Once you hit the mid 600 and on it's best to ditch CapOne and move on to greener pastures. Their subprime RARELY graduate to prime cards. CLIs are extremely sporadic. Customer service, if you can call it that, is basically non existent.
It ends up being a mutually agreed breakup. They don't want you anymore...and you probably don't want them. 
@remarc wrote:I recently got a letter from Capitol one about being pre-approved for a Cash Rewards card.. I called up Capitol One to ask if I could upgrade one of my current Platinum cards and they told me NO, I would need to apply for the cash rewards if I wanted a better APR and higher limit. I thought what I would do is keep the balance of the other two cards at zero which they currently are and I would just use the rewards card instead..
Capitol one denied me which is odd seeing they pre-arrived me and that when I checked my score before applying it was at E.639 EQ.698 Trans.659 and i hold only a balance on one other card over 4 cards which is under 35% ratio.. so my debt ratio is great right now.
I called to ask why and no one could give me a answer , just said i would get a letter in 7 to 10 days..
Why is capitol one so hard to work with.. they have only giving me 1 limit increase in two years.. ive never been late and never missed a payment. I feel like just letting my capitol one card sit in my draw and never use them... the annoying thing is it will hit my credit score for a hard pull..
Not a happy camper
on a side note.. what does it mean when people talk about a manual review of your credit regarding getting a card?
cheers
:m
1. Preapprovals are marketing tools. They don't mean a whole lot. Sorry you had to learn it this way, but you'll know in the future not to put too much stock in them.
2. Where are you getting your credit scores? The reason I ask is that you list all three and there are only a few places you can get your Experian FICO score. I'm wondering if you are listing FICO scores or what we call FAKO scores.
3. 35% utilization isn't really a great ratio. It's not horrible, but it's a little high. Under 10% is great. For optimal scoring, you want to have all cards but one report $0. It sounds like you've done that. For the one card reporting a balance, most people see the best result if that card reports 9% or less of its limit (that is 9% of that card's CL, not total CL across all cards). The balance that is reported for most cards is the statement balance. So you can control what is reported by paying your balance down before your bill is generated.
4. Regarding manual review, I assume you are referring to a reconsideration. You just call the creditor up and ask them to reconsider your application. Sometimes a computer will spit out an automatic denial and you can explain some of the reasons to a person. An example would be a denial for too many inquiries, and letting the person know that all/most of them were for shopping for the best auto rate.
Starting Score: ~500 (12/01/2008)
Welcome to the forums!
Your not going to know exactly what the denial reasons are until the letter comes but 35% util. probably played a role in it. how does your files look otherwise?
Your not going to know exactly what the denial reasons are until the letter comes but 35% util. probably played a role in it. how does your files look otherwise?
I also got denied after getting two seperate "pre approval" letters one month apart for a no annual fee no hassle cash back rewards card. It cost me a HP on all three reports. I was livid.
