Should I Request Increase On My Capital One Quicksilver CC?

[Anonymous]

Capital One Quicksliver card [open Mar 28, 2012] has a $7500 CL. Up until I paid it off in October 2016 I basically ran it right up to the limit [dumb]. Since then I have been using it for most of my monthly expenses / bills and paying it off every month [smart].

I haven't requested a FICO score but my CK scores are 766/762 and Discover [FICO 8] is 699. These have steadily gone up [100 pts] since I paid off the Quicksilver card in addition to paying down my other accounts. Right now my CC ultilization is 17% with the only other debt [reporting] $4100 on my MINI Cooper installment loan. Only one derogatory mark - [$266} medical bill I paid in full last summer.

I have five [5] other CC accounts with balances / two with zero balance. Another with Capital One [77%], Credit Union CC [69%] Amazon [43%] and the two other CC 12% / 16%. The goal is to just pay the minimum due on the smallest accounts and get other two under 30% then pay down the largest balance [Capital One] as quickly as possible [summer 2017].

My end goal is to improve my credit score to 740 and get my utilization below 10% before applying for a mortgage later in the year. I haven't requested a credit increase previously. Is it too soon to request an increase given my profile? TIA

[Anonymous]

Whats the balance on that 77% ? The percentage is worse on your score than the $$.

See if discover has a transfer offer. If youre paying interest on the 77 and the CU moving them to discover 4.99/0% will save money and fix individual UTILs

[Anonymous]

Balance is $1289

[Anonymous]

I just asked for a CLI on my Quicksilver last week.  The CR told me that they dont go based off your balance and they just go off of your annual income and good payment history.  The best part of it that they do soft inquiries so you wont get the ding on your credit report.  I got approved for a CLI and they told me as long as I keep having good payment history,  and steady income, to keep requesting a CLI every 6 months and i should be approved everytime.  I say go for it.

[Creditaddict]

Since Cap1 is a SP, you should start requesting a CLI at 2 months and keep requesting until granted... once granted set your calendar for 6 months and start over again until you get it... monthly.

[Anonymous]

Follow up question, It's asking me "Monthly Spend with Credit Cards". Not sure how to answer this since I'm only using the Quicksilver card, and I'm using it for the majority of my living expenses, but I pay it in full before my due date.

[Creditaddict]

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@Anonymous wrote:

Follow up question, It's asking me "Monthly Spend with Credit Cards". Not sure how to answer this since I'm only using the Quicksilver card, and I'm using it for the majority of my living expenses, but I pay it in full before my due date.

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I think you can leave it blank or you can state your current total use between all credit cards. or in an ideal world how much you would spend on credit cards (don't go over your monthly income when answering!)

[Anonymous]

Update: Denied. They used an old Equifax credit score from last December [651] while my current Equifax score on Credit Karma is 762 and my FICO 8 credit score is 700. Why would they pull / use a credit score from last year rather than one more current. My score has gradually gone up but hasn't been that low in 6 months.

Here's the reasons Capital provided why my request was denied.

• Derogatory public record or collection filed
• Length of time since derogatory public record or collection is too short
• Length of time accounts have been established
• Proportion of balances to credit limits is too high on bank revolving or other revolving accounts

> The open collection was removed one week after the EQ report [december 2016].

> There are no derogatory public records. Collection was removed January 2017.

> AAOA is 3.4 years. Capital One accounts were established in 2008 / 2012.

> I recall ultilization was around 22% when the report was pulled. It's currently 16.5% 

I'll wait a couple of months and try again. Hopefully, they'll use a more recent credit pull! I requested / received a $500 CLI on my Synchrony account yesterday.

[Creditaddict]

Apply again after your next statement posts. it will be instant if it's approved

[Anonymous]

Hit the luv button again. If they use an "updated" credit pull [Jan 18] that should reflect the dropped collection. If memory serves my FICO 8 score in January was 679 [703 currently]. I indicated $1800 as how much I spend on my cards each month. This for the QS card, the only one I use, and it's PIF each month. Balance last statement was $0. Well see.