Spent 7x my CL last month!

[Caardvark]

 Just wanted to share...

I am gearing up to close my Capital One Platinum card next month and combine the limit with my QS. Before I do I'm waiting for one final CLI (eligible in 2 weeks). In anticipation of the CLI I took it as a challenge to put as much of my card spend as possible on this card to (hopefully) maximize the upcoming increase. 

CL: $1250

October Spend: $9137

My last two CLIs on my QS have been $3K each but on this card they've never been more than $250. Hopefully, October's spend will result in a breakthrough. Will be disappointed if it's still a measley $250

[Anonymous]

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@Caardvark wrote:

 Just wanted to share...

I am gearing up to close my Capital One Platinum card next month and combine the limit with my QS. Before I do I'm waiting for one final CLI (eligible in 2 weeks). In anticipation of the CLI I took it as a challenge to put as much of my card spend as possible on this card to (hopefully) maximize the upcoming increase. 

CL: $1250

October Spend: $9137

My last two CLIs on my QS have been $3K each but on this card they've never been more than $250. Hopefully, October's spend will result in a breakthrough. Will be disappointed if it's still a measley $250

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I sincerely hope you have wasted your time (and money).  Capital One converts the credit card accounts (technically its the receivables on the accounts) into asset-backed securities that are carved into tranches - based on the cardholder's credit rating and amount owed - and sold to outside investors.  Consequently your credit limit is more or less fixed since increasing it significantly changes the terms of the securities that have been sold.  So you're more or less "bucketed" and your CL wouldn't change regardless of how much spending you put on the card.

[xaximus]

Hopefully you do get a CLI but Cap1 is not really known to be a grower (CL wise). I would recommend concentrating on other cards that have better DPs in growing. Just my 2 cents.

[Brian_Earl_Spilner]

They look at account history so you would have to do that for another 2 months minimum.

[Caardvark]

@MaizeandBlue

Time... quite possibly!. But, not money. It was typical spend for me just funneled through that card. I simply shifted PRG spend to this card (for science!).

@xaximus

I've read this too and I believe it. However, my other CO card (QS) also started as a Platinum and was opened around the same time so, I would expect it to be bucketed as well. It's SL was $500-->$750-->$900-->$1250-->$4250-->$7250. I can only conclude one of two things happened: 1)My bucket changed, or 2)$3K CLIs are possible on bucketed cards. 

I will certainly update the posting when CLI time comes in a couple weeks. Until that time comes I'm going to continue to use it until the plastic melts. 

[Caardvark]

Yeah... I knew this going in but frankly, I didn't (and don't) have the motivation to keep it up for three months straight. The card was SD since it offers no benefits. My goal was to try and use it as much as possible for 6 weeks assuming I can bring my 3 month average up to a point to trigger a hefty CLI. The card is getting closed in 2-3 weeks anyway but if it helps get my QS CL over $10K (my underlying goal), it would be great. If not, at least it will be an additional DP

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@Brian_Earl_Spilner wrote:

They look at account history so you would have to do that for another 2 months minimum.

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[xaximus]

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@Caardvark wrote:

Yeah... I knew this going in but frankly, I didn't (and don't) have the motivation to keep it up for three months straight. The card was SD since it offers no benefits. My goal was to try and use it as much as possible for 6 weeks assuming I can bring my 3 month average up to a point to trigger a hefty CLI. The card is getting closed in 2-3 weeks anyway but if it helps get my QS CL over $10K (my underlying goal), it would be great. If not, at least it will be an additional DP

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@Brian_Earl_Spilner wrote:

They look at account history so you would have to do that for another 2 months minimum.

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What I would do is see if you get a CLI. If not - combine both CL's and close it. That way you don't lose what you have worked hard for. 

[HeavenOhio]

You might have made your case for a CLI, but it may take more than a couple of weeks for the system to notice.

[Caardvark]

That's the plan regardless of the CLI (combine with QS and close).

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@xaximus wrote:

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What I would do is see if you get a CLI. If not - combine both CL's and close it. That way you don't lose what you have worked hard for. 

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[Creditdreamer]

In general what everyone is saying is accurate. They do like to see a pattern of that high spend though.

This was what I posted in another thread though.

"I got the CapOne Platinum with a $500 limit and charged a lot on it (about $2500 a month making lots of payments). After a couple weeks I asked for it to be upgraded to the CapOne Quicksilver. They said yes. I then continued to charge and charge everything I possibly could (bills etc) with many payments. I requested a CLI every two weeks and after my 4th statement I was approved for an increase to $5000. The card then got credit steps at 6 months to $5500. I then combined it with another CapOne Quicksilver where I had done a similar thing for a limit of $8000. I recently received another increase to $9000. My goal is to get over $10k which I'm going to do by combining it with another CapOne card that has 3 months on it right now. I applied for that card after I combined the other CapOne card into the first one. I haven't been successful with apping for other cards as my credit score is still being kept down by some old collections. But CapOne seems to like me for now."

So it is doable.