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So my fiance has had his QS for over three statements. Figured we could try and see if he'd be able to get a CLI and he was denied because "Credit bureau information is missing or unavailable."
Anybody have any idea what this means? He definitely has scores and totally positive reports with several TLs (4 revolving, 1 auto loan, student loans) He also still prequals on their site for QS and Venture so it doesn't look like they're having trouble with SP him.
ETA: Definitely does not have any reports on ice either.
Is everyone out there as clueless as I am? Would a CSR know?
@Anonymous wrote:Is everyone out there as clueless as I am? Would a CSR know?
The first question is difficult to answer without sounding condescending, and that would not be my intention, since by answering "no" I would mean; there are people out there with direct information that can be helpful to you, not that you are clueless.
The second question, possible answer is no.
I don't have direct experience with this, but if I recall there may be a 6-month wait for credit steps, and 3 months may be a bit early.
Others can weigh in to help with your first question, and it is possible a CSR would know, but not a certainty.
What is the credit limit on the card? Sometimes that has a bearing on the possibilities.
His is a regular QS, not a QS1 so if I'm not wrong, he is not in credit steps. His card has a $5k limit.
You could be right in saying he may need to wait for 6 months though. I thought we'd give it ago because I was awarded CLIs after my second statement. But we all know YMMV. However the denial said nothing about insufficient experience or anything like that. Just the reason I mentioned above, that credit bureau information is missing or unavailable.
@Anonymous wrote:His is a regular QS, not a QS1 so if I'm not wrong, he is not in credit steps. His card has a $5k limit.
You could be right in saying he may need to wait for 6 months though. I thought we'd give it ago because I was awarded CLIs after my second statement. But we all know YMMV. However the denial said nothing about insufficient experience or anything like that. Just the reason I mentioned above, that credit bureau information is missing or unavailable.
Ok, with $5k that changes the answers.
$5k is not a small initial limit, and with Capital One, there is a high probability this is The Final Limit for this card. It is possible it will not increase.
The most efficient way to get a higher limit is to keep using this card, show Capital One good payment usage for 6 months to a year, try the on-line CLI tool to see if that responds. if it does not, and even if it does give CLI, then after a year the best thing to do is apply for a new card, such as Venture, and get a multiples higher CL. The first year will be no AF, and then he can decide whether to combine the limit with the existing QS after 6 months of the Venture being open.
I've had a Capital One Platinum since 2003, it has always been $10k, and never got a CLI with several asks over the last year. I recently PC'd it to a QS, then went ahead and applied for the Venture when I heard about the combining cards option. My Venture is $30k. His mileage will vary, but it is likely a Venture in a year will be $10k or more, and that can be added to the existing QS after 6 months.
People don't like the 3 HP that Capital One uses, but this is just the way they work: if you really want a significantly higher limit, the best way is to keep your current card active, and then apply for Venture and know they will do 3 HP, then move forward with the nice larger limit.