I recently sent a reconsideration letter and a GW letter to Cap1. My GW letter:
This was a modified GW letter found here.
I haven't actually heard from Cap1, but the lates are gone from all three reports. The recon letter fell on deaf ears though I think. I haven't heard back on this either, but my CLs have stayed the same as they were.
As for the medical, a pre HIPAA worked so well with TU (it's gone), I'm sending it to the other two. I'm hoping that before long the only things affecting my scores will be high util% which is being worked on.
I have been a Capital One customer since October 2000 and during that time, I have enjoyed my experience with Capital One greatly. I am writing to see if you would be willing to make a "goodwill" adjustment to your reporting to the three credit agencies. I have a 60 day late payment on the above referenced account that dates back to 10/2001. Since that time I have been an exceptional customer paying every month on time.
Because of my exceptional payment history over the last seven years, I would like you to consider removing the negative payments from my credit report. At the time of the late payments, my business was faltering and eventually failed and I lost my home in a foreclosure due to a poor choice of tenants whom I was renting to. I say that not to justify why the payments were late, but rather to show that the late payments are not a good indicator of my actual credit worthiness. Despite my business difficulties I managed to bring Capital One current and even have a second credit account as well as an online banking account with you. After many years of hard work, this is one of the few remaining blemishes on my credit reports. The age of the delinquency is nearing expiration and would naturally fall off in a few months, however my wife and I have started to seriously consider home ownership again. I hope that Capital One is willing to work with me on erasing this mark from my credit reports.
I have been a very happy customer in the past and hope to continue a long relationship with Capital One. With today’s credit industry so competitive, I know how important it is to maintain good relationships with customers. Capital One has been exceptional in my book so far and I highly recommend it to all my friends and relatives. I hope that you will deeply consider my request and prove once again, why Capital One is heads above the rest. I look forward to your reply.
This was a modified GW letter found here.
I haven't actually heard from Cap1, but the lates are gone from all three reports. The recon letter fell on deaf ears though I think. I haven't heard back on this either, but my CLs have stayed the same as they were.
I recently requested a credit line increase on each of my accounts that are held by Capital One which were denied. The reasons stated in my subsequent decline letter are:
Proportion of Capital One account balance(s) to credit limit or high credit is too high
Proportion of account balance(s) to credit limit or high credit is too high
There has been insufficient pay down of Capital One revolving accounts
There are too many delinquent past or present credit obligations
I would like to address each of these items.
First, since Capital One has been so generous in the past about offering balance transfers and low interest rates, my wife and I have chosen to transfer balances from her extremely high interest rate accounts to Capital One and other accounts. This saves us money each month, which we believe is a financially sound decision, and at one of the lowest rates that we have between us is the last to pay down.
Second, we recently obtained new credit in order to purchase a bed without realizing that it was a revolving account. Although the purpose of the account was for a single purchase it is now counting against me as a revolving account.
Also, as to the second and third items, it is again the generousness of Capital One that my balances with your company remain at their current levels.
As to the final reason stated above, Experian is reporting an account that is under dispute. Despite the fact that I have disputed the validity of the account Experian has refused to place a statement on my report indicating that I am disputing the account from Real-Time Resolutions. There is also a medical collection that appears on my reports that is under investigation.
I would like to request a reconsideration of this denial based upon my long history with Capital One. The primary reasons stated in my decline letter are due to my excellent treatment by Capital One which I hope to continue for many years to come.
As for the medical, a pre HIPAA worked so well with TU (it's gone), I'm sending it to the other two. I'm hoping that before long the only things affecting my scores will be high util% which is being worked on.
So I just got off the phone with Capital One. I told the CSR that he was probably not going to be able to help me and that I would probably need to talk to a supervisor.
I explained the CLI, the decline, the recon, the recon decline and then he put me on hold to talk to a supervisor. He came back with an ominous, "yes we can put in the request, but it will affect your credit scores." He intimated that they would be pulling my CRs to check my scores. With only one or two inquiries in the last 60 days or so I told him I wasn't worried about the pull. I then told them that they had just (soft) pulled my report to decline me. A small amount of back and forth and I finally requested to talk to a supervisor. His answer was along the lines of, "OK, but they will tell you the same thing."
The supervisor did not tell me the same thing... I started out with, "in July I asked for a CLI and was denied for (four stated reasons)" I told her that my lines were being used the way they were (high UTL) due to BTs from DW's high interest cards and that I wasn't paying these as fast because I need to pay down the higher interest cards of DW before the lower interest cards of mine. I also told her to look at my history with them, that I have been a long time customer, I pay my bills on time and I pay more than the minimum even though it's been a little while since I did a PIF with them. I also mentioned that keeping these accounts where they are is hurting my scores a little because they are such a high UTL.
She told me there was an "offer on the account" for a $300.00 CLI, did I want to take it? I asked if she had to pull my report to get that and she said no, it was there from periodic review. I took the $300 and asked about my other TL with them. Also $300 CLI. So I was able to get one card down to 55% UTL and the other to 73% UTL with my overall UTL down to around 47%.
I was polite, stated the facts chronologically and thanked her at the end of our call. These cards are staying in the drawer for now with their balances, but at least they will be helping a little more than they were yesterday.
I explained the CLI, the decline, the recon, the recon decline and then he put me on hold to talk to a supervisor. He came back with an ominous, "yes we can put in the request, but it will affect your credit scores." He intimated that they would be pulling my CRs to check my scores. With only one or two inquiries in the last 60 days or so I told him I wasn't worried about the pull. I then told them that they had just (soft) pulled my report to decline me. A small amount of back and forth and I finally requested to talk to a supervisor. His answer was along the lines of, "OK, but they will tell you the same thing."
The supervisor did not tell me the same thing... I started out with, "in July I asked for a CLI and was denied for (four stated reasons)" I told her that my lines were being used the way they were (high UTL) due to BTs from DW's high interest cards and that I wasn't paying these as fast because I need to pay down the higher interest cards of DW before the lower interest cards of mine. I also told her to look at my history with them, that I have been a long time customer, I pay my bills on time and I pay more than the minimum even though it's been a little while since I did a PIF with them. I also mentioned that keeping these accounts where they are is hurting my scores a little because they are such a high UTL.
She told me there was an "offer on the account" for a $300.00 CLI, did I want to take it? I asked if she had to pull my report to get that and she said no, it was there from periodic review. I took the $300 and asked about my other TL with them. Also $300 CLI. So I was able to get one card down to 55% UTL and the other to 73% UTL with my overall UTL down to around 47%.
I was polite, stated the facts chronologically and thanked her at the end of our call. These cards are staying in the drawer for now with their balances, but at least they will be helping a little more than they were yesterday.
