Is there a guide for Capital One [QuickSilver] CLI guide?

[Shooting-For-800]

You can ask for a CLI anytime you want without a HP inquiry on your credit report.

I would spend several thousands and pay off several thousands before worrying about it.

I have received CLI for $500 (3000 to 3500 in steps program) 

I have received CLI for $750 (10,000 to 10,750 on card not used much)

I have received CLI for $3,000 (10,000 ti 13,000 on card used a lot.)

and I even went from $3,500 to $12,500 in one shot on my oldest card.

Point is --- use the card for everything.  Pay the card off weekly or bi weekly.  Show them you dont need to carry a balance but you need to have more room to charge large purchases.

BTW - You can have up to 5 accounts.  I have been denied CLIs (I ask all the time) and then just opened another 10k Siggy Visa the same day.

No, it does not make sense.

[UncleB]

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@OmarGB9 wrote:

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@Anonymous wrote:

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@OmarGB9 wrote:
Wait at least two statements. Can't ask for a specific amount. They'll offer an amount if there's anyCLI available. It's a soft pull. And yes auto luv resets the clock IF it's credit steps. Any other time I believe it doesn't affect the 6 month wait.

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Can you further explain these "steps". I've heard of the terms before but don't know exactly how it is structured? I assume it's only in place for lower starting CLs, but I could be wrong?

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Not 100% sure myself, but I would assume yes only small SLs are enrolled in steps. Being that you got a visa sig at $10k (which is already pretty generous, btw), it probably isn't in credit steps. But anyway to answer your question about how it works: basically, you're guaranteed a fixed CLI after 5 months. Part of the requirements are to use the card at least once, don't go over limit, don't miss a payment, and make 5 on time payments. After 5 statements you should automatically receive the promised increase to yor account. This is a one time deal, too. So it's just the one guaranteed increase and after that you can ask at any time for an SP CLI and/or hope for auto increases. But of course neither of those are guaranteed.

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+1

I've never seen a reference to Credit Steps when speaking of a Venture or Quicksilver Visa.  I'm not saying it's not possible, but from what I've seen (and understand) the 'Credit Steps' program is designed to give an early 'reward' (CLI) to those who start with a smaller credit line and have shown responsible use of their account early on.

As for Venture and Quicksilver (Visa), the first CLIs can be quite generous.  My own Quicksilver Visa Signature was approved at $5k, and once I got my third statement I decided to give the 'button' a try, and I was offered a $2k CLI - which I accepted - making my new credit line $7k.  I might could have done it a few weeks earlier, but I wasn't as 'enlightened' then as I am now.

As a data point, I was putting all of my spending through the card at the time, which was approx. $1500-$2k per month those first few months, which likely helped me out with the CLI. 

Good luck!

[Anonymous]

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Shooting-For-800 wrote:

You can ask for a CLI anytime you want without a HP inquiry on your credit report.

I would spend several thousands and pay off several thousands before worrying about it.

I have received CLI for $500 (3000 to 3500 in steps program) 

I have received CLI for $750 (10,000 to 10,750 on card not used much)

I have received CLI for $3,000 (10,000 ti 13,000 on card used a lot.)

and I even went from $3,500 to $12,500 in one shot on my oldest card.

Point is --- use the card for everything.  Pay the card off weekly or bi weekly.  Show them you dont need to carry a balance but you need to have more room to charge large purchases.

BTW - You can have up to 5 accounts.  I have been denied CLIs (I ask all the time) and then just opened another 10k Siggy Visa the same day.

No, it does not make sense.

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I see you have quite a few Capital One cards, and some of them seem to be the same type? I mean, what's the purpose besides increasing your total CL?

[OmarGB9]

Lower interest rates, since cap1 isn't known to lower the APR on an existing account.

[Anonymous]

So my 2nd statement just cut. I requested a CLI online and got the 2 day message.

[Anonymous]

That's normal, you'll receive an email with the answer.

[Anonymous]

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@Anonymous wrote:
That's normal, you'll receive an email with the answer.

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Is that how it always is, the 2 day message? I'm used to the instant approval.

If I receive the email with the answer and I do not like the amount, is there a spot to cancel it and try again in a couple weeks (in hope of a larger approval). 

[Anonymous]

Yes, 2 day is normal. You'll get an email that you have a message to be read in your online account. You can decline the CLI if you like..

[Man-Of-Steel]

In my experience, the 2 day message represents a denial.  If so, the online document will provide detail explaining why the request was denied.  I've received reasons such as "account is too new", "account has recently received an increase", and "credit score is too low".  I've received several approvals and they have all been instant.  When they are instant, you will be presented with options.  This might be a YMMV type of thing, but I believe I've read where other folks have had the same type of experience.

[OmarGB9]

When I've hit the luv button and gotten a two day message, it has always resulted in a denial so far.