topic Re: Cap One - WTH does this mean? in Credit Cards

Cap One - WTH does this mean?

Math_Rocks — Thu, 24 Jul 2008 19:49:51 GMT

I called backdoor number 9939 on Saturday to ask for my very first CLI. We've each had a card with them for 4 years, CL 5K. They said they would reply in 7-10 days.

I just got the letter and it says CLI declined for the following reason:
"A credit limit increase on your account is currently not available upon request in order to review account activity at assigned credit limits"

First, I don't really know what this means. Second, should I call again? Or, third, should I apply for another Cap One account and try to roll them together? (Or, lastly, does this letter mean I am unlikely to be given another account.) I did the soft pull thing and I don't have a pre-approved offer but got the "this card might be good" suggestion.

As addtnl info, my scores are EQ 665, EX 624 and TU 674 and we have recently opened a couple accounts with 0% BT so I just "paid off" this account.

Re: Cap One - WTH does this mean?

Anonymous — Thu, 24 Jul 2008 19:55:05 GMT

I dunno, but it sounds like Crap One has struck again!!! If it were me, I would call and get some clarification.

Re: Cap One - WTH does this mean?

Anonymous — Thu, 24 Jul 2008 20:03:53 GMT

It means they like to see a lot of usage on the card before they grant CLI. Your level of spending on the card will be reviewed to determine if they think it's worth giving you a CLI. If they don't think you're using the card enough at your current CL, then they'll tell you they see no need to give you a CLI right now.

Re: Cap One - WTH does this mean?

Math_Rocks — Thu, 24 Jul 2008 21:12:43 GMT

Just got off the phone with a "Senior Analyst" from Cap One and got lots of information I want to share with y'all.

First, and I think this part is funny, she said that Cap One is a very conservative lender/conservative credit card and if you did a search, Cap One would likely be the first to pop up. (JFF I did this and Cap One didn't come up at all.) Anyway, she said that she thinks 99% of requests for CLI are declined.

Second, she said that many customers, including herself, have success with opening additional accounts. But the new card must reach the end of its introductory period before it can be "rolled in" with an older card. She also mentioned that people have up to 5 cards and the most that she's seen is 8 (some of those were business, some personal).

Finally, I asked which CB she thought would be pulled if I applied from AR and she said she's mostly seen EQ lately.

Oh, and I got a lower purchase rate out of it so I actually feel like it was a very productive call.

Now, I have to decide if I'm going to go for another card with them.

Re: Cap One - WTH does this mean?

Math_Rocks — Thu, 24 Jul 2008 21:46:56 GMT

I just applied for a card and got declined.

Re: Cap One - WTH does this mean?

dieselcafe — Thu, 24 Jul 2008 22:55:05 GMT

I called that number around 8pm lastnight and rep from India answered the call. I decided to hang up.

Re: Cap One - WTH does this mean?

smallfry — Fri, 25 Jul 2008 00:26:08 GMT

Cap One pulls all 3. For each application.

Re: Cap One - WTH does this mean?

Anonymous — Fri, 25 Jul 2008 01:29:01 GMT

smallfry wrote:
Cap One pulls all 3. For each application.

Bingo. That rep didn't know what she was talking about.

Par for the course, though.