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How do I escape CAP1 low limit land?

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DH1988
New Contributor

How do I escape CAP1 low limit land?

Hi there! Smiley Happy 

Okay so, I've had a cap1 card for about 10 years. It started with an extremely low limit, but has been stuck at $5k for the last few years. The reason for my CLI denials is always the same. "Average monthly payments are too low" which I totally don't understand. Last year, Feb2018 I had a balance of $3390.93. Today I owe $900 on the card. Which means within the past 12 months I've paid a total of $2490.83 on the account which is well above the requested min payments each month. 

 

I was informed the CLI decisions are done through an automatic system, so I'm not sure what to do. Have any of you had this/a similar experience? Even if you haven't and have some advice, I'd appreciate it! What would you guys do in this situation?

Cap One QS (5/2008) $7k | Nordstrom VS (7/2017) $15k | Amex BCP (9/2018) $9.8k | Chase Freedom Flex (12/2018) $8.7k | NFCU Amex (9/2019) $31k | NFCU Flagship (12/2019) $15.2k | Discover it (10/20) $7k | Chase Sapphire Preferred (7/2021) $8k |


EXP/TU - 727
Message 1 of 8
7 REPLIES 7
Remedios
Credit Mentor

Re: How do I escape CAP1 low limit land?

You could pay it all down to $0.00, continue putting a heavy spend and PIF every month, then ask for CLI a few months later. 

 

Or you could move on to a better cards. 

Message 2 of 8
CreditInspired
Community Leader
Super Contributor

Re: How do I escape CAP1 low limit land?

Hi OP

IMHO, I think Cap1 doesn’t like that it took a year to pay $2,490 and there’s still $900 outstanding. So the large portion of your monthly payments went toward interest. If you can, try to pay the remaining balance in 2-3 payments, leaving $20 stmt balance. Then, over the next 3-4 months, put purchases on your card and PIF. Let Cap1 see you in the habit of PIF.

GL2U

|| AmX Cash Magnet $40.5K || NFCU CashRewards $30K || Discover IT $24.7K || Macys $24.2K || NFCU CLOC $15K || NFCU Platinum $15K || CitiCostco $12.7K || Chase FU $12.7K || Apple Card $7K || BOA CashRewards $6K
Message 3 of 8
DH1988
New Contributor

Re: How do I escape CAP1 low limit land?

Ahh okay! That's helpful. THANK YOU

Cap One QS (5/2008) $7k | Nordstrom VS (7/2017) $15k | Amex BCP (9/2018) $9.8k | Chase Freedom Flex (12/2018) $8.7k | NFCU Amex (9/2019) $31k | NFCU Flagship (12/2019) $15.2k | Discover it (10/20) $7k | Chase Sapphire Preferred (7/2021) $8k |


EXP/TU - 727
Message 4 of 8
Anonymous
Not applicable

Re: How do I escape CAP1 low limit land?

I think their reason makes good sense.  You had a balance, seemingly for some time, that was > 50% of your limit.  That's a sign of elevated risk.  The fact that you took it down to just below 20% utilization is definitely a move in the right direction, but you really want to pay the thing off IMO and make your request at that time.  You also have to consider that their SPs see all of your other accounts as well, so keep in mind that your other balances/individual card utilization percentages can be factored in outside of what you have going on with Capital One.

Message 5 of 8
Priory_Man
Valued Contributor

Re: How do I escape CAP1 low limit land?

I ran into the same problem with Amex a while ago. Paying the card to zero and then using and PIF for the next two statements got me the CLI on the 91st day after denial.
I would do as others have said, pay the card all the way down as soon as you are able, use it for a couple of months then hit that button.






"Total revolving credit $286,000 Current UTIL >1%"
Message 6 of 8
Anonymous
Not applicable

Re: How do I escape CAP1 low limit land?

I feel your pain!! I have cap1 QS stuck on 3,000 cl for years. always denied with same message as yours!! Utilization just south of 50% with a cs over 710. 1 inq in 2 years. 10 years of on time payments seem to count for nothing with them!!

Message 7 of 8
Anonymous
Not applicable

Re: How do I escape CAP1 low limit land?


@Anonymous wrote:

Utilization just south of 50%... 10 years of on time payments seem to count for nothing with them!!


Utilization that high is a red flag of increased risk.  If someone has utilization at that level for a length of time, it's usually because they can't pay off the balance for whatever reason.  There aren't many out there that can pay off an interest-bearing balance that simply decide not to.  That being said, it makes complete sense that they aren't willing to extend additional credit to someone that [seemingly] can't pay off their current balance.  Think of it with business sense from the lens of Capital One.  Pay off your balance as others have suggested and maintain PIF behavior for a few cycles and things can certainly change.

Message 8 of 8
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