I was approved for the Savor card back in September with a SL of $5000. I have been spending a lot on the card and PIF to meet the minimum spend for the $300 bonus.
I tried last month to request for a CLI was denied. The reason they provided is this:
" Your financial obligations as reported to us by credit bureaus are too high".
I am a little confused by this. Those who have followed my previous posts know that I have been paying of my debt over the past two years. I am now down to 12% reported utilization (actual 9%).
My current score is 715 across the board.
So what gives?
@Anonymous wrote:
@CreditPacMan wrote:I was approved for the Savor card back in September with a SL of $5000. I have been spending a lot on the card and PIF to meet the minimum spend for the $300 bonus.
I tried last month to request for a CLI was denied. The reason they provided is this:
" Your financial obligations as reported to us by credit bureaus are too high".
I am a little confused by this. Those who have followed my previous posts know that I have been paying of my debt over the past two years. I am now down to 12% reported utilization (actual 9%).
My current score is 715 across the board.
So what gives?
It goes beyond just your credit score and utilization. You need to have enough income to support all of your credit lines. Without your income posted it is hard to tell exactly but there is a good chance that the issue is not enough income.
You are also talking about Capital One who is good at giving out new cards but not so good at giving out CLI's
Thanks
Mark
@Anonymous they're not indicating income as a reason for the denial. My income is good enough that my DTI ratio is 2%.
@Dp23 wrote:
@CreditPacMan wrote:I was approved for the Savor card back in September with a SL of $5000. I have been spending a lot on the card and PIF to meet the minimum spend for the $300 bonus.
I tried last month to request for a CLI was denied. The reason they provided is this:
" Your financial obligations as reported to us by credit bureaus are too high".
I am a little confused by this. Those who have followed my previous posts know that I have been paying of my debt over the past two years. I am now down to 12% reported utilization (actual 9%).
My current score is 715 across the board.
So what gives?
I have had my Savor One as well since Sept. I think you have to wait 6 months. I will try to get a CLI when my statement closes next week.
@Dp23 It's actually 3 months. I got the "too new" denial in November and tried again in December. That's when I got a different denial reason.
From my personal experience with Cap One, I firmly believe they have denial reasons in a hat and when any CLI's are requested, they pick one or more from the hat and post it in the denial letter.
I would recommend waiting 6 months from account opening and try again.
Appearantely calling their executive office trying to get some quantifiable information on the denial reason was not successful.
I am really baffled that no one can quantify what is "too high" in my report. They told me to call Experian. I was like and tell them what? They don't provide you with a denial reason. They give you a report. The denial reason is your own language based on what's in the report.
What has been your experience getting a CLI on one of their premium cards after a denial?
@jcooks wrote:
@CreditPacMan wrote:Appearantely calling their executive office trying to get some quantifiable information on the denial reason was not successful.
I am really baffled that no one can quantify what is "too high" in my report. They told me to call Experian. I was like and tell them what? They don't provide you with a denial reason. They give you a report. The denial reason is your own language based on what's in the report.
What has been your experience getting a CLI on one of their premium cards after a denial?
Do you have any installment loans and a mortgage reporting? Also, you mentioned you've been paying down your debt. How much is the balance on your revolvers?
@jcooks No installment loans or mortgage; I have student loans which have not been a problem in the past. I have $150k in available credit, out of which I am using only $12k.