How to most effectively use the CLI Luv button at CapOne?

[Anonymous]

I'm rebuilding and in the garden, but after reading so much about the CLI luv button at CapOne, I just had- to- push-the-button. It was my very first CLI request and I think I messed up. Live and learn. I have been using this new card a lot and have PIF throughout the month for 3 months. Two weeks ago they sent me a pre-approval for QS1 and both cards are unsecured, so I figured I was building trust with them. My question is: does anyone have an idea what they are looking for with the question "What are your monthly credit expenditures?" The question took me by surprise and I low-balled and guessed. They approved me for exactly enough to cover what I reported as my monthly credit expenditure (an additional $200). If I had reported a higher and more accurate number would they have approved me for more? I assumed, maybe incorrectly, that they were doing an income/expense analysis? Am I stuck with this minimal increase for another 6 months or can I try again in 60 days? Does anyone know the purpose of that question on the app.

[Anonymous]

Once you accept you have to wait 6 months. They ask that question to gauge what your monthly spending is, probably not the number to low ball when asking for a CLI but I suspect you already realized that.

[Anonymous]

On the bright side, if you overestimated they would've denied you.  Been there.  Done that.  You have 6 months to put some spend on the account.  They soft pull only for that CLI request.  If they've placed you in credit steps, you may be locked into a set amount for each CLI though.  When your scores are higher - AAOA will help - then apply for a new CL.  You'll get a much better SL than what you're working with right now.

I know that Cap1 does not get a lot of positive feedback from people here, and I'll admit they are not the best creditor relationship I have, but they will reward you for diligently trying to improve your credit profile, and for building up your history with them on this account.  I have a dinosaur of a sub-prime card that they took a chance for me on...but they did bring me up to a decent CL.  I recently opened a Venture account with them and they exceeded my expectations.

Just be patient.  It's tough, I know.  But it does work out.

[Anonymous]

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@Anonymous wrote:

On the bright side, if you overestimated they would've denied you.  Been there.  Done that.  You have 6 months to put some spend on the account.  They soft pull only for that CLI request.  If they've placed you in credit steps, you may be locked into a set amount for each CLI though.  When your scores are higher - AAOA will help - then apply for a new CL.  You'll get a much better SL than what you're working with right now.

I know that Cap1 does not get a lot of positive feedback from people here, and I'll admit they are not the best creditor relationship I have, but they will reward you for diligently trying to improve your credit profile, and for building up your history with them on this account.  I have a dinosaur of a sub-prime card that they took a chance for me on...but they did bring me up to a decent CL.  I recently opened a Venture account with them and they exceeded my expectations.

Just be patient.  It's tough, I know.  But it does work out.

Thanks for the encouragement. Yes, patience seems to be the name of the game. I have an 18 year-old student loan reporting positively, so these new, small limit sub-primes don't ding  my AAoA too badly. I know they are a sub-prime and seem to have a bad rep, but my experience with CapOne has been positive, in spite of the small limits. They credit my online payments within 24 hours, they report accurately to the CRA's on the same day every month, and customer service by phone is friendly and efficient. And the first cards they offered me were unsecured with no AF. So there are a LOT worse sub-primes that rebuilders have to use sometimes.

I've lived w/o credit for years, which is ONE of the reasons I'm a re-builder. So I use these cards like my debit card, PIF and hopefully build up a file and score.

A question: If denied an increase, do I have to wait 6 months to re-apply (with CapOne)?

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