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Capital One Savor CLI Denied

CreditPacMan
Established Contributor

Capital One Savor CLI Denied

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?

Current Cards:
Message 1 of 11
10 REPLIES 10
mark3038
Established Contributor

Re: Capital One Savor CLI Denied


@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

Please note; My postings are my opinion only. You can accept them or reject them. Thanks, Mark
Message 2 of 11
Dp23
Contributor

Re: Capital One Savor CLI Denied


@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.

Message 3 of 11
CreditPacMan
Established Contributor

Re: Capital One Savor CLI Denied


@mark3038 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


@mark3038 they're not indicating income as a reason for the denial. My income is good enough that my DTI ratio is 2%. 

Current Cards:
Message 4 of 11
CreditPacMan
Established Contributor

Re: Capital One Savor CLI Denied


@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. 

Current Cards:
Message 5 of 11
Dp23
Contributor

Re: Capital One Savor CLI Denied


@CreditPacMan wrote:

@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. 


Good info I didn't know that. I will try & see what mine says.

Message 6 of 11
jcooks
Frequent Contributor

Re: Capital One Savor CLI Denied

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.

 

 

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Message 7 of 11
CreditPacMan
Established Contributor

Re: Capital One Savor CLI Denied

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?

Current Cards:
Message 8 of 11
jcooks
Frequent Contributor

Re: Capital One Savor CLI Denied


@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?

Message 9 of 11
CreditPacMan
Established Contributor

Re: Capital One Savor CLI Denied


@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. 

Current Cards:
Message 10 of 11
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