topic Re: Venture Card Decline - Frustrated by this in Credit Card Applications

Venture Card Decline - Frustrated by this- UPDATE

Anonymous — Tue, 05 Apr 2016 04:21:33 GMT

Hi all!

Long time viewer, First time poster.....First I want to say THANK YOU for all the posts. All the knowledge I have gained on these forums has been extremely helpful in my rebuild. Based on what I have learned, I applied for the Venture card (thinking I had nothing to worry about mind you). I currently have 8 cards, overall utilization around 30% - My highest credit line is with Chase for $4100. HH income around $160K Zero baddies on my report (never late on a payment, always paid more than minimum, etc.) Mu oldest card is about 18 months old with the majority of my cards being obtained in the past 12 months. I do have a bunch of inquiries (EQ 12 TU 11 EX 17) in the past 12 months, but that's to be expected when you are trying to build your file, right???? Anyway I finally pulled the trigger on Venture card and I get a decline - I wait for my letter and the reason they provided was that I don't have any credit cards with high limits already. What kind of reason is that???? Called to speak to a credit rep and she agreed the reasoning was odd, reviewed my credit report and saw nothing to warrant the decline however, when she researched the reason they gave me so could not find any thing or provide any suggestions how to get passed this decline. I originally app'd for the card because I am a heavy traveler, and my file could really benefit from having a higher CL - I tend to max my cards with travel, and pay them off but I continually get high balances reported. Any experience with reconsideration's? suggestions on how I should approach?? Really appreciate the forum expertise!!

******UPDATE*******Thanks all for the wonderful advice. Decided to ask chase for CLI to 10K. Well, they declined it called the recon line and the very nice analyst put me on hold for about 10 minutes, came back and asked why I wanted the increase....blah blah blah....then commented that I didn't have any experience with a 10K line...blah blah blah....another 10 minute hold and APPROVED for $8K - not the 10K I requested, but I will take it. Hopefully on my way to a Venture approval soon!!! Thanks for all the advice!!!

Re: Venture Card Decline - Frustrated by this

ojefferyo — Mon, 28 Mar 2016 20:34:51 GMT

@Anonymous wrote:
Hi all!

Long time viewer, First time poster.....First I want to say THANK YOU for all the posts. All the knowledge I have gained on these forums has been extremely helpful in my rebuild. Based on what I have learned, I applied for the Venture card (thinking I had nothing to worry about mind you). I currently have 8 cards, overall utilization around 30% - My highest credit line is with Chase for $4100. HH income around $160K Zero baddies on my report (never late on a payment, always paid more than minimum, etc.) Mu oldest card is about 18 months old with the majority of my cards being obtained in the past 12 months. I do have a bunch of inquiries (EQ 12 TU 11 EX 17) in the past 12 months, but that's to be expected when you are trying to build your file, right???? Anyway I finally pulled the trigger on Venture card and I get a decline - I wait for my letter and the reason they provided was that I don't have any credit cards with high limits already. What kind of reason is that???? Called to speak to a credit rep and she agreed the reasoning was odd, reviewed my credit report and saw nothing to warrant the decline however, when she researched the reason they gave me so could not find any thing or provide any suggestions how to get passed this decline. I originally app'd for the card because I am a heavy traveler, and my file could really benefit from having a higher CL - I tend to max my cards with travel, and pay them off but I continually get high balances reported. Any experience with reconsideration's? suggestions on how I should approach?? Really appreciate the forum expertise!!

I think they are looking for a card with at least $5k limit on your profile as the Venture starts at a $5k minimum.

Re: Venture Card Decline - Frustrated by this

Anonymous — Mon, 28 Mar 2016 20:40:21 GMT

Can you list your curent cards and imits? A high income is only used partly in an application. When deciding the limits on a new application, your current limits are taking into consideration to decide what amount to approve you at hence, the use of algorithms.

Since the Venture has a minimum $5,000 limit, Capital One likes to see experience with same limit or higher. So that probably factors into why you were denied.

Re: Venture Card Decline - Frustrated by this

Anonymous — Mon, 28 Mar 2016 20:53:34 GMT

Yes-Its-Me I have updated my tag line with my limits. Thanks!

Re: Venture Card Decline - Frustrated by this

Anonymous — Mon, 28 Mar 2016 21:07:00 GMT

@Anonymous wrote:
Yes-Its-Me I have updated my tag line with my limits. Thanks!

Ok.. If all those cards were obtained in the last 12 months with those limits then that is why you were denied. You probably qualify for other Capital One cards and not the Venture just yet.

The minimum people get approved at is $10,000, 20,0000, $50,000 or mostly 5 digit numbers with a handful of $5,000 approvals - meaning they barely made it. I suggest you wait a little bit more if you really want the Venture and then try again.

Re: Venture Card Decline - Frustrated by this

Anonymous — Mon, 28 Mar 2016 21:07:54 GMT

Nothing new to add with all been said.. I was denied with Venture solely for the purpose of not having history with a card with 5K limit.. Although I've had the Freedom at 5K but was still relatively new.. That was before I was reading this forum! So now we know! Have some history and experience with a card with that limit

Re: Venture Card Decline - Frustrated by this

Anonymous — Mon, 28 Mar 2016 21:16:07 GMT

And remember Venture doesn't use your fico 08 scores for approval, they use your fico04 scores. They could me different depending on your profile.

Re: Venture Card Decline - Frustrated by this

Anonymous — Mon, 28 Mar 2016 21:23:04 GMT

@Anonymous wrote:
@Anonymous wrote:
Yes-Its-Me I have updated my tag line with my limits. Thanks!

Ok.. If all those cards were obtained in the last 12 months with those limits then that is why you were denied. You probably qualify for other Capital One cards and not the Venture just yet.

The minimum people get approved at is $10,000, 20,0000, $50,000 or mostly 5 digit numbers with a handful of $5,000 approvals - meaning they barely made it. I suggest you wait a little bit more if you really want the Venture and then try again.

Would you suggest I go for CLI with Chase since it is nearest to the $5K mark? Hate that they do a HP, but what other choices do I have?

Re: Venture Card Decline - Frustrated by this

Anonymous — Mon, 28 Mar 2016 21:24:20 GMT

@Anonymous wrote:
And remember Venture doesn't use your fico 08 scores for approval, they use your fico04 scores. They could me different depending on your profile.

YES - According to the rep I spoke with, my score wasn't the problem it was a lack of experience with a limit of $5K

Re: Venture Card Decline - Frustrated by this

Anonymous — Mon, 28 Mar 2016 21:25:35 GMT

@Anonymous wrote:
Nothing new to add with all been said.. I was denied with Venture solely for the purpose of not having history with a card with 5K limit.. Although I've had the Freedom at 5K but was still relatively new.. That was before I was reading this forum! So now we know! Have some history and experience with a card with that lim

lockheart2188 guess we both have a little work yet to do to get to the $5K club!!!

Re: Venture Card Decline - Frustrated by this

Anonymous — Mon, 28 Mar 2016 21:27:39 GMT

One more point - While I do spend $4-$5K per month on the chase card, they can't see that because I use/pay off, use/pay off. I guess I should probably garden for a while huh?

Re: Venture Card Decline - Frustrated by this

Anonymous — Mon, 28 Mar 2016 21:47:09 GMT

@Anonymous wrote:
One more point - While I do spend $4-$5K per month on the chase card, they can't see that because I use/pay off, use/pay off. I guess I should probably garden for a while huh?

Try getting a CLI on your Chase card to $5k. Wait 6-12 months and try again with Venture...if you click on Excellent credit needed at Cap1 website, it will state you need a $5k card etc...in your reports. Lesson learned, good luck!

Re: Venture Card Decline - Frustrated by this

Anonymous — Mon, 28 Mar 2016 22:19:05 GMT

@Anonymous wrote:
One more point - While I do spend $4-$5K per month on the chase card, they can't see that because I use/pay off, use/pay off. I guess I should probably garden for a while huh?

If you're talking about Chase, they can see how much you're using the card every month no matter how often you pay. If you were talking about Cap1, they can see your highest balance ever on that card because it shows on your credit report. If you're paying what you charge on a weekly basis (so lower amounts), I'm not sure how that would show on your report. Maybe you could just let the balance add up and make 1 large payment before statement cuts? I don't know, I'm just guessing here.

As for the reason for your denial, everyone else is correct - you need to have experience with a card that has a CL of "at least" 5k. So yes, I would try to get a CLI on your Chase card, wait a few months, and then try for the Venture again.

Re: Venture Card Decline - Frustrated by this

ojefferyo — Mon, 28 Mar 2016 23:08:15 GMT

@Anonymous wrote:
One more point - While I do spend $4-$5K per month on the chase card, they can't see that because I use/pay off, use/pay off. I guess I should probably garden for a while huh?

They won't be able to see that, only Chase will know how much you actually run through their cards.

Re: Venture Card Decline - Frustrated by this

MauiMan85297 — Mon, 28 Mar 2016 23:17:18 GMT

@Anonymous wrote:
Nothing new to add with all been said.. I was denied with Venture solely for the purpose of not having history with a card with 5K limit.. Although I've had the Freedom at 5K but was still relatively new.. That was before I was reading this forum! So now we know! Have some history and experience with a card with that limit

Definitely odd for me then, I had a BK7 disc in 12/2014 and had NEVER had a CC with a limit over 2k except being an AU on Discover for 7k that was closed more than 6 years ago and was approved in Nov 2015 for a Venture (10k) and QS (3k) all in a span of 2 mins, since then have gotten a Venture 1 and another QS card from them reporting individual income as 65k- YMMV is correct for this scenario!

Re: Venture Card Decline - Frustrated by this

Anonymous — Mon, 28 Mar 2016 23:30:54 GMT

Easy one to fix (I think).. Take your Synchrony cards, call CS, and raise the limits to 6-10k...

Re: Venture Card Decline - Frustrated by this

Anonymous — Mon, 28 Mar 2016 23:33:18 GMT

Very odd denial reason. I got the venture in July. At the time my highest limit was my platinum cap one card at 2,500.

Re: Venture Card Decline - Frustrated by this

Anonymous — Tue, 29 Mar 2016 02:32:23 GMT

@Anonymous wrote:
Easy one to fix (I think).. Take your Synchrony cards, call CS, and raise the limits to 6-10k...

I think that's what got my $10k Venture approval. At the time of approval, the highest limit CC I had was a $2300 Barclay Rewards card which I had just received a $1300 cli to get me there. But, I had a $10k limit Walmart store card, $3500 Amazon card and $3500 JCP card.

Re: Venture Card Decline - Frustrated by this

Anonymous — Tue, 29 Mar 2016 02:25:19 GMT

Sorry about the denial. Venture was my first $5k bank card. I have store cards over $5k, so I guess they looked at that as my highest bank card was the Barclays in my signature. As someone suggested, maybe getting your Synchrony store card over $5k might help. Good luck. Don't lose hope.

Re: Venture Card Decline - Frustrated by this

Anonymous — Tue, 29 Mar 2016 04:08:17 GMT

I don't have experience with reconing with Capital one. But my first $5000 card was my Venture. I did have other experience with Capital one though. Do you have other Cap1 cards? If I were you, I would apply for the Venture 1 and then upgrade in a couple months.