Cap1 CLI denied

[Anonymous]

Used a backdoor #. My limit on my first re-builder is $800. It's hard to keep util low. I do tend to PIF.

I waited 6 months to request first CLI. $300 went to $800.

My scores have gone up. I waited for the card to age over 1 year old, thinking that would help.

They just said they couldn't approve a CLI because they've made a decision to only do CLIs on their automated, proactive review process. That it was no reflection on my credit. That the letter would explain more.

So, that sucks. I need one more TL I think. All I have is this rebuilder and a Macy's ($400), which I've used once.

Suggestions? My scores are low 700s. One chargeoff.

[jestan01]

Samething happened to me! I used the backdoor # twice, I was granted a $500 CLI after 8 months and my CL went from $500 to $1000, I waited another 6 months and was denied... I don't think Cap1 is giving CLI to anyone at this time. This account is over a year old and It's now stuck at $1k... Well, it's ok! I'm not calling anymore! I already have great CL from Amex, Citi and Discover... From now on the only action Cap1 will see per month is the $20 or less I will charge automatically, no stress! This card is a rebuilder and I was told I could only get a CL of 3k maximum anyway, it served it's purpose...

I think you should just wait when your scores are in proved and well over 700, then apply for a better card...

[Anonymous]

hey thanks for the feedback.

i'm wondering...as long as i have that chargeoff (DOLA 8/04, was MBNA, now B of A)...even though my scores may continue to increase (i'm 702-724)...i won't qualify for a "good credit" card, right?

two more years until it falls off. it's my last major baddie.

any thoughts on where to apply next? and at which score point? wait until 750? don't apply unless i get there?

wah. i need another major TL. not to mention another "emergency card."

b

[Anonymous]

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@Anonymous wrote:

hey thanks for the feedback.

i'm wondering...as long as i have that chargeoff (DOLA 8/04, was MBNA, now B of A)...even though my scores may continue to increase (i'm 702-724)...i won't qualify for a "good credit" card, right?

two more years until it falls off. it's my last major baddie.

any thoughts on where to apply next? and at which score point? wait until 750? don't apply unless i get there?

wah. i need another major TL. not to mention another "emergency card."

b

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This isn't necessarily so. Even in todays crazy credit market you might very well qualify for a "good card"  A lot depends on the rest of your credit report. How old is your Cap One card? How many inquiries do you have on each individual report?

If your TU score is good and you don't have a lot of inquiries, you might want to try Juniper. If you don't already have a lot of inquiries on EX. you might want to take a chance on Citibank. If EQ is good, maybe you should try a local or national credit union.

A little more information would be helpful.

[Anonymous]

Hi there. More information:

I have one chargeoff left (DOLA 8/04), one medical collection on EX only, 2 paid state tax liens (reporting as unpaid), one Fed tax lien that is almost paid off (January 2010), one paid civil judgment reporting as unpaid, about $50K of student debt that's current, 1 CC with an $800 limit, 1 store card $400 limit, 1 hard pull on each report that will age off soon, util is usually about 30% because I have one CC with a low limit (a rebuilder from Cap1) and it's not hard to get to 30% util.

Everything on the credit report summary is either "Good" or "Very Good." Scores aren't horrible. But...that [edited!] chargeoff and the paid state tax liens that just WON'T report correctly. 

Hope?

(edited to remove profanity, which isn't allowed in the forums per the User Guidelines and TOS. Please keep language clean when posting. -Scamp)

Message Edited by Scamp on 06-16-2009 02:39 PM

[hawkeye33]

My guess is the tax liens are hurting you pretty badly. Your scores are probably 30 - 50 points higher than mine, and I got a Capital One platinum MC about 4 months ago with a $3000 CL and on the Credit Steps program (automatic $500 CLI by 4th statement and another $500 by 7th statement.

I guess I would consider my Cap One only slightly sub-prime card (not in the same ballpark as the Credit Ones and Orchards of the world).

Work on trying to get those state liens to report correctly and see what that does. From what I understand, one thing that might work against your FICO score is that as you work through the issues with the liens, you could get reallocated to a different FICO bucket, so you could actually see your score go down when those get cleared up. However, overall, it's still what you want to do in order to move forward. 

[Anonymous]

I agree with hawkeye that you might want to work on getting those tax liens to report correctly. I don't know anything about liens but I do know that you want your report to look as clean as possible before apping. Also, have your Cap One report less than 9% when you apply.

Message Edited by VEEnVEGAS on 06-16-2009 05:13 PM

[Anonymous]

Here's how to keep your util low: Cap1 reports the balance you have the day the statement generates.  Just go to their website and initiate an online payment the morning of that day for the total current balance (Cap1 even lets you go 10% over your current balance, something I wish ALL my cards did!).   Your statement balance, and hence your reported balance, will only be whatever transactions post that same day.  Go ahead, charge up $800 of your $1K limit, just pay it before the statement date and your util may just be 0%!

Do this for two months with all your cards (don't do this if you carry a balance, you'll still need to pay the minimum after the statement date anyway)  and watch your scores jump!

[Anonymous]

thanks for the tip, mike! i wondered how all that worked, and when, exactly, to pay that bill.