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Help!!! Am I paying Cap 1 wrong to get a CLI??

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Contributor

Re: Help!!! Am I paying Cap 1 wrong to get a CLI??

Maybe I should also note I began this jouney last Aug so everything is under 2 years... I wanna take my fresh-ish start and run with it😜

Message 11 of 48
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Regular Contributor

Re: Help!!! Am I paying Cap 1 wrong to get a CLI??

I don't think you're paying them incorrectly. They've just grouped that card into a particular tier that's unlikely to change. In order to give you a credit limit over 1K, Capital One would have to move that card to a higher tier. 

 

If you haven't read this yet, I highly suggest it:

https://ficoforums.myfico.com/t5/General-Credit-Topics/Credit-Card-Asset-Backed-Securities-ABS-and-w...

 

Tldr, it doesn't benefit Capital One to give you the increase you're looking for. If your profile supports the higher credit limit you seek, your best bet is to apply for another card through them or another lender. 

 

You've also mentioned that you have quite a few inq's. Given that information, you might want to consider gardening until some of those no longer count against you. 




Message 12 of 48
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Community Leader
Mega Contributor

Re: Help!!! Am I paying Cap 1 wrong to get a CLI??


@zuma1 wrote:

I'm not meaning 12-1300 in one sitting. 3-500 here and there is what I had imagined. I'm starting to get bummed about it lol


@AverageJoesCredit wrote:

@zuma1 wrote:

I'm not expecting 10,000 but I would at least like to think I could get to 12-1300 with it🙄 $400 is not something I expected to be at forever lol.


Thats unrealistic expectations especially given the data points here support it. Its not like there have been a rash ofrecent posts about big cli here. Heck most people cant even get $100 cli on the Walmart card despite usage. 


 


Dont my friend, we all start somewhere. Eventually you will get cards that grow and with goid payments, you may even see auto luvSmiley Happy. You arent alone in bucket cards, many  are in same situation and even from other lenders, a cl can be stuck for years. As your aaoa grows, your score grows you will be able to branch out to other lenders and see growth. With Cap One its just not ideal to force spend in hopes of a bigger cli they just dont work that way. Best of luck going forwardSmiley Happy

Message 13 of 48
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Community Leader
Mega Contributor

Re: Help!!! Am I paying Cap 1 wrong to get a CLI??


@zuma1 wrote:

My fico score has went up about 50 pats since I opened it. I guess my next question is about applying for new through them... if I applied for a new cap 1 card down the road is it the same as applying for the first time, or do the take into consideration that you already have a good standing account with them in their decision making. I guess I should also mention I have a ton of inquiries. I was looking for something better and didn't know the rules till I got myFICO. Here's my breakdown:

Cap1 QS $400

Credit one $300

Kohls $300 (opened last month, backed by Cap1)

Fingerhut closed good standing (was never used) 

A CO with First Access Visa. On that I tried to pay but they sent it to collection agency already so I paid the CA and that was removed from my CR... but original CO shows. 

I have no missed payments on any..

TU has a ton of inquiries no collections 

EQ and EX are identical except a 5 year old Sprint Bill that will hold me down another 2 years😞. Just recently learned and got serious about my credit. The more I learn the more of a goal challenge it is for me. I want to feel secure and also appreciate the work it took to get there. Sorry if that's too much info but I do appreciate the help!


Going forward, expect 3 hps from any Cap One application. What are your current fico scores? Your AAOA, average age of accounts?

Message 14 of 48
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Contributor

Re: Help!!! Am I paying Cap 1 wrong to get a CLI??

Also my Eq is 619 TU 623 Ex 621

Message 15 of 48
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Contributor

Re: Help!!! Am I paying Cap 1 wrong to get a CLI??

I have read this about a week ago!! What I don't understand is how they change tiers and if it would even be a possibility for me😞

Message 16 of 48
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Contributor

Re: Help!!! Am I paying Cap 1 wrong to get a CLI??

Yes I definitely plan on gardening I believe it's a must for me!

Message 17 of 48
Contributor

Re: Help!!! Am I paying Cap 1 wrong to get a CLI??

Look at some other lenders, Discover or even Chase CFU.  Cap1 is stingy with CLI's no matter what you do in my experience.   I just sock drawer my Cap's and let some small recurring charges hit them to since they are my oldest accounts.   


Message 18 of 48
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Contributor

Re: Help!!! Am I paying Cap 1 wrong to get a CLI??

I tried but my inquiries are awful! I did try to prequalify for Discover it secures and they sent a letter stating too many inquiries... but I already knew that. Regular Discover it is my goal but i can't even get the secured. I'm afraid all my inquiries have messed me up for life, not just the 2 years. Like the bureaus will still label me as a risk because one time I had waaayyy to many🙄

Message 19 of 48
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Established Contributor

Re: Help!!! Am I paying Cap 1 wrong to get a CLI??


@zuma1 wrote:

I tried but my inquiries are awful! I did try to prequalify for Discover it secures and they sent a letter stating too many inquiries... but I already knew that. Regular Discover it is my goal but i can't even get the secured. I'm afraid all my inquiries have messed me up for life, not just the 2 years. Like the bureaus will still label me as a risk because one time I had waaayyy to many🙄


Time is all you need to recover from inq's.  After one year, they become unscorable and after two years they fall off, regardless of how many you have.


Message 20 of 48
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