topic Re: Trouble with Capital One CLI?? in Credit Cards

Trouble with Capital One CLI??

Lkb273 — Fri, 01 Mar 2013 15:49:25 GMT

Anyone else having this problem??

I have been with Capital One since 2004. I started with a CL of $1,000, was boosted to $1,300 I want to say more than 3 years ago, but nothing since. I have always had excellent payment history, but high (near 100%) utilization. I always pay more than the minimum. I have been really trying to turbo clean my credit, and in December '12 I called to ask if they could lower my interest rate, or raise my CL, and the answers across the board were NO. Since then I have been making large payments 2x per month, along with some utilization (I use it now for work expenses), and my util stays at about 50%. I called again two days ago, and was told that there is no option for a CLI, a rate decrease, or an upgrade. I'm miffed! I have never been late on any Cap One payments within the last 3 years! What is their problem?

The woman (manager) I spoke with asked me if I have been monitoring my credit, and if I am aware of my score, and I told her yes, and that my credit is clean, and that my score is decent (670 TU). She seemed miffed, as well. She said that if any CLIs or rate decreases become available, I'll see it on my statement.

I checked the backdoor numbers post, and it looks like Cap One has a rep for not doing CLIs at the customer's request. What can I do? - this low limit is limiting me from improving my credit!!! P.S. I was approved for a Discover IT card yesterday, for a $1200 limit, which I am using to transfer balances and pay off my cards even faster. So clearly, my credit isn't the problem.

I have been Cap One's customer for close to 10 years, what can I do? Any suggestions?

Re: Trouble with Capital One CLI??

burntreality — Fri, 01 Mar 2013 15:51:27 GMT

OP try contacting the EO via email. It has been discussed on the forums with much success.

Re: Trouble with Capital One CLI??

Lkb273 — Fri, 01 Mar 2013 15:52:55 GMT

Thanks, I'll check it out! Appreciate it!

Re: Trouble with Capital One CLI??

burntreality — Fri, 01 Mar 2013 15:55:43 GMT

Here is the thread with all the info you will need. Good luck to you and keep us updated

http://ficoforums.myfico.com/t5/Credit-Cards/How-to-get-a-PC-or-CLI-from-Capital-One/m-p/1690104

Re: Trouble with Capital One CLI??

Lkb273 — Fri, 01 Mar 2013 15:56:36 GMT

Thank you!!

Re: Trouble with Capital One CLI??

Lkb273 — Fri, 01 Mar 2013 17:09:15 GMT

@burntreality wrote:
OP try contacting the EO via email. It has been discussed on the forums with much success.

Just sent off my email! Wish me luck! You have been a great help!

Re: Trouble with Capital One CLI??

Anonymous — Fri, 01 Mar 2013 17:16:17 GMT

Do a little reading on this board and you will find a ton of helpful info about this subject.

Re: Trouble with Capital One CLI??

youngandcreditwrthy — Fri, 01 Mar 2013 18:35:32 GMT

Pretty much the only way to get a cli on C1 is to email the EO.

Re: Trouble with Capital One CLI??

Anonymous — Fri, 01 Mar 2013 18:43:02 GMT

@Lkb273 wrote:
@burntreality wrote:
OP try contacting the EO via email. It has been discussed on the forums with much success.
Just sent off my email! Wish me luck! You have been a great help!

Good luck! I got them to triple my CL two days ago on my Cash rewards card and this morning, my wife also got a CLI from the Exec office. They haven't called my wife yet but the CLI was present when I checked her account status online this morning.

The exec office is very helpful and nice to deal with.

Re: Trouble with Capital One CLI??

Tazman81 — Fri, 01 Mar 2013 18:49:06 GMT

OP, also remember that utilization plays a big role in your credit score.

You stated "this low limit is limiting me from improving my credit!!!"

This is not necessarily true. While you are correct that getting a higher limit will help your score, but it is not because the limit is higher. It will only help your score if you get an increased credit limit, but do NOT increase the amount of credit card debt that you have. Another way to increase you score without the higher limit is to pay down your credit card debt to under 9% utilization.

However, I do still disagree with Captial One's practices of making it so difficult to get a credit limit increase, especially for long term customers. Have you considered trying to get a credit card with a local Credit Union?

Re: Trouble with Capital One CLI??

Lkb273 — Fri, 01 Mar 2013 19:16:01 GMT

@Tazman81 wrote:
OP, also remember that utilization plays a big role in your credit score.

You stated "this low limit is limiting me from improving my credit!!!"

This is not necessarily true. While you are correct that getting a higher limit will help your score, but it is not because the limit is higher. It will only help your score if you get an increased credit limit, but do NOT increase the amount of credit card debt that you have. Another way to increase you score without the higher limit is to pay down your credit card debt to under 9% utilization.

However, I do still disagree with Captial One's practices of making it so difficult to get a credit limit increase, especially for long term customers. Have you considered trying to get a credit card with a local Credit Union?

Thanks for your reply . I am in full agreement with you. I am trying to get a higher limit to show lower utilization across the board. I am in the process of paying the card down to $0, and I would like to use it for reimbursable business travel expenses, so it would be paid off every month. I did just get approved for a Discover IT card (0% BT interest for 6 mo) for with a $1200 limit yesterday, which I am transferring my highest APR balances over to. My goal is to have everything completely paid down by mid April (I will be quite the hermit!). I dont plan on carrying balances on the Discover, or any of my other cards, as I have achieved good financial stability and income, and have learned a lot, and will likely pay my cards off every month. I'm on the straight and narrow, and I'm sticking to it!

I was just puzzled by Cap One's naysaying...I'll pay it to $0 and see if they budge.

Re: Trouble with Capital One CLI??

FinStar — Sat, 02 Mar 2013 06:39:15 GMT

@Lkb273 wrote:
@Tazman81 wrote:
OP, also remember that utilization plays a big role in your credit score.

You stated "this low limit is limiting me from improving my credit!!!"

This is not necessarily true. While you are correct that getting a higher limit will help your score, but it is not because the limit is higher. It will only help your score if you get an increased credit limit, but do NOT increase the amount of credit card debt that you have. Another way to increase you score without the higher limit is to pay down your credit card debt to under 9% utilization.

However, I do still disagree with Captial One's practices of making it so difficult to get a credit limit increase, especially for long term customers. Have you considered trying to get a credit card with a local Credit Union?
Thanks for your reply . I am in full agreement with you. I am trying to get a higher limit to show lower utilization across the board. I am in the process of paying the card down to $0, and I would like to use it for reimbursable business travel expenses, so it would be paid off every month. I did just get approved for a Discover IT card (0% BT interest for 6 mo) for with a $1200 limit yesterday, which I am transferring my highest APR balances over to. My goal is to have everything completely paid down by mid April (I will be quite the hermit!). I dont plan on carrying balances on the Discover, or any of my other cards, as I have achieved good financial stability and income, and have learned a lot, and will likely pay my cards off every month. I'm on the straight and narrow, and I'm sticking to it!

I was just puzzled by Cap One's naysaying...I'll pay it to $0 and see if they budge.

OP: Don't be dismayed if they do not increase your limit. If I'm not mistaken, your other post(s) clearly mention evidence of pretty high utilization factors on your other cards - namely Macy's (90%+) and your recently CLD'd Express account (147%)? If given the whole credit picture, while you may be a longtime customer with Capital One, you still need to meet their elegibility criteria for extending additional credit. The EO number/contact info is not always a magic wand. Focus on lowering your current debts to maximize any credit extensions down the road.