Credit Line Increase Help...

[Anonymous]

This forum is amazing... hoping someone can point me in the right direction.

Just got approved for $10k SL with Cap1 Venture.
Can someone give me CLI strategy to achieve some of the higher limits as seen on the forum.

Is it an ask every 6 mths with soft pull or is it a hard pull with certain banks/cu issue?

Want to get my CL's in the $40k to $50k range.

Thanks!!!

[xaximus]

I would first start using the card and PIF. Show some usage so any CLI is justified. Also, the higher CL you go, the more scrutiny you can go under (i.e. income verification, etc.)

Cap1 does an SP for any CLI's.

[K-in-Boston]

Welcome to the forums.  Use the card a lot, try to keep your utilization under 30% at statement time, always pay the statement balance in full by the due date.  With CapOne it's always a soft pull for CLI requests.  You can ask as often as you want, but you have to wait 6 months after receiving one before you are eligible again.

As for $40-50k credit lines, that's going to depend on a lot of factors - income and credit scores would be the two big ones.  Some lenders also like to not be the first to give those kind of credit lines, so having other accounts in that range helps a lot.

[Anonymous]

Do you plan on using a significant portion of that proposed $40k-$50k CL?  If not, might I ask why you're gunning for one?

I bring this up because since 2017 Capital One has been reducing high credit lines pretty regularly to those that aren't using a significant portion of their CL.  The most common CLD spoken about on this forum is a CL of > $10k being reduced to exactly $10k.  My point here is that there isn't much point in securing a $40k-$50k CL if you're only going to be spending say a few thousand per cycle and after a few years of growth you have that taken down to $10k via CLD.

[Anonymous]

Yes sir.....thanks for your input.

Will use a strategy of using 30% and paying back in full over a 3 to 6month period.

Does this make sense or is it absolutely necessary to only use 10% and pay in full monthly?

[Anonymous]

You can use 100% of your limit (or more with multiple payments) each cycle if you want to.  All that matters when it comes to your credit score is what your reported balance is.  You want that reported balance to land at < 8.9% or 28.9% (whatever your goal is).  Capital One is going to be most concerned with how much of your limit you're using (your monthly spend) not the reported balance that's taken into account for your credit scores.