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What's so good about the Venture?

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CreditCuriosity
Moderator Emeritus

Re: What's so good about the Venture?

Any lender can tack on excuses to the list even if a persons profile is perfect.  Sometimes they make sense, sometime the denial letters don't.  Some people lenders simply just don't want to do business with said person for whatever reason.. We have seen this time and time again.

Message 81 of 87
Anonymous
Not applicable

Re: What's so good about the Venture?


@core wrote:

@taxi818 wrote:
Forget most of those reasons. The real reason is income. This is exactly what happened to my friend. Just call them up give social. And they will correct the mistake and resubmit your app without a pull. The friend I'm talking about applied again. Now has two 30k ventures. So yes. I did mention did you double check the app. It appears you did fat finger the income section.

Well taxi, I'm afraid you're wrong this time.   I called them as soon as they opened this morning, and the lady confrmed that my application was correct in the first place.  Apparently $80k stated income is not enough for them if you're an existing cardholder.  Maybe it's fine for a new cardholder.  Plus they apparently like to see balances on other cards "and the other things", as Kennedy said.

 

After she said $80k wasn't good enough, I said "Oh is that so?", thinking about all the approvals I've seen lately.  Then she said "Well sir we also base it on your credit information.".  Yeah I would HOPE you base it on credit information.  And since there isn't a spot on mine, now what.  I didn't ask her.  I was pretty much disgusted with her.  I know what the reason is... "UNPROFITABLE CUSTOMER".  Fine, their perrogative.  Now I can ramp up Operation Quicksilver Cash for Core.

 


Wow. Cap One is smoking crack. We see approval after approval for $10K and up ventures from peeps with, to put it bluntly, crappy credit. Yet they denied you with your excellent profile. 

Message 82 of 87
yfan
Valued Contributor

Re: What's so good about the Venture?


@red259 wrote:

The result would be the same if I did not sufficiently use my credit line with them and I did not use the credit with anyone else either,


No one can know this for certain except Capital One, but the comparison you originally chose to make was one between a new account for someone with a low income but near-perfect FICO scores and who rarely apps with you and your existing account. You have said your scores have improved, but we don't know how much. You have said your AAoA is "really long" but we don't know exactly how long compapred to the credit profile of the person you are trying to compare yourself to.

 


@red259 wrote:

Its simply not using enough of their credit line where they feel like giving more.


For one thing, this is not true in many, many cases. Capital One gives out CLIs all the time without too much usage. They have to me, and to many others. So either you are a special case, or there's more to the story.

 


@red259 wrote:
I was not aware of people saying that was a BS reason as I have been denied a CLI for the same reason even when all inqs are over six months old.  

Except you have yourself claimed that you have "group of apps" spread apart by six months. Which could be too many new accounts/inqueries total for Capital One's like.

 

To address a broader point being brought up here - that Capital One seems to be rewarding people with lower income and in some cases mediocre credit (although I haven't seen 20k+ limits for anyone who meets BOTH of those criteria), to me it seems clear why:

 

First, Capital One is known to be a lender of second chances. It isn't exactly surprising that they are choosing to reward those who have stuck with them (people who are recovering or have recently recovered from credit troubles but made good on their relationship with CapOne). Second chance doesn't always have to mean a $300 credit line. When people who have been given second chances prove they are actually becoming responsible, Capital One may have decided to reward with high credit lines - which means that with continued responsible usage their credit utilization will drop, raising their scores. For those people who made good on their second chances with Capital One, Capital One may well be returning the favor by helping their credit.

 

Second, for those with low incomes but long and stellar credit histories with few or no new accounts, Capital One sees them as a new, untapped asset. They have proven that they can be trusted with credit, but probably can't get a lot of it with other lenders. By giving them large lines, Capital One risks essentially nothing. Someone who has shown for 20 years - especially with a low income, which requires even better management of their finances since they don't just always have a ton of cash to cover whatever expense (which means they must choose wisely) - and use credit sparingly and responsibly isn't going to suddenly run up the tab and declare bankruptcy. But giving them these large lines earns their loyalty. They will give whatever spend they have to Capital One - which actually means a lot of swipes for Capital One. People of fewer means buy less, but buy more frequently (cash flow). Thus more swipes.

 

Actually I see this as a brilliant and rather credit-smart move on Capital One's part. Well done.

Message 83 of 87
taxi818
Super Contributor

Re: What's so good about the Venture?


@Anonymous wrote:

@core wrote:

@taxi818 wrote:
Forget most of those reasons. The real reason is income. This is exactly what happened to my friend. Just call them up give social. And they will correct the mistake and resubmit your app without a pull. The friend I'm talking about applied again. Now has two 30k ventures. So yes. I did mention did you double check the app. It appears you did fat finger the income section.

Well taxi, I'm afraid you're wrong this time.   I called them as soon as they opened this morning, and the lady confrmed that my application was correct in the first place.  Apparently $80k stated income is not enough for them if you're an existing cardholder.  Maybe it's fine for a new cardholder.  Plus they apparently like to see balances on other cards "and the other things", as Kennedy said.

 

After she said $80k wasn't good enough, I said "Oh is that so?", thinking about all the approvals I've seen lately.  Then she said "Well sir we also base it on your credit information.".  Yeah I would HOPE you base it on credit information.  And since there isn't a spot on mine, now what.  I didn't ask her.  I was pretty much disgusted with her.  I know what the reason is... "UNPROFITABLE CUSTOMER".  Fine, their perrogative.  Now I can ramp up Operation Quicksilver Cash for Core.

 


Wow. Cap One is smoking crack. We see approval after approval for $10K and up ventures from peeps with, to put it bluntly, crappy credit. Yet they denied you with your excellent profile. 


never heard of such non sense. I listed 62k. No problems. Cap one has made much interest off of me over the years. So I'm sure if I listed 30k would be good. No balances. Hmm. I guess you are correct. They love yo see that which I currently have a balance on 4 cards. Hmm. This is interesting. I wonder who you spoke to.  I would blast them on face book. I think you hit the nail on the head. No profit from you. 

Message 84 of 87
red259
Super Contributor

Re: What's so good about the Venture?


@yfan wrote:


@red259 wrote:

Its simply not using enough of their credit line where they feel like giving more.


For one thing, this is not true in many, many cases. Capital One gives out CLIs all the time without too much usage. They have to me, and to many others. So either you are a special case, or there's more to the story.

 

I don't knpow about being a special case or more to the story. I gave you the reason that they provided to me. You can speculate all you want, but this is the reason they provided and while I do not like it there is a logical sense to it. My AAoAs is like 18 years. 

 

;
Starting Score: EQ: 714, TU 684
Current Score: EQ: 725 7/30/13, TU 684 6/2013, Exp 828 5/2018, Last App 8/5/17
Goal Score: 800 (Achieved!) In garden until Sepetember 2019
Message 85 of 87
yfan
Valued Contributor

Re: What's so good about the Venture?


@red259 wrote:

 

I don't knpow about being a special case or more to the story. I gave you the reason that they provided to me. You can speculate all you want, but this is the reason they provided and while I do not like it there is a logical sense to it. My AAoAs is like 18 years. 

 


Like? Why like? It's easy to be precise on this. Even FAKO sites provide you with an accurate AAoA. Btw, how old is your credit history (i.e. the oldest account on it)?

Message 86 of 87
red259
Super Contributor

Re: What's so good about the Venture?


@yfan wrote:

@red259 wrote:

 

I don't knpow about being a special case or more to the story. I gave you the reason that they provided to me. You can speculate all you want, but this is the reason they provided and while I do not like it there is a logical sense to it. My AAoAs is like 18 years. 

 


Like? Why like? It's easy to be precise on this. Even FAKO sites provide you with an accurate AAoA. Btw, how old is your credit history (i.e. the oldest account on it)?


I don't really feel like going and digging it up right now. Last time I checked it was 17 years and several months. Not sure what you mean by credit history if you mean all accounts I got stuff on there from over 20 years ago. If your talking about revolvers I got two closed out accounts one which I think started in 2001 and the other was opened and closed in 2005. Open cards the history starts a little over two years ago.  In any event I don't really see the point in belaboring this. They made their decision and unless you work for cap 1 I just have to accept their explanation of why they didn't give me more of a cli. 

;
Starting Score: EQ: 714, TU 684
Current Score: EQ: 725 7/30/13, TU 684 6/2013, Exp 828 5/2018, Last App 8/5/17
Goal Score: 800 (Achieved!) In garden until Sepetember 2019
Message 87 of 87
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