topic Re: Venture Card - advice needed - what are the golden/hidden qualifying rules? in Credit Card Applications

Venture Card - advice needed - what are the golden/hidden qualifying rules?

Anonymous — Wed, 15 Nov 2017 02:46:55 GMT

what are the golden/hidden rules for Venture Card?

Are these true...?

I've been seeing comments for having credit lines above 5k?

Age of revolving history being 3 years?

Fico being 740+?

I have a Pre-Qual for either Venture card, but i'm really skeptical about it. My revolving account history is very young .

Capital One Approved - May 1, 2017 ($500)

Discover Secured - July 31, 2017 ($800)

Student Loans are 14 years old (10k Owed). I have 5 late payments that are dated November 2010 – March 2011, which will fall off in March 2018.

No Collections & 3 hits for the 2 above cards and 1 card below.

BLUE CASH EVERYDAY (Declined) July 11, 2017.

Re: Venture Card - advice needed - what are the golden/hidden qualifying rules?

Hex — Wed, 15 Nov 2017 03:46:29 GMT

I didn't have any of those and I was approved for a $30K Venture card. If you have a prequalify you should get the card. If you want a higher CL app the regular venture but remember there will be a $95 AF. The Venture One isn't very good for rewards. If you want to avoid the AF app the Regular Quicksiler. If you qualify for Venture you should qualify for Regular QS.

Re: Venture Card - advice needed - what are the golden/hidden qualifying rules?

Anonymous — Wed, 15 Nov 2017 04:06:20 GMT

Thanks Hex,
If you don’t mind, what was your credit profile at the time of applying?
I want the Venture card bad, i do a lot of international travel. I seems like it would suit my needs well.
I’ve read that you can pc to V1 or QS prior to the AF to avoid paying it as well

Re: Venture Card - advice needed - what are the golden/hidden qualifying rules?

Hex — Wed, 15 Nov 2017 04:31:09 GMT

FICO scores were:
Eq 696
Tu 717
Ex 706
I was approved for a Regular QS on 4/17/17 with a $15K cl.
I applied for the Venture card on 10/17/17 and was approved for $30K.
I have had a cap1 auto loan since Jan 2017.
I had opened 7 ccs in the last year of which 5 were within the last 6 months one of which is a $500 cl NFCU secured card. I have a BK7 reporting that was dc'd in 7/16.
The average age of my accounts was one year and I have 2 closed and 11 open accounts. My BK is the only derogatory thing on my report.
I do make $150K per year.
I think if cap1 gives you a prequalify you should get the card. My first cap one card post bk was opened 5/2016 with a $300 limit.

Re: Venture Card - advice needed - what are the golden/hidden qualifying rules?

Hex — Wed, 15 Nov 2017 04:36:12 GMT

I noticed that when I did the prequalify how I answered the questions about what I was looking for effected which cards I was prequalified for. When I said cash back they gave me the QS prequal and when I said travel they gave me the Venture prequal.

Re: Venture Card - advice needed - what are the golden/hidden qualifying rules?

Hex — Wed, 15 Nov 2017 04:56:32 GMT

If you apply and get a 7 to 10 day message it's probably approved but they want security verification to make sure you really applied for the card. They called me about an hour later and then I was approved.

Re: Venture Card - advice needed - what are the golden/hidden qualifying rules?

Anonymous — Wed, 15 Nov 2017 22:50:59 GMT

Thanks for sharing your profile/time with me. Congrats on all the progress you’ve made since your BK7, You rebounded fast!
Your profile is encouraging. your income is def higher. i’m at 65k, but my living expenses are very low so they might take that into consideration.
I will keep the wait period that you mentioned in mind when i pull the trigger.

Re: Venture Card - advice needed - what are the golden/hidden qualifying rules?

CreditCuriosity — Wed, 15 Nov 2017 22:57:49 GMT

Ya if you are pre-approved on their website it is pretty golden. What they consider excellent credit is far different from other lenders even though they spell out what they are lookin for they don't follow their own rules . Let us know the SL if you apply for it and when approved. Enjoy!

Re: Venture Card - advice needed - what are the golden/hidden qualifying rules?

Anonymous — Thu, 16 Nov 2017 02:04:06 GMT

Thanks, that is good to hear & quite funny. I’ll definitely post the results.

Re: Venture Card - advice needed - what are the golden/hidden qualifying rules?

Anonymous — Thu, 16 Nov 2017 05:15:14 GMT

Approved in June '17 for Venture. $15000 SL, 18.99% APR, EQ 686, TU 652, EX 685.

Approved in December '16 for Quicksilver WEMC. $10000 SL, 18.99% APR, EQ 695, TU 655, EX 682.

Good luck, OP!

Re: Venture Card - advice needed - what are the golden/hidden qualifying rules?

Shooting-For-800 — Thu, 16 Nov 2017 11:40:28 GMT

Cap One prequal are usaully spot on.

Congratulations.

Re: Venture Card - advice needed - what are the golden/hidden qualifying rules?

Anonymous — Thu, 16 Nov 2017 13:31:37 GMT

Sweet credit limits in those timelines, thanks for the stats!

Re: Venture Card - advice needed - what are the golden/hidden qualifying rules?

Anonymous — Thu, 16 Nov 2017 16:32:44 GMT

I'm also interested in a Venture, but everytime I ask for a CLI on my Quicksliver - I get a msg back stating there are too many INQ's on my report. I'm scared to even attempt a new card with Cap 1 due to INQ's. Has anyone had a similar experience and been approved? I have NEVER seen a pre-qual on their site.

Re: Venture Card - advice needed - what are the golden/hidden qualifying rules?

Hex — Thu, 16 Nov 2017 16:43:21 GMT

Cli's and new cards are totally unrelated. You can be turned down for a CLI and get a new card on the same day. I wouldn't app without a prequal though.

Re: Venture Card - advice needed - what are the golden/hidden qualifying rules?

Anonymous — Thu, 16 Nov 2017 16:44:12 GMT

"Too many inquiries" is not always what it means -- it's just a generic "FICO Reason Code" that lenders pay FICO for.

Federal law requires that a lender give you a reason why they denied you something, but it doesn't require that they give you the real reason.

Keep checking for Capital One prequalifications but if you last apped for a Capital One less than 6 months ago, you can't app for another Capital One card until it's more than 6 months old. When was your last Capital One approval for a new card?

Re: Venture Card - advice needed - what are the golden/hidden qualifying rules?

Anonymous — Thu, 16 Nov 2017 18:13:50 GMT

@Hex wrote:
Cli's and new cards are totally unrelated. You can be turned down for a CLI and get a new card on the same day. I wouldn't app without a prequal though.

If you have decent scores and good profiles..

I would definitely app even if you don't pre qualify.

I have never had a pre qualify through Cap1's pre qual tool.

Just apply if you want the card. Just make sure everything is in order.

Re: Venture Card - advice needed - what are the golden/hidden qualifying rules?

jc2 — Sat, 18 Nov 2017 15:32:03 GMT

Does anyone know if the Business (Spark) cards are part of the "6 months between cards" rule? I rcd a new Venture Card June 2016 and the Spark card this fall. Curious if I need to wait 6 moths from the Spark apprval before I go for the QS.

Re: Venture Card - advice needed - what are the golden/hidden qualifying rules?

JackBeNimble1 — Mon, 20 Nov 2017 07:14:25 GMT

I plan to wait a few more weeks but soon I'll be putting some purported Venture rules to the test. Some people say you cannot have more than two Cap One credit cards (unless it was a product change from a card owned by a different bank, and other caveats). I currently have a Cap One Platinum from 2011, a Quicksilver from 2014 and a VentureOne from 2015. These cards have never been product changed. I'll be applying for the Venture, which Cap One's website shows I am prequalified for right now. Some people say Cap One will deny applications that have too many recent credit inquiries. I have ten inquiries on Experian and half that number on TransUnion and Equifax. I have five new credit cards and one new charge card since April of this year. My Fico 8 Experian score is 679, my TransUnion score is 672 and I'm not sure of my true Equifax score but the "Fake-o" Equifax score is 712. I have a Chapter 7 reporting from 2011 (related to the housing crash) but no other negatives. Wish me luck. I'll report back with results.

Update: Venture Card - advice needed - what are the golden/hidden qualifying rules?

Anonymous — Mon, 20 Nov 2017 18:01:21 GMT

Update: I just pulled the trigger...

Those 3 seconds of wait time seemed endless, even my hands started perspiring during it.

I about fell out of the chair! 10K! Thank you C1, I needed this.

So far, only Experian hit, I’ll keep you posted. I thank you all for your input

* Any advice on where I should go from here??

Re: Update: Venture Card - advice needed - what are the golden/hidden qualifying rules?

Hex — Mon, 20 Nov 2017 18:20:07 GMT

I'm so happy for you! Fantastic CL too! The metal card is very cool. Congratulations!