@Anonymous wrote:At the start of your post you stated that your denial reason was credit usage too high, then later in the post say you received the "same" denial reason of credit usage too low. Which is it?
These are very different things. Credit usage too high suggests high utilization where you're at an elevated risk (in their eyes) and they don't want to extend more credit to you as a result. Credit usage too low means in their view you're not spending enough on their card or using enough of your current limit to justify a CLI.
Your guess is as good as mine because my credit usage was high last month but paid off and Cap1 gives me another denial based on credit usage too low???... Just shows how Cap1 is and why I hate this card, but whatever I have a thin file and I have to deal with them in order to get what I want in the end
I'm not sure of these reason codes, but if you are doing balance transfers then those are not swipes. I would think that is what they mean with the credit usage too low.
As the other poster said, do swipes as well and pif or off in chunks. I also think they have a CLI per 6 month rule. If thats not so, point it out.
@Anonymous wrote:
@Anonymous wrote:At the start of your post you stated that your denial reason was credit usage too high, then later in the post say you received the "same" denial reason of credit usage too low. Which is it?
These are very different things. Credit usage too high suggests high utilization where you're at an elevated risk (in their eyes) and they don't want to extend more credit to you as a result. Credit usage too low means in their view you're not spending enough on their card or using enough of your current limit to justify a CLI.
Your guess is as good as mine because my credit usage was high last month but paid off and Cap1 gives me another denial based on credit usage too low???... Just shows how Cap1 is and why I hate this card, but whatever I have a thin file and I have to deal with them in order to get what I want in the end
Cap1 is no different than most of the lenders today. CLI's used to fly in. But times have changed. Just because we use a card for whatever amount doesn't entitle us to a CLI whenever we want. Its their money we borrow. Not ours. Dont hate. Just play the game.
@Anonymous wrote:I've found Capital One to be quite conservative with CLIs and I think that's a good thing. If I'm only putting (say) 25% of my limit through their card per cycle and paying it off in full, that doesn't show them that I "need" a greater limit. On a $10k credit line, that's $2500 which may seem like a good spend in terms of dollars, but percentage wise there's still plenty of breathing room there and absolutely no reason a CLI should be given.
Contrast that to Amex or Discover that will give someone a CLI when they are using 0%-1% of their credit limit during a cycle. It's lenders like Amex and Discover that cause us to get pissed about those like Capital One in this example... but Capital One is really the "smart" one here and Amex and Discover are the idiots from a business perspective in terms of risk/reward.
This post is a example of how wrong you are, when people with BKs get CLI from $5k to $8k with Cap1, who’s really the idiots? Who’s running the risk vs giving someone a CLI with no BK? I only have a $4500 CL and that’s been over the long run of 4 years, so that $1290 I used last month is using the credit line I was given, which I made a mistake and stated I was denied for usage. It seems I am being denied for recent use of credit line too low, will they say the same thing next month, when I have used $2500 of the credit line? I will be at a 55% debt ratio instead of the 28%, of last month, which I expect my score to drop farther. I do expect to get a CLI, but since this automated process is delayed, it may take 1 more balance transfer to show them credit line is being used
