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Capital One strangesness on CLI request


teamgreen
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4 hours ago, teamgreen said:

I requested an increase on one of my capital one accounts and they denied me citing a two month old credit report with an inaccurate score on it. Anyone else have a similar experience. They pulled equifax . 

 

It's not unheard of that a creditor will rely upon an earlier AR pull to make a CLI request decision.  Out of curiosity, why do you state the related score was "inaccurate"?

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7 hours ago, hdporter said:

It's not unheard of that a creditor will rely upon an earlier AR pull to make a CLI request decision.  Out of curiosity, why do you state the related score was "inaccurate"?

The score was in the 500s and dated 11/24. I know my scores were in the high 600s fico. Maybe theres another score they were looking at? Just said equifax. 

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Two observations:

 

-- As frequently noted in this forum, there are a handful of FICO score variants as well as different versions.  So, yeah, it's most likely the case that the score cited by Cap 1 is different from the score you're referencing.  Without further information, they could be using a FICO 5 score whereas the score you're referencing may be FICO 8.  Or, they may be citing a "industry enhanced" credit card score, whereas you may be citing a mortgage score.

 

-- Most pertinent to your denial is the key reason cited in your rejection letter.  Understand that more adverse decision letters cite one or two credit factors that were key to their rejection and, separately, will list the key factors that were most important in depressing your credit score.  Don't confuse the two; you want to focus on the credit factors that are cited in direct reference to the rejection (not the added credit score explanation).

 

If, when you review the factors that are cited as being most responsible for the rejection, you find that there is inaccurate or outdated information, then it's worthwhile to call Capital One to request reconsideration.  If pulling a new credit report will provide information that favorably updates the information they've flagged, then request that they do a new pull.  (Note, frequently in pulling a second time, it's likely that they'll pull the report from a different CRA than Equifax.)

 

I'll note that it's not entirely clear to me how you determined that the decision was based upon a previous credit report inquiry from two months ago (although, if their letter dated the pull, then that fact is cut and dried). 

 

Generally, my advice after a CLI request is denied is to simply sit pat for 6 months and then try again.   It's too easy to fill up a report with extraneous, non-productive credit pulls.  On the other hand, if you're confident that they based their decision on a out-dated report and that your credit picture has since improved,  it 's worth giving a recon a shot.

 

 

 

 

 

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4 hours ago, hdporter said:

Two observations:

 

-- As frequently noted in this forum, there are a handful of FICO score variants as well as different versions.  So, yeah, it's most likely the case that the score cited by Cap 1 is different from the score you're referencing.  Without further information, they could be using a FICO 5 score whereas the score you're referencing may be FICO 8.  Or, they may be citing a "industry enhanced" credit card score, whereas you may be citing a mortgage score.

 

-- Most pertinent to your denial is the key reason cited in your rejection letter.  Understand that more adverse decision letters cite one or two credit factors that were key to their rejection and, separately, will list the key factors that were most important in depressing your credit score.  Don't confuse the two; you want to focus on the credit factors that are cited in direct reference to the rejection (not the added credit score explanation).

 

If, when you review the factors that are cited as being most responsible for the rejection, you find that there is inaccurate or outdated information, then it's worthwhile to call Capital One to request reconsideration.  If pulling a new credit report will provide information that favorably updates the information they've flagged, then request that they do a new pull.  (Note, frequently in pulling a second time, it's likely that they'll pull the report from a different CRA than Equifax.)

 

I'll note that it's not entirely clear to me how you determined that the decision was based upon a previous credit report inquiry from two months ago (although, if their letter dated the pull, then that fact is cut and dried). 

 

Generally, my advice after a CLI request is denied is to simply sit pat for 6 months and then try again.   It's too easy to fill up a report with extraneous, non-productive credit pulls.  On the other hand, if you're confident that they based their decision on a out-dated report and that your credit picture has since improved,  it 's worth giving a recon a shot.

 

 

 

 

 

Im on the phone with them now. They say only do a soft pull so either way wouldnt hurt. He couldnt find an explanation why they pulled from November 24, 2020 but said I could try again right now or in a month, etc. Guess it is what it is for the moment.

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There was a time when CrapOne didn't even offer CLIs. You had to just open additional cards then combine them later.

That is false. CapOne has always had CLIs.

The only reason Mr. Jugg's suggestions of opening a new account and doing a combo were so great is because you could get a higher limit that way than you could from a normal CLI request.

Chase is the same way, too.
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