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How to interpret Cap One CC Denial...

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Andy77
Valued Contributor

How to interpret Cap One CC Denial...

 

 

The denial reasons were:

 

Too many recent inq (this will correct over time)

Too many new revolving accounts (this will correct over time)

Number of revolving accounts...

 

 

How do I fix if I get declined for the number of revolving accounts, should I close some I am not using ?

 

 

 

Message 1 of 4
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Anonymous
Not applicable

Re: How to interpret Cap One CC Denial...

I think the number of revolving accounts ties in with the new revolving accounts reasoning. Capital One (I'm sure someone will correct me if I'm wrong) seems to be a bit timid when it comes to extending credit, so the fact that you have new revolving accounts that they haven't seen you use responsibly for an extended period of time could have led to the too many revolving accounts reasoning. I'm sure over time your number of accounts won't be a huge factor in a denial or approval, but rather your income in relation to the revolving accounts and their limits. I'm not sure who it is on here, but one member has 60+ cards and gets approvals regularly, so I wouldn't stress it too much.

 

 

I'm sure some of the more experienced members will chime in soon, but that's my .02. (experienced members feel free to correct me, I'm here to learn)

Message 2 of 4
yfan
Valued Contributor

Re: How to interpret Cap One CC Denial...

From your card lineup, you seem to already have at least one Capital One card (the venture). Capital One may be reasoning that given the number of accounts you have, if they give you a new card, you are unlikely to use it much.

Message 3 of 4
Andy77
Valued Contributor

Re: How to interpret Cap One CC Denial...

 

 

I did not update my cards on here.  I have two cap one cards..one with 20k limit that I use to about 2k month and PIF.  Been open 5 months.  One 3 weeks old 10k limit.

 

I had applied for their spark card for business.

 

I previously had 4 cap one accounts with small limits around 3k each that I paid off and closed a few years ago.

 

I got approved for another cao one card a month ago with a 10k limit, charged up to 7500 and pif before first statement cut.

 

 

I have a feeling the denial reason is not because of the new cards they gave me recently, but more so because I opened like 10 accounts in 2014.

 

I will just wait ....

Message 4 of 4
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