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Valued Contributor
Posts: 2,137
Registered: ‎06-16-2012
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Re: Giving Capital One EO a try


myjourney wrote:

shanao621 wrote:

So I finally got a call back from the Cap 1 EO office about 15 minutes ago. The gentleman I spoke with stated he only handled the former HSBC accounts. He said that they needed to verify my income and the increase amounts, then he asked for my permission to do a hard pull on my credit. I wasn't excited about it, but i have only 4 inquiries in the past year and most are quite old. Only 7 in the past 2 years. He explained that, while he wouldn't make any promises, they try their best to approve my request. He mentioned they hadn't been offering CLIs for quite some time so they really wanted to try to do so now, especially for a quality customer like me (that made me laugh). So the requests that are being reviewed are my Orchard Bank Card which I opened in July 2011, it has a current credit limit of $420, never had a CLI, requested $5k, and my Best Buy RZ Card, opened in October 2012 with a pathetic $300 credit limit. Wish me luck! I would be beyond estatic if this request was approved. I make a pretty signficant amount of money and it's so frustrating to have such paltry credit limits. I haven't had a single negative mark on my credit report in 3 years, this would help me so much because my utilization would be so much better and that alone would raise my scores 50-80 points! I'm so close to the 700 club I can taste it! 



Wishing you double luck and best wishesSmiley Wink


GOOD LUCK and keep us updated!

gardening since 5/21/2016
Mega Contributor
Posts: 15,453
Registered: ‎04-09-2011
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Re: Giving Capital One EO a try


shanao621 wrote:

So I finally got a call back from the Cap 1 EO office about 15 minutes ago. The gentleman I spoke with stated he only handled the former HSBC accounts. He said that they needed to verify my income and the increase amounts, then he asked for my permission to do a hard pull on my credit. I wasn't excited about it, but i have only 4 inquiries in the past year and most are quite old. Only 7 in the past 2 years. He explained that, while he wouldn't make any promises, they try their best to approve my request. He mentioned they hadn't been offering CLIs for quite some time so they really wanted to try to do so now, especially for a quality customer like me (that made me laugh). So the requests that are being reviewed are my Orchard Bank Card which I opened in July 2011, it has a current credit limit of $420, never had a CLI, requested $5k, and my Best Buy RZ Card, opened in October 2012 with a pathetic $300 credit limit. Wish me luck! I would be beyond estatic if this request was approved. I make a pretty signficant amount of money and it's so frustrating to have such paltry credit limits. I haven't had a single negative mark on my credit report in 3 years, this would help me so much because my utilization would be so much better and that alone would raise my scores 50-80 points! I'm so close to the 700 club I can taste it! 


Fingers crossed for you!!!

 

Smiley Happy




EQ FICO 548 3/3/16
Regular Contributor
Posts: 104
Registered: ‎12-20-2010
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Re: Giving Capital One EO a try

Another update, a very nice, cheerful woman called me from the Capital One EO office this morning, she said she'd be handling my request on my Capital One account. She asked for my employment information, income, investments, monthly rent, etc.. She asked how much of an increase I would like and how much I would accept if they couldn't get approved for the total increase I requested. I explained I was hoping to get my CLI to $5000 but would accept a partial increase (anything at this point would help), she said she would send it off to be reviewed by a senior underwriter and that I should have a decision in 7 business days. Seriously I really hope my 3 requests are approved, I have worked so hard to improve my credit now I'm just in limbo until all my baddies drop off in the next 12 months. The worst of the baddies falls off in May or June of this year. I have 8 baddies, by the end of this year I will have 5 drop off. 700 club is so close I can taste it! Thank you everyone for your help and information to do this, I hope to have good news to report soon! 


Starting Score: FICO TU 503 FICO EX 470 FICO EQ 498
Current Score: FICO TU 705 EX 698 FICO EQ 692
Goal Score: 700 Club


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Regular Contributor
Posts: 104
Registered: ‎12-20-2010
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Re: Giving Capital One EO a try

[ Edited ]

So I finally heard back from Capital One and I have to say I'm beyond disappointed. My request for a CLI were pretty much declined. The requests for the Orchard Bank and Best Buy cards were flat out denied the request for a CLI from Capital One was approved for a measly $150. I'm flabbergasted I've seen so many success stories, I make a significant income, I have never had a late payment on these accounts, no late payments for over 3 years, I just don't get it! I'm so disappointed. The worst part now I have a hard pull and nothing to show for it! 


Starting Score: FICO TU 503 FICO EX 470 FICO EQ 498
Current Score: FICO TU 705 EX 698 FICO EQ 692
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Valued Contributor
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Registered: ‎04-14-2012
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Re: Giving Capital One EO a try

Smiley Sad Sorry to hear that...

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Re: Giving Capital One EO a try


shanao621 wrote:

So I finally heard back from Capital One and I have to say I'm beyond disappointed. My request for a CLI were pretty much declined. The requests for the Orchard Bank and Best Buy cards were flat out denied the request for a CLI from Capital One was approved for a measly $150. I'm flabbergasted I've seen so many success stories, I make a significant income, I have never had a late payment on these accounts, no late payments for over 3 years, I just don't get it! I'm so disappointed. 


Wow...........

 

Thats really stinks. I think your scores may have played a role in the denials. I would work on getting above 680 an try them again!!




EQ FICO 548 3/3/16
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Re: Giving Capital One EO a try

Regular Contributor
Posts: 104
Registered: ‎12-20-2010
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Re: Giving Capital One EO a try

[ Edited ]

I'm not sure I believe that my scores are the issue, there are numerous examples of people with lower scores and more negative files than mine having success, and significantly more success than me. Some had higher utilization, less history with the company, etc.. My scores are in the mid 600s. I'm seriously floored. I have 3 years of clean history, over a year with 2 of the 3 cards, significant income, low debt to income. Basd on everyone else's success I never in a million years thought I'd get declined for 2 cards, and recieve such a small increase on the other. It barely impacts my utilization number. It doesn't help me achieve anything. 


Starting Score: FICO TU 503 FICO EX 470 FICO EQ 498
Current Score: FICO TU 705 EX 698 FICO EQ 692
Goal Score: 700 Club


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Established Contributor
Posts: 955
Registered: ‎02-02-2013
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Re: Giving Capital One EO a try

Sorry to hear that.

 

The nice thing about the Cap One EO is that there is no hard "set in stone" time to wait to try again.

 

Soooooo.....

 

Pay down every card you can to try and get your total Utilization below 9%  (5% is the magic number). 

If you can get them all to zero except one, its even better.

 

Then wait for them all to report.  (This is the part that sucks)

Once they report your score will start to climb with each new statement reporting to the bureaus.

 

Once they are all in and your score is as high as its going to go, call the Cap One EO back again and try once more.

 

If you give them 5% util or less total and low inquiries, its almost a sure fire thing that you will see and increase that is meaningful

 

You must understand that they hear "I am going to pay it off" all the time.  Its much much better if you can show it to them via your reports so they think to themselves "okay good, this person had XXXX in balances and paid them all off in one or two months so he/she can probably afford a higher limit pretty easily"

 

Good luck


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Valued Contributor
Posts: 2,137
Registered: ‎06-16-2012
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Re: Giving Capital One EO a try

[ Edited ]

LS2982 wrote:

shanao621 wrote:

So I finally heard back from Capital One and I have to say I'm beyond disappointed. My request for a CLI were pretty much declined. The requests for the Orchard Bank and Best Buy cards were flat out denied the request for a CLI from Capital One was approved for a measly $150. I'm flabbergasted I've seen so many success stories, I make a significant income, I have never had a late payment on these accounts, no late payments for over 3 years, I just don't get it! I'm so disappointed. 


Wow...........

 

Thats really stinks. I think your scores may have played a role in the denials. I would work on getting above 680 an try them again!!


sorry to hear that shanao but i have to agree with LS...but dont give up, in time you will see those scores go up more and more! Wait till those baddies fall off at the end of the year and see where you stand and try again!

gardening since 5/21/2016

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