topic Re: Capital One Process After Submitting Additional Information in Credit Card Approvals

Capital One Process - Update: Approved

Anonymous — Fri, 17 Aug 2018 13:53:46 GMT

I applied for a capital one card Tuesday. They gave me the message that they would send me a decision in 7-10 days. Next day I received an email stating they needed a copy of my SS card, and proof of address. So I sent them my DL, Copy if SS card, and bank statement via email. I called today, and they still have not made a decision and the lady told me it could be an additional 3 weeks.
I have recently gotten all derogatory marks removed from my credit reports, with 0/1 inquiries. Now 1/2 inquiries since capital one pulled my report. I have only checked credit carma which had my scores (before capital one pull) of 637 and 654. After capital one pulled my reports, credit carma reported a decrease in scores to 630 and 639. I had no idea one inquiry would decrease my score so much.
Anyways, in your experience, how long after submitting additional information did you get your decision? Does it really take an additional 3 weeks?
Also, does the 7-10 day Message, and the additional information message usually mean denial like with some other companies?
I am really looking forward to hopefully using this card to rebuild my credit!
Thank you all so much in advance for your help!!

Mod note: I've updated your subject to reflect your approval; feel free to change/edit if you would like. --UB

Re: Capital One Process After Submitting Additional Information

Anonymous — Fri, 27 Jul 2018 21:12:23 GMT

1. Be patient, credit profile rebuilding is a marathon.

2. Gain access to your FICO scores, CK provides Vantage Scores which most lenders do not use including CapOne, you can get all 3 Fico8 scores for $1 7day trial at Credit Check Total, just make sure you cancel within the trial period.

3. Typically, it's a good sign when CapOne asks for ID verification, why waste time to verify if the initial screening points to denial, CapOne CSR says it CAN take up to 3 weeks doesn't mean it will take 3 weeks, I would call again if you don't hear anything in a week.

Good luck

Re: Capital One Process After Submitting Additional Information

Shooting-For-800 — Sat, 28 Jul 2018 10:31:32 GMT

I got 7-10 or 7-14 day message, id verified on phone, no paperwork needed, I had several accounts.

I was prequalified.

I got $30k SL Venture @ 13.99% few days later.

Generally, 7-10 and id verification is good sign not bad.

GL!

Re: Capital One Process After Submitting Additional Information

Shooting-For-800 — Sun, 12 Aug 2018 02:47:39 GMT

Any updates OP?

Re: Capital One Process After Submitting Additional Information

Anonymous — Sun, 12 Aug 2018 04:16:00 GMT

Yes! I actually checked Friday and I have been approved for a $300 SL with the Platinum cars. Which is better than nothing!
I am so excited to begin building my credit!

Only thing is, now I don’t know if I spend $40 should I pay the balance to zero every month or just a certain percentage? What would look better on my credit score? I am completely new to this!

Re: Capital One Process After Submitting Additional Information

Rmullens2208 — Sun, 12 Aug 2018 04:20:19 GMT

@Anonymous wrote:
I applied for a capital one card Tuesday. They gave me the message that they would send me a decision in 7-10 days. Next day I received an email stating they needed a copy of my SS card, and proof of address. So I sent them my DL, Copy if SS card, and bank statement via email. I called today, and they still have not made a decision and the lady told me it could be an additional 3 weeks.
I have recently gotten all derogatory marks removed from my credit reports, with 0/1 inquiries. Now 1/2 inquiries since capital one pulled my report. I have only checked credit carma which had my scores (before capital one pull) of 637 and 654. After capital one pulled my reports, credit carma reported a decrease in scores to 630 and 639. I had no idea one inquiry would decrease my score so much.
Anyways, in your experience, how long after submitting additional information did you get your decision? Does it really take an additional 3 weeks?
Also, does the 7-10 day Message, and the additional information message usually mean denial like with some other companies?
I am really looking forward to hopefully using this card to rebuild my credit!
Thank you all so much in advance for your help!!

Dont worry about Credit Karma score its for educational purposes and 1 inquiry wont hurt your Fico which is what 90% of lenders use Congrats on the massive approval!

Re: Capital One Process After Submitting Additional Information

Anonymous — Sun, 12 Aug 2018 04:33:25 GMT

@Anonymous wrote:
Yes! I actually checked Friday and I have been approved for a $300 SL with the Platinum cars. Which is better than nothing!
I am so excited to begin building my credit!

Only thing is, now I don’t know if I spend $40 should I pay the balance to zero every month or just a certain percentage? What would look better on my credit score? I am completely new to this!

Congrats on the approval, I would leave a balance to report on the card then PIF before due date, both for scoring purposes as well as showing other potential lenders that you're using the card and using it responsibly, reporting $0 will likely result in FICO scoring penalty and give the impression that you're not using the card at all.

To maximize your score it's best that you report less than 8.9% UTI, but if you do not plan to app again soon, I would just let the charges post to statement and set your CC autopay to pay the full statement balance on due date (this should be done anyway as a safety net), then make an extra payment to bring UTI under 8.9% the month before new application to maximize the score, no need to micromanage all the time.

Re: Capital One Process After Submitting Additional Information

Shooting-For-800 — Sun, 12 Aug 2018 11:53:54 GMT

Congrats OP!

Re: Capital One Process - Update: Approved

Anonymous — Fri, 17 Aug 2018 15:11:53 GMT

Congrats on your approval !!!

Re: Capital One Process - Update: Approved

Cred4All — Fri, 17 Aug 2018 15:49:05 GMT

Congrats on the approval! In the early 2000's I start with a Capital One Platinum myself which eventually PC'd to a Quicksilver, but it was a good place to start. You'll have much success going forward.

Re: Capital One Process After Submitting Additional Information

Civil — Fri, 17 Aug 2018 15:49:14 GMT

Make sure you keep up with your card and payments...After 5 to 6 months they will give you an increase. I went from 500 to 3.5k last week so keep up the good work

Re: Capital One Process After Submitting Additional Information

Anonymous — Fri, 17 Aug 2018 23:29:36 GMT

Congrats on the approval!

Re: Capital One Process After Submitting Additional Information

Jerry45 — Sat, 18 Aug 2018 14:29:04 GMT

@Anonymous wrote:
Yes! I actually checked Friday and I have been approved for a $300 SL with the Platinum cars. Which is better than nothing!
I am so excited to begin building my credit!

Only thing is, now I don’t know if I spend $40 should I pay the balance to zero every month or just a certain percentage? What would look better on my credit score? I am completely new to this!

Congrats. A Cap One card looks great on your CR for rebuilding.

Re: Capital One Process After Submitting Additional Information

Meanmchine — Sun, 19 Aug 2018 00:53:05 GMT

@Anonymous wrote:
@Anonymous wrote:
Yes! I actually checked Friday and I have been approved for a $300 SL with the Platinum cars. Which is better than nothing!
I am so excited to begin building my credit!

Only thing is, now I don’t know if I spend $40 should I pay the balance to zero every month or just a certain percentage? What would look better on my credit score? I am completely new to this!
Congrats on the approval, I would leave a balance to report on the card then PIF before due date, both for scoring purposes as well as showing other potential lenders that you're using the card and using it responsibly, reporting $0 will likely result in FICO scoring penalty and give the impression that you're not using the card at all.

To maximize your score it's best that you report less than 8.9% UTI, but if you do not plan to app again soon, I would just let the charges post to statement and set your CC autopay to pay the full statement balance on due date (this should be done anyway as a safety net), then make an extra payment to bring UTI under 8.9% the month before new application to maximize the score, no need to micromanage all the time.

Good advice

I would however set your autopay to pay your balance one week before your due date. This way, if there is an unforseen issue that pops up, you have plenty of time to submit a manual payment.

Re: Capital One Process After Submitting Additional Information

Shooting-For-800 — Sun, 19 Aug 2018 13:17:17 GMT

Use the card for everything a make a payment every WEEK leaving a balance to report each month.

Treat it like a debit card.

GL!