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Contributor
slothy
Posts: 82
Registered: ‎04-09-2010

CAP1 CLI Letter - reviewing their policy

Called Capital One yesterday for a CLI, I was declined - this is what they sent me

 

"

Thank you for contacting Capital One® regarding your account. Unfortunately, we cannot approve a
credit line increase for the following reason(s):
This Capital One account is not currently eligible for a credit line increase upon request. We're
reviewing our policy for increasing credit limits. While we do this, we won't be able to offer you
more credit.
We regret any inconvenience and look forward to continuing to serve you. Please keep in mind the
great benefits your card offers, like 24/7 online account management that allows you to change your
payment due date, make online payments, and set up e-mail or text alerts to notify you when you
approach your credit limit. To manage your account online, go to www.capitalone.com.
If you have any questions about this decision, please give us a call at 1-800-955-7070. Thank you for
being our customer.

Sincerely,
Capital One Customer Care Team"

Established Contributor
Cadillac-XTS
Posts: 1,837
Registered: ‎08-20-2012

Re: CAP1 CLI Letter - reviewing their policy

Welcome to the Cap 1 world

Valued Contributor
Dustink
Posts: 2,980
Registered: ‎10-02-2012

Re: CAP1 CLI Letter - reviewing their policy

Crap1 strikes again...

Too many INQs & low AAoA so I'm off to tend the Garden.     Age:21    


     $14k          $8.5K          $7.5k          $7.5k         $6.5k             $6k             $5k            $5k             $5k              $5k           NPSL       @ 0%
Senior Contributor
youngandcreditwrthy
Posts: 6,154
Registered: ‎08-16-2012

Re: CAP1 CLI Letter - reviewing their policy

Hmmmmm I think it's that time of the month for me (time to ask for a cli w Crapital One) LOL

They suuuuckkk. Lol
Marriott PR$25k | BCE $24.5K |BankAmericard Visa $25k| Wmt Discover $12.5k | BR Visa $12.5k | Amex Delta Gold $10k | Discover IT $10k | Paypal Extras MC $15k | Amazon Store $10k|Arrival $12.7k | Smile Gen $7.25k | Dillard's $5k| West Elm $4k| Express $3.05K | Mypoints.com Visa $4.5k | Freedom Visa $1k| Amex Surpass $1k
Established Contributor
migliogiorni
Posts: 657
Registered: ‎06-27-2012

Re: CAP1 CLI Letter - reviewing their policy

I put both of my Crap One cards down.  2 less hastles to worry about!

 

BOA: 8.9k
CSP: 5k
Discover: 5k
Citi TY Preferd: 5k
Wally: 5k
JCP: 4.9k
citiForward: 4.7k
ChaseFreedom: 4.5k
DFS: 2k
Regular Contributor
Iincognito
Posts: 181
Registered: ‎04-21-2010

Re: CAP1 CLI Letter - reviewing their policy


migliogiorni wrote:

I put both of my Crap One cards down.  2 less hassles to worry about!

 


+1

 

I agree. Capital One's "builder card" business model has not changed. There are other builder card options out there that will grow with you.

Current Scores (as of 04/22/13): EQ FICO=795; TU FICO =766; EX =763

BankAmericard Cash Rewards ($20,000) | Amex Platinum (NPSL) | Amex Clear ($20,000) | Amex Blue Cash ($2,500) | Chase Freedom ($11,000) | PenFed Platinum Cash Rewards ($5,000) | Barclaycard Apple ($5,000) | Discover More ($6,500) | BankAmericard Cash Rewards [Authorized User] ($15,000)
Valued Contributor
jsucool76
Posts: 2,770
Registered: ‎12-11-2011

Re: CAP1 CLI Letter - reviewing their policy

That is the reason they've been giving recently, but according to some of the exec CSRs that people spoke with, they are actually reviewing their policy, so we can be hopeful of a CLI within the next 10 years or so :smileyvery-happy: 

 

I just got statement #4 from them though, can't wait for my credit step CLI :smileyvery-happy: 

Wallet: Capital One Cash Rewards 3500CL, Wells Fargo Cash Back College Visa: 900CL, Paypal Smart Connect: 1286CL, Walmart Discover: 2000CL, UPromise Mastercard: 1000CL, Chase Slate: 500CL, Discover IT: 2000CL, Citi Forward: 1500CL, Bank Of America Student Travel Rewards: 700CL
Regular Contributor
roxy382
Posts: 129
Registered: ‎01-09-2012

Re: CAP1 CLI Letter - reviewing their policy

I have the cash back card for "excellent" credit. I got the same lines about CLIs that they feed to the rebuilder cards.
In My Wallet: Amazon (5/2011) $2200 -- CareCredit (9/11) $4200 -- Capital One Green Cash Rewards (01/12) $3000 -- Citi Forward (1/12) $2500 -- Walmart Store Card (1/12) $1100 -- Maurices (8/12) $200

Starting Score: EX 567 9/13/2010
Current Score: EX(FAKO) 639 EQ(FAKO) 628 TU(FAKO) 662 11/13/2012
Goal Score: 750
Senior Contributor
youngandcreditwrthy
Posts: 6,154
Registered: ‎08-16-2012

Re: CAP1 CLI Letter - reviewing their policy

Yep Roxy, I had that one, and I closed it. I got a lot of cashback; I ran $3000 through it in like three months. My stupid limit was $500.

 

 

Marriott PR$25k | BCE $24.5K |BankAmericard Visa $25k| Wmt Discover $12.5k | BR Visa $12.5k | Amex Delta Gold $10k | Discover IT $10k | Paypal Extras MC $15k | Amazon Store $10k|Arrival $12.7k | Smile Gen $7.25k | Dillard's $5k| West Elm $4k| Express $3.05K | Mypoints.com Visa $4.5k | Freedom Visa $1k| Amex Surpass $1k
New Contributor
Elcid89
Posts: 567
Registered: ‎10-04-2012

Re: CAP1 CLI Letter - reviewing their policy

Capital One makes money on these cards via the annual fee. It's the model for this product.

 

Given that they are marketed to consumers with marginal credit, the expectation is that the lure of potential cash back will entice these consumers to get the card. CO fully expects them to charge the card up and then carry the balance, which is limited by the ridiculously low CL's they give.

 

In that scenario, they are looking at a potentially very small cash back exposure that is more than offset by the annual fee that they collect.

 

Best advice with these cards? They serve a limited purpose. Get them if you can't get anything else, and use them solely to get you to the point where you can get something better, then close them with all possible haste.

FICO 04 scores: 809 (EQ) 812 (EX) 818 (TU)

Amex Platinum NPSL - Citi HHonors Sig. $58k - BMW Ultimate $40k
Chase Sapphire Preferred $62k - Merrill Lynch + Signature $41k - USAA Rate Advantage $28k
NFCU Flagship Signature $50k - USAA Cash Rewards AMEX $28k
Citi Platinum Select / AAdvantage Signature $31k - Chase Amtrak Rewards World MC $41k


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