Denied by Capital One

Anonymous · ‎08-04-2017

Hello, I only have 1 crdit card and I started out lae in life. I'm 37 now and have had my credit card for 46 months. My credit using Fico-8 is 744 for Equifax, 723 for Transunion and 703 for Experian. CreditKarma recommended a few cards so I applied for the Amex cash card which required good credit. I was approved for an initial cl of $1000. I then applied right after for the Capital One Venture and was denied. CreditKarma had listed my odds as good. I have nothing negative on my credit. I did have an issue with T mobile where they mistakenly listed my bill as $42,313! They put that into collections and my credit hard dropped over 200 points. I contacted T mobile and they resolved the dispute and totally removed the delinquency from my account. My credit was restored a few days ago. Can Credit card companies see the dubious charge even though it's been taken off completely? Only other thing I can think of is that I only have 1 card and it's only 46 months old. Is it possible that I was denied because of this or too many inquiries on my account in last year? Finally, how many credit cards should I have and would getting an auto loan help my credit in the future? Thank you in advance

AverageJoesCredit · ‎08-04-2017

Your file is whats considered thin. 4 year old cc is actually pretty good but it is said you should hsve at least 3 credit cards for maximizing your Fici score, letting only one report with a balance of 9% or less while the others teport at zero . A good mix of credit also helps, ie a personal losn or a ssl, shared secured losn, auto or home.

Congrats on getting your Amex. Its possible Csp One denied you for the thinness of your file but not sure. You ma3y try for a Discover as well if you like, tgey seem to really like thin files. One other thing, please dont take Credit Karmas suggestions on what cards you have good shot at as remember they get paid to advertise and such. Check out prequal sites like Chase, Amex, Cap One etc. Or any specific question drop a question over in credit cards forum, we got lots of fantastic people who can guide you in the right directon

Anonymous · ‎08-04-2017

thank you for the reply

I'm going to aply for a Discover card in a few months and an auto loan soon. Hopefully after a year or so all 3 agencoes will be reporting a score of over 750 and I'll be able to get nice increases due to paying on time and a thicker file. I'm interested in getting business credit too but I guess there's a dedicated sub forum on here which is dedicated to that topic.

Moneyklutz · ‎08-04-2017

Welcome to the forum!

You might want to check out the Pre-Qualification thread here before applying for any new cards. Remember though, even a solid pre-qual can sometimes still end up being a nope once they actually hard pull your file. At least you can test the water before jumping in.

*edit* ...never ever start a reply and then go finish dinner THEN hit post... Average Joe had ya covered already