topic Captial One denied my credit limit increase for QS1 in Credit Cards

Captial One denied my credit limit increase for QS1

Tomatoshadow2 — Mon, 13 Jul 2020 08:04:15 GMT

I imagine, I have to be using my card a lot, I used it for a 0% balance a few months ago, still paying it down, as I'm paying my other cards that don't have the 0%. But, they said they couldn't give me a credit limit increase, that is fine, as I know its a bucked card, applied for it two years ago, not realizing at the time, and trying to put some extra spend on it, because I won't cancel it, even with $39 AF.

Can't risk decreasing my average age of acounts. The MyFico simulator, says if I age my cards two more years and pay everything off by then, I'll be well above 800. I didn't realize at the time that it would be super hard to get the regular QS. Should I be alarmed if Captial One, quoted my score, 20 points, lower then FICO does? I montior my score rigiressly through MyFico love the product everyday.

Re: Captial One denied my credit limit increase for QS1

Anonymous — Mon, 13 Jul 2020 09:00:53 GMT

@Tomatoshadow2 wrote:
I imagine, I have to be using my card a lot, I used it for a 0% balance a few months ago, still paying it down, as I'm paying my other cards that don't have the 0%. But, they said they couldn't give me a credit limit increase, that is fine, as I know its a bucked card, applied for it two years ago, not realizing at the time, and trying to put some extra spend on it, because I won't cancel it, even with $39 AF.

Can't risk decreasing my average age of acounts.

If you were to close the card, your age factors would be unaffected for a long time. Accounts closed in good standing remain on your reports for up to ten years and continue to contribute to age factors.

The MyFico simulator, says if I age my cards two more years and pay everything off by then, I'll be well above 800.

Pay little mind to simulators - their accuracy is very low. They simply don't count enough factors in your scoring to reliably predict anything other than trends upward or downward.

I didn't realize at the time that it would be super hard to get the regular QS. Should I be alarmed if Captial One, quoted my score, 20 points, lower then FICO does? I montior my score rigiressly through MyFico love the product everyday.

QS is marketed as a top-tier card. Compared to other top-tier cards, I don't agree that it is, but they didn't ask me, and it allows them to slot the QS1 underneath to a wider audience and collect the AF. Pay no mind to their score in CreditWise - it's calculated on the VantageScore 3.0 algorithm, which is largely ignored by lenders. Watch your FICO scores as you are now. They're the ones that count.

Re: Captial One denied my credit limit increase for QS1

Tomatoshadow2 — Mon, 13 Jul 2020 09:09:42 GMT

Yeah MyFico is the only product I'll ever use for my scores, I don't use anything else because like you said its Vantage 3.0, The score they quoted that was 20 points lower in MyFico was from their credit increase denial letter. I wish I would of realized at the time, when I did apply for the QS1, it had the annual fee, but no big deal to me.

Re: Captial One denied my credit limit increase for QS1

Anonymous — Mon, 13 Jul 2020 09:17:32 GMT

Gotcha, I misinterpreted your post thinking VS3 was the lower score. Yeah a lot of the VS3 pushing is misleading for obvious reasons - they don't want to tell you that no one cares about the score or you wouldn't use it.

As for the AF, sometimes it's just the price you pay to build history or repair past transgressions. $39 is pretty palatable for a not-bad card that is dead reliable. As for the CLI, I haven't seen much in the way of them being discussed on here lately and I've had no luck with it either. I probably won't either - CapOne wants heavy use and heavy payments to give one (which usually isn't too much of an increase), and I'm not going to sacrifice better rewards on other cards just to get a measly hundred bucks added to my limit from them.

Re: Captial One denied my credit limit increase for QS1

Anonymous — Mon, 13 Jul 2020 09:28:16 GMT

Those bucketed cards suck for increase a lot of people around here have been getting the awesome mega generous 100 clis

Re: Captial One denied my credit limit increase for QS1

NRB525 — Mon, 13 Jul 2020 09:35:20 GMT

OP what is the current limit on this QS1?
What are your current FICO 8 scores?

List of other cards and their month/year opened, and limits?

Re: Captial One denied my credit limit increase for QS1

Ficoproblems247 — Mon, 13 Jul 2020 12:06:39 GMT

+1 to all of the really, really good answers and advice the others provided to you. One thing I just wanted to add was that if you are really wanting to PC that QS1 card, make sure your are calling and speaking to a CSR to do it if the automatic PC link is not working for you. A lot of the time, you will still get the same result from calling, however a few people, myself included, were finally able to PC the QS1 when the link said "No," but it took that phone call to do it. Like was stated before, they really like keeping people on the QS1, making it the hardest of their cards to PC.