay those cards down, preferably in full 

You've been continuously carrying a balance which tells them you cannot handle the limit you have, so they are reducing the risk by not allowing for higher CL. 

[Anonymous]

Pay more per month. A lot more. Preferable pay your balance off in full every month. You have been carrying a balance for 4.5 years. By paying $50 a month you have told the algorithm that giving you more credit will be risky for them.

[BallBounces]

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@aesl1982 wrote:
So I have two capital one cards, one platinum and one qs1. They both earn cash back. Both have a $500 limit. I pay the minimum payment every month which is $50 I believe may be $25 but I pay $50. Have never missed or been late in 4.5 years with them. But always carried a balance of about $200/250. When I do the CLI online they sent me a letter saying not enough payments made something to that accord. Any advice how to get CLI for these cards

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Also, you have only provided information about two cards relative to your whole credit profile. 

What are you FICO scores?

What other Credit cards do you have, if any?  Have they had deliquencies? If so, when?

Any other negative items on your credit reports?  Any new lines of credit?

[FireMedic1]

You have what we call the Cap1 bucket cards. They wont grow too much. But there is a way around it. See below my RIP. Cap1 likes heavy usage and PIF. Since you only list 2 cards. Have 1 report 10 bucks and then PIF. And PIF the other with nothing reporting a balance. Dont carry any balances at all on either card. That will increase your chance at a CLI. And you wont throw your cash back out the window paying interest. Then you chances to get a CLI will increase the odds.

[Anonymous]

You have to be patient with Cap1.  I started off like you 15 years ago and made plenty more mistakes since then (no BK, just lots of derogs).  I started off with a converted Orchard Bank visa credit card $300 (AF $59) Then in 2005 I got a visa platinum card SL $1500, that same year I got a mastercard $750SL.  So three credit cards from Cap1.  I didn't even bother to try and request CLI b/c I was always maxing out the cards.  I got auto CLI on all cards between 2010 & 2016. I also PC each of them. The balances are now  Cap1VO MC 4500, Cap1QS VI 3000 and Cap1QS1 700.  I have tried almost every year to get the converted Orchard Bank (Cap1QS1) to CLI. It is completely bucketed.  Along the way I picked up Chase Freedom 5500SL (CLD 4200) and a CSP 5000SL.

I just did my first CLI request on Friday 7/26. Got a review message.  This morning there was a decline letter waiting for me online.  I had been keeping my balances low (total util > 30%) but last month I let some high balances report and my credit score took a hit.  Cap1 sp'd the Equifax from July 9, said it was 604.  I just take my lumps and wait to request again in six months.

My advice to you is to follow the previous posters advice and pay more than the minimum (PIF if possible).  I would also suggest that you diversify.  Apply for a low tier card from somewhere else (Mercer, Discover or worse case Credit One).  Then take it six months at a time.

[HeavenOhio]

@Anonymous, there's no waiting period to request again after being denied an increase. In theory, you could request again tomorrow, although it wouldn't do you much good. The six-month time frame you cite refers to the amount of time you must wait if you actually received the increase.

You might want to call in and find out the date of your next account review. You can then make sure your report looks nice and pretty at that time.

[Anonymous]

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@aesl1982 wrote:
So I have two capital one cards, one platinum and one qs1. They both earn cash back. Both have a $500 limit. I pay the minimum payment every month which is $50 I believe may be $25 but I pay $50. Have never missed or been late in 4.5 years with them. But always carried a balance of about $200/250. When I do the CLI online they sent me a letter saying not enough payments made something to that accord. Any advice how to get CLI for these cards

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You're using too much of your credit limit 30-50% is not responsible usage in OC eyes. Credit card issuers don't like folks that pay just the minimum. PIF 2-3 months in a row and then request a CLI. You will get it soon after. As soon as my balances on my cards went below 20% across the board they gave me a $3000 CLI within a year. By not PIF you are carrying a balance every month so not only are you paying stupid interest but you're keeping your credit score weighed down and capitalone sees you as irresponsible. Don't carry a balance and PIF when you can. I was in your boat several years ago and realized I was doing it wrong! They are the EASIEST company to get credit from so follow their rules and they will return the favor. 

[aesl1982]

Turns out the platinum card is no longer platinum, I was in my account earlier and one of them is quicksilver and the other is quicksilver one. No idea how the platinum went to a quicksilver. But from what I understand that’s a better card.