topic Re: CapOne CLI - disappointed in Bankruptcy

CapOne CLI - disappointed

anniea4001 — Thu, 16 Sep 2021 19:37:43 GMT

So fresh out of my CH7 discharge in March 2020, I was approved for CapOne Platinum with a 3k SL.

In Aug 2021 I tried the upgrade link and was given the option to upgrade to QS no AF or Venture One no AF. I went to the Venture One.

I have been looking forward to my 6 month mark to see if they would give me a CLI and lo and behold, today I get a congrats email about a CLI. Excited I opened the email just to see a $100 CLI.....

I am very grateful CapOne gave me the oportunity to start rebuilding with a no AF fee card but I was really hoping for more than a $100 CLI.

Re: CapOne CLI - disappointed

Anonymous — Thu, 16 Sep 2021 19:46:12 GMT

I think it'd help if you're banking with them. I just got approved for a card (Quicksilver) with a limit of 3000. I have been banking them for over a year and I got discharged yesterday.

Re: CapOne CLI - disappointed

anniea4001 — Thu, 16 Sep 2021 20:04:06 GMT

@Anonymous I am pretty sure your approval has nothing to do with baking with them.

CapOne is very well know in this forum for approving people fresh out of BK and 3k seems to be the most common SL.

I got approved the very next day for a Platinum with a 3K limit as well.

My dissapointment is in the amount of the CLI.

Re: CapOne CLI - disappointed

FireMedic1 — Fri, 17 Sep 2021 10:06:53 GMT

That seems to be the norm lately with $100. In the approval sub forum theres many $100 CLI's. Least approvals are $3000 now. Used to be $500-1000 on avg. Plus it used to take longer to get in after DC. Take what you can get nowadays with them. Congrats!

Re: CapOne CLI - disappointed

Steveo777 — Wed, 22 Sep 2021 18:49:01 GMT

I wonder if it has to do with how much you pay and charge each month? Back when I was getting substantial CLI's with them, I would Charge up a couple thousand bucks, then either pay it off or pay off a large chunk. It seemed I could get $1000-$1500 CLI's pretty regularly.

Since I have a recent BK7, I was surprised they even let me back in, after burning them for $50k. But they did, and they gave me a $3k SL. I'm still a good six months away from asking them for a CLI, so I guess I'll see how generous they are later.

Re: CapOne CLI - disappointed

FireMedic1 — Thu, 23 Sep 2021 12:37:45 GMT

They were much more generous a few yrs back. I had a car loan with them I reaffirmed. My Venture, Savor and QS were all approved @ 10k. Unheard of today. My first card the Plat was 2k. 2nd was QS1 3k. I actually turned in when I was new and worried I was getting to high of a credit limit I think it was 9k? Members were like why'd you do that? But I didnt know back then. They have gotten stingy for a while now.

Re: CapOne CLI - disappointed

anniea4001 — Thu, 23 Sep 2021 14:04:18 GMT

@Steveo777 I am not sure if that factors into CLI decisions. I would assume it might.

In my case, I use the card a lot. Like for most purchases.

@FireMedic1 I guess it might have something to do with the way the economy is shaping.

I did have a couple of CapOne cards several years ago but I started with low limits that grew pretty fast.

My started card had a $500 SL if I recall correctly, within a year or 2 the limit grew to 4k. Somewhere in the middle there I got a pre approval mailer for another card with a SL of 1k that later grew to 2k in about 6 months.

But at this point I am just glad I was able to get credit so soon after my discharge. So hopefully they will be more generous with CLIs in the future.

Re: CapOne CLI - disappointed

Red1Blue — Thu, 23 Sep 2021 14:07:44 GMT

Congrats on your CLI. I would take what ever they give. I am sure next time they will give more.

Re: CapOne CLI - disappointed

FireMedic1 — Thu, 23 Sep 2021 23:34:24 GMT

@anniea4001 wrote:
@Steveo777 I am not sure if that factors into CLI decisions. I would assume it might.
In my case, I use the card a lot. Like for most purchases.

@FireMedic1 I guess it might have something to do with the way the economy is shaping.
I did have a couple of CapOne cards several years ago but I started with low limits that grew pretty fast.
My started card had a $500 SL if I recall correctly, within a year or 2 the limit grew to 4k. Somewhere in the middle there I got a pre approval mailer for another card with a SL of 1k that later grew to 2k in about 6 months.
But at this point I am just glad I was able to get credit so soon after my discharge. So hopefully they will be more generous with CLIs in the future.

Ah so you remember. Yeah they approved people and passed out CLI's like crazy. Then it was. HIT THE BRAKES!!!!!! Now crumbs compared to the old days. Oh well. Cant get any worse.

Re: CapOne CLI - disappointed

FinStar — Sat, 02 Oct 2021 03:11:25 GMT

@anniea4001 wrote:
@Steveo777 I am not sure if that factors into CLI decisions. I would assume it might.
In my case, I use the card a lot. Like for most purchases.

@FireMedic1 I guess it might have something to do with the way the economy is shaping.
I did have a couple of CapOne cards several years ago but I started with low limits that grew pretty fast.
My started card had a $500 SL if I recall correctly, within a year or 2 the limit grew to 4k. Somewhere in the middle there I got a pre approval mailer for another card with a SL of 1k that later grew to 2k in about 6 months.
But at this point I am just glad I was able to get credit so soon after my discharge. So hopefully they will be more generous with CLIs in the future.

While the economy can play a role into a lender's financial outlook, think product 'tranches' @anniea4001. When it comes to lending/business models, this is how Capital One (and plenty of lenders) operate. Below is an arcticle that can provide some insight:

https://ficoforums.myfico.com/t5/General-Credit-Topics/Credit-Card-Asset-Backed-Securities-ABS-and-w...

Re: CapOne CLI - disappointed

anniea4001 — Sat, 02 Oct 2021 21:49:38 GMT

@FinStar I know banks have their own models and ways to operate when it comes to lending. What I meant by my comment about the economy is that during this pandemic, I've heard from a lot of people whose credit limits have been cut down dramatically or even completely. So I was wondering if the stingy CLIs that CapOne seems to be giving lately and that other members mention might in some way be product of the current financial environment.

Re: CapOne CLI - disappointed

tmax2020 — Sat, 02 Oct 2021 22:35:43 GMT

They are just useless, no need of doing business with them. I have $1650 cc and I spend like $800 every month, I pay in full before statement date. I requested for a CLI, only to be offered another $150 lol which I declined. I won't close the card because it is my oldest card.

Re: CapOne CLI - disappointed

niross — Fri, 15 Oct 2021 04:48:12 GMT

Ive been a lurker on these forums for about a year, I filed BK in January of 2020. Waited till the beginning of this year to get Cap One. I was approved in March for $1000 SL. At the end of September I was increased to $5000. I wish I could tell you what specifically worked, but I have no idea. In the time from BK till now, I followed one of the forums +700 score in 24 months. Started with Credit One, before the year mark I cancelled it. Waited about 2-3 weeks before getting the Cap One.

TLDR: not sure what I did but after gardening other cards for a year+ applied for Cap One. In 6 months $1000 -> $5000

Re: CapOne CLI - disappointed

anniea4001 — Fri, 15 Oct 2021 15:14:15 GMT

@niross congrats. If you already had done some rebuilding prior to applying, then that might be the reason why you got such a generous CLI. In my case CapOne was my first approval right out of BK so I really had not done any rebuilding.

@tmax2020 I have no idea why but it looks like for some people CLIs take longer and are much smaller than for others. Honestly I'd take any CLIs they give me. Specially if I intent to keep the card for the long run.