Should I add more cards?

[creditguy-378]

you should go with the capital one they are really good at giving great limits and there is NO Foriegn Trans. FEE and that is great that will save you 3 to 5%

[vish1]

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@creditguy-378 wrote:

you should go with the capital one they are really good at giving great limits and there is NO Foriegn Trans. FEE and that is great that will save you 3 to 5%

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What is the source of this info? IMO and based on what we hear on the forums often, CAP1 is stingy with limits (they are OK with their venture card but not great).

If the OP is expecting to be traveling a lot and as he has good scores, OP may want to look at Chase BA which is from a much better bank, has no foreign transaction fee and has 50k bonus miles.

[kyle7610]

Hmmm.....

Applied for the Capital One VentureOne a few moments ago.  Denied.  No specific reason given.  Advised that they would follow up in writing in a couple of weeks to further explain why.

Not sure what the deal is.  Maybe the recent inquiry with AMEX for the Blue Cash?  I re-financed a car loan through a different lender at the beginning of this year.  Perhaps a lack of history?  

I'd kinda like to ask for reconsideration.  The credit limit is not important to me.  I'm fine with working my way up in the world.  Can anyone suggest when would be the appropriate time to call and speak with someone?  As I said, I have no negative information on any bureau report, so I'm thinking the the reason behind the denial may be a lack of history/thin credit file.

[kyle7610]

A little update:

- As it turns out, I guess I was not denied by Capital One.  I wasn't instantly approved (which their wording seemed to imply was a denial), however, a phone call to their appstatus line revealed that my app is still being reviewed.  It's been that way for a few days, so I don't know when I'll get the final decision.  I just got a pre-approval notice for a Cap One Platinum MC today, so I think I may have a fair chance of approval for the card I applied for.

- Was approved for Blue Cash with a $2000 limit and a Chase Freedom MC with a $1500 limit (Neither is official yet as I haven't received the cards)

.

My credit card "roster" now looks like this:

Discover More - $4000

-and the new cards-

AMEX Blue Cash - $2000

Chase Freedom MC - $1500

Capital One Venture One - Under Review & Awaiting Notification

So, in light of this, should I just stay put for a while?  I'll probably apply for a Visa of some sort if the Cap One app is denied, but other than that, I couldn't think of anything glaring that would be beneficial.  I don't really frequent any one retail store right now to benefit from a store card.  I also don't plan on making any large purchases or carrying a balance any time in the near future, so a lot of these extended 12-21 month 0% APR offers really are of no use to me right now .

Any advice?  Thanks in advance.

[tinuviel]

Congrats on the new approvals!!!

I would sit back and wait for Cap1 to make a final decision regarding the Venture card before doing anything else. Good luck, and I hope that you get it!

[kyle7610]

Okay, another update:

- Received word from Cap One.  Denied.  Cited insufficient accounts, lack of credit history, lack of utilization of the one I have (which I feel is laughable), and too many inquiries (I've applied for 3 credit cards including the Cap One in about a week's time).

- I think I'm going to try my best for a recon with Cap One, since I already have the inquiries to show for them.  They pulled all three bureaus, which seemed like insult to injury, but only cited Experian and Equifax in their denial letter.  With the exception of my student loan, which only shows up on my Equifax report, all three of my reports are identical.

So, in light of this, I think I may hold off on the apps for about 3-6 months, until I get some utilization with the new ones under my belt.  Cap One is the only one who mentioned inquiries, so I think I may be getting to the point where applying for new account would be futile until some of the inquiries become not so new.