$100 CLI from Cap1, is this really going to help?

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forrestst
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$100 CLI from Cap1, is this really going to help?

Postby forrestst » Mon Dec 19, 2016 12:17 am

I just received a $100 CLI from Capital One, not sure if I should laugh or cry. They started me out with a $300 CL and I was told on another forum to call Cap1 after 3 months which I did. They said it would be a soft pull, then they offered me a $100 CLI. They said if I managed my card well, I would be getting another CLI by April. I was told to put all my purchases on that card instead of using a debit card, max it out then pay it off several times a month to show I would use more credit. I was also told that I might have too much available credit for my income which would keep all my limits low.

First National Bank of Omaha still won't budge. I'm still stuck with a $300 limit on a secured card. A friend of mine offered to give me $200 if I requested a CLI, but from what I understand, they do a hard pull for any increase

According to FNBO, my FICO 8 score was 640 at the time I applied for the Cap1 card, but since my score has been going down. FNBO is showing me 617 which they pulled on 11/9/16 but Cap1 CreditWise is showing me 612. FNBO doesn't update for several more days, they usually update my score on the 20th or so, so I won't know if it went up or down until then. I've paid both cards on time since I've had them and they are both currently paid down to $0. I still get alerts from Credit Sesame that I have an excessively high utilization. Very annoying. I'm sure that killed my credit score for another month.

Does anyone think I should attempt to add the $200 to the FNBO card?


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PhillyPhoto
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Re: $100 CLI from Cap1, is this really going to help?

Postby PhillyPhoto » Mon Dec 19, 2016 8:39 am

While $100 isn't a lot, it is 1/3 of your credit limit with Cap One, so think of it that way. Since you're reports are saying you have high utilization, adding 33% more to your limit will help to bring that down. You might want to also pay off your card when you hit 20-33% used ($60-100 currently), so you keep your utilization low. Even if that means you use your debit card for a little bit, you want to show that you're not maxing out your credit limit all the time. I know it's counter-intuitive that you don't use credit a lot to show that you can have more of it.
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rockyrock
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Re: $100 CLI from Cap1, is this really going to help?

Postby rockyrock » Mon Dec 19, 2016 9:24 pm

Don't worry about your utilization if you are paying it off several times a month. Utilization can be completely reset in one billing cycle if it comes down to it.

If your goal is really to get a higher limit with Cap1 then I would do exactly as they stated. Max it out and pay it off as many times a month as you can. Several months of this will show them that you really do need more available credit. This strategy worked well for me a few years back. With a score in that range you don't have too many options...

Again, don\t worry about your utilization unless you are going to apply for something or request a CLI.
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ingramjuan
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Re: $100 CLI from Cap1, is this really going to help?

Postby ingramjuan » Tue Dec 20, 2016 12:16 am

forrestst wrote:I just received a $100 CLI from Capital One, not sure if I should laugh or cry. They started me out with a $300 CL and I was told on another forum to call Cap1 after 3 months which I did. They said it would be a soft pull, then they offered me a $100 CLI. Does anyone think I should attempt to add the $200 to the FNBO card?


I would hold off on applying for anything for several months and just pay CC on time. Trust me on this, speaking from past experience with secured cards. Your CL will increase.
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forrestst
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Re: $100 CLI from Cap1, is this really going to help?

Postby forrestst » Tue Dec 20, 2016 10:07 am

Cap1 has seriously hurt my credit more than it's helped it. When I applied for the card, my FICO score was 640 then I lost a few points the next month. Then next month my score went down to 617 and now it's down to 609. The only thing anyone can think of is my high utilization this last month and the fact that I killed my AAOA when I opened the Cap1 card. My scores were going up by a few points each month until I opened the Cap1 card.

As far as applying for anything else, there's nothing else to apply for. Since I just had a $100 CLI from Cap1, they said I won't be able to request another CLI for 6 months. With FNBO, I would have to take another hard inquiry to add another $200 to my account and I don't know if it's worth it. FNBO should have graduated after 12 months, but it didn't so I'll just have to ride them out.

I don't see much point in putting money on another secured card since I have 2 open accounts. I considered Quicksilver one, but is a 1.5% cash back card worth the $39 AF? I would have to be sure to spend enough to get enough rewards to break even and what's the point in breaking even? I'm also looking at in the future if I have better cards, I won't use that card, now I have a $39 AF card I don't use anymore. Too bad I'm not a college student, I like the Journey card much better. Rewards aren't as good, but no AF to worry about covering. Barclay rewards is just too confusing exactly what you get in rewards when the points are converted to cash back. With my score going down to 609, I doubt if Cap1 would even give me another card.



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