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Credit Line Increase review

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Anonymous
Not applicable

Credit Line Increase review

I recently applied for a credit line increase with Capital One. I was denied. The odd thing I noticed was that the date of the credit score was 7/1/14. I made the request on 8/18/14. In the FAQ'S section it says they do not use a hard inquiry for CLI reviews. Just wonder if this is a common practice
Message 1 of 4
3 REPLIES 3
pizzadude
Credit Mentor

Re: Credit Line Increase review


@Anonymous wrote:
I recently applied for a credit line increase with Capital One. I was denied. The odd thing I noticed was that the date of the credit score was 7/1/14. I made the request on 8/18/14. In the FAQ'S section it says they do not use a hard inquiry for CLI reviews. Just wonder if this is a common practice

This is just how Cap1 works; some other creditors however will do a HP for CLI requests.  

 

Also I am moving to the Credit Cards forum.

March2010 FICO® ~ 695 TU, 653 EQ, 697 EX
Message 2 of 4
lonelyisland
Frequent Contributor

Re: Credit Line Increase review

Yep, Cap one soft pulls for account review from time to time, they just use that last soft pull for determining CLIs. 

It varies from card to card, AMEX does the same thing with their online CLI, as do the Comenity cards. 

 

Not all cards do this, and many charge do a HP for a CLI, for example Barclay, if you click the CLI button on their website, its a HP. 

CARDS: CAPITAL ONE QUICKSILVER 10K | NORDSTROM STORE CARD 2K
Message 3 of 4
p-
Valued Contributor

Re: Credit Line Increase review


steven663 wrote:  I recently applied for a credit line increase with Capital One. I was denied. The odd thing I noticed was that the date of the credit score was 7/1/14. I made the request on 8/18/14. In the FAQ'S section it says they do not use a hard inquiry for CLI reviews. Just wonder if this is a common practice

 

Capital One does not soft pull you when you click the luv button or ask for a CLI.  In fact, they don't pull your credit at all.  Instead, they use the most recent score from their own periodic soft pull of your report.  As far as I can tell, it's something like quarterly.
 
I was discussing the free score provided when denied a CLI from cap1, and another poster pointed out that their score was two months old. I looked at all of the rejection letters that I got from failed CLI requests, and several of them referenced old scores. Looking at my report, it appears they were soft pulling me whether or not I had asked for a CLI, and did not pull a current report when I did.

 

This is important, because it makes utilization on the day of the request irrelevant. Normally I would wait to hit the luv button until statements cut showing me with only one balance and low util, but if they used an old pull where I had multiple balances, or high balances, that was for nothing.

 

Furthermore, the tactic of requesting a CLI as soon as collections or lates are removed is pointless, if they are loking at month's old data that still has the derogs.

Message 4 of 4
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