Cap One CLI denial- perplexing reason (at least to me)

[Slabenstein]

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@Anonymous wrote:

And this is why I'm confused as well. When they offered the 100 cl, I had the 32 inquiries already. I haven't applied for anything else because I want to app for the BCP next March. I checked my reports and al I see are soft pulls (cap1 included). 

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You sig says your current cards were opened between Jan and June of this year.  If your original CLI request was in July, did you have any accounts opened in June that hadn't reported yet at that time?

[Anonymous]

Yes, and of the 6, cap 1 "owns" 3- with their triple pull and all! NFCU, DISCO, and CITI own the other 3. I did 6 apps this year, 5 CCs and 1 mortgage refi.

I do understand the " too many inquiries" but, they did offer me a 100 cli when I had said inquiries in July. They're confusing me with the reason codes, that's all.

[Anonymous]

Thanks for the clarification. I do see the logic but they didn't have a problem with it in July when they offered me a cli. Maybe they've changed their UW policy regarding cli- who knows?

[Slabenstein]

When it's an actual reason and not just an excuse "too many inquiries" is really "too many inquiries relative to what else is in your profile".  So it's possible that, if you had a new non-Cap1 account that was not yet reporting in July but now is, you crossed some sort of indications-of-credit-seeking threshold for their algo that made your inquiries look riskier to it than they did before.  Similarly if, e.g., your util now is higher than it was for your first request.

[Anonymous]

My accounts were opened Jan, Feb, and June. Hmmmm, you've solved the puzzle! My last account didn't report till September, even though it was opened in June! (I still had the 32 inquires though)

Thanks @Slabenstein 

[Curious_George2]

Interesting DP. Thanks for posting it. 

If you are willing to share the breakdown, how many inquiries do you have on each bureau?

[Anonymous]

@Curious_George2 

EQ- 10 (2/Jan, 1/Feb, 7/May)

TU- 11 (1/Jan, 1/Feb, 8/May, 1/June)

EX- 11( 2/Jan, 9/May)

uti- 9%

-*** All 2020***
Before these, all other inquiries were from '18.

On a " dirty" scorecard- have 3 90 days derogs from '15 on my student loans.

Fico 8- EQ 700, TU- 732, EX-706( as of 12/27)

I plan to app for the BCP mid-March. If everything remains as they are (I plan on dropping my uti to less than 5% by then), do you think I have a chance with AMEX?

[Curious_George2]

Thanks. I think CapOne typically relies on EQ the most -- though I see them checking my reports at all three bureaus -- so it seems like from their perspective, in July you had 10/6 and 10/12 inquiries and 4 new cards and they were fine giving a CLI. Then in December, you had 0/6 and 10/12 inquiries with 5 new cards and they declined. I would not have expected the fifth new card to make the difference, but it kinda looks like that's what happened. Or, as you say, they might have tightened their underwriting standards in the interval.

I'm not qualified to comment on your chances of getting a new card from Amex. Maybe someone more knowledgable will chime in. Good luck!