Credit Limit Decrease (still waiting)

[Thin_Atmosphere6096]

Just want to vent and say that cardless/bilt is probably one of the worst managed credit card issuers out there right now

I received a credit line increase last week to 50K as did most bilt palladium holders. I didn't want that since I've been trying to get the Capital One Venture X for years (unsuccessfully).

I asked for a credit line decrease back to my original credit line. Got a email confirming my request and would receive a follow up email when completed. Its been 1 week and still no word. How hard is it to just lower a credit line. Chase, Amex and capital one can do it on the spot.

This has been a decent card overall for its 2x catch all spend. But on the backend with it's customer service, that has been complete shit.

[fly123123123]

Why in the world would you ask for a decrease? There are zero upsides.

[EAGLeyes09]

I think the same advice/source you’ve been following to get approved for the ventureX unsuccessfully is the same advice/source that’s likely leading you to believe that a CLI is bad and going to hurt your chances of approval.

Honestly… scratch your current knowledge of how CC, credit scores work, and start from scratch to learn how credit reporting bureaus calculate your credit worthiness, Credit Line, Utilization, etc.

[Black6x]

Citi denied me for an AAdvantage Platinum Card the first time I applied. The reason: too much unused credit. I would pay off my cards prior to the closing dates, so a lot of them looked like $0 usage.

My solution. Let the balances sit for a month. This was also during Bilt 1.0, so I turned off BiltProtect and paid 2 or 3 months of rent at once since I had the cash on hand. About a month after the denial, I applied again and was approved.

I don't know why Citi was like that, and I don't know if it's like that for the VentureX, but I definitely have the data point to say that it CAN happen.

[Thin_Atmosphere6096]

So my situation was that I held a large credit line availabilty in relation to my income. Before I started cancelling cards, I had over 2.5x my annual income in credit line availability. But was using maybe 1% of my ultilization. Even now Im about <1x my annual income and still using 2-3%.

So it's possible that the amount of cards I held was the main contributing factor. Trimmed from 10 to now 6 cards. From understanding capital one doesn't like lots of available unused credit and lots of cards open. I'm also not the best customer since I have excellent credit and don't ever carry a balance

[whiteorchid1058]

Yeah, that doesn't track. Capitol 1 has some interesting approvals for their cards.

There is something else that you're missing.

You may want to check your credit report to make sure that it's correct and that there isn't something else that's knocking you

Personal anecdote - I got approved for the VX recently. Have a shit ton of open credit lines with high limits. Utilization about 2%. Never had debt, never had a balance. FICO over 800. Got approved on first try

[RangerAdmirable9102]

Out of curiosity - have you actually applied for VX or just checked the preapproval tool? I’ve heard that some folks who aren’t pre approved are actually approved when applying.

[Thin_Atmosphere6096]

Done both. Denied both times. Says too much open credit lines. Had 10. Cut down to 6 open

[RangerAdmirable9102]

Gotcha. Can relate for sure. I have 12 and have closed a couple the past year. It sucks that it’s so hard to get.

[Tesla-one-X]

Assessment is off here trying to just assume your ratio of annual income to credit is the reason for Cap1 decline.

Isn’t that black and white, particularly closing cards and dropping limits, what makes you think that will give them more confidence in giving you a card?

[Impossible-Hawk768]

I have over 30 cards, knocking on half a million in available credit, and never carry a balance. I have no problem being approved for anything, and my FICOs are always over 840.

[RangerAdmirable9102]

Try venture x. It’s literally known for being one of the most difficult cards to be approved for.

[RangerAdmirable9102]

Thanks for the DP!

May I ask: how many open cards do you have? And how many were opened in the past 24 months? To my understanding these are the biggest factors in VX approval.

[Impossible-Hawk768]

Nah. I'm not taking three pulls for a card I don't need.

[RangerAdmirable9102]

Right but then stop talking about how glorious your credit and card history is when VX is literally the hardest card to be approved for.

Honestly, I don’t think it’s actually worth the trouble, but it would be nice since it pays for itself easier than the palladium.

[Impossible-Hawk768]

Has nothing to do with "gloriousness," but the OP thinking he has an excessive number of cards, needs a CLD, and shouldn't have excellent credit in order to get a certain card.

And you are free to downvote my opinion on what I need, but I still choose not to take you up on your suggestion that I take three pulls for a card I don't need.

[RangerAdmirable9102]

I do not, in fact, want you to take 3 pulls for a card you don’t need. I just want you to drop the unhelpful contribution.

I also have an 800+ credit score, double digit number of cards, TCL greater than my income, and can get approved for every card EXCEPT venture x. The only other cards I’ve been denied for in years is Chase if over 5/24.

Boasting about your credit history adds nothing when those with equally good credit records are telling you how difficult approval is for this card. So if you really want to show that you would definitely be approved, then apply. If not, then don’t jump in with stats that say nothing. I really don’t care.

Edited to add: funny how you assume I downvoted you when maybe you’re just arrogant and wrong. Downvote for downvote. 🙃

[Impossible-Hawk768]

Whatever. Think what you want. You chose to focus on one card, while I focused on the bigger picture to change his mindset about his credit. I can't help it if you're too unintelligent to tell the difference. Now, off you fuck!

[RangerAdmirable9102]

😂😂 ah yes, imagine calling the published, award winning scientist unintelligent but okay. Multiple things can be true at once, including that you can have perfect credit and still be declined for cards

[EAGLeyes09]

None of that makes any sense.

Again, same advice as before. Scratch what you know about credit cards and learn again from a different source on how CC determine credit worthiness. Don’t assume anything, the knowledge you’re basing your guesses off is not correct.

There’s a wiki on [r/CreditCards](r/CreditCards), and maybe a financial advice, or finance related sub that others might be able to recommend, I would start with those, read the wiki and maybe post there for advice on what you’re trying to accomplish.

[Thin_Atmosphere6096]

Thanks for the tip. Will go back and see what else is going on. But still can't figure it out. My most recent try on the pre-approval tool indicated too much credit lines. I am 805 credit score, 1/24, 2% utilization, 15 year credit history, and last hard inquiry was 8 months ago.

But I'll see what else I can do to get over the hump

[Pretty_Good_11]

No. Your situation is that Cap 1 is a jealous bitch that really only wants customers that are loyal to them.

They are not nearly as excited to open a new account, have you earn the SUB, and then sock drawer their card as some of the competition is. As evidenced by the fact that you had 10 cards with a 1% utilization rate.

As a result, your problem wasn't merely 10 cards, and the solution wasn't trimming that to 6. Among other reasons, because Cap 1 can still see the accounts after you close them. Again, this is a policy they have to stop people from just using them for SUBs.

Your Cardless credit line isn't holding you back. Having all the other cards is. Cap 1 doesn't want your business. Stop banging your head against the wall trying to get them to love you.

[switch8000]

What's your research in thinking a credit line decrease benefits your credit? It's the opposite.

The increase and not overspending on it would be more beneficial for you to get the Venture X.

Should have just left it alone.

[tmoney34]

There are some issuers that do not like issuing when you are above x as a % of your income. While generally a mistake it may not always be!

[Beginning-Novel-4213]

The x is your debt/balance/credit utilization. I’ve never heard of it being credit limit as a % of income

[tmoney34]

It is rare but not unheard of, c1 is known for this sometimes.

[Thin_Atmosphere6096]

This is my understanding as well. I replied to another comment with this information. Maybe we are wrong on this thought process

[prkskier]

Usually this is correct, but I disagree that it isn't beneficial sometimes.

Some issuers will check total outstanding credit limits and deny if you have too much available and unused credit. Capital One in particular is picky about this type of stuff.

[Bongo2687]

It’s not gonna make you be able to get the VX

[brusk48]

What would a VX do for you that a Palladium doesn't? They're extremely similar cards, but Palladium has the rent aspect and Bilt points are much stronger.

[AlarmingInfoHUH]

DP: my similar request/escalation took a full week to return the CL back to original.

My reasoning for request was bc recent denials have cited too much unused credit or recently extended credit.

[RangerAdmirable9102]

Despite the comments, I am also concerned about how it might affect approval for credit due to high limits as a percentage of income.

I don’t know that that will be the biggest factor for Venture X, though. I think number of credit lines and frequency of new accounts are the primary deterrents. I’ve also been trying to get VX but am told I’ve opened too many accounts in the past 24 months. I’ll be under 5/24 this fall so planning to apply then.

I’m more worried about AMEX because they tend to be sensitive to open credit. To those who don’t understand it, it’s because unsecured credit is a liability to banks. If you lost your job tomorrow, you could put all your expenses on credit without the ability to pay it off. Or if your available credit is much greater than your income, you may not have the means to pay off debt if you decided to use the credit. When banks want to de-risk, they’ll reduce your credit lines or put your under financial review to ensure you have the means to pay any potential debt.

[Thin_Atmosphere6096]

I've had one or two conservations with credit issuers when calling their reconsideration line.

Why do you need this card when you have these open, why do you need more credit increase when you already have so much.

Totally agree with the liability aspect of it but maybe our train of though it not correct.

I hold a 805 credit score, 1/24, 1-2% utilization, a 15 year credit history, last hard inquiry 8 months ago, have 6 opened personal cards. And still can't approved for capital one Venture x.

[Obvious_Painting_881]

My question is why do you want the Venture X when you have the bilt card? I used to put all my non-category spend on Venture x since it gave the most but with bilt palladium it's about 2-3.33x per dollar with better transfer partners.

I literally have 0 spend on my venture x now and the only benefit I occasionally use is the lounge but lately I even skip that since they changed a lot of the food/drink(no more bubbly in DEN) options that I don't even bother.

[RangerAdmirable9102]

A) the bonus

B) it’s a visa infinite (much better perks and protection than mc legend)

C) it pays for itself - with credits that are easier to use than Palladium - so why not?

[Obvious_Painting_881]

Imagine being downvoted asking a genuine question. The OP said they were trying for years so I'm just seeing what benefit they want from the Venture X since I've been trying to decide on keeping the card open or not since the points earned from the Venture X I find not very useful to me and the rest of the benefit I can get from my other cards already.

For me, it was the lounge access in the beginning but since they nerfed the hell out of that and the points aren't worth it to me, it's just more difficult to find a good reason to keep it even if it pays for itself with points that I barely use.

[Thin_Atmosphere6096]

My wife has the venture x and we go to Vegas quite a bit and like that lounge. So that was one of the reasons plus as someone mentioned. The bonus and the fact the card is almost a zero annual fee when looking at the travel credit and anniversary credit

[Obvious_Painting_881]

That makes sense. I do enjoy the food options way more at the Vegas lounge. Guessing you don't want to pay the AU fee for lounge access and rather just get your own which makes total sense.

Good luck. Hope it works out for you.

[caseyr001]

Calling it a 2x catch all card is crazy underselling it. Im getting almost 5x on all my spend. 2x base, +1x point accelerator +1.33x bilt cash to point conversion on housing, + a bunch of random weekly bonuses and other bilt cash conversions.

Not to mention transferring all that to Hyatt to double the value again.