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Cap 1 Strategy

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Cap 1 Strategy

Hey guys on the road to rebuilding my credit. I been in the low below 500 club for a while but as of today my Experian, and Trans Union is sitting at 579... my Eqiufax is still at 497 but its getting there. I have an income of about $67,000. I have a secured master card with Cap 1 that I"ve been using for 1.6 years with a limit of $650. I've been trying my luck and my scores went up and I was approved for another Cap 1 Platium mastercard unsecured with a $500 limit. I also was approved for a credit card with Credit one bank for $500 as well. and I eneded it with a kohls card ar $300 for some diversity

 

Now I was just going to put a couple bills on auto pay and and pay off the credit cards when their due..... But since I bank with Capital one as well. are their any tips and trips in regards to Cli's and upgrading cards. I would love to upgrade my secured card to a quick silver

 

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Established Contributor

Re: Cap 1 Strategy

The strategy for Cap1 is simple:

 

Every 6 months. It’s a fairly new rule at Cap1 but here it is; You can only get a CLI every 6 months. You can only get a new card every 6 months. So set a reminder for each card. When you hit 6 months, hit the CLI button. An approved CLI resets the clock for that card but not the others. Declines don’t reset the clock. Same for approvals for a new card. Each cards clock is independent of the other.

 

Looking at your scores your main strategy to increase your scores should be around your other issues not Cap1. I took my score from 450 to 640 in six months so if your score is where it is I’m going to assume it’s being held down by multiple baddies. You need to attack those because your current scores are only going to get you very tiny CLI.

 

Pay for delete, goodwill letters. Do whatever you need to do to get those baddies off. Good luck. 🍀 

BECU | Apple | Discover | Key
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Frequent Contributor

Re: Cap 1 Strategy


@BigNorm4Life wrote:

Hey guys on the road to rebuilding my credit. I been in the low below 500 club for a while but as of today my Experian, and Trans Union is sitting at 579... my Eqiufax is still at 497 but its getting there. I have an income of about $67,000. I have a secured master card with Cap 1 that I"ve been using for 1.6 years with a limit of $650. I've been trying my luck and my scores went up and I was approved for another Cap 1 Platium mastercard unsecured with a $500 limit. I also was approved for a credit card with Credit one bank for $500 as well. and I eneded it with a kohls card ar $300 for some diversity

 

Now I was just going to put a couple bills on auto pay and and pay off the credit cards when their due..... But since I bank with Capital one as well. are their any tips and trips in regards to Cli's and upgrading cards. I would love to upgrade my secured card to a quick silver

 


The mastercard is most likely a subprime "bucketed" card. Your scores are getting there but it seems as though some more work and when your scores and profile support it, I would apply for another card. I'm not a huge fan of Cap One as I have a card thats been at 500 for a hot minute and it wasnt until I read a post on here explaining sub prime lending that it finally made sense as to why they do it and why my card wasnt growing with my scores.

 

I would keep working at your reports and move your scores as high as possible and apply for a new card.

Starting scores - 480 - 11/05/18
Current Scores -





Message 3 of 4
Senior Contributor

Re: Cap 1 Strategy

To the OP right from Cap1 website:

Are all Capital One® cards eligible for a credit line increase?

Some accounts aren't eligible for increased credit lines upon request. Accounts that are usually ineligible:

  • Are less than three months old. You can ask for a SP CLI online after 3 months and before credit steps kicks in.
  • Are secured credit cards.
  • Have received a credit line increase or decrease in the last six months.
  • Even if your account does not meet either of these criteria, a credit line increase may still be declined for other reasons.

What factors determine if I’m eligible for a credit line increase?

  • You make on-time payments (with all creditors).
  • You make larger monthly payments that pay down your balance.




My posts are JMHO. I DO NOT claim to be a FICO expert. Just sharing my experiences from rebuild to recovery after BK DC. My siggy is not to brag at all. Just to show fellow members what can be accomplished when you do it right and play the FICO Credit Game.
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