topic GM BuyPower CLI - Denied Recon in Credit Cards

GM BuyPower CLI - Denied Recon

DeeBee78 — Tue, 19 May 2015 03:23:06 GMT

I app'd for this after receiving a preapproval in the mail about a month ago. Instant approval at a paltry $300 limit.

I tried to request a CLI online, and got shot down. I immediately sent a secure message, advising them that the limit was far too low to be usable. I got a reply back, stating that I needed to wait until I received the card, then I could ask for a CLI.

Went to check the mail today (I usually only check it once a month), and the card was there. After activation, I called the backdoor number and spoke to a very nice lady. I explained that the limit was far too low to be usable to me. She asked if it was OK to pull my credit report (soft pull) and I said yes.

Denied.

I immediately closed the account. I don't know why I even app'd it. Just being greedy I guess. I don't even like American cars.

Re: GM BuyPower CLI - Denied Recon

CreditMagic7 — Tue, 19 May 2015 03:28:07 GMT

:-\

Re: GM BuyPower CLI - Denied Recon

dize — Tue, 19 May 2015 03:42:40 GMT

My scored are only a tad higher than you, and I received the same starting limit on that same prequalified offer. I have some other capital one cards. My first one got a 500 limit, which I hardly used for a few years. I asked for my first CLI on it a year ago, and it currently sits at 2000. after they raised it to 2000 they emailed my saying if I make a certain payment every month or pay the balance off they will raise it to 2500 in november. I applied for a quicksilver at around the same time and was approved again for 500, and that is currently at 2000.

So maybe its just me, but capital one likes to slowly grow with me. Its going to be at least 5 years till I buy a brand new GM car, so I figured I can take advantage of that 5% for a while.

Re: GM BuyPower CLI - Denied Recon

DeeBee78 — Tue, 19 May 2015 04:03:58 GMT

@dize wrote:
My scored are only a tad higher than you, and I received the same starting limit on that same prequalified offer. I have some other capital one cards. My first one got a 500 limit, which I hardly used for a few years. I asked for my first CLI on it a year ago, and it currently sits at 2000. after they raised it to 2000 they emailed my saying if I make a certain payment every month or pay the balance off they will raise it to 2500 in november. I applied for a quicksilver at around the same time and was approved again for 500, and that is currently at 2000.

So maybe its just me, but capital one likes to slowly grow with me. Its going to be at least 5 years till I buy a brand new GM car, so I figured I can take advantage of that 5% for a while.

The BuyPower card seems to be a different kind of Cap1, where even people with seasoned credit profiles get crap limits. I didn't think it's going to grow reasonably quickly, so I cancelled it.

Re: GM BuyPower CLI - Denied Recon

Anonymous — Tue, 19 May 2015 04:18:57 GMT

@DeeBee78 wrote:
@dize wrote:
My scored are only a tad higher than you, and I received the same starting limit on that same prequalified offer. I have some other capital one cards. My first one got a 500 limit, which I hardly used for a few years. I asked for my first CLI on it a year ago, and it currently sits at 2000. after they raised it to 2000 they emailed my saying if I make a certain payment every month or pay the balance off they will raise it to 2500 in november. I applied for a quicksilver at around the same time and was approved again for 500, and that is currently at 2000.

So maybe its just me, but capital one likes to slowly grow with me. Its going to be at least 5 years till I buy a brand new GM car, so I figured I can take advantage of that 5% for a while.
The BuyPower card seems to be a different kind of Cap1, where even people with seasoned credit profiles get crap limits. I didn't think it's going to grow reasonably quickly, so I cancelled it.

Best decision ever Congrats and good riddance

Re: GM BuyPower CLI - Denied Recon

DeeBee78 — Tue, 19 May 2015 04:26:38 GMT

@Anonymous wrote:
@DeeBee78 wrote:
@dize wrote:
My scored are only a tad higher than you, and I received the same starting limit on that same prequalified offer. I have some other capital one cards. My first one got a 500 limit, which I hardly used for a few years. I asked for my first CLI on it a year ago, and it currently sits at 2000. after they raised it to 2000 they emailed my saying if I make a certain payment every month or pay the balance off they will raise it to 2500 in november. I applied for a quicksilver at around the same time and was approved again for 500, and that is currently at 2000.

So maybe its just me, but capital one likes to slowly grow with me. Its going to be at least 5 years till I buy a brand new GM car, so I figured I can take advantage of that 5% for a while.
The BuyPower card seems to be a different kind of Cap1, where even people with seasoned credit profiles get crap limits. I didn't think it's going to grow reasonably quickly, so I cancelled it.
Best decision ever Congrats and good riddance

Dumb me app'd the card before reading all the comments on here. I should have known better. S'ok - didn't mess up my seedling

Re: GM BuyPower CLI - Denied Recon

Anonymous — Tue, 19 May 2015 04:31:18 GMT

We've all made a few wrong turns here and there. No biggie. Now you know

Re: GM BuyPower CLI - Denied Recon

CreditMagic7 — Tue, 19 May 2015 04:59:12 GMT

@Anonymous wrote:
@DeeBee78 wrote:
@dize wrote:
My scored are only a tad higher than you, and I received the same starting limit on that same prequalified offer. I have some other capital one cards. My first one got a 500 limit, which I hardly used for a few years. I asked for my first CLI on it a year ago, and it currently sits at 2000. after they raised it to 2000 they emailed my saying if I make a certain payment every month or pay the balance off they will raise it to 2500 in november. I applied for a quicksilver at around the same time and was approved again for 500, and that is currently at 2000.

So maybe its just me, but capital one likes to slowly grow with me. Its going to be at least 5 years till I buy a brand new GM car, so I figured I can take advantage of that 5% for a while.
The BuyPower card seems to be a different kind of Cap1, where even people with seasoned credit profiles get crap limits. I didn't think it's going to grow reasonably quickly, so I cancelled it.
Best decision ever Congrats and good riddance

Re: GM BuyPower CLI - Denied Recon

dize — Tue, 19 May 2015 05:18:50 GMT

Oh well, I figure if I took the inquiry and the AAOA hit, I might as well keep the card, unless im asked to cancel something in exchange for a better product.

Re: GM BuyPower CLI - Denied Recon

TRC_WA — Tue, 19 May 2015 05:27:29 GMT

@DeeBee78 wrote:

Dumb me app'd the card before reading all the comments on here. I should have known better. S'ok - didn't mess up my seedling

The new account resets your seedling... and you took the new account ding for it at any rate. Closing the account isn't going to stop it from hitting your CR even if a preapproval didn't result in a HP.

Of course... if your 4/29/15 date in your sig is the day you accepted this card... then you are good in the eyes of the gardening community.

On a side note, if it were me I'd have kept the card for the above reasons.

Re: GM BuyPower CLI - Denied Recon

DeeBee78 — Tue, 19 May 2015 05:32:14 GMT

@TRC_WA wrote:
@DeeBee78 wrote:

Dumb me app'd the card before reading all the comments on here. I should have known better. S'ok - didn't mess up my seedling
The new account resets your seedling... and you took the new account ding for it at any rate. Closing the account isn't going to stop it from hitting your CR even if a preapproval didn't result in a HP.

Of course... if your 4/29/15 date in your sig is the day you accepted this card... then you are good in the eyes of the gardening community.

On a side note, if it were me I'd have kept the card for the above reasons.

It didn't kill my seedling. I app'd for it almost a month ago.

I know it's going to show up on my credit report, but my AAoA is pretty much shot anyways. I'm in serious gardening mode now

Re: GM BuyPower CLI - Denied Recon

pipeguy — Tue, 19 May 2015 10:38:40 GMT

@DeeBee78 wrote:
I app'd for this after receiving a preapproval in the mail about a month ago. Instant approval at a paltry $300 limit.

I tried to request a CLI online, and got shot down. I immediately sent a secure message, advising them that the limit was far too low to be usable. I got a reply back, stating that I needed to wait until I received the card, then I could ask for a CLI.

Went to check the mail today (I usually only check it once a month), and the card was there. After activation, I called the backdoor number and spoke to a very nice lady. I explained that the limit was far too low to be usable to me. She asked if it was OK to pull my credit report (soft pull) and I said yes.

Denied.

I immediately closed the account. I don't know why I even app'd it. Just being greedy I guess. I don't even like American cars.

+1 Exactly what I would have done !

Now in truth I have a GM BuyPower card with a $10k CL (started at $5k, in 3 months was increased to $10k) and I like GM cars, but that being said I've closed a bunch of Cap-1 cards due to their lack of growth AND a Barclays card + a BoA card because of low limits or lack of growth - besides the Cadillac design rocks !

Frankly I can not understand Cap-1 giving out mega limits to "average" score customers (no offense meant to those that scored, but 675 to 700 does not justify a $10k+ Starting Venture limit IMO), yet "approving" the GM card with $300 or $600 credit limits, makes no sense. I know that computer programs handled the aproval process and assign the credit limit, with tens (hundreds) of thousands of accounts it would be difficult if not impossble to look at each account one by one, but on a manual review saying yeah you are approved, but the CL is actually $300? Seriously?