topic Re: What's with Capitol One these days in Credit Card Applications

What's with Capitol One these days

Creditbuilder36 — Sun, 26 Jun 2016 13:46:32 GMT

It's been a year since I've had both my Quicksilver one and Platinum card (which they have converted into the Quicksilver one card ) So I decided to go online and hit the love button for the increase granted my limits are a bit high but seems like they checked an old Equifax score and denied my increase I'm almost positive my score has gone up since a year ago so I'm thinking could it be the high balances ? Hmm not sure

Re: What's with Capitol One these days

Anonymous — Sun, 26 Jun 2016 14:08:25 GMT

from Irish80 in another thread: "Capitol One uses the Fico 04 model, not 08" (source) so that may be one reason. Utilization could also be a factor. I'd say pay down your balances and try again. YMMV.

Re: What's with Capitol One these days

Creditbuilder36 — Sun, 26 Jun 2016 14:12:06 GMT

Ok thanks I kind of figured so I'll just continue to work down my balance and see what happens

Re: What's with Capitol One these days

Anonymous — Sun, 26 Jun 2016 14:28:34 GMT

There seems to be a lot of information missing from this question. What are the "high balances" you mention at the end? What percentage of their respective individual credit limits and your overall credit limit is occupied?

Re: What's with Capitol One these days

Creditbuilder36 — Sun, 26 Jun 2016 14:37:05 GMT

they definitely could be lower I was just always told it didn't matter to Capitol one as long as your payments where on time so i will just work on getting them lower and try again in 6 months or so if I'm not auto increase before that time

Re: What's with Capitol One these days

Creditbuilder36 — Sun, 26 Jun 2016 14:38:25 GMT

My credit scores are ~~~ Experian. 650. Transunion ~~> 630 ~~~> Equifax ~~> 620

Re: What's with Capitol One these days

Anonymous — Sun, 26 Jun 2016 16:27:23 GMT

Denial can be not making more the the minimum payment or high balances. 4x the minimum payment for three months and give it another shot.

Re: What's with Capitol One these days

Creditbuilder36 — Sun, 26 Jun 2016 16:37:43 GMT

Ok thanks I definitely am working on lowering my balances I didn't realize only making the minimum payment was part of it also. Thanks again for that advice

Re: What's with Capitol One these days

RonM21 — Sun, 26 Jun 2016 18:08:26 GMT

You'll get it eventually. Keep plugging away at it, and also see if you can bump those scores up a bit more to give you more of a chance.

Re: What's with Capitol One these days

SouthJamaica — Sun, 26 Jun 2016 18:12:45 GMT

@Creditbuilder36 wrote:
It's been a year since I've had both my Quicksilver one and Platinum card (which they have converted into the Quicksilver one card ) So I decided to go online and hit the love button for the increase granted my limits are a bit high but seems like they checked an old Equifax score and denied my increase I'm almost positive my score has gone up since a year ago so I'm thinking could it be the high balances ? Hmm not sure

I think Capital One is actually changing its standards.

Yes they do use FICO4, which in my case is always much lower than my FICO8, but I think there's more to it than that.

I've been with Capital One for 4 years now, and for the first 2 or 3 years they were very generous, granting me 2 cards and letting me move on up to 5 cards, and granting me CLI's even if I didn't ask for them.

During the last year they seem to have gotten very stingy about it, even though my scores are around 100 points higher than when I started with them.

Also I heard that they've implemented a new policy of not approving any new account if the applicant got a card from Capital One during the previous 6 months.

I'm guessing that the "risk reduction" folks have finally won out over the "marketing and business development" folks within their organization, and probably it's going to stay that way for a good long while now.

Re: What's with Capitol One these days

UncleB — Mon, 27 Jun 2016 14:05:30 GMT

@Creditbuilder36 wrote:
It's been a year since I've had both my Quicksilver one and Platinum card (which they have converted into the Quicksilver one card ) So I decided to go online and hit the love button for the increase granted my limits are a bit high but seems like they checked an old Equifax score and denied my increase I'm almost positive my score has gone up since a year ago so I'm thinking could it be the high balances ? Hmm not sure

You should get a letter in the online 'document center' that will give you the reason for the denial, at least their 'official' reason. Once you get that you'll be able to move forward with what to change (if anything) to make it happen next time.

In my own case, the "problem" isn't with my credit at all - it's lack of use. I had to wait a couple of days for their letter to be available online before I knew that. Some on here have described the 'usage helps with Capital One CLIs' message as a "meme", but I have written proof from the source that it's very real.