topic Re: Toyota Visa CLI Denied in Credit Cards

Toyota Visa CLI Denied

Creditaddict — Fri, 04 Mar 2011 01:37:28 GMT

I feel like I have said this before! lol Crossed over the 1 year mark, which they have been telling me was when I would be eligible for CLI.

Letter states:

1.Recent account payment history does not warrant your request.

2. Your account credit line is at the maximum amount you qualify for and are allowed by issuer policy

Well I don't get 1 at all, current CL is $1300 and I have put over 12k through the account in the last 10 months ending Dec. (I actually went online and got the summary of the year), I pay in full and usually pay multiple times a month so it doesn't report high util to credit.

I'll update tomorrow after I speak to underwriter.

Re: Toyota Visa CLI Denied

Red1Blue — Fri, 04 Mar 2011 02:09:19 GMT

I am sorry to hear that. I think what ever it takes, you should go after nfcu and establish your self with them. They seem to be very generous and liberal. Push your relation with them.

Re: Toyota Visa CLI Denied

Karatz — Fri, 04 Mar 2011 05:19:51 GMT

Just a quick thought too, check who underwrites your card. Do you have another card underwritten by the same company? For example, I have 2 cards underwritten by FIA Card services. They look at both cards when I talk to them about anything...

Re: Toyota Visa CLI Denied

Creditaddict — Fri, 04 Mar 2011 05:45:53 GMT

@Karatz wrote:
Just a quick thought too, check who underwrites your card. Do you have another card underwritten by the same company? For example, I have 2 cards underwritten by FIA Card services. They look at both cards when I talk to them about anything...

It use to be underwritten by USBank... I'm told now though they do it themselves... Toyota National Bank

Re: Toyota Visa CLI Denied

Anonymous — Fri, 04 Mar 2011 10:16:56 GMT

@Creditaddict wrote:
I feel like I have said this before! lol Crossed over the 1 year mark, which they have been telling me was when I would be eligible for CLI.
Letter states:
1.Recent account payment history does not warrant your request.
2. Your account credit line is at the maximum amount you qualify for and are allowed by issuer policy

Well I don't get 1 at all, current CL is $1300 and I have put over 12k through the account in the last 10 months ending Dec. (I actually went online and got the summary of the year), I pay in full and usually pay multiple times a month so it doesn't report high util to credit.

I'll update tomorrow after I speak to underwriter.

I wonder if #1 means that your average monthly spending is less than your credit line, at $1200/month, and that your practice of paying it off several times per month keeps your current credit line available for use. Hence, a CLI isn't necessary. Not that I'm suggesting that you spend more money for the sake of getting a credit line increase, but I'm just wondering if your average monthly spending was more than your current credit line if you'd have gotten that reason?

Re: Toyota Visa CLI Denied... UPDATE

Creditaddict — Fri, 04 Mar 2011 17:43:42 GMT

Spoke with a fairly nice women this morning who told me that I had 2 months of interest charges... I explained that I always pay it off, the second payment just came a week after due date. She said this account has to be paid in full with no interest being charged each month for 12 months before it would be considered for a CLI.

I said I don't understand, this is a credit card not a charge card. She simply said this card program for the Toyota requires PIF.

SOCK DRAWER for a bit now!

Re: Toyota Visa CLI Denied... UPDATE

Anonymous — Fri, 04 Mar 2011 18:21:27 GMT

I would have had to ask does anyone ever get CLI. Most people are not like the people on this board and do revolve a balance from time to time. You would think as a bank they would like to make little more money from the interest.

Re: Toyota Visa CLI Denied... UPDATE

Red1Blue — Fri, 04 Mar 2011 18:32:21 GMT

@Creditaddict wrote:
Spoke with a fairly nice women this morning who told me that I had 2 months of interest charges... I explained that I always pay it off, the second payment just came a week after due date. She said this account has to be paid in full with no interest being charged each month for 12 months before it would be considered for a CLI.
I said I don't understand, this is a credit card not a charge card. She simply said this card program for the Toyota requires PIF.
SOCK DRAWER for a bit now!

Is it a net 30 card? I thought it is a revloving card. Why it has to be paid in full?

Re: Toyota Visa CLI Denied... UPDATE

Anonymous — Fri, 04 Mar 2011 18:36:56 GMT

@Anonymous wrote:
I would have had to ask does anyone ever get CLI. Most people are not like the people on this board and do revolve a balance from time to time. You would think as a bank they would like to make little more money from the interest.

They make enough from merchants and those who mismanage their card to not rely on interest from cardholders.

Re: Toyota Visa CLI Denied... UPDATE

Creditaddict — Fri, 04 Mar 2011 19:17:50 GMT

It is a revolving card and if they want to treat it like a charge card they should say so... then I would have.

Re: Toyota Visa CLI Denied... UPDATE

vish1 — Fri, 04 Mar 2011 20:53:11 GMT

@Anonymous wrote:
@Anonymous wrote:
I would have had to ask does anyone ever get CLI. Most people are not like the people on this board and do revolve a balance from time to time. You would think as a bank they would like to make little more money from the interest.
They make enough from merchants and those who mismanage their card to not rely on interest from cardholders.

They look to make money from people who do something stupid (may be even once) and then get rate jacked to penalty APR

Re: Toyota Visa CLI Denied... UPDATE

Creditaddict — Fri, 04 Mar 2011 21:08:16 GMT

I wish now I would have been using a Secured card this whole year. I'm not sure my spending will be that much this year compared to last year with moving and everything.

Re: Toyota Visa CLI Denied

Karatz — Tue, 08 Mar 2011 10:17:21 GMT

I got two solicitations from US Bank in the last 6 months both are underwritten by Elan Financial Services. My other business bank, Umpqua Bank, CA,OR,WA also sent me multiple solitications both underwritten by Elan Financial Services and this one was zero % for 12 months and preapproved. I declined to apply since my US Bank Business visa has almost 20k on it at 0%.

Drop by a dealer and ask for an app. I think it's supposed to say that in the fine print...

Re: Toyota Visa CLI Denied

Creditaddict — Tue, 08 Mar 2011 18:46:04 GMT

@Karatz wrote:
I got two solicitations from US Bank in the last 6 months both are underwritten by Elan Financial Services. My other business bank, Umpqua Bank, CA,OR,WA also sent me multiple solitications both underwritten by Elan Financial Services and this one was zero % for 12 months and preapproved. I declined to apply since my US Bank Business visa has almost 20k on it at 0%.

Drop by a dealer and ask for an app. I think it's supposed to say that in the fine print...

Although USBank use to underwrite the Toyota card, I'm almost positive it is now handled completely by Toyota Financial... All my paperwork and payments say toyota, not Elan.