topic Re: Cap 1 - EO denied CLI / Luv Button approved in Credit Card Applications

Cap 1 - EO denied CLI / Luv Button approved

masscredit — Mon, 16 Nov 2015 18:37:45 GMT

I've been trying the Cap 1 Luv button for a little while. It's been offering me a $1K increase but I kept denying it because based on past experience, I though they would give me more with a manual review. I e-mailed the EO 2 weeks ago then received a call the next day. Today I received a denial letter. The reasons are -

Recent use of this account's existing credit line has been too low

Insufficent experience with high lines of credit or credit amounts

The card had an $8K limit and I've had the balance up close to that but paid down to zero before the statement closed. Maybe this is when it's benefical to let balances post instead of paying them down early?

I signed into my account after reading the letter and tried the Luv Button again. It offered me the same $1K so I took it. Surprised they didn't as least give me that. I had requested a $4K increase to $12K.

Oh well... The beginning of December will mark 6 months since my Venture card received an increase. The card is used a lot less. I'll try the website and that's it. Still hoping to get both of them to a combined $20K before I combine the cards.

And 2011XTERROR, if you read this, I will admit... you were right

Re: Cap 1 - EO denied CLI / Luv Button approved

Anonymous — Mon, 16 Nov 2015 18:49:13 GMT

Sorry that didn't work out.

Re: Cap 1 - EO denied CLI / Luv Button approved

FinStar — Mon, 16 Nov 2015 19:39:08 GMT

@masscredit wrote:
I've been trying the Cap 1 Luv button for a little while. It's been offering me a $1K increase but I kept denying it because based on past experience, I though they would give me more with a manual review. I e-mailed the EO 2 weeks ago then received a call the next day. Today I received a denial letter. The reasons are -

Recent use of this account's existing credit line has been too low
Insufficent experience with high lines of credit or credit amounts

The card had an $8K limit and I've had the balance up close to that but paid down to zero before the statement closed. Maybe this is when it's benefical to let balances post instead of paying them down early?

I signed into my account after reading the letter and tried the Luv Button again. It offered me the same $1K so I took it. Surprised they didn't as least give me that. I had requested a $4K increase to $12K.

Oh well... The beginning of December will mark 6 months since my Venture card received an increase. The card is used a lot less. I'll try the website and that's it. Still hoping to get both of them to a combined $20K before I combine the cards.

And 2011XTERROR, if you read this, I will admit... you were right

IIRC lots of folks had chimed in that the EO, at least in your particular scenario, was not going to yield the expected results. Granted, nothing ventured, nothing gained but even under manual review it appears what was said all along that the account didn't qualify. Oh well, try the CLI link in the next 6 months and see if it provides any upward movement.

Re: Cap 1 - EO denied CLI / Luv Button approved

masscredit — Mon, 16 Nov 2015 20:26:43 GMT

I've been giving the card a lot of use and got it up close to the limit one month so I was confident that they'd give me a decent increase. Maybe I was just used to it happening every 6 months. I guess some of my cards are starting to get to the point where an increase isn't justified. But then some cards (mine and others), get high limits with very little usage. My Walmart card is a good example. Grocery shopping gives it a $10K limit.

Re: Cap 1 - EO denied CLI / Luv Button approved

FinStar — Mon, 16 Nov 2015 21:06:42 GMT

@masscredit wrote:
I've been giving the card a lot of use and got it up close to the limit one month so I was confident that they'd give me a decent increase. Maybe I was just used to it happening every 6 months. I guess some of my cards are starting to get to the point where an increase isn't justified. But then some cards (mine and others), get high limits with very little usage. My Walmart card is a good example. Grocery shopping gives it a $10K limit.

Right, but then again we're comparing Capital One with SYNCB, and as you know, totally different UW criteria.

Re: Cap 1 - EO denied CLI / Luv Button approved

ddemari — Tue, 17 Nov 2015 01:37:10 GMT

Capitalone for the longest time used to only give me CLI's once a year and it was usually every February. This is the first year I have received 2 CLI's, 6 months apart.

Re: Cap 1 - EO denied CLI / Luv Button approved

Anonymous — Tue, 17 Nov 2015 03:49:19 GMT

i would let it report. it'll only hurt your score for a month. it'll be ok lol. anyway i hope it works out if that's the route you go. seems like a few more months need to pass but you'll get there. no worries.

Re: Cap 1 - EO denied CLI / Luv Button approved

UncleB — Tue, 17 Nov 2015 11:59:06 GMT

@masscredit wrote:
I've been trying the Cap 1 Luv button for a little while. It's been offering me a $1K increase but I kept denying it because based on past experience, I though they would give me more with a manual review. I e-mailed the EO 2 weeks ago then received a call the next day. Today I received a denial letter. The reasons are -

Recent use of this account's existing credit line has been too low
Insufficent experience with high lines of credit or credit amounts

The card had an $8K limit and I've had the balance up close to that but paid down to zero before the statement closed. Maybe this is when it's benefical to let balances post instead of paying them down early?

I signed into my account after reading the letter and tried the Luv Button again. It offered me the same $1K so I took it. Surprised they didn't as least give me that. I had requested a $4K increase to $12K.

Oh well... The beginning of December will mark 6 months since my Venture card received an increase. The card is used a lot less. I'll try the website and that's it. Still hoping to get both of them to a combined $20K before I combine the cards.

And 2011XTERROR, if you read this, I will admit... you were right

I'm sorry to hear your EO experience wasn't fruitful... I'm with you, I would have thought they would have at least offered you the same $1k you were offered by 'the button'.

Also, as a data point, I'll add that when I've gotten my most generous CLIs from Capital One ($2k increase), it was when I not only ran the card up quite a bit, but I also allowed the balance to report on the statement. Granted, if you're micro-managing your scores for a mortgage or a auto purchase this might not be the best plan, but otherwise (as you already know) your score will immediately bounce back once you pay the card back down.

Since you took the $1k (which I would have done as well) you have a few months to prepare for the next one. With a larger balance reporting for a few months I suspect you'll be more impressed next time!

Re: Cap 1 - EO denied CLI / Luv Button approved

Shooting-For-800 — Tue, 17 Nov 2015 14:44:02 GMT

Sorry to hear that. Hang in there, you never know what the next one will bring.

My largest Cap One CLI was $9,000 and my smallest was $500 - So it can happen!