Re: CapitalOne Quicksilver and credit increases...... - myFICO® Forums

Anonymous · ‎06-12-2015

Hi.
I recently got a CapitalOne Quicksilver which I'm planning to immediately put on auto pay and use strictly for monthly bills (phone, electric, etc, also all on auto pay).

I'm curious-- is this a good strategy for eventual credit increases? Is there a way to optimize behavior to eventually lead to automatic increases?
Does CapOne do automatic increases with this card? How do increases even work?

I just got the card so I obviously won't be interested in pursuing an increase any time soon, but if there are things/patterns i can put in place to increase my chances for limit increases down the road, I'd love to start good habits sooner than later.

Thanks!

Kirmie2010 · ‎06-12-2015

There does not seem to be any rhyme or reason to their CLIs and the amounts.

I used heavily and paid frequently, got 500 increase.

Friend at work used moderately and left no balance, 1k increase.

Wife rarely used hers, had a fraud alert, got a new card and a 2k increase.

Anonymous · ‎06-12-2015

Damn. That is not the answer i was hoping for, but thanks for explaining it! For some reason I assumed someone had reverse engineered the perfect pattern for CLI.

Ah well!

Anonymous · ‎06-12-2015

Got the QS1 for $500, used it heavily and paid in full each time a transaction posted! First statement cut then under prequal the Venture, Venture One, QS cards showed up with lower APRs. I only apped for the Venture and got 10k limit with. 17.9%

so. It seems it can happen that early, but like previous poster, it's unpredictable.

Anonymous · ‎06-12-2015

Can you explain this? Do you mean that you didn't get an increase, but instead they upgraded you to to a 10k limit Venture? Did they ever change your initial limit?

Curious-- roughly how many months did this process take?

Thanks!

Anonymous · ‎06-12-2015

@Anonymous wrote:
Can you explain this? Do you mean that you didn't get an increase, but instead they upgraded you to to a 10k limit Venture? Did they ever change your initial limit?

Curious-- roughly how many months did this process take?

Thanks!

No, no updgrade at all. Only one month of QS1. I tried, just to see what would happen, and hit the credit limit increase on the QS1 low limit card and each time got the "Sorry, your account is too new" reason. I also checked prequal very often! I noticed nothing showed up until after that first stament cut AND it reported to all credit bureaus! I've read they take forever to report, but with me, it reported right after the first statement cut.

The QS1 is in sock drawer and I can't wait to close it. I've only had the Venture card for a little over a month, statement cut last week, and it has reported on all three credit bureaus. I've also accumulated 62k miles on it. It's getting a lot of use and per other threads here, it seems I can get decent credit limit increase after three months.

Anonymous · ‎06-12-2015

Sorry, so many typos! So I edited as much possible.

My scores are higher now, but during the apping process they were in the 650s and 670s. My scores went up since then because of added trade lines and couple baddies were taken off my reports.

Anonymous · ‎06-12-2015

That's good. My scores are in the low 700s, but low credit history (this will be my second card, before 2015 i had zero).
Started off with a 3k limit... going to use auto pay to zero the balance every month (this card is for monthly bills only), glad to know that it's possible that the increase will come after diligent payments.

I'm new to understanding scores and credit worthiness (i've avoided credit most of my life), so hearing experiences like yours is very helpful!

Thanks!

Anonymous · ‎06-13-2015

@Anonymous wrote:
That's good. My scores are in the low 700s, but low credit history (this will be my second card, before 2015 i had zero).
Started off with a 3k limit... going to use auto pay to zero the balance every month (this card is for monthly bills only), glad to know that it's possible that the increase will come after diligent payments.

I'm new to understanding scores and credit worthiness (i've avoided credit most of my life), so hearing experiences like yours is very helpful!

Thanks!

You're in good path! I went without credit cards for eight years or so. I'm so used to cash system that having small amounts report on my CCs for the sake of scoring was something I've had to slowly get used to. Once I close on my home I will go back to PIF.

Ok, so I'm on second month for the QS1 and hit the luv button for credit increase and was offered 1k to bring up total limit at 1500. I chose to not take it, I just logged out. I will check again next month to see if they offer more.

SouthJamaica · ‎06-13-2015

@Anonymous wrote:
Hi.
I recently got a CapitalOne Quicksilver which I'm planning to immediately put on auto pay and use strictly for monthly bills (phone, electric, etc, also all on auto pay).

I'm curious-- is this a good strategy for eventual credit increases? Is there a way to optimize behavior to eventually lead to automatic increases?
Does CapOne do automatic increases with this card? How do increases even work?

I just got the card so I obviously won't be interested in pursuing an increase any time soon, but if there are things/patterns i can put in place to increase my chances for limit increases down the road, I'd love to start good habits sooner than later.

Thanks!

Generally Cap One will give you an auto CLI every 6 mos; if you don't get one ask for a luv button CLI... it's a soft pull so nothing to worry about.

I believe they most appreciate your paying the whole account down to zero on a frequent basis.