topic Re: Cap1 application in Credit Card Applications

Cap1 application

Anonymous — Thu, 07 Jul 2016 11:08:33 GMT

Hey y'all, I'm very new here. Just found this site and forum yesterday and it's very interesting. I'm trying to figure out all the abbreviations still but there is much to be learned. I was discharged from ch 7 in June of 2010 and have slowly been building back ever since. I'm gettin in decent shape, have 2 brand new vehicles financed, some store cards BB and Kohls, a high interest secured loan for some equipment I bought last year with springleaf, a Harley Davidson motorcycle I've been paying on for 2.5 years. The only bank credit card I have is a BB&T platinum card I got with my mother as co signer 3 years ago to buy materials for a project I was working on. The limit has since been increased to 9k a couple years ago. It currently has a high balance that I am paying down, currently the balance is 7700 dollars but I've never been late or missed a payment. I haven't had a late payment on any account in 5 years. I have been in business for myself since June of 2014. I said all that to give a little backstory on my situation and to say this, I applied for cap1 platinum and quicksilver cards and was declined online for both yesterday. I was applying to accomplish two things, the first was to have a non store card on my own for the first time in years, and to also raise my available credit so I wasn't so close to my limits. I'm currently at 30% on the BB card and they recently gave me a CLI automatically and the kohls card is at 10% and they gave me a CLI yesterday after requesting one online, only up 400 dollars from 300 to a total of 700 dollars. But it was nice to see it anyways. Is there anything I can do to maybe change capital one's mind about not extending credit to me? Any advice will be greatly appreciated. I'm not sure how to make a signature yet but my fico 8 scores are Eq: 686 Tu: 703 Ex: 673

Re: Cap1 application

Anonymous — Thu, 07 Jul 2016 15:37:04 GMT

You could call the Cap One reconsideration line, just google it. Just explain to the customer service rep why you are looking for credit and why you chose Cap One. Also, if you're looking for credit, Try each banks prequalification page. It just asks for basic info, address, etc, and will list cards you may be prequalified for. Discover likes thin files, btw. Good Luck!

Re: Cap1 application

Anonymous — Thu, 07 Jul 2016 16:18:36 GMT

Thanks for the reply. I've tried a few of the prequals on some of the cards. They always say no match... And thus far I've been turned down cap1, Amex, discover would approve with co signer but I already have that, BoA said no as well but countered with a secured card. I may try that route idk. I can't figure out what the dang problem is unless it's the high balance on the one BB&T card. I used it to make some pretty extensive repairs on my truck (I'm an owner operator truck driver) a lil while ago and am currently paying 500 dollars a month on it to pay it down. I guess I'll keep paying on it and see what happens in 6 months or so. It's kinda discouraging tho. You'd think somebody let me borrow a few hundred dollars to build off of but what can you do...

Re: Cap1 application

Anonymous — Thu, 07 Jul 2016 16:22:24 GMT

I would call Cap One and ask the reason for the denial, and maybe you can plead your case to them.

Re: Cap1 application

Anonymous — Thu, 07 Jul 2016 16:24:49 GMT

The BoA secured card might not be a bad option, since it can graduate to an unsecured card.

There's also the Cap. One secured card, which won't graduate, but you'd get your foot in the door with them. I started with that card, 6 months later I got a Plat. that I PC'd to a no AF Quicksilver last month.

I'd stay away from the First Premier/Credit One stuff if you were looking at those. Not worth your time. There's also the option of a local CU. Mine gave me an unsecured card, and they couldn't even generate a score for me (they don't use the FICO model).

Re: Cap1 application

Anonymous — Thu, 07 Jul 2016 16:29:27 GMT

Thanks lithium12, I may go talk to a CU when I get back home. I went ahead and applied for the BoA secured. Gotta start somewhere I suppose. I hadn't heard of the first premier/credit one stuff but I'll be sure to stay away

Re: Cap1 application

RonM21 — Fri, 08 Jul 2016 00:31:31 GMT

Hope you do get a approval. I would would find out the denial reasons if possible, and then that gives you something to focus on.

Re: Cap1 application

Anonymous — Fri, 08 Jul 2016 08:00:37 GMT

1) credit union
2) credit union
3)credit union
4) good luck

Re: Cap1 application

thummel — Fri, 08 Jul 2016 19:45:20 GMT

Sounds like your utilization on that card is what might be causing the denials possibly, That is very high utilization for only one card. They might want to see that 85% come down first. I would work on that myself. Best of luck to you.

Re: Cap1 application

Anonymous — Fri, 08 Jul 2016 20:06:55 GMT

You're probably right thummel. I'll get that down asap and see what happens in a few months. Thanks

Re: Cap1 application

thummel — Fri, 08 Jul 2016 20:47:02 GMT

As long as you don't have any lates or baddies your score should be really good when your utilization comes down. Credit unions are a great way to go too. Are you enrolled to get pre qualified offers too?

Re: Cap1 application

Anonymous — Fri, 08 Jul 2016 21:47:47 GMT

I don't reckon I'm enrolled to get pre qualified offers. I haven't gotten one in years. I need to look at the thread with all the abbreviations and whatnot. I don't know what baddies consist of. Everything bad that I know of I listed in my initial post. And no late payments on anything in 5 years. Thanks for the replies y'all.

Re: Cap1 application

Anonymous — Sat, 09 Jul 2016 13:55:45 GMT

Idk how good it is but I just got a response from PenFed about a CC I applied for with them. They conditionally approved it pending income verification. It's better than a flat denial but idk if they send everyone those responses or not. I'll send them my last two tax returns and see what they say.

Re: Cap1 application

Anonymous — Sat, 09 Jul 2016 14:02:10 GMT

@Anonymous wrote:
Idk how good it is but I just got a response from PenFed about a CC I applied for with them. They conditionally approved it pending income verification. It's better than a flat denial but idk if they send everyone those responses or not. I'll send them my last two tax returns and see what they say.

As long as you didn't lie about your income, you should be good to go

Re: Cap1 application

Anonymous — Sat, 09 Jul 2016 14:08:30 GMT

Awesome. No worries on that point. I always put the true income on applications. Too east to get caught in that lie plus it's wrong to lie. Haha I hope I ain't doin all this legwork for a 300 dollar CL. 😀

Re: Cap1 application

Anonymous — Sat, 09 Jul 2016 14:10:51 GMT

@Anonymous wrote:
Awesome. No worries on that point. I always put the true income on applications. Too east to get caught in that lie plus it's wrong to lie. Haha I hope I ain't doin all this legwork for a 300 dollar CL. 😀

Gotta start somewhere

Re: Cap1 application

Anonymous — Sat, 09 Jul 2016 14:39:05 GMT

That's true. Whatever it is gets me in the door and that's a start. Thanks

Re: Cap1 application

Anonymous — Sun, 10 Jul 2016 03:05:22 GMT

HMM I apped last nov 2015 with a revolving debt of 15k and they still approved me for a QS, mind you I've cut that in Half.. Seems weird

Re: Cap1 application

Anonymous — Sun, 10 Jul 2016 03:19:26 GMT

@Anonymous wrote:
Thanks for the reply. I've tried a few of the prequals on some of the cards. They always say no match... And thus far I've been turned down cap1, Amex, discover would approve with co signer but I already have that, BoA said no as well but countered with a secured card. I may try that route idk. I can't figure out what the dang problem is unless it's the high balance on the one BB&T card. I used it to make some pretty extensive repairs on my truck (I'm an owner operator truck driver) a lil while ago and am currently paying 500 dollars a month on it to pay it down. I guess I'll keep paying on it and see what happens in 6 months or so. It's kinda discouraging tho. You'd think somebody let me borrow a few hundred dollars to build off of but what can you do...

Could be the high ut since you only have the one card. Another card would be Barclay's. I know you just app'd for some new cards but they approve you anyway. The BOA is a good option also. After charging and paying every month or more, you should get unsecured in no time. Also some Comenity cards are Visa. That would also get your foot in the door. And they do raise you cl often. Which would also help you.

Re: Cap1 application

Anonymous — Sun, 10 Jul 2016 03:56:31 GMT