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Contributor
Learning_Tee0225
Posts: 87
Registered: ‎04-08-2012

**bleep** CAP 1?

App'd for a CC w/ Cap 1  in Early june instantly denied :smileysad:  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.


Mortgage ready by 12-31-2013

EQ- 625 June-2013 TU 636 // May-2013 EX 633 May- 2012
Orchard 300$CL
Navy Fed SEC 500$ CL
Navy Fed Cashrewards 3K CL
NFCU GoRewards 1K


Contributor
Learning_Tee0225
Posts: 87
Registered: ‎04-08-2012

Re: **bleep** CAP 1?

LOL apologies on the  title...:smileytongue:


Mortgage ready by 12-31-2013

EQ- 625 June-2013 TU 636 // May-2013 EX 633 May- 2012
Orchard 300$CL
Navy Fed SEC 500$ CL
Navy Fed Cashrewards 3K CL
NFCU GoRewards 1K


Valued Contributor
j_casteel
Posts: 1,645
Registered: ‎06-21-2012

Re: **bleep** CAP 1?

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?!?

| Walmart $5k | Amazon $5k | NFCU $19.5k | NavChek $15k | Lowes $15k | BoA WMC $8.1k | Freedom $3k | Discover $4k | CSP $5k |
Starting Score: EQ:571 EX:??? TU:597
Current Score: EQ:679 EX:706 TU:697
Goal Score: 700
across the board
Contributor
Learning_Tee0225
Posts: 87
Registered: ‎04-08-2012

Re: **bleep** CAP 1?

yea im so confused by this one  as well..


Mortgage ready by 12-31-2013

EQ- 625 June-2013 TU 636 // May-2013 EX 633 May- 2012
Orchard 300$CL
Navy Fed SEC 500$ CL
Navy Fed Cashrewards 3K CL
NFCU GoRewards 1K


Mega Contributor
Creditaddict
Posts: 18,566
Registered: ‎10-23-2007

Re: **bleep** CAP 1?

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!

Fico Scores: EQ 639 Navy, TU 667 GE, EX 677 Prosper (06-27-14)
You will have to put up Electric Fence to keep me in the garden!
Highest Limit: Fidelity Amex $25k (AU)
Lowest Limit: Buckle $250
Over 30 Cards in between :smileytongue:
Contributor
CreditResuscitation
Posts: 88
Registered: ‎06-13-2012

Re: **bleep** CAP 1?

@Creditaddict +1,000,000
If you don't get a pre-approval letter, don't waste a HP on ALL 3 of your credit reports! They have pre qualifying options on their site that are SP.

11/16/12: TU - 728 EX - ??? EQ - 748 FICO

In my wallet: Capital One No Hassle Cash Rewards Master Card (500), Orchard Bank Classic Visa (500), Best Buy Rewards Zone Master Card (300), Walmart Credit Card (1000), Paypal Smart Connect Card (1500), Academy Sports & Outdoors Visa (AU) (10,000)
Moderator
Revelate
Posts: 8,157
Registered: ‎12-30-2011

Re: **bleep** CAP 1?

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.

 

Starting Score: EQ 561, TU 567, EX 599* (12/30/11, EX lender pull 12/29/11)
Current Score: EQ 04 679, EQ 8 703, TU 708, EX 702* (05/30/14, EX older)
Goal Score: 700 in all three (01/01/15)


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Established Contributor
ztnjpv
Posts: 726
Registered: ‎02-01-2012

Re: **bleep** CAP 1?

[ Edited ]

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. 


Starting Scores (Sept 2011): All lower-mid 600s. CURRENTLY: TU FICO: 801 (3/28/14), EQ FICO 808 (3/28/14), EX FICO 798 (9/4/13) (PSECU). Goal: Achieved! Now Maintain!
Contributor
jetsfan2012
Posts: 208
Registered: ‎05-28-2012

Re: **bleep** CAP 1?

Cap one seems to be more of a crap shoot than anything else

Credit Karma - 636 8-12-12 USAA
Credit Rebuilding Mode - Cap 1 Plat(500CL) SHOW MC(300CL)
Clean Up Mode - Goal - No New Apps till 6/2013
Contributor
Learning_Tee0225
Posts: 87
Registered: ‎04-08-2012

Re: **bleep** CAP 1?

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) 

3 cards

500$ has 7$ balance

1,000 has a ZERO balance

and 300$ has a ZERO Balance!

 

99.5% over capital one


Mortgage ready by 12-31-2013

EQ- 625 June-2013 TU 636 // May-2013 EX 633 May- 2012
Orchard 300$CL
Navy Fed SEC 500$ CL
Navy Fed Cashrewards 3K CL
NFCU GoRewards 1K



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