Capital One CLI Again

[jenrn123]

Hi everyone,

I have been trying to get my 6 month CLI, due this past September (got my last one on March 15). I've been requesting every 2 weeks for the past 8 weeks and have been denied following a 2-3 day notice each time. I know a CLI isn't a given, but for the past 5 requests the denial letter shows that they used my credit score from 8/28/18. This happened as recently as my denial letter from yesterday. I thought that with a weekly update with their CreditWise service that they would also update my account, but apparently this isn't the case. Of course, CreditWise shows Transunion data vs the Equifax data that's listed in the denial.  

Has anyone else had this occur and does anyone have a suggestion to get Cap One to update my information without a HP? Also which Equifax score are they using to eval for a CLI?

Thanks!

[Anonymous]

Cap1 CLI depends on the card usage once the card is bucketed.  Whatever the decision their system did is final and you have to try again for 6 months.  They will not do manual review of your account or your credit file.  That's what I have read.  Some are getting CLI with heavy card use.

[Anonymous]

Hey!

Oh man, you shouldn’t be asking for CLI every two weeks, they won’t give it to you if they don’t feel like they can trust you with more credit. The weekly update is not the final month update, as far as I know, credit card companies use a monthly base credit score, not the weekly one that gets update every week. I’m not too sure about that but I’ve read something about that before.
Also, I’m not too sure if a CLI request results in a HP with Capital One. If it does, you just wasted A BUNCH of HPs but again, I’m not too sure about how it works with Capital One. If you don’t mind me asking, why do you want a CL increase so bad?

[Anonymous]

1. CapOne CLI is SP only, no HP.

2. 6 months wait time only applies to approvals, no time limit after denials. That said, 2 weeks is probably much too frequent.

3. CapOne is all about usage of your current limit, not enough usage is the most popular denial reasons. If that was your reasoning in the denial email, it doesn't matter if your score has improved to 850 unless you put heavy usage for a few months straight. My QS (now a grandfathered Savor) received its one and only CLI from 10k - 11k on 6/30/17 after initial spending for the SUB, it has since been denied for 8 straight requests for the same "not enough usage" reasoning, all three scores are in the 820s - 830s range.

[BrokenBones]

No point in trying every two weeks. I have two capital one cards that report on the 24th and the 28th so when I try for a CLI I usually try on the 1st. As you've witnessed yourself they will use reports that are two or sometimes three months old. Just keep trying once a month a day or two after they report your scores. 

[jenrn123]

Hi Broken,

When you say that your Cap 1 reports monthly, to what are you referring? Cap 1 reports to me a weekly update of my Transunion score on CreditWise. Or are you referring to the monthly update from Cap 1 to the CRAs after the statement close?

In any case, I typically wouldn't ask every two weeks except that they have been using an old FICO score from August and I keep hoping that they will update my score in the interim. Just wondering if anyone else who has experienced this particular issue has had success in calling Cap 1 for an update without a HP.

Someone else asked why I was asking for a CLI. It is to grow the limit on my cards with the long-term intent of combining my 2 Cap 1 cards to get a decent limit comparable to my other limits. Also, CLIs help my overall utilization. I am carrying balances on a couple of big purchase 0% finance offers and balance transfers pushing my overall utilization over 20%. Increasing my total credit limit will reduce this. I'm trying to get utilization down to under 9.5% but still able to carry a balance for the duration on my 0% offers.

[Anonymous]

Hello,
What is the reason for your denial?
Depending on the reason, they do have recommendations on how long before you should apply again.
https://www.capitalone.com/credit-cards/credit-line-increase/
Imo calling will get you nowhere. Capital One has horribly impersonal customer service and don't expect anything different that what they automatically read from the screen. You just have to be patient.
Credit Wise is for your use; it uses your Vantage score. I believe that Capital One uses FICO 8 to make the decision. I also think they do an occasional account review from a credit bureau and that's where they get your score from. So no surprise that it's old. Idk, I'm still a bit fuzzy on how that works.
I personally wait a month if I get a denial. I used to get "not enough spend" but I started putting ~$100 payment on the QS per month and they gave me a small CLI this time. I don't know if it's smaller because of my spend or because I'm reaching the limit of my bucket. Either way, I think at some point if you didn't start with a stellar score, you'll be bucketed and the CLIs will eventually trickle or stop.
Personally, I've found Discover, Navy Federal and AMEX to be a lot more rewarding for only a few hundred dollars spend per month. If you have those cards or qualify for them, it might be something to consider. Capital One you have to be patient with and take each no with a grain of salt.