What credit score should I have to get approved for CapOne Cash Rewards (no fee version)

[tinuviel]

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@castlefox wrote:

I just noticed that for the CapOne Cash Rewards (no fee version)  is listed on the My fico webpage and it also says that the min. credit reqired is: Excellent,Good

and according to the website Excellent is Above 720 and  Good is 660 - 719

I dont have any baddies on my report.

No BK on my report

I paid off all of student loans that totaled over 12,500.  

My current cards are:   1,000  CL Alliant CU from 12/10   and a 400 CL Shell Gas card. from 9/10 

Utilization is under 18% ever month.  I have 4 Inquries in the last 2 years.    I think my biggest problem right now is low AAoA. 

I'll be requesting a higher CL from Alliant in a week. Im rather confident I can get it up to atleast 4,000.   I'll pull my credit score in about a month to see how that effected things.   

Well I got an update from Alliant and my free Vantage score stayed exactly the same from March to June.  So I dont trust that number anymore.  

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Please note that Cap1 has its own definition of "Excellent Credit." The Cap1 website provides the following guidelines for their Excellent criteria:

• Excellent Credit
• Do ALL of these describe you?

• I have not been more than 60 days late on any credit card, medical bill, or loan in the last year

  
  - AND -

• I have never declared bankruptcy or defaulted on a loan

  
  
  - AND -

• I have had a loan or credit card for 3 years or more with a credit limit above $5,000

Once again, these are guidelines. But, I think that that the low AAoA is your biggest concern. Good luck with whatever you decide to do!

[Wolf3]

My vantage score is 699 and I just now got approved for the $39AF version.   Try the preapproval and see what it says.

[scottwagnon]

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@tntexans72 wrote:

I agree, I don't think you have alot of options with a Vantage score of C.

Get your Fico score up to the high 600s or 700s if you have a short AAoA to even be consider for a prime card.

Good luck...I would app for a CapOne card and see what they counter you with. A no fee version will require a 700 score with a short AAoA.

CapOne will normally pull all 3 CBs.

Good luck!!

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actually a vantage score of 771 is slightly above average. 751 is dead center average. it is also considered 50% percentile. you are about 54% percentile, which is about the equivalent of a 725 - 730 fico score. Cap One prime cards approval are very inq sensitive. if you have more than 3 on any of your reports, you probably wont get in. i would suggest that you reach 780 on all of your vantage scores and less than three inquiries accross all reports before applying. you are almost there. if you have no baddies and no inquiries right now, i would suggest you press the submit button.

if your inquiries are over a year old, you can exclude them entirely. pretty much any creditor seems to perfer to exclude inquiries that are over one year old.

[tinuviel]

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@scottwagnon wrote:

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@tntexans72 wrote:

I agree, I don't think you have alot of options with a Vantage score of C.

Get your Fico score up to the high 600s or 700s if you have a short AAoA to even be consider for a prime card.

Good luck...I would app for a CapOne card and see what they counter you with. A no fee version will require a 700 score with a short AAoA.

CapOne will normally pull all 3 CBs.

Good luck!!

---

actually a vantage score of 771 is slightly above average. 751 is dead center average. it is also considered 50% percentile. you are about 54% percentile, which is about the equivalent of a 725 - 730 fico score. Cap One prime cards approval are very inq sensitive. if you have more than 3 on any of your reports, you probably wont get in. i would suggest that you reach 780 on all of your vantage scores and less than three inquiries accross all reports before applying. you are almost there. if you have no baddies and no inquiries right now, i would suggest you press the submit button.

if your inquiries are over a year old, you can exclude them entirely. pretty much any creditor seems to perfer to exclude inquiries that are over one year old.

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Well, I don't think that Vantage and FICO translate quite so neatly. I have a 783 TU Vantage, but a 650 TU FICO. I wish that there was a sure fire way to translate the scores, but since they utilize different algorithms, it just doesn't work that way.

[visorboy1974]

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@tinuviel wrote:

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@scottwagnon wrote:

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@tntexans72 wrote:

I agree, I don't think you have alot of options with a Vantage score of C.

Get your Fico score up to the high 600s or 700s if you have a short AAoA to even be consider for a prime card.

Good luck...I would app for a CapOne card and see what they counter you with. A no fee version will require a 700 score with a short AAoA.

CapOne will normally pull all 3 CBs.

Good luck!!

---

actually a vantage score of 771 is slightly above average. 751 is dead center average. it is also considered 50% percentile. you are about 54% percentile, which is about the equivalent of a 725 - 730 fico score. Cap One prime cards approval are very inq sensitive. if you have more than 3 on any of your reports, you probably wont get in. i would suggest that you reach 780 on all of your vantage scores and less than three inquiries accross all reports before applying. you are almost there. if you have no baddies and no inquiries right now, i would suggest you press the submit button.

if your inquiries are over a year old, you can exclude them entirely. pretty much any creditor seems to perfer to exclude inquiries that are over one year old.

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Well, I don't think that Vantage and FICO translate quite so neatly. I have a 783 TU Vantage, but a 650 TU FICO. I wish that there was a sure fire way to translate the scores, but since they utilize different algorithms, it just doesn't work that way.

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Good point.  I have a 755 TU Vantage and a 709 TU FICO.  I also have a BK on my report that'll make me see Cap One tell me to pound sand whenever I request a card in their priime portfolio.  

[castlefox]

Ugg that is really lame that Cap1 has different definitions of excellend credit.   It just make it that much harder to find the right credit card for me.

I decided that I should just call Alliant and request a CLI since it has been over 6months.  They doubled my credit line so now I have a 2,000 dollar credit line with them.    I was hope'ing I would get more than that but its better than nothing. 

Beammeup-  I didnt relize that they rounded up utilization percentages. Thanks for that comment.    I will make sure to keep my utilization under 9%       My question now is how does that rounding work exactly?    would a 17.9% be rounded up to 20% or what?

Im putting away my dreams of a cash back rewards card for right now.    The idea of applying for a card and possibly getting rejected is rather scary to me.

Thx for everyones advice and comments

[MarineVietVet]

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@castlefox wrote:

Ugg that is really lame that Cap1 has different definitions of excellend credit.   It just make it that much harder to find the right credit card for me.

I decided that I should just call Alliant and request a CLI since it has been over 6months.  They doubled my credit line so now I have a 2,000 dollar credit line with them.    I was hope'ing I would get more than that but its better than nothing. 

Beammeup-  I didnt relize that they rounded up utilization percentages. Thanks for that comment.    I will make sure to keep my utilization under 9%       My question now is how does that rounding work exactly?    would a 17.9% be rounded up to 20% or what?

Im putting away my dreams of a cash back rewards card for right now.    The idea of applying for a card and possibly getting rejected is rather scary to me.

Thx for everyones advice and comments

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Utilization is always rounded up to the next number. For your example anything between 17.1% and 17.9% would be rounded up to 18%.

From a BK years ago to:
EX - 3/11 pulled by lender- 835, EQ - 2/11-816, TU - 2/11-782

"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".

[Wolf3]

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@MarineVietVet wrote:

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@castlefox wrote:

Ugg that is really lame that Cap1 has different definitions of excellend credit.   It just make it that much harder to find the right credit card for me.

I decided that I should just call Alliant and request a CLI since it has been over 6months.  They doubled my credit line so now I have a 2,000 dollar credit line with them.    I was hope'ing I would get more than that but its better than nothing. 

Beammeup-  I didnt relize that they rounded up utilization percentages. Thanks for that comment.    I will make sure to keep my utilization under 9%       My question now is how does that rounding work exactly?    would a 17.9% be rounded up to 20% or what?

Im putting away my dreams of a cash back rewards card for right now.    The idea of applying for a card and possibly getting rejected is rather scary to me.

Thx for everyones advice and comments

---

Utilization is always rounded up to the next number. For your example anything between 17.1% and 17.9% would be rounded up to 18%.

From a BK years ago to:
EX - 3/11 pulled by lender- 835, EQ - 2/11-816, TU - 2/11-782

"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".

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That answer is a little misleading.  Utilization is bucketed statistcally, so that 18% goes into a bucket that is probably 10 to 30%. You would get the same score regardless of where you are in the bucket range.  

People here have experimented enough to know the 1 to 9% bucket gets the best score.   Actual bucket ranges is not disclosed by FICO.  

[castlefox]

Ah.  Thanks for that clarification Wolf3.  

My CC with a credit line of 2000 will only post 160 or under from now on.

Im suprized some disgrutaled FICO employees havnt spilled the beans on those ranges

[Wolf3]

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@castlefox wrote:

Ah.  Thanks for that clarification Wolf3.  

My CC with a credit line of 2000 will only post 160 or under from now on.

Im suprized some disgrutaled FICO employees havnt spilled the beans on those ranges

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The ranges should be calculated dynamically based on the data, but who knows if they do it that way.

 I run almost everything through my CC.    My utilization is typically between 60 to 80% overall, with some cards over 90%.  I plan my apps in advance, so  I got it down to under 30% this month and Cap1 aproved my Cash Rewards app for $3K.   I am very pleased with that limit.

Next year sometime, I will get my utlization down to 9% and do another app.   Until then, it will be what it will be.