Should I have accepted a $100 CLI for my Capital One Quicksilver?

[MikeyMagic]

Hey there

So I have requested a CLI 2 times already for my bucketed $300 Capital One Unsecured Platinum Mastercard(was product changed to a Quicksilver 6 weeks ago). Denied both times.

I decided to try again just now and was offered a $100 increase to $400 if I wanted it lol. I'm coming up on 6 months in 2 weeks roughly. Should I have declined that and waited longer? I didn't know what to do but I was expecting an increase to at least $500, hopefully $750.

I ended up accepting it but wasn't sure if I should have

Thanks

[CorpCrMgr1]

Take what C1 offers you. That is a bucketed card. Every few months request a CLI and it will be generally a small increase. My ten year old card went from $300 to $2600 in six years. I put minimal spend on the card. Haven't tried in four years.

[MikeyMagic]

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@CorpCrMgr1 wrote:

Take what C1 offers you. That is a bucketed card. Every few months request a CLI and it will be generally a small increase. My ten year old card went from $300 to $2600 in six years. I put minimal spend on the card. Haven't tried in four years.

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Okay thx for the advice. I use the card a lot and never had a late payment or anything. Still get a $100 increase only smh. Sucks.

[mrgarrettscott]

My QS1 started with $500 limit and when I requested a CLI, CAP1 increased it to $600. After that, I never asked for a CLI again. Instead, a year later after I cancelled the QS1 (2nd oldest at the time), I applied for a Walmart Capital One and got approved for $3500.  For reasons beyond my understanding, without requesting one, I was given a CLI of $1500 to $5000.  So, if you are in a position to do so, I would recommend applying for a different CAP1 card. If not, take the CLI and move and on.

[MikeyMagic]

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@mrgarrettscott wrote:

My QS1 started with $500 limit and when I requested a CLI, CAP1 increased it to $600. After that, I never asked for a CLI again. Instead, a year later after I cancelled the QS1 (2nd oldest at the time), I applied for a Walmart Capital One and got approved for $3500.  For reasons beyond my understanding, without requesting one, I was given a CLI of $1500 to $5000.  So, if you are in a position to do so, I would recommend applying for a different CAP1 card. If not, take the CLI and move and on.

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Yeah that's my plan. I don't know if I'll ever cancel this bucketed Quicksilver but I want the Savor One eventually. Probably wait another year or 18 months to have 2 years of solid credit history under my belt, then apply for the Savor One with Excellent Credit hopefully lol.

[CorpCrMgr1]

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@mrgarrettscott wrote:

My QS1 started with $500 limit and when I requested a CLI, CAP1 increased it to $600. After that, I never asked for a CLI again. Instead, a year later after I cancelled the QS1 (2nd oldest at the time), I applied for a Walmart Capital One and got approved for $3500.  For reasons beyond my understanding, without requesting one, I was given a CLI of $1500 to $5000.  So, if you are in a position to do so, I would recommend applying for a different CAP1 card. If not, take the CLI and move and on.

Great way of putting it!

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[Zoostation1]

@MikeyMagic Everything takes time.  I personally wouldn't request a CLI on any Cap 1 card before at least 6 statements have cut.  As I've mentioned in other threads, don't apply for anything for a while given how many accounts you have already (you'll either get denials or low CL's that won't benefit you much in the long run.  Just keep using your cards and paying in full for a while (boring is still good). If you really want the SavorOne with the sub, wait another year to build some more history and let some of those inquiries stop hurting your score before applying (may also be worth looking at what cards are not giving you value anymore at that time too).  .  My situation is different as I'm rebuilding from a BK7 ~6yr4mo ago (2y4mo into my rebuild), versus being new to credit however I find the one similarity is that it's so easy to want to rush things. Earlier on in my rebuild I was super impatient and every week felt like a month , every month felt like a year.  It still feels like it's too slow sometimes (though in reality why would I want to zip through life that fast rather than enjoy each day).  I've got 3yrs and change before my credit reports are clean, and while I'm loooking forward to that day, I'm not going to let myself wish the present away to get there faster.  You've just started running the credit marathon and will get there soon enough.

[Anonymalous]

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@MikeyMagic wrote:

Hey there

So I have requested a CLI 2 times already for my bucketed $300 Capital One Unsecured Platinum Mastercard(was product changed to a Quicksilver 6 weeks ago). Denied both times.

I decided to try again just now and was offered a $100 increase to $400 if I wanted it lol. I'm coming up on 6 months in 2 weeks roughly. Should I have declined that and waited longer? I didn't know what to do but I was expecting an increase to at least $500, hopefully $750.

I ended up accepting it but wasn't sure if I should have

Thanks

---

My Cap1 Platinum was my first card, and I was able to convert it to a Quicksilver after 6 months. But it started with a CL of $300, and then for 18 months, every CLI request was denied. Despite having FICO 8 scores in the 760s through 780s, putting high spend on the card, getting other cards with limits over $24K, and a perfect payment history, they wouldn't even give me a $100 bump.

Then a little over a year ago, less than a week after rejecting me for a CLI, they automatically increased my CLI to $3,300. But nothing in my file had really improved, except it was older and thicker. My FICO scores were a bit lower, and I had given up putting high spend on the card.

I'm pretty sure the increase had nothing to do with anything I did. I was one of the first, but for the months following my bump, the forum was full of people reporting unexpected and unexpectly large CLIs from Cap1. For whatever reason, they'd temporarily loosened the reins. I haven't gotten an increase since.

Your card is bucketed, like mine (see link below). That means it'll grow slowly. My big increase seemed to be a short-term thing, so I wouldn't rely on it being repeated. The standard increase is +10%, or $100, whichever is higher. So you might as well accept it, because they probably won't give you a bigger one. Cap1 does seem to like high spend, say 3-6 mos using 35% of your CLI, but in many cases, like mine, it doesn't help in the slightest. 

My recommendation when it comes to Cap1 is don't bang your head against the wall. If you want to try for a CLI, sure, why not? I tried it for a while. But Cap1 is going to be Cap1. It may work, but it's likely be slow and little. So if it starts getting frustrating, stop. Persistence will likely net you nothing but a headache.

But only cards are bucketed, not people. Once your profile merits it, you could apply for the Savor One, and get a great SL.

https://ficoforums.myfico.com/t5/General-Credit-Topics/Credit-Card-Asset-Backed-Securities-ABS-and-w...

[MikeyMagic]

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@Anonymalous wrote:

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@MikeyMagic wrote:

Hey there

So I have requested a CLI 2 times already for my bucketed $300 Capital One Unsecured Platinum Mastercard(was product changed to a Quicksilver 6 weeks ago). Denied both times.

I decided to try again just now and was offered a $100 increase to $400 if I wanted it lol. I'm coming up on 6 months in 2 weeks roughly. Should I have declined that and waited longer? I didn't know what to do but I was expecting an increase to at least $500, hopefully $750.

I ended up accepting it but wasn't sure if I should have

Thanks

---

My Cap1 Platinum was my first card, and I was able to convert it to a Quicksilver after 6 months. But it started with a CL of $300, and then for 18 months, every CLI request was denied. Despite having FICO 8 scores in the 760s through 780s, putting high spend on the card, getting other cards with limits over $24K, and a perfect payment history, they wouldn't even give me a $100 bump.

Then a little over a year ago, less than a week after rejecting me for a CLI, they automatically increased my CLI to $3,300. But nothing in my file had really improved, except it was older and thicker. My FICO scores were a bit lower, and I had given up putting high spend on the card.

I'm pretty sure the increase had nothing to do with anything I did. I was one of the first, but for the months following my bump, the forum was full of people reporting unexpected and unexpectly large CLIs from Cap1. For whatever reason, they'd temporarily loosened the reins. I haven't gotten an increase since.

Your card is bucketed, like mine (see link below). That means it'll grow slowly. My big increase seemed to be a short-term thing, so I wouldn't rely on it being repeated. The standard increase is +10%, or $100, whichever is higher. So you might as well accept it, because they probably won't give you a bigger one. Cap1 does seem to like high spend, say 3-6 mos using 35% of your CLI, but in many cases, like mine, it doesn't help in the slightest. 

My recommendation when it comes to Cap1 is don't bang your head against the wall. If you want to try for a CLI, sure, why not? I tried it for a while. But Cap1 is going to be Cap1. It may work, but it's likely be slow and little. So if it starts getting frustrating, stop. Persistence will likely net you nothing but a headache.

But only cards are bucketed, not people. Once your profile merits it, you could apply for the Savor One, and get a great SL.

https://ficoforums.myfico.com/t5/General-Credit-Topics/Credit-Card-Asset-Backed-Securities-ABS-and-w...

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Wow thanks for this detailed reply. I will definitely take your advice!

[MikeyMagic]

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@Zoostation1 wrote:

@MikeyMagic Everything takes time.  I personally wouldn't request a CLI on any Cap 1 card before at least 6 statements have cut.  As I've mentioned in other threads, don't apply for anything for a while given how many accounts you have already (you'll either get denials or low CL's that won't benefit you much in the long run.  Just keep using your cards and paying in full for a while (boring is still good). If you really want the SavorOne with the sub, wait another year to build some more history and let some of those inquiries stop hurting your score before applying (may also be worth looking at what cards are not giving you value anymore at that time too).  .  My situation is different as I'm rebuilding from a BK7 ~6yr4mo ago (2y4mo into my rebuild), versus being new to credit however I find the one similarity is that it's so easy to want to rush things. Earlier on in my rebuild I was super impatient and every week felt like a month , every month felt like a year.  It still feels like it's too slow sometimes (though in reality why would I want to zip through life that fast rather than enjoy each day).  I've got 3yrs and change before my credit reports are clean, and while I'm loooking forward to that day, I'm not going to let myself wish the present away to get there faster.  You've just started running the credit marathon and will get there soon enough.

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You are so right about the lack of patience. That's my biggest problem. I get bored and I am frustrated with my small credit limits going on 5-6 months. But I need to follow your lead.