topic Re: Looks Like a CO CLI Denial in Credit Card Applications

Looks Like a CO CLI Denial

Anonymous — Fri, 04 Oct 2019 01:13:56 GMT

A week ago, I applied for a CLI on my Savor card. My last CLI was in July 2009 (not a Savor at that point of course). I got the "we'll get back to you in 2-3 days". Still haven't heard back and my line shows the same when I log in.

It's at 27,500, since 2009. My income is up by about 40K since then. Looks like a decline. All 3 bureaus have freezes on them.

Here are some questions I was asked when applying for the CLI.

How much do you plan to spend each month with the new credit limit? I said 700. That's my normal amount.

How much do you spend each month using credit cards on all of your cards? I said 3,000.

Do you usually pay the minimum payment on your cards or do you pay much more than the minimum? Said much more.

Then the site told me that having BK, foreclosures and late payments will greatly reduce my chances of getting a CLI. Figured that.

Also asked for income. Gave them that.

From that info, at least CO figures how much you spend each month with their card when considering a CLI. Not sure spending $50/month will get you a CLI with CO and maybe not with others. They want some good spend if you want a CLI.

Re: Looks Like a CO CLI Denial

FinStar — Fri, 04 Oct 2019 01:21:52 GMT

Unfortunately, if the request portal doesn't display a CLI upon submitting the request (or a counter-offer), then it is a decline.

Re: Looks Like a CO CLI Denial

CreditInspired — Fri, 04 Oct 2019 01:29:29 GMT

IMHO, it's a decline even with your impressive scores and CLs.

Answer this question and you'll have your answer. If you're already spending $700/mo on the Savor, why should CO give you a CLI when it's obvious the $27.5K is adequate since your spend won't increase one iota?

Re: Looks Like a CO CLI Denial

Anonymous — Fri, 04 Oct 2019 01:39:57 GMT

@CreditInspired wrote:
Op

IMHO, it's a decline even with your impressive scores and CLs.

Answer this question and you'll have your answer. If you're already spending $700/mo on the Savor, why should CO give you a CLI when it's obvious the $27.5K is adequate since your spend won't increase one iota?

Yeah, I did not anticipate those questions before the CLI request and I don't like to lie. With some cards, spend isn't as important for a CLI request, but I'm guessing it is with several.

Re: Looks Like a CO CLI Denial

Anonymous — Fri, 04 Oct 2019 16:22:52 GMT

I recently requested a CLI on my Quicksilver and was asked the same questions. This is a bit more than they used to ask for when requesting a CLI. I hit submit and pretty much knew the answer was going to be no.

Re: Looks Like a CO CLI Denial

Anonymous — Fri, 04 Oct 2019 16:32:33 GMT

@Anonymous wrote:
I recently requested a CLI on my Quicksilver and was asked the same questions. This is a bit more than they used to ask for when requesting a CLI. I hit submit and pretty much knew the answer was going to be no.

Yeah, I just read CO is getting stingy with CLIs recently just in case the economy turns down a bit. They're a little tougher on increases because their customer base is more mainstream and not high end.

Re: Looks Like a CO CLI Denial

Anonymous — Sat, 05 Oct 2019 01:40:10 GMT

IMO, spending $700 a month on a 27.5k card will never get you a CLI with Capital One. They have always been a PITA with CLIs.

Re: Looks Like a CO CLI Denial

Anonymous — Sat, 05 Oct 2019 01:44:24 GMT

@Anonymous wrote:
IMO, spending $700 a month on a 27.5k card will never get you a CLI with Capital One. They have always been a PITA with CLIs.

Yeah, I've always thought 27,500 was very good for a CO card, but after 10 years, figured to try anyway.

Re: Looks Like a CO CLI Denial

Meanmchine — Sat, 05 Oct 2019 04:25:34 GMT

Did you try looking in your online documents for the decline letter?

BTW, sorry OP. I get declined too

Re: Looks Like a CO CLI Denial

Anonymous — Sat, 05 Oct 2019 17:24:24 GMT

@Meanmchine wrote:
Did you try looking in your online documents for the decline letter?
BTW, sorry OP. I get declined too

I couldn't find anything. I expect to get a letter in the mail in the next week. No biggie, I didn't need it. Basically, I like a higher limit so when I mass spend 5 or 6K in a month, it has no effect on my score. Or if card companies ever introduce the 0% for 12 or 15 months like they do with new card accounts, I would run up a nice balance to earn interest on purchases.