06-26-2012 11:00 AM
App'd for a CC w/ Cap 1 in Early june instantly denied never called to Recon im not sure why but later recevied a letter in the mail stating the reason for denial was due to "No mortgage accounts on file"? I HAVE to have an open mortgage account to get a CC w/ Cap 1? The only reasons stated is because i lack a mortage tradeline on my CC...Any opinions on this? Attempted a Recon today but the rep was a little less then helpul.
06-26-2012 11:01 AM
LOL apologies on the title...
06-26-2012 11:05 AM
Not sure....I've applied and they said before that I had "High limits on mortgage account"....The house was a cheap house I bought in 2007, and I now have ~$15k+ equity in it?!?
06-26-2012 11:08 AM
yea im so confused by this one as well..
06-26-2012 02:38 PM
After personal experience I do not suggest applying for Cap1 unless you get a pre-pproval on the website.
Im not sure you could get ANY rep on the phone that would even have the computer access to recon a Cap1!
06-26-2012 02:45 PM
06-26-2012 02:54 PM
Usually they give multiple reasons in the letter, where was this one ranked in relation to the others? Top or bottom of the list?
If it was the bottom of the list, just ignore it. Lenders might as well use a Oujia board for all the revelance those typically have compared to the first one or two.
06-26-2012 03:15 PM - edited 06-26-2012 03:16 PM
I was denied a Cap1 Spark. When I got the letter, I got 4 BS reasons that made no sense. One was there was insufficient pay down on mortgage and I don't even have one. Cap1's automated, underwriter, risk-assessing master computer sucks. It's like translation software. It generally works in a broad sense but can give ridiculous answers that make no sense.
If you want to be reconned. You HAVE TO do what I did. It worked for me:
1. Write a letter of disappointement (civil and polite) explaining why the reason makes no sense.
2. Get copies of your credit reports from that day and flag the page(s) that make your case.
3. Make a copy of your denial letter and include with other docs.
4. Send it all to that Salt Lake address on your denial letter.
That's how you get results. Mine worked. The caveat for me is that they did yet another round HPs. I'm currently disputing that. It wouldn't hurt to include in the latter that you do NOT want another inquiry and that this is merely a reconsideration on a previous application denial. I didn't state that I did not want another round pulls. I should have.
06-26-2012 04:41 PM
Cap one seems to be more of a crap shoot than anything else
06-26-2012 07:36 PM
The rep said he would send it up for a review and i did state w/ him that if it required another HP to NOT do it as i didnt read prior and see they pull all 3 reports! He adv they would only look at the report that was originally pulled.We'll see
I actually went to the site for CAP and did the pre screening SP..it said i would be approved for the card and they denied me! LOL figures..
The exact reasons for there decision are:
Based on the credit report from EQ- there are two few or no mortgage accounts
Based on CR from EX - Mortgage accounts balance too low?
Based on credit report from- EXP lack of recent mortgage information
Based on TU high credit or credit limits on accounts (which is ridiculous)
500$ has 7$ balance
1,000 has a ZERO balance
and 300$ has a ZERO Balance!
99.5% over capital one
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more
FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.