Welcome to the Cap1 life. Unfortunately, your card was probably bucketed meaning it won't grow very much, fast, or maybe at all. When you apply you get your cards put into certain "buckets" depending on your creditworthiness. Unfortunately, those buckets can't be changed. All you can do is apply for a new card and hope you end up in a better bucket. Maybe combine a couple to get a higher limit. I'm not saying they can't grow, because I've seen someone take a $300 card to $20k, so it's possible, but it also took a really long time. Doesn't help that they've pulled tight recently on apps and credit limit increases.
@Shaed251 wrote:
I have been with Cap One for almost 2 years. I started with a secured card that I closed with an $800 limit because I went to the QS1. It was apart of the step up program and had a $500 limit. This was back in March 2017. I got a credit limit increase to $700 in Sept 2017. I tried for another CLI in Nov and was denied because a change to my credit limit was too recent. Long story short, I have not received another CLI since because they are now saying too many recent inquiries (I am trying to get a house). I was told it would be better to just apply for a new card than keep trying for CLI, so I did and was denied for both a QS and Platnium Cap one. This frustrates me because I've paid my QS1 on time and every month in full!! My credit scores are Ex 638 TU 618 and EQ 603. Now I know they aren't the best, but they aren't the worst either. I also have a Merrick Bank Card w/$1400 limit and NY and Co $950 and VS $250. I pay each card in full every 25 days. I really dont like a lot of credit but I'm trying to get higher limits to better my chances with purchasing power. Any suggestions?? I don't want to keep pulling my credit and getting HPs but Cap 1 has denied me for CLI the last 9 months and have only given me 1!! My debt is relatively low and I'm on time with ALL my bills EVERY month.
There's something missing you didnt reveal. You should be more further along in your credit history for 2 yrs. Especially with Cap1. If you would like to share with the gang, maybe we can help you. Your scores should be higher with what you posted. How many inquiries, any derogs, lates from the past. Its just not matching with 5 cards and always pay on time. And a score of 603.
As stated by FireMedic1 - at 2 years, you should definitely better then where you are currently at. It would help knowing what's on your report that is possibly holding you back.
@xaximus wrote:
As stated by FireMedic1 - at 2 years, you should definitely better then where you are currently at. It would help knowing what's on your report that is possibly holding you back.
Glad you agree. Hope OP returns so we can help.
Capital One seems more conservative on bucketed cards than it was even a couple of years ago. If you're paying in full, the limits...no matter how small, aren't hurting you. Try the AZEO method and don't apply for anything until AFTER you get your house. Best wishes.
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Cap 1 gives you a multi-page letter with reasons a CLI is declined. Which of those reasons apply to you?
The NY and Co card and VS is only about 7 months and I have another loan for $8500 that I got in May that I've paid on time. I also have $133k in student loans but they are paid on time as well because all my bills are paid on autopay.
I do not have any car notes or mortgage at this time. I do have several student loans from 2005 to 2012 that are showing a few late payments but I'm currently disputing those because they were in deferment. I also have a Ch7 bankruptcy that was discharged in 2012. So, yes, a lot of things I didn't mention. Sorry
I do not have any car notes or mortgage at this time. I do have several student loans from 2005 to 2012 that are showing a few late payments but I'm currently disputing those because they were in deferment. I also have a Ch7 bankruptcy that was discharged in 2012. So, yes, a lot of things I didn't mention. Sorry
Usually Cap1 is BK-friendly so something else must be irking them. Late payments may or may not be, but since they are aged and much older now, it may not be impacting as much. In the BK, did you include Cap1? If so, that could be a reason. Also, I would see if there's anything else that's keeping your scores down. With all that stated - my guesstimate (IMHO) you should still be in the mid 600's atleast.
Have you run your reports and looked at the negatives? If you go on each CRA's websites - I would sign up/login and look at the negatives that you can dispute on. I wouldn't file anything but just get an idea of the negatives listed.
Have you run your reports and looked at the negatives? If you go on each CRA's websites - I would sign up/login and look at the negatives that you can dispute on. I wouldn't file anything but just get an idea of the negatives listed.