topic Re: Interesting reply from Cap1 :) in Credit Card Applications

Interesting reply from Cap1 :)

lg8302ch — Sun, 24 May 2015 06:52:24 GMT

I recently used a convenience check from Cap1 and requested a CLI with a 70% utilization. The response I figured would be a denial but found the reason for denial quite interesting. Any other reason would have made more sense to me...lol

It would be interesting to know what kind of reply I would have gotten with 99% utilization... ha ha...

But on the bright side the 70% util only gave am a ding of 9 points .. so I do not need any CLI but of course will try again and see what response I will get next month.

Re: Interesting reply from Cap1 :)

Anonymous — Sun, 24 May 2015 09:40:22 GMT

My husband has had a Cap One card forever and he got the same message when he went for a CLI. Apparently, he used it to sporadically and he did so because of the comically low limit. We used it pretty heavily for three months and we able to triple the limit in 90 days when he requested a CLI again.

Re: Interesting reply from Cap1 :)

Anonymous — Sun, 24 May 2015 12:58:46 GMT

I got the same also on an old card I never used for a few years. So I got on chat and I was told if the card isn't used, why give it a CLI? I didn't argue as it makes sense LOL

Re: Interesting reply from Cap1 :)

lg8302ch — Sun, 24 May 2015 13:41:55 GMT

@Anonymous wrote:
I got the same also on an old card I never used for a few years. So I got on chat and I was told if the card isn't used, why give it a CLI? I didn't argue as it makes sense LOL

Mine is used for BTs for 60-70% of the CL and then paid down to zero - (rinse and repeat method as long as Cap1 is giving me the nice offers) - Cap1 is my best BT card with convenience check and wonderful offers. Nobody else is offering me 1% BT fee for 0% APR promos for 12-18 months.. Cap1 is unique and I cannot refrain from accepting these offers Just finished one from last year and started a new one but with 70% of CL. The money goes into savings and I will keep it as emergency fund.

I read somewhere on their FAQ regarding explanations on CLIs and found the info if you have a BT you need to pay substantially more than minimum for at least 3 months before successful CLI can be granted ... so I will see what will happen in two months...lol

Since the ding was not bad I do not really need the CLI anymore but I would like to test if the 3 months after BT would work ... just curious now. Due to the BT I am not using my QS for anything else so I do not know if that means " low usage "...ha ha... for me it is the overall util that counts and that is now low usage with 70% ..lol

Re: Interesting reply from Cap1 :)

lg8302ch — Sun, 24 May 2015 13:45:27 GMT

@Anonymous wrote:
My husband has had a Cap One card forever and he got the same message when he went for a CLI. Apparently, he used it to sporadically and he did so because of the comically low limit. We used it pretty heavily for three months and we able to triple the limit in 90 days when he requested a CLI again.

Thanks. That is similar what I read in the FAQ about CLIs and BTs... curious to test in two months

Re: Interesting reply from Cap1 :)

Anonymous — Sun, 24 May 2015 13:49:04 GMT

I got the same message at 30% Until, I just paid of the balance and I will try in 4 months from now. They did not give me 0% APR and I cannot carry balance for so long.

Re: Interesting reply from Cap1 :)

lg8302ch — Sun, 24 May 2015 14:49:02 GMT

@Anonymous wrote:
I got the same message at 30% Until, I just paid of the balance and I will try in 4 months from now. They did not give me 0% APR and I cannot carry balance for so long.

Oh.. certainly do not carry a balance to please a lender. Avoid interest by all means if possible. To clarify I did not accept the BT offer for trying to get a CLI but when I accepted it tried to see if I could minimize the impact on scores which in general is a terrible idea - Solution is pay down and not CLI

Re: Interesting reply from Cap1 :)

DaveInAZ — Sun, 24 May 2015 15:22:30 GMT

@lg8302ch wrote:
I recently used a convenience check from Cap1 and requested a CLI with a 70% utilization. The response I figured would be a denial but found the reason for denial quite interesting. Any other reason would have made more sense to me...lol

It would be interesting to know what kind of reply I would have gotten with 99% utilization... ha ha...
But on the bright side the 70% util only gave am a ding of 9 points .. so I do not need any CLI but of course will try again and see what response I will get next month.

Must be their current canned response for denying CLI, I got the exact same same response when I hit the luv button in April. Maybe with all those high SLs they've been handing out with Venture they're tightening down on CLIs on existing accounts? But for me they were right, I've never gone beyond 10% util, usually only 4-5%, I just requested a CLI as I was at the 6 month point on my QS opened in Oct. w/SL of $10k. Also I was doing a $5k BT on my new Barclays NFL card and was asking for CLIs so that BT wouldn't put me over 15% overall util. But yeah, that BT put my NFL card at 65% util and around 9 points is all I got dinged. I do wish Cap One would send some of those BT offers my way though.

Re: Interesting reply from Cap1 :)

Anonymous — Sun, 24 May 2015 15:19:03 GMT

@lg8302ch wrote:
@Anonymous wrote:
I got the same also on an old card I never used for a few years. So I got on chat and I was told if the card isn't used, why give it a CLI? I didn't argue as it makes sense LOL
Mine is used for BTs for 60-70% of the CL and then paid down to zero - (rinse and repeat method as long as Cap1 is giving me the nice offers) - Cap1 is my best BT card with convenience check and wonderful offers. Nobody else is offering me 1% BT fee for 0% APR promos for 12-18 months.. Cap1 is unique and I cannot refrain from accepting these offers Just finished one from last year and started a new one but with 70% of CL. The money goes into savings and I will keep it as emergency fund.

I read somewhere on their FAQ regarding explanations on CLIs and found the info if you have a BT you need to pay substantially more than minimum for at least 3 months before successful CLI can be granted ... so I will see what will happen in two months...lol
Since the ding was not bad I do not really need the CLI anymore but I would like to test if the 3 months after BT would work ... just curious now. Due to the BT I am not using my QS for anything else so I do not know if that means " low usage "...ha ha... for me it is the overall util that counts and that is now low usage with 70% ..lol

Good info- Didn't know that- See blue.

Re: Interesting reply from Cap1 :)

ecxpa — Sun, 24 May 2015 16:33:52 GMT

I say it again.....Cap 1 is Cap 1........they have their agenda and nobody's gonna change it. Their underwriting seems to change from time to time but there is no logic to them. Don't try to figure them out or determine what they want. They love some folks and kick others in the teeth. They are supreme marketeers and do have good products but once you are in with them doesn't mean the relationship will flourish........even though regular and high utilization helps...........sometimes

Re: Interesting reply from Cap1 :)

CreditCuriosity — Sun, 24 May 2015 18:49:02 GMT

My guess it might be a SP for a few month ago, they are known to go back 3 months on report and if you weren't using any of the CL, that would be the reason for denial.. Check the date of the Equifax score/date they should of provided you with the letter and that will answer that question if it was current when carrying a balance or not.

Re: Interesting reply from Cap1 :)

myjourney — Sun, 24 May 2015 19:04:11 GMT

@lg8302ch wrote:
I recently used a convenience check from Cap1 and requested a CLI with a 70% utilization. The response I figured would be a denial but found the reason for denial quite interesting. Any other reason would have made more sense to me...lol

It would be interesting to know what kind of reply I would have gotten with 99% utilization... ha ha...
But on the bright side the 70% util only gave am a ding of 9 points .. so I do not need any CLI but of course will try again and see what response I will get next month.

I got that message from the luv button last year then proceeded to EO for a good CLI because you know the first thing out of EO mouth is you can apply online for an increase ...Lol

Yeah I know and either it doesn't work or gives a $500 dollar increase in most cases ......um no thanks SMH

While true I barely use the card and apparently Cap1 wants to see more usage now a days but excuse me Cap1 you aren't, I.E. Discover Amex or Chase

Re: Interesting reply from Cap1 :)

ecxpa — Sun, 24 May 2015 19:05:51 GMT

@CreditCuriousity wrote:
My guess it might be a SP for a few month ago, they are known to go back 3 months on report and if you weren't using any of the CL, that would be the reason for denial.. Check the date of the Equifax score/date they should of provided you with the letter and that will answer that question if it was current when carrying a balance or not.

Agree..........even though they pull all 3 reports they often base there decision on old SP's .......at least for me this was the case even after calling and writing the EO.......they did not review the latest report they pulled.

Re: Interesting reply from Cap1 :)

gdale6 — Mon, 25 May 2015 01:25:10 GMT

When I got that message it was due to the fact I had not used the card 3 out of the last 12 months, seems that is a requirement for a CLI.