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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??

My score has went up a bit. Started at around 552 across the board and now at Eq 619 TU 623 and Ex621. I see people start like me and within a year at a good score around 700+....... I can't move to save my life 😒. It's a bummer forsure.

Message 31 of 48
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Moderator

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

Hi there OP, I have removed your cross posted thread on this from the apps board, please refrain from cross posting as its not inline with our TOS and it can lead to confusion by the members. Thanks for your understanding on this.

Message 32 of 48
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Contributor

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

Sorry I didn't know about that.

Message 33 of 48
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Regular Contributor

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

@zuma1 You need to run your own race. It will not benefit you to compare yourself to others, but I get it. All these high FICOS and shiny cards in signatures are admirable. Except you have no idea that some people may have started off even worse than you did. I would love to be at the end of my journey but thats simply not the case. FICO average is about 650 and it started around 585 a year ago. It takes TIME. Inqs have to age, good payment history needs to be shown. Takes longer if you have issues like collections, high util andlate payments. 

But eventually it will work out. In one year you've improved your score nearly 75 points. Thats great! 

AAOA: 3 yrs 6 mo | UTIL: 4% | FICO 8: TBD 05/2021
Discover it $1.5 | Wayfair MC $4.5 | Cap One QS $1.2
Message 34 of 48
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Contributor

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

Thank you!! Although after reading through a lot of articles on here I'm thinking my score won't really ever get to the higher end. I've noticed income levels seem to play a part in it and my income is not much compared to what I've seen. Maybe 650's 670's would be what I should expect. I'm very new to it all so I may be missing something or reading into it wrong but that's what I got from it. This has become a personal challenge of mine to increase and maintain my scores. I'm trying my best to work at it in all the right ways... I find it funny cause my friends/relatives all talk about things their doing and goals their aiming for but I keep mine quiet. Only a few worth knowing what I'm working hard on and still it's invisible to most everyone around me. They do not get my excitement about it lol. I've learned not everyone looks at credit and scores in the same way.... and I'm super glad I learned it's something I need to hold dear to me for future benefit.... I feel like I'm 1 up already😂

Message 35 of 48
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Community Leader
Super Contributor

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


@zuma1 wrote:

Thank you!! Although after reading through a lot of articles on here I'm thinking my score won't really ever get to the higher end. I've noticed income levels seem to play a part in it and my income is not much compared to what I've seen. Maybe 650's 670's would be what I should expect. I'm very new to it all so I may be missing something or reading into it wrong but that's what I got from it. This has become a personal challenge of mine to increase and maintain my scores. I'm trying my best to work at it in all the right ways... I find it funny cause my friends/relatives all talk about things their doing and goals their aiming for but I keep mine quiet. Only a few worth knowing what I'm working hard on and still it's invisible to most everyone around me. They do not get my excitement about it lol. I've learned not everyone looks at credit and scores in the same way.... and I'm super glad I learned it's something I need to hold dear to me for future benefit.... I feel like I'm 1 up already😂


Income has no bearing whatsoever on FICO score. Income is only used for determining credit limits.

 

As everyone mentioned already, it takes time to build good scores. Time as in YEARS of perfect payment history, good credit mix (revolving credit + installment loans), and eventually you can get in with better lenders.


Last App: 8/24/2020
NFCU Secured Card

Currently rebuilding as of 04/11/2019.

Starting FICO 8 Scores:




Current FICO 8 scores:


Message 36 of 48
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Established Contributor

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


@zuma1 wrote:

My score has went up a bit. Started at around 552 across the board and now at Eq 619 TU 623 and Ex621. I see people start like me and within a year at a good score around 700+....... I can't move to save my life 😒. It's a bummer forsure.


It's a slow process - often when people get extremely rapid scores increases it's because of special circumstances that don't apply to most people. For most, it's a slow marathon.

 

For myself, I got a rapid boost from low 500's to about 625, but after that, it was reeeeeaaaaally slow going. Spent about a year with hardly any movement. Don't worry, as long as you keep moving forward, you'll get there.

    Total Loan Balance: $61k / $104k

    Total SL: $41.2k
Goal cards:



United 1K - 675,000 lifetime flight miles    |    Chase 6/24
Message 37 of 48
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Valued Contributor

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

They’re kind of wishy washy with stuff like this. 

 

I have a Cap 1 QS1 that started at $500 went to $750 after credit steps then $2250 at the year mark. It currently sits st $2450. 

 

My other QS is only at $700 eligible for CLJ early next month but not counting on much if anything 

July 2020
Experian Fico 8. 707
Transunion Fico 8. 705
Equifax Fico 8. 724

Capital one QS1. $2450
Discover IT Cashback. $12,000
PNC cash rewards signature Visa. $17,500
Chase SW rapid rewards signature visa $6900
Amex Green Card NPSL POT $11,000

Amex Hilton Honors $1000
Citi Rewards $3900
Message 38 of 48
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Frequent Contributor

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

The day after my BK7 discharged, I got their Platinum card and only cared about no annual fee at the time. Over the last couple years, I've used the heck out of it and it now sits at an $11,200 credit line. In addition to the Credit Steps Program that gave me (I think) a $500 auto CLI at 5 months, I received several CLI's. 

 

Around 3 months in, I PC'd to Quicksilver.

5th payment, auto CLI of $500.

After 12th statement, soft pull request CLI of $4000.

Immediately after, did account combination of another $3,500 card that just recently received a "Credit Steps" auto CLI

Requested soft pull CLI in August 2020 for another $1,000

Current CL sits @ $11,200 and also got upgraded to World Elite Mastercard

 

Platinum cards, rebuilder cards, etc are not "bucketed"

 

YMMV, but I used heavily and paid in full sometimes multiple times each month. After the "credit steps" increase, they only, as far as I know, permit an increase/decrease once every 6 months so I have it marked on my calendar. I've began using my PenFed PCR card for the 2% cash back now so my Cap1 account doesn't get much use, but it's nice to have the good history on an account since 1 day post discharge.

 

This is not an "I told you so" post for those saying these cards are bucketed. It's a post to show there is hope and somehow I fit the mold of what Cap1 was looking for in this card...

 

BTW, I burned Cap1 for over 10k in my BK.

 

Best of luck!

PenFed Visa Signature $35000 (Opened 6/20) - NFCU More Rewards AMEX $13000 (Opened 1/19) -Capital One World Elite MC $11200 (Opened 11/17) - TTCU Platinum Visa $10000 (Opened 10/18) - Uber Visa $5000 (Opened 1/19) - Target Store Card $2000 (Opened 10/18) - Floor & Decor Store Card $36500 (Opened 10/18)
Total CL - $112700

CH7 BK Filed 8/1/17 Discharged 11/7/17

Scores as of 6/5/20:




Inquiries Last 12 Months:
Message 39 of 48
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Regular Contributor

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

@DebtStinks Do you remember what your Platinum starting limit was? For you to get a credit steps auto CLI of $500, I assume it was at least $1000. That might explain why your card wasn't bucketed as other lower limit cards in the $300-$500 range seem to have been. 

 

Thanks for sharing your successful experience with your starter card. I also cycle my QS's limit regularly, so hopefully I have some good news to report when I ask for a CLI after the 12th statement in a couple of months. 




Message 40 of 48
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