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@Anonymous wrote:
Hello, This is pretty much a frustration post: I did a CLI a few times last week and I get the document in my account showing denied due to credit score and income and my current credit card utilization. My income is well over $100k and my Equifax FICO8 (which it says they are using) is 678 and my utilization is 1%. They are showing me an Equifax score of 577??? It also shows the date of the report as 1-1-2019. Even then, my score was not 577. I told them even when I log in to my Capital One account, my score is 100 points higher and they said, I'm sorry sir, you will just need to try again in a few months. Where are they getting this score and what utilization are they looking at? I called them many times, spoke with supervisors and even the useless facebook chat. No one can give me an answer and everything they say is scripted no matter what I ask, they revert to the same exact answers. I emailed the CEO yesterday afternoon so I am hoping someone reaches out to me this week.
If one of the reasons you were denied a CLI was utilization, can you estimate what it was at the time and what is it now? Your income is great and even if they posted that as a reason, it isn't unless your current DTI is very high. Realistically though, you can make it to an 850 credit score but it doesn't mean they will give you a CLI. I have been denied increases by CapOne for reasons that I feel don't make sense either.
That would make sense then if it isn' FICO8. I literally max the card out monthly and pay it off before it's due. Usually, I pay several times during the month as I use it often for the 1.5% cash back.
@Remedios wrote:
Capital one is not likely to give a CLI without a significant use of their cards.
Score plays a very small role in that process.
Also, cap 1 uses an older scoring model, not classic FICO 8. That's probably what's causing score discrepancy you're seeing.
@Anonymous wrote:That would make sense then if it isn' FICO8. I literally max the card out monthly and pay it off before it's due. Usually, I pay several times during the month as I use it often for the 1.5% cash back.
@Remedios wrote:
Capital one is not likely to give a CLI without a significant use of their cards.
Score plays a very small role in that process.
Also, cap 1 uses an older scoring model, not classic FICO 8. That's probably what's causing score discrepancy you're seeing.
Another thing to take into consideration is your card being in a *bucket* if you were approved when your profile was in worse shape. Those cards either grow slowly or not at all.
Maybe it's time you look at different lenders.
@Remedios wrote:
@Anonymous wrote:That would make sense then if it isn' FICO8. I literally max the card out monthly and pay it off before it's due. Usually, I pay several times during the month as I use it often for the 1.5% cash back.
@Remedios wrote:
Capital one is not likely to give a CLI without a significant use of their cards.
Score plays a very small role in that process.
Also, cap 1 uses an older scoring model, not classic FICO 8. That's probably what's causing score discrepancy you're seeing.
Another thing to take into consideration is your card being in a *bucket* if you were approved when your profile was in worse shape. Those cards either grow slowly or not at all.
Maybe it's time you look at different lenders.
I have Amex. I was looking to avoid an inquiry and since I already have the card I figured it makes sense for requesting a CLI. At this time since I'm down to 1 and I'm just letting my average age hit 6 years since It's currently at 5y,6mo right now. I am pre-approved for several Amex cards and every time I log in to Amex it prompts me to upgrade to Platinum but I'm just giving it a little more time.