topic Re: Capital One Venture - apply or wait ?? in Credit Card Applications

Capital One Venture - apply or wait ??

c32knight — Wed, 11 May 2016 14:13:18 GMT

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So here I am a month later with a slightly different credit profile

Barclay Rewards World card - 10k CL / 5200 utilized

Capital One QS - 6k / 1k utilized

Capital One Secured Platinum - 275/ 0 bal

Credit One Platinum - 1150 / 120 bal (will be paid off before due date at EOM)

Ashley Furniture - 5500 / 1900 bal (0% until june 12, interest deffered)

jcrew - 9050 / 0 bal

express - 2840 / 0 bal

overstock - 5900 / 0bal

target card - 750 / 0 bal

I have drifted away from the venture and venture one cards and am now looking at the chase Slate with 15 months 0% on balance transfers. I should be able to put another 2k towards debt by the end of the month. The issue I have run into is that the balance on my Ashely Furniture card has deffered interest, which I was not familiar with when making my slightly over the minimum payments. I assumed it was 0% interest just like any other card. Would it be prudent to just pay this off at the end of this month (0 interest ends june 12th) or apply for slate and try to consolidate my remaining balances making 1 payment per month at 0%. Scores as of now are Ex 665, TU 675, Eq 665. AAoA is over 3 years. No INQs in the last year. Between 8 and 9 on all three reports however. Income over 100k

Please let me know if you think its the right time to apply or continue paying down. Barlcays and capital one interest rates are over 20%

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So I have been reading about the capital one venture card for the passed 3 days and am now very interested in it. Specifically the unusually high credit limits people seem to get with this card. I currently have the following cards

Barclay Rewards World card - 10k CL / 6k utilized

Capital One QS - 6k / approx 2k utilized

Capital One Secured Platinum - 275/ 0 bal

Credit One Platinum - 900/ 0 bal

I sent my biannual email to capital one EO last weekened requesting the secured cafrd be graduated to anything else and a CLI. They promptly told me no to both but said they will do a manual review of my QS and let me know the results in 3-4 business days (wed or thurs of this week). My question should I apply for the Venture card shortly after a CLI on my QS card? Would they even consider it since I already have 2 cards? With my current scores should I even bother or wait until they are 30 pts higher? The downside right now is I am paying ridiculous interest rates on barclays and QS even after both have been lowered.

My current scores right now are - TU 674; EX 660, EXP 660. Annual income 100k, Not sure what my AAoA is. I dont really know where to find that right now but remember seeing it on my credit karma.

What would you guys do? has anyone with similar stats been approved? I have never been able to pre-qual for anything capital one but never been turned down also.

Re: Capital One Venture - apply or wait ??

Creditaddict — Tue, 12 Apr 2016 01:25:35 GMT

1. I would go online about consolidating your current unsecured cap1 with low limt.

2. have you requested CLI on the cards outside of the EO office?

3. if you run pre-qual do you get offer for venture?

4. CLOSE the secured card... you don't need it at all and use the little money to pay your debt down further.

Re: Capital One Venture - apply or wait ??

kdm31091 — Tue, 12 Apr 2016 01:33:42 GMT

Personally, I think you should pay/down off the debt significantly before worrying about applying for something else. You are unlikely to see much success with either a CLI or a new account approval when your utilization is fairly high like on the Barclay's card and to a lesser extent the QS.

Re: Capital One Venture - apply or wait ??

c32knight — Tue, 12 Apr 2016 01:33:42 GMT

Ill try to respond in the same order:

1. Website says im unable to combine the 2 cards

2. I requested a cli using the luv button on captial one QS card before but it only worked once, last April. Every other time i got a CLI was either auto or throug the EO, (Card started at 500, then 1500, then 2000, then 4000 then 6000). This has occured over the passed 2 years and a few months.

3. Pre-qualify says i dont match with anything.

4. The secured card is the oldest card in my wallet currently at about 4 years. I unfortunately closed other accounts at the end of grad school, not knowing the damage it would do of not keeping those accounts around.

Re: Capital One Venture - apply or wait ??

c32knight — Tue, 12 Apr 2016 01:35:24 GMT

The goal was to transfer the balances to something with 0 interest for the next year and pay everything off.

Re: Capital One Venture - apply or wait ??

Creditaddict — Tue, 12 Apr 2016 01:36:57 GMT

@c32knight wrote:
Ill try to respond in the same order:
1. Website says im unable to combine the 2 cards
2. I requested a cli using the luv button on captial one QS card before but it only worked once, last April. Every other time i got a CLI was either auto or throug the EO, (Card started at 500, then 1500, then 2000, then 4000 then 6000). This has occured over the passed 2 years and a few months.
3. Pre-qualify says i dont match with anything.
4. The secured card is the oldest card in my wallet currently at about 4 years. I unfortunately closed other accounts at the end of grad school, not knowing the damage it would do of not keeping those accounts around.

Closing accounts do zero damage besides take away the utilization so if it's a large line you are closing and you have other cards with balances you could see a dip in score but your secured card is tiny so it won't hurt you at all... a positive account will continue to report for 10 years.

I would not apply currently if you are not getting pre-approvals.

Re: Capital One Venture - apply or wait ??

Creditaddict — Tue, 12 Apr 2016 01:38:37 GMT

Try Chase pre-qual for BT card.

Re: Capital One Venture - apply or wait ??

SouthJamaica — Tue, 12 Apr 2016 02:00:17 GMT

@c32knight wrote:
So I have been reading about the capital one venture card for the passed 3 days and am now very interested in it. Specifically the unusually high credit limits people seem to get with this card. I currently have the following cards

Barclay Rewards World card - 10k CL / 6k utilized
Capital One QS - 6k / approx 2k utilized
Capital One Secured Platinum - 275/ 0 bal
Credit One Platinum - 900/ 0 bal

I sent my biannual email to capital one EO last weekened requesting the secured cafrd be graduated to anything else and a CLI. They promptly told me no to both but said they will do a manual review of my QS and let me know the results in 3-4 business days (wed or thurs of this week). My question should I apply for the Venture card shortly after a CLI on my QS card? Would they even consider it since I already have 2 cards? With my current scores should I even bother or wait until they are 30 pts higher? The downside right now is I am paying ridiculous interest rates on barclays and QS even after both have been lowered.

My current scores right now are - TU 674; EX 660, EXP 660. Annual income 100k, Not sure what my AAoA is. I dont really know where to find that right now but remember seeing it on my credit karma.

What would you guys do? has anyone with similar stats been approved? I have never been able to pre-qual for anything capital one but never been turned down also.

I think you're better off waiting until your scores are in the 700 range.

Re: Capital One Venture - apply or wait ??

steelers1 — Tue, 12 Apr 2016 13:10:17 GMT

@c32knight wrote:
The goal was to transfer the balances to something with 0 interest for the next year and pay everything off.

Why would you want the Venture?

There is NO intro period on the Venture.

Capital One will not let you balance transfer money that is owed on one of their cards to a new Cap One card.

Re: Capital One Venture - apply or wait ??

_NERD — Tue, 12 Apr 2016 17:35:28 GMT

Your 60% util + the other account with more than 1/3 util could be why the Cap 1 tool isn't showing you love (overall util + revolving balances).

Consider paying down the higher balance further. This may be meant to be at the moment, for you. It's not a bad thing.

Re: Capital One Venture - apply or wait ??

Creditplz — Tue, 12 Apr 2016 17:41:19 GMT

Your almost at 50% overall UTL and 60% on one card. Pay down the balances and see where your scores are then. I wouldn't recommended applying now.

Re: Capital One Venture - apply or wait ??

c32knight — Wed, 13 Apr 2016 00:07:17 GMT

sorry for the delay, let me try and clarify these

the venture card states it has a 0% interest rate for the next year. I dont kno wwhy you would think there is no introductory rate

This is only 4 cards that I have. I do have several others on my credit that were not listed as they were store cards, to give you a better idea

jcrew - 8500 / 0 bal

express - 2500 / 0 bal

overstock - 5850 / 0bal

target card - 750 / 0 bal

Re: Capital One Venture - apply or wait ??

steelers1 — Wed, 13 Apr 2016 00:15:59 GMT

@c32knight wrote:
sorry for the delay, let me try and clarify these

the venture card states it has a 0% interest rate for the next year. I dont kno wwhy you would think there is no introductory rate

This is only 4 cards that I have. I do have several others on my credit that were not listed as they were store cards, to give you a better idea
jcrew - 8500 / 0 bal
express - 2500 / 0 bal
overstock - 5850 / 0bal
target card - 750 / 0 bal

The Venture does not have an intro rate however the Venture One does

Re: Capital One Venture - apply or wait ??

Anonymous — Wed, 13 Apr 2016 00:19:45 GMT

@c32knight wrote:
sorry for the delay, let me try and clarify these

the venture card states it has a 0% interest rate for the next year. I dont kno wwhy you would think there is no introductory rate

This is only 4 cards that I have. I do have several others on my credit that were not listed as they were store cards, to give you a better idea
jcrew - 8500 / 0 bal
express - 2500 / 0 bal
overstock - 5850 / 0bal
target card - 750 / 0 bal

The Venture card has no annual fee for the first year. There is no promotion for 0% APR for this card. I would agree with the other posts - pay down the the Barclay's a bit which will help your scores increase a bit. I would definitely recommend checking the Cap1 prequalification site periodically. That is what I did... I kept checking until one day the Venture card came up as an option.