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

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New Contributor

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

At the risk of beating a dead horse and to get straight to the point, your CapOne won't likely grow much, if at all. My CapOne grew $250 over 14 years so I moved on to better cards.

Message 21 of 48
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Mega 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🙄


As others have said, it will all go away after two years and not be scorable after one, so you are not doomed!

 

But, if your profile is such that you cannot get good cards from other lenders, you should also reduce your expectations for CLIs with Cap One (which should have been very small anyway!)   If you appear risky because of credit seeking to others, Cap One will also have concerns about increasing their risk.

 

Just garden for a while.....

Message 22 of 48
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Community Leader
Senior Contributor

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

As everyone has said, forget about CapOne giving you anything. They just don't. Lost cause. It's not you, it's them. And the above is correct regarding inquiries - there's no lasting stigma regarding inquiries. Once they're gone, they're gone.



Rose Gold NPSL | BCP | Delta Gold | Hilton Surpass | Hilton Honors | PenFed PCR | IT Cash | IT Chrome | GHSFCU Visa Plat | Quicksilver | Target | VS | Home Depot | Lowes | Sams MC | Firestone | Overstock | Kohl’s | 2017 Audi A6 Premium Plus S-Line





TCL $85,600 | Agg. Util under 5%
Message 23 of 48
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Established Member

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

I know I spoke of secured Discover and my denial letter came yesterday stating too many inquiries. What's your thoughts on calling them?? I've seen ppl recon for things and with it being secured it's crossed my mind to call and give it a go🤷🏻‍♀️. Maybe explain my situation and goals. Maybe a little background will go further than just automated numbers in a robot system?!

Message 24 of 48
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Frequent Contributor

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

Hubby and I have used our bucketed Cap1 cards to help out the kids entering adulthood by putting them on as authorized users. The limits are both low enough that if something were to happen, we wouldn't be devastated by having to pay either of them off. Once all the family kids have gone through the program, we may well close those cards, as we have much better cards now.

I understand why Cap1 is loath to graduate these cards. It's the same reason why your bright kid doesn't get to skip a grade these days - the school wants that nice 99th %ile boost to the standardized test score for the lower grade, and not the 75th for the next grade up. It still sucks for the kid, and for the bucketed-card holder.

It's a business. I say, treat it like one. They'd have no qualms about cutting you off if it no longer made sense for them to do business with you. Treat them well while it's worthwhile to you, and move on when it no longer makes sense for your situation to continue the relationship. As others have said, your inqs will fall off in that two-step kind of way, and may not matter much at all at the 1-year mark, depending on the lender.

As for the Disco recon, I don't think it would hurt to try, especially it being secured. Their customer support is top notch. They were hubby's first card, secured, after some terrible financial times, and were thoughtfully helpful the whole way.

Best of luck to you! You're on the right track! 


Message 25 of 48
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Moderator Emeritus

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


@zuma1 wrote:

I know I spoke of secured Discover and my denial letter came yesterday stating too many inquiries. What's your thoughts on calling them?? I've seen ppl recon for things and with it being secured it's crossed my mind to call and give it a go🤷🏻‍♀️. Maybe explain my situation and goals. Maybe a little background will go further than just automated numbers in a robot system?!


Unfortunately, Discover's decisions are automated even for their secured CC.   So, there's no reconsideration options on this one OP.

 

I would echo what's already been mentioned upthread and stick to your plan in letting things age and garden for a while.  But, most definitely, do not apply for any additional Capital One CCs that may eventually result in the same outcome.  They have their place depending on where you are in your credit journey and will serve their purpose toward better products with other lenders down the road.

 

Nonetheless, no more apps/HPs that will only hinder your progress.  The community is here to support you so you can stay on track as well as point you in the right direction by visiting the Rebuilding subforum to address any negative items on your CRs.

 

You will get there.  

Message 26 of 48
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Established Member

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

Capital One definitely takes its time in offering CLIs to its customers that are rebuilding credit. I started out with the Platinum at $300 and finally got an increase of $1000  maybe last year for a total of $1300 after already having the card for 2-3 years. Next I got the upgrade offer to a Quiksilver back in April of this year and I just recently applied for a CLI and they only gave me $150. :-( Then a week or two after that I received a prequal offer for the Savor One and was approved for $3000. I'm not entirely sure what I'll do with the Quiksilver if I'm unable to increase my limit, since I've had this card for a few years now. I'm hoping that I can upgrade it to the venture. The key for me was leaving $20-30 unpaid before my statement date, which is the date that the credit reports to the CRA your balance etc.. For example if the balance on my card was $1000 then I would only pay like 980 of the bill leaving 2% utilization left over to report to the credit bureaus. We've been taught that anything less than 10% uti is great, but the lower the better. Ideally you don't want to report 0% uti, because to the creditor it makes it appears that you're not using the card, when you have 0% utilization, which makes it hard for them to give you a CLI. If you leave like 2-3% utilization after each month then capital one will start paying attention. Remember due date is for interest ONLY and statement date is for utilization ONLY. Once I learned this I was golden. Good luck :-) 

Message 27 of 48
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Regular Contributor

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

Calijen37 I did everything you described with them for 9 months and I only got a $100 CLI.  There isn't anything you can do in these covid times with them that will change what they are currently doing.  Best thing to do is wait for some inquiries to age and get cards with other lenders.  Capital one cards are only good for beginners in the credit world and none of their cards are worth reapplying for in hopes of getting a better credit line because other lenders have either cards that do the same or are better than theirs.  Only difference is they treat their customers better.







Revolving history: 1 year 2 months across the board
AAoA:
TU: 5yrs 10months
EX: 2yrs 1 month
EQ: ~6yrs

Inquiries: Ex: 2/12. EQ: 5/12 Tu: 1/12
As of 10-5-2020


Fingerhut $500
Quicksilver $600
Discover It Miles $9,500
Message 28 of 48
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Regular Contributor

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

Message 29 of 48
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Established Member

Cap 1 Cli help!

I wanted to get everyone's thoughts on the best reason to choose for a cli on QS. All options fit me... Limit no longer meets my needs, big purchase coming up. There's also the option for prefer not to answer and I have huger expenses coming up. What is the beat option when applying for an increase?

Message 30 of 48
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