No credit card required
Browse credit cards from a variety of issuers to see if there's a better card for you.
Hello, so i ran into it during the pandemic and got my uti up to %138 at its highest point but generally around %70 percent for the better part of a year. After having made basically the minimum payment across all 5 of my accounts during that time I paid off all accounts last month and uti is currently at %1.
Last week I went for cli's just to see where im at with my actual scores (as opposed to online credit monitoring services) and saw that everyone except CapitalOne lists my scores as higher than theyve ever been (760-770 ex-trans-eq-fico8) they all denied me (which I anticipated) and list reasons for cli denial as 'balance to limit ratio too high' and 'payments made being too low', which was totally true up until last month.
Questions
1. How long do you think it will take for my balance and payment behavior/pattern to update in the system?
and
2. I noticed that on one of my CaptialOne cards (I have 2 from them) they used an Equifax score from 3 months ago when giving their determination. Is it true that CapOne only uses the score from the last time you initiated a hard pull on your credit with anyone or are they really just going off of a old score for their own reasons?
Thanks for any info you can provide!
Cap One does AR quarterly, not monthly.
The score pulled at that time is referenced on CLI requests, but score isn't the only thing used for a decision.
Spend on the card plays just as much into their decision, if not more.
You might run into a wall there because you carried a balance but that isn't synonymous with regular use with regular payments in full.
Might be a while, and they do expect you to use major junk of your limit before they will consider you for an increase (also, this needs to be over prolonged period of time, a month or two won't do it).
If all your cards have reported new/reduced utilization, wait for the next SP by your lenders and ask at that time. If they haven't pulled yet, they will be going by score/report from the last pull.
Thanks for that! Sounds right about what i was thinking.
When you say heavy spending and pif over a prolonged period, are we talking 6 mos, longer? Im not overly concerned with the limits on the CapitalOne cards (although i am back to following that blueprint as i was before the pandemic hit me i.e. high spend-pif before statement hits) but im more wanting to raise the limits on these cards so that when i app for a new card with a new company (Citi/Chase) my SL will hopefully be higher.
thanks again for the reply!
Which lenders are you trying to get CLI from?
Omg 😳
Chunk. I meant chunk.
Autocorrect, destroying lives since 2011.
@Remedios wrote:Which lenders are you trying to get CLI from?
Mainly my CapitalOne. My other cards do a hp when asking for cli so I havent asked for one from them. I tried to get preapproved for the Apple Card (inteding to deny whatever offer I got) because they are the only lender I know of that will show you your limit before acceptance and I wanted to see where I was at. They showed my shiny, new 770 score but listed as reason for denial 'high balances to cl ratio' which let me know they pull data other than just my score.
Cap One, six months should be sufficient to try, but it's kinda pointless if you have cards with better rewards.
Cap One is a pain when it comes to CLIs.
I think you should just wait one or two billing cycles so all cards update, then do your Citi and Chase apps (as long as you're under 5/24 for Chase).
I'm assuming you did not add any cards while your utilization was high, so you should be good to go.
If you go for those two, Citi first, they can be fussy about inquiries for some profiles.
Chase doesn't fuss too much about inquiries if everything else checks out.
I think new cards would be better than trying to squeeze blood out of turnip
@Remedios wrote:Cap One, six months should be sufficient to try, but it's kinda pointless if you have cards with better rewards.
Cap One is a pain when it comes to CLIs.
I think you should just wait one or two billing cycles so all cards update, then do your Citi and Chase apps (as long as you're under 5/24 for Chase).
I'm assuming you did not add any cards while your utilization was high, so you should be good to go.
If you go for those two, Citi first, they can be fussy about inquiries for some profiles.
Chase doesn't fuss too much about inquiries if everything else checks out.
I think new cards would be better than trying to squeeze blood out of turnip
Totally! Im kind of done with CapOne for the reasons youve stated and due to a few other shady tactics theyve pulled on me.
Im at 0 inquiries on TU and Eq and i think 3 on Fico8 that will fall off by December of this year (bought a new car in 2019 and waiting for the hp's to fall off) so im good there.
Do you think trying to raise my CL's before app'ing for a new card is pointless? My 2 CapOne cards were my first cards and my next card (Barclays) gave me a SL 2x my CapOne cards combined. I figured if i boost my limits when I go for Citi/Chase they will do the same and beat my previous cards limits.
It's not pointless, I'd try for increases as long as they are SPs.
I would not go for HP increases since that may or may not yield results but it can interfere with applications for new cards.
@Remedios wrote:It's not pointless, I'd try for increases as long as they are SPs.
I would not go for HP increases since that may or may not yield results but it can interfere with applications for new cards.
Thanks! Youre the best!