Cap1 Denied for Too many Inquiries?

[FICOEmpire]

I apped for a Cap1 ventureOne a couple weeks ago and was approved for 10K @ 16.9 apr. I tried immediately to app for the Venture and was denied. When the denial letter arrived it gave the reason : Based on your credit report from Experian, there have been too many recent inquiries

I had also been approved for a BOA card about a week before this and that's it for apps for 2015. I had been in the garden for 11 months. Looking over my EX report I have 3 inquiries from 11/14. So adding the BOA inq plus the just added VentureOne inq that made 5 within the last 12 months when I tried for the Venture. I guess Cap1 is saying 5 inqs is too many for an approval?

I wonder if I had waited one more month if I would have been approved for the Venture? Really wanted that bonus.

Anyhow, just a data point for everyone.

[taxi818]

---

@FICOEmpire wrote:

@I apped for a Cap1 ventureOne a couple weeks ago and was approved for 10K @ 16.9 apr. I tried immediately to app for the Venture and was denied. When the denial letter arrived it gave the reason : Based on your credit report from Experian, there have been too many recent inquiries

I had also been approved for a BOA card about a week before this and that's it for apps for 2015. I had been in the garden for 11 months. Looking over my EX report I have 3 inquiries from 11/14. So adding the BOA inq plus the just added VentureOne inq that made 5 within the last 12 months when I tried for the Venture. I guess Cap1 is saying 5 inqs is too many for an approval?

I wonder if I had waited one more month if I would have been approved for the Venture? Really wanted that bonus.

Anyhow, just a data point for everyone.

---

Basically because you did not wait 30 days in between apps. Cap one will give you any reason they can think of. so don't base it off the approval of other lenders. just go back to the pre approval site and if it comes up again then app. otherwise if not. its not time yet. and be sure. it will come back again.

[FICOEmpire]

---

@taxi818 wrote:

---

@FICOEmpire wrote:

@I apped for a Cap1 ventureOne a couple weeks ago and was approved for 10K @ 16.9 apr. I tried immediately to app for the Venture and was denied. When the denial letter arrived it gave the reason : Based on your credit report from Experian, there have been too many recent inquiries

I had also been approved for a BOA card about a week before this and that's it for apps for 2015. I had been in the garden for 11 months. Looking over my EX report I have 3 inquiries from 11/14. So adding the BOA inq plus the just added VentureOne inq that made 5 within the last 12 months when I tried for the Venture. I guess Cap1 is saying 5 inqs is too many for an approval?

I wonder if I had waited one more month if I would have been approved for the Venture? Really wanted that bonus.

Anyhow, just a data point for everyone.

---

Basically because you did not wait 30 days in between apps. Cap one will give you any reason they can think of. so don't base it off the approval of other lenders. just go back to the pre approval site and if it comes up again then app. otherwise if not. its not time yet. and be sure. it will come back again.

---

Thanks taxi. I had been getting prequalified for the past couple months everytime I checked. Now the prequalification is gone. I too thought to just wait until the prequal comes back but why is it many posters around here have successfully gotten back-to-back approvals pairing Venture with Venture1/QS?

[taxi818]

---

@FICOEmpire wrote:

---

@taxi818 wrote:

---

@FICOEmpire wrote:

@I apped for a Cap1 ventureOne a couple weeks ago and was approved for 10K @ 16.9 apr. I tried immediately to app for the Venture and was denied. When the denial letter arrived it gave the reason : Based on your credit report from Experian, there have been too many recent inquiries

I had also been approved for a BOA card about a week before this and that's it for apps for 2015. I had been in the garden for 11 months. Looking over my EX report I have 3 inquiries from 11/14. So adding the BOA inq plus the just added VentureOne inq that made 5 within the last 12 months when I tried for the Venture. I guess Cap1 is saying 5 inqs is too many for an approval?

I wonder if I had waited one more month if I would have been approved for the Venture? Really wanted that bonus.

Anyhow, just a data point for everyone.

---

Basically because you did not wait 30 days in between apps. Cap one will give you any reason they can think of. so don't base it off the approval of other lenders. just go back to the pre approval site and if it comes up again then app. otherwise if not. its not time yet. and be sure. it will come back again.

---

Thanks taxi. I had been getting prequalified for the past couple months everytime I checked. Now the prequalifcation is gone. I too thought to just wait until the prequal comes back but why is it many posters around here have successfully gotten back-to-back approvals pairing Venture with Venture1/QS?

---

Thats because they are using that trick of apping within 1 min of each other. So thats how to do it. My brother has 2 ventures and 1 venture 1 card. he simply waited 30 days or so between apps and it came back. Also me. When i first apped the Venture i was Denied. but my Eq was frozen. I waited 30 days and tried again. Instant approval.

[ddemari]

when I cold apped for venture they gave me any reason under the sun to deny me, like balances are too low on credit cards, amount of credit cards reporting a balance is too low, etc. 30 days later applied with a prequal and instant approval! 

[FICOEmpire]

Thanks again taxi and ddemari. So you think the too many inquiries is bogus? If I wait until next month when the prequal shows up again, is there any chance of getting two apps with one more set of triple pulls? The Venture and maybe throw in a QS to maximize the triple-pull (which is what I tried this time, unsuccessfully)? And if so, should I use 2 browsers and be ready to hit submit on both at the same time or submit the second one immediately after the, hopefully, instant approval of the first?

[OmarGB9]

Typically people apply for the Venture/VentureOne and then a QS back to back, not both Ventures back to back. Don't know if that has anything to do with it, but it might. Also, yes, after 30 days you should be good to go for another card.

[Anonymous]

My end of Sept Venture and VentureOne approvals were back to back and within a couple of minutes of each other. Had prequals showing and did the prequal in two different browsers. Went for the Venture first and after approval circled back and went for the VentureOne within a couple of minutes and was approved for that as well. 

[Anonymous]

---

@FICOEmpire wrote:

Thanks again taxi and ddemari. So you think the too many inquiries is bogus? If I wait until next month when the prequal shows up again, is there any chance of getting two apps with one more set of triple pulls? The Venture and maybe throw in a QS to maximize the triple-pull (which is what I tried this time, unsuccessfully)? And if so, should I use 2 browsers and be ready to hit submit on both at the same time or submit the second one immediately after the, hopefully, instant approval of the first?

---

I don't think you're going to be able to utilize the 3 HPs from your original application for another card. You will need to wait a minimum of 30 days before trying to app again.

[takeshi74]

"Too many inquiries" means "too many inquiries for your credit profile" with any creditor.  The impact of inquiries is relatively small.  If you're getting cited for inquiries then there are concerns with bigger factors in your profile.

---

@FICOEmpire wrote:

why is it many posters around here have successfully gotten back-to-back approvals pairing Venture with Venture1/QS?

---

Credit profiles vary.  Everyone's credit isn't identical.  Don't rely solely on the creditor. number of inquiries, etc and don't assume that all applicants are identical.

In other words, X can be "too many" for one and not a concern for the next, depending on profile.