Denied Quicksilver CLI

[DoctorManhattan]

Hey all,

So I applied for a CLI with my quicksilver and got the 2-3 day notice. Just opened the notice on the online documents and they denied my CLI because “my monthly average payment has been too low”. Mind you I pay in full every month.

My CL is $500 and my other cards are higher. I thank Cap1 for approving me in my credit recovery journey, but they should at least make up a better excuse.

[busted2]

They are saying you don't spend enough (hence payment can't help but be too low).

[CreditInspired]

Do you PIF on your other CCs? If no, that may be their reasoning. If yes, I would call and ask them to expound on their reason.

[DoctorManhattan]

I nearly max it out. I mean it’s only $500.

[DoctorManhattan]

Yes sir, just paid $1800 on my Venture One and 800 on my Discover. I pay it right away.

[chiefone4u]

Do you PIF before or after statement cuts? (Is your statement printing $495, $5 or $0? Exact not needed).... if your statement is always zero or always $495 the computer is most likely seeing no usage / no payment ($0 statement); or seeing insufficient payments to reduce debt (statement near max).

The above is purely theoretical, but fits with the reason codes I've seen and your denial and explanation.

[DoctorManhattan]

Oh okay I see. This may be the issue if it works like that.

[Anonymous]

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@chiefone4u wrote:
Do you PIF before or after statement cuts? (Is your statement printing $495, $5 or $0? Exact not needed).... if your statement is always zero or always $495 the computer is most likely seeing no usage / no payment ($0 statement); or seeing insufficient payments to reduce debt (statement near max).

The above is purely theoretical, but fits with the reason codes I've seen and your denial and explanation.

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The CapOne computer knows how much OP is spending each month. The amount reported doesn't matter.

This is my main problem with CapOne starter cards - low limits that don't grow unless massive spending is put through the card, which in this case would require cycling the limit a couple times a month, all in the hope that one will get a piddly increase of a hundred bucks or so. It's lost on them that although their idea of a business plan is great to them - sell off the subprime debt and the customer can just take another triple pull for a "better" card...which still usually falls short of other lenders' cards available with fewer pulls - most who are credit-savvy see this as ridiculous and just move on. Obviously their customer base is still huge but it seems it could be even bigger if they looked at things another way.

Anyway, sorry to digress - if your card is bucketed, it'll likely never grow much beyond its steps CLI.

[DoctorManhattan]

I’ve read on these forums that Cap1 rarely gives increases in starter cards, which is annoying because they will approve you for a card with 10x the limit.

[GApeachy]

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@Anonymous wrote:

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 if your card is bucketed, it'll likely never grow much beyond its steps CLI.

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That's ^^^^why I closed my bucketed card and got the Savor.

Yes OP, it's darn near impossible working with low limits, but they are there to serve a "step" up purpose. Maybe your Venture One can grow in time, gl!  CapOne just turned my cli request down today, and another card last week, and another different card week before last.....they may not be good at handing out cli's to us but they sure nailed the excuses/No's.  Why can't ccc's just say when "your card will be eligible" and give guidelines?