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Frequent Contributor
Math_Rocks
Posts: 485
Registered: ‎05-11-2007

Cap One - WTH does this mean?

I called backdoor number 9939 on Saturday to ask for my very first CLI. We've each had a card with them for 4 years, CL 5K. They said they would reply in 7-10 days.

I just got the letter and it says CLI declined for the following reason:
"A credit limit increase on your account is currently not available upon request in order to review account activity at assigned credit limits"

First, I don't really know what this means. Second, should I call again? Or, third, should I apply for another Cap One account and try to roll them together? (Or, lastly, does this letter mean I am unlikely to be given another account.) I did the soft pull thing and I don't have a pre-approved offer but got the "this card might be good" suggestion.

As addtnl info, my scores are EQ 665, EX 624 and TU 674 and we have recently opened a couple accounts with 0% BT so I just "paid off" this account.
Filed Chapter 13 bankruptcy 04/12 after two and a half years in a DMP. So wish we would have done the BK sooner. Live and learn!
Established Member
UpTheDernCreek
Posts: 44
Registered: ‎06-30-2008

Re: Cap One - WTH does this mean?

I dunno, but it sounds like Crap One has struck again!!! If it were me, I would call and get some clarification.
*****I broke my paddle beating Crap One over the head with it! ******
Moderator Emeritus
cheddar
Posts: 6,794
Registered: ‎09-29-2007

Re: Cap One - WTH does this mean?

It means they like to see a lot of usage on the card before they grant CLI.  Your level of spending on the card will be reviewed to determine if they think it's worth giving you a CLI.  If they don't think you're using the card enough at your current CL, then they'll tell you they see no need to give you a CLI right now.
 
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App free since 7/11/08.
TU 744 / EX 710 / EQ 694 (Starting to slip. :smileysurprised: )
Frequent Contributor
Math_Rocks
Posts: 485
Registered: ‎05-11-2007

Re: Cap One - WTH does this mean?

Just got off the phone with a "Senior Analyst" from Cap One and got lots of information I want to share with y'all.

First, and I think this part is funny, she said that Cap One is a very conservative lender/conservative credit card and if you did a search, Cap One would likely be the first to pop up. (JFF I did this and Cap One didn't come up at all.) Anyway, she said that she thinks 99% of requests for CLI are declined.

Second, she said that many customers, including herself, have success with opening additional accounts. But the new card must reach the end of its introductory period before it can be "rolled in" with an older card. She also mentioned that people have up to 5 cards and the most that she's seen is 8 (some of those were business, some personal).

Finally, I asked which CB she thought would be pulled if I applied from AR and she said she's mostly seen EQ lately.

Oh, and I got a lower purchase rate out of it so I actually feel like it was a very productive call. :smileyhappy:

Now, I have to decide if I'm going to go for another card with them.
Filed Chapter 13 bankruptcy 04/12 after two and a half years in a DMP. So wish we would have done the BK sooner. Live and learn!
Frequent Contributor
Math_Rocks
Posts: 485
Registered: ‎05-11-2007

Re: Cap One - WTH does this mean?

:smileysad:

I just applied for a card and got declined.
Filed Chapter 13 bankruptcy 04/12 after two and a half years in a DMP. So wish we would have done the BK sooner. Live and learn!
Contributor
dieselcafe
Posts: 82
Registered: ‎12-25-2007

Re: Cap One - WTH does this mean?

I called that number around 8pm lastnight and rep from India answered the call. I decided to hang up.
Senior Contributor
smallfry
Posts: 4,831
Registered: ‎04-20-2007

Re: Cap One - WTH does this mean?

Cap One pulls all 3. For each application.
Moderator Emeritus
cheddar
Posts: 6,794
Registered: ‎09-29-2007

Re: Cap One - WTH does this mean?



smallfry wrote:
Cap One pulls all 3. For each application.

Bingo.  That rep didn't know what she was talking about. :smileyhappy:
 
Par for the course, though.

 
----------------------------
App free since 7/11/08.
TU 744 / EX 710 / EQ 694 (Starting to slip. :smileysurprised: )

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