topic Re: New Policy for Cap 1 Applications??? in Credit Card Applications

New Policy for Cap 1 Applications???

Anonymous — Fri, 01 Jul 2016 20:36:10 GMT

Hello Everyone

Im new to posting, but been lurking for a while.

I was approved for a Cap1 Platinum ($3k) the other day via a pre-qualified mailer. I then went on to try the venture card and was denied. Today I called the recon line and was told that a new poliwas put in place that if an applicant has just opened a new card with them, they it will be an automatic denial for any other cards for 6 months.

Has else run into this? Im not all that credit card savy, but after he told me that people do have multiple cards, the info above just didn't jive.

Thoughts?

Re: New Policy for Cap 1 Applications???

Anonymous — Fri, 01 Jul 2016 20:37:59 GMT

Yes, it's a new policy.

Re: New Policy for Cap 1 Applications???

Anonymous — Fri, 01 Jul 2016 20:41:34 GMT

DangI must have missed the info on this one. Thanks.

Re: New Policy for Cap 1 Applications???

ddemari — Fri, 01 Jul 2016 22:17:09 GMT

very interesting! i did not know this was a new capitalone policy.

Re: New Policy for Cap 1 Applications???

SouthJamaica — Fri, 01 Jul 2016 23:15:32 GMT

@Anonymous wrote:
Hello Everyone
Im new to posting, but been lurking for a while.

I was approved for a Cap1 Platinum ($3k) the other day via a pre-qualified mailer. I then went on to try the venture card and was denied. Today I called the recon line and was told that a new poliwas put in place that if an applicant has just opened a new card with them, they it will be an automatic denial for any other cards for 6 months.

Has else run into this? Im not all that credit card savy, but after he told me that people do have multiple cards, the info above just didn't jive.

Thoughts?

Yeah many people have reported that.

Re: New Policy for Cap 1 Applications???

Anonymous — Fri, 01 Jul 2016 23:16:37 GMT

I was approved for 2 capitol one cards on the same day in april

Re: New Policy for Cap 1 Applications???

Anonymous — Sat, 02 Jul 2016 00:12:27 GMT

@Anonymous wrote:
I was approved for 2 capitol one cards on the same day in april

The new policy took effect June 1st.

Re: New Policy for Cap 1 Applications???

12njoy — Sat, 02 Jul 2016 04:41:05 GMT

I wondered what was going on. I had a friend apply for a cap one card and she was approved and then did another app within minutes and was denied. Denial letter came and said something to the effect of a recent or approved application. I guess they grew tired of people getting a two for one

Re: New Policy for Cap 1 Applications???

UncleB — Sat, 02 Jul 2016 16:37:10 GMT

@12njoy wrote:
I wondered what was going on. I had a friend apply for a cap one card and she was approved and then did another app within minutes and was denied. Denial letter came and said something to the effect of a recent or approved application. I guess they grew tired of people getting a two for one

Not just 2-for-1, but then in six months combining them into a card with a larger credit line than the person would have otherwise qualified for.

(note that I'm not saying I blame anybody - I would have done it, too - just that it makes business sense to pull it back a bit.)

I'm just glad it doesn't appear they changed the rules regarding the new account bonuses... usually if you can manage to get approved for the card, they give you the bonus regardless of if you've received it on another card before. If they were to change that, it would likely severely cut down on new applications (well, at least from folks on here... LOL).

Re: New Policy for Cap 1 Applications???

12njoy — Sat, 02 Jul 2016 16:55:43 GMT

@UncleB wrote:
@12njoy wrote:
I wondered what was going on. I had a friend apply for a cap one card and she was approved and then did another app within minutes and was denied. Denial letter came and said something to the effect of a recent or approved application. I guess they grew tired of people getting a two for one
+1

Not just 2-for-1, but then in six months combining them into a card with a larger credit line than the person would have otherwise qualified for.

(note that I'm not saying I blame anybody - I would have done it, too - just that it makes business sense to pull it back a bit.)

I'm just glad it doesn't appear they changed the rules regarding the new account bonuses... usually if you can manage to get approved for the card, they give you the bonus regardless of if you've received it on another card before. If they were to change that, it would likely severely cut down on new applications (well, at least from folks on here... LOL).

I'm glad I got in when I did then.

Re: New Policy for Cap 1 Applications???

Anonymous — Sun, 03 Jul 2016 04:20:19 GMT

I also got this denial, I think I had Capital One over 8 years ago and had 3 cards and applied for them all at the same time and was approved but this last one I was approved for. I got a letter on the 2 others stating I have a new card and they wont approve the others

In another note, for retail store that is held by Capital One, it's a different case. I applied for Neiman Marcus and Berfgdorf Goodman and both approved and both from Capital One and the same CL.

Re: New Policy for Cap 1 Applications???

morgacj2004 — Sun, 03 Jul 2016 04:39:15 GMT

Well I guess it was time for the gravy train to end. Between my wife and I we got 10 cards in 18 months. Loved all those miles.!

Re: New Policy for Cap 1 Applications???

RonM21 — Sun, 03 Jul 2016 20:56:59 GMT

Luckily this will not bother me too much as I didn't want the triple HP. Wonder if any other lender besides them and Chase are going to make any changes like this, effectind when you can get approved.

Re: New Policy for Cap 1 Applications???

CreditMagic7 — Mon, 04 Jul 2016 00:05:44 GMT

Wasn't aware of this until now so thanks for the heads up on that.

Re: New Policy for Cap 1 Applications???

Anonymous — Mon, 04 Jul 2016 00:40:06 GMT

Glad I got in when I did, then. I got a secured and then unsecured within two months of each other and loaded up my secured to a higher credit line. My rebuild would've been much slower if they had banned those things back then.

I like the idea of combining cards and then apping for a new one. Gotta keep that in mind for the future, if it's still a thing.