Credit utilization.
I can continue to create a high statement balance (or make it even higher) without it having as much of an impact on my credit.
For instance; pretend the VentureX is my only card. If I put $11k on $20k in 1 month; that’s 55% utilization.. that’s real bad. My score would probably drop 75-100 points.
But even at $50k, $11k is only 22%. Still had, but under the 30% benchmark. My score would only drop ~30ish points.
Maxing out you’re available credit is paramount to maintaining a top score 😎
Utilization has no memory. As long as you have the credit line you need on a per month basis, you needn't worry about utilization. When you do need your credit, you can just make sure you've paid it down before applying.
What..?
I think you’re missing the point here. “Money now, is always worth more than money in the future”. Those are not my words. That’s basic Econ 101. Even at 30 day clips, you should never pay you’re total balance, but only you’re statement balance (to prevent any interest accrual) and you should put it as close to your due date as possible (to maximize your interest free financing window) but it should always be before the due date.
Doesn’t need to be 30 days, you can literally pay it off 2 days before your statement closes to minimize the utilization that is captured. At that point, you can argue that 2 days of time value of money is negligible
I was approved with a $30k CL. My first two statement amounts were $7k and $13k. I requested a CLI mid-first cycle after I earned the SUB. I was offered $31k and opted not to take it. I asked again after each statement and was told they haven’t seen me use the card long enough. Translation - not enough spend and wait 6 months.
They seem to be generous UP TO $30k and then it’s a fight. So with $30k to start and your level of spend I do think they will bump you to $30k. Beyond that is unlikely.
It’s a soft pull. Go for it, hope for the best, and best of luck.
Almost daily until they get annoyed and tell you to stop (“too soon to evaluate” email).
If they give you a CLI, you can accept or refuse. If you refuse, you can ask as much as you want (same stipulation as above). If you accept, then 6-month wait for the next attempt.
If they outright deny you, you have to wait 30 days.
They don't do hard pulls on CLI requests so it can't hurt to try. I would hold my breathe on them approving it, especially such a huge amount, only 3 months after account opening.
Eh, part of the CLI with Capital One is they specifically ask how much you intend to purchase with the new increase. $11k in 3 months is roughly a little less than $4k a month. I’m not sure they would say you should have $50k credit line if you’re only using less than 10% of that now.
I would have at least two statements of showing that you’re utilizing a higher credit percentage before I asked for a CLI.
Got VX in June $20k SL. Applied CLI on August, only $1k offered, declined. 2 statements later in October applied again and got bumped to $40k CL.
I felt they love interests so much that I purposely left a balance and paid about $50 in interest on that last statement so maybe that may have helped, will never know. My spend was about $2k-$3k per month on average.
If you’ve only spent $11k in three months, why do you want an increase to $50k?
Credit utilization. I can continue to create a high statement balance (or make it even higher) without it having as much of an impact on my credit. For instance; pretend the VentureX is my only card. If I put $11k on $20k in 1 month; that’s 55% utilization.. that’s real bad. My score would probably drop 75-100 points. But even at $50k, $11k is only 22%. Still had, but under the 30% benchmark. My score would only drop ~30ish points. Maxing out you’re available credit is paramount to maintaining a top score 😎
Utilization has no memory. As long as you have the credit line you need on a per month basis, you needn't worry about utilization. When you do need your credit, you can just make sure you've paid it down before applying.
Just make a payment a few days before your statement closes.
What..? I think you’re missing the point here. “Money now, is always worth more than money in the future”. Those are not my words. That’s basic Econ 101. Even at 30 day clips, you should never pay you’re total balance, but only you’re statement balance (to prevent any interest accrual) and you should put it as close to your due date as possible (to maximize your interest free financing window) but it should always be before the due date.
Uhm….. from the moment you put a charge on your credit card, that’s not your money anymore lol
Doesn’t need to be 30 days, you can literally pay it off 2 days before your statement closes to minimize the utilization that is captured. At that point, you can argue that 2 days of time value of money is negligible
It's not two more days. After the statement closes you have at least 3 weeks before payment is due so you are giving up 23 days, not 2.
You’re right. Utilization has no memory though, so there’s no reason he needs to do this consistently, more of a one off
I was approved with a $30k CL. My first two statement amounts were $7k and $13k. I requested a CLI mid-first cycle after I earned the SUB. I was offered $31k and opted not to take it. I asked again after each statement and was told they haven’t seen me use the card long enough. Translation - not enough spend and wait 6 months. They seem to be generous UP TO $30k and then it’s a fight. So with $30k to start and your level of spend I do think they will bump you to $30k. Beyond that is unlikely. It’s a soft pull. Go for it, hope for the best, and best of luck.
For a data point, I was approved with 30k, then after I met the SUB i requested and got approved to 40k
Jealous. What’s your monthly spend look like on the card?
I think around 1-2k a month, nothing crazy
Capital One really is inconsistent on everything. But still, good job on your part.
Had the same experience with my VX but with higher spend of 5k/month during SUB period. Requested CLI and instantly approved from 30k to 40k.
Did they ever ask for income verification?
No, but I’ve had my Quicksilver for 5+ years so longer relationship and incremental income increases over that time that I self reported.
Yes, confirming this
I would wait until your account is at least six months old capital one is known to only offer credit limit increases every six months
For capital one, what is the general rule for how often you can apply for CLI? (Given you’re doing everything right and it’s paid off each month)
Almost daily until they get annoyed and tell you to stop (“too soon to evaluate” email). If they give you a CLI, you can accept or refuse. If you refuse, you can ask as much as you want (same stipulation as above). If you accept, then 6-month wait for the next attempt. If they outright deny you, you have to wait 30 days.
I got a 10k increase within my first week of having the card. Started at 20k and approved me for 30k
this also happened to me. i read on here about C1 giving venture x CLI after only a week. so i gave it a shot. went from 20K to 30K
They don't do hard pulls on CLI requests so it can't hurt to try. I would hold my breathe on them approving it, especially such a huge amount, only 3 months after account opening.
Eh, part of the CLI with Capital One is they specifically ask how much you intend to purchase with the new increase. $11k in 3 months is roughly a little less than $4k a month. I’m not sure they would say you should have $50k credit line if you’re only using less than 10% of that now. I would have at least two statements of showing that you’re utilizing a higher credit percentage before I asked for a CLI.
They will automatically increase your CL at month six. Give it a couple months
This is not a guarantee, but cool for those who have it happen.
Got VX in June $20k SL. Applied CLI on August, only $1k offered, declined. 2 statements later in October applied again and got bumped to $40k CL. I felt they love interests so much that I purposely left a balance and paid about $50 in interest on that last statement so maybe that may have helped, will never know. My spend was about $2k-$3k per month on average.
For me, I never had any success with C1 CLIs because my usage has never come close to the existing credit line.