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Hello All,
I applied for Cap One Venture yesterday and was denied instantly, today I received an email with denial letter stating the following reason for denial
"Based on your credit report from Trans Union,number of bank cards tradelines opened in the last 24 months"
I contacted application service line and talked with representative as well as 2 supervisors but they kept telling to contact TransUnion which does not make sense as decision is taken by Cap One.
I have opened 8 accounts in last 24 months but Credit Bureaus should have only 6 as my last 2 AMEX cards haven't reported yet.. I was expecintg an instant approval but I am annoyed with denial because as far as I know there is no reconsideration department, is that true and I am pretty much done with this application or can anything be done?
My stats are as follows
FICO EX 748, EQ 716, TU 741
INQ EX 6, EQ 3, TU 3: 12 Months EX 4, EQ 3, TU 2
AAoA 20 months
Sorry to hear! I’m assuming you didn’t have a pre-approval, but neither did I when I apped with more inquires. The only other difference is I had a QS when I applied. Cap1 seems to be tightening the reins a bit, but with your scores, I would have been confident too.
If it’s any consolation, I don’t think your missing out on much.
Capital One charge-offs are up over 25% in the year from 2016 to 2017 (4%->5%) so they're tightening the belt for sure.
It's feasible they would decline you for a premium card based on higher underwriting standards than their rebuilder cards. The Venture is a premium card from them, with a premium sign up bonus, and they don't want to approve churners for sure.
Did you check to see if you were prequalified before apping?
It's pretty much a done deal OP. They've tightened the reins, especially on their higher-tier products. The old days of everyone getting approved left and right for QS or Ventures with moderate SLs are pretty much done for a while. Some would advocate to recon or engaging the EO but it will be a fruitless effort.
You also certainly already have alot better cards than Cap1 can offer you as well OP based on your signature. Cap1 will still approve Ventures/QS with decent limits if you don't have a ton of other banks from what I have seen, but they have certainly tightened up due to the up tick in their losses.
This doesn't make me feel warm and fuzzy about my plan to app for this next month. I have a lot more than 8 cards in the last 24 months.
If that's their real only reason for denying you, that would suggest they've implemented some Chase-like 5/24 rule or something similar.
@MrDisco99 wrote:This doesn't make me feel warm and fuzzy about my plan to app for this next month. I have a lot more than 8 cards in the last 24 months.
If that's their real only reason for denying you, that would suggest they've implemented some Chase-like 5/24 rule or something similar.
No rule. They've just simply tightened their UW criteria. Lenders adjust frequently to market conditions.
@Anonymous wrote:Sorry to hear! I’m assuming you didn’t have a pre-approval, but neither did I when I apped with more inquires. The only other difference is I had a QS when I applied. Cap1 seems to be tightening the reins a bit, but with your scores, I would have been confident too.
If it’s any consolation, I don’t think your missing out on much.
Yeah no pre-approval.. but I was confident I would get approved, oh well!!
@Anonymous wrote:Capital One charge-offs are up over 25% in the year from 2016 to 2017 (4%->5%) so they're tightening the belt for sure.
It's feasible they would decline you for a premium card based on higher underwriting standards than their rebuilder cards. The Venture is a premium card from them, with a premium sign up bonus, and they don't want to approve churners for sure.
Did you check to see if you were prequalified before apping?
Yeah no pre-qualified offer for Venture.. And I was thinking it should be an instant approval.. I already have better premium cards than Venture but wanted this for upcoming international travel expenses.. And I am not that a heavy churners compared to people they have approved recently