04-20-2009 07:54 AM
I recently called the backdoor number to try and get a cli and i got denied and the my 3rd statement has allready passed! (credit steps). even the csr says he doesn't know why I can't get the cli and that my account is in great standing. I even paid off the total balance ($500) last month to try and get the increase. lol
Does anyone know what i'am doing wrong here? this is my first credit card and I started with them on January..
Any help would be appreciated
Thanks and Take Care!
04-20-2009 09:10 AM
04-20-2009 11:06 AM
I actually just got off the phone with a knowledgable CSR, or one that at least seemed like it, and here is the info he gave me. If you have credit steps, the increase of your CL happens anytime after third statement, 90 days, to the 5th statement, since they are a little behind, sometimes you will not see the increase for a month to a month and a half after your 3rd statement. Also, if you were on credit steps, and called and got a CLI, outside of the program, and then one with the program, you will not get your second CLI through credit steps anymore, as they count total CLIs, if you had two, that's it.
Finally, if you just call the backdoor number and request a customer requested CLI, it is harder to get now, as their criteria has become a lot stricter. Where as before a CSR could easily over ride this decision, now they have to report to their superior exactly why they overrode or what not. Also, if you had a CLI through credit steps, then called backdoor and got one through a CSR, that counts as your second CLI for credit steps as well.
If you call and request a CLI, it is a soft pull and will not hurt your credit in any way, the guy actually told me to try every 90 days or so, as that is the break point that you can ask for a CLI without looking too needy. Also, cap one now looks at all three bueruos (sp?) and even their soft pull, if you have a lot of recent inquiries, or your credit utilization has been increasing instead of deacreasing, you are not likely to be apporved for a CLI.
Finally, some of their cards have a CL limit, a lot of the cards for lower credit score people are capped at $3k and you cannot go any higher unless you switch products.
(This guy was super helpful, and even tried to get a supervisor to get me a CLI, but my util right now is 28% and i just got a new $4k student loan, so the supervisor told me to pay off some of my debt, and then to try again in 3 months, told me by then, the student loan won't be "new new" credit, and if i pay everything down, I should get a CLI of at least 500 (currently CL of $1000 ond $500 on other card).
Hope this helps
04-20-2009 04:19 PM
THANKS SO MUCH!
Both Posts helped :^: I figured I had to wait at my 4th statement but i got too eager and kept calling lol but i fully understand now. I got an mtvu card coming my way anyways lol
04-20-2009 08:58 PM - edited 04-20-2009 08:59 PM
I was impatient as well. I called and the rep asked can I check if you qualify. I said WAIT A MINUTE! What do you mean check? Are you pulling my CR. She said NO we look internally in our system. I then said OK check. She came back and told me NO, you don't qualify, but she did also tell me that, after the 4th billing statement, you do get an AUTO increase as long as there are no BADDIES, over the limit, lates etc. So today I receive a letter from Cap One stating sorry declined an increase. I check online today as well and it shows the CLI. HAHAHAHAH (Today is the 4th billing cycle) She did also tell me that after the 7 month there is another CLI as long as no baddies, that it will be automatic as well.
This whole rebuilding thing is new to me and it is a lot slower than I want it too. However I see improvement each month. Thats what we look for PROGRESS, not perfection!
And only thanks to MYFICO.COM is this successfull for me.
04-21-2009 12:42 AM
I actually just got off the phone with a knowledgable CSR, or one that at least seemed like it, and here is the info he gave me. If you have credit steps, the increase of your CL happens anytime after third statement, 90 days, to the 5th statement, since they are a little behind, sometimes you will not see the increase for a month to a month and a half after your 3rd statement.
Also, if you were on credit steps, and called and got a CLI, outside of the program, and then one with the program, you will not get your second CLI through credit steps anymore, as they count total CLIs, if you had two, that's it.
I wonder if this is new, or what. This was not my experience at all.
Before I got my 1st CLI with Credit Steps, I called the backdoor number & got a CLI from $300 to $600. Then I got the 1st CS CLI to $750, as the initial paperwork had stated. I didn't try for a 2nd backdoor CLI, just waited for the 2nd CS CLI to $1000 (which I just wrote about in another post).
I'm going to wait 3 months & then call for a CLI. My UTIL is waaaaaaaaaaaaayyy down now.
04-21-2009 05:47 AM
I currently carry a Capital One card that is on Credit Steps program. The initial CL was $1000 and they increased it to $1500 on the 4th billing statement. They promise to CLI it to $2000 at the 7th billing statement under the Credit Steps program.
The 6th billing statement is on May 2nd 2009. However, Capital One gave me a promotion of 0% balance transfer for 6 months that expires on May 21st 2009. The 7th billing statement will be June 2nd 2009 when the promotion would have expired.
The question is this, should I ask for a CLI after the 6th billing statement so as to get a better cushion for the BT. I don't want to transfer above 50% of the CL so that the card will not appear maxed out.
What do you think? I guess laz experience gave me some hope that Capital One may show me some love
04-21-2009 11:51 AM
04-21-2009 09:51 PM - edited 04-21-2009 09:51 PM
myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.>> About myFICO