topic Re: Venture Approval Stats? in Credit Card Applications

Venture Approval Stats?

pinkandgrey — Sat, 24 Mar 2018 19:29:38 GMT

I would love to hear some firsthand experiences with applying for the Cap1 Venture. If you don't mind sharing, what was your income, score, and approval amount?

Re: Venture Approval Stats?

Anonymous — Sat, 24 Mar 2018 19:33:30 GMT

From what I have read the Venture is now a 5/24 card. Meaning you can't have more than 5 new accounts in the last 24 months and be approved. Capital One has a pre-approval page you might want to see if you qualify for pre-approval on that page.

Re: Venture Approval Stats?

pinkandgrey — Sat, 24 Mar 2018 19:37:37 GMT

I am prequalified according to the website. I'm just trying to get an idea of what SL I might expect if I were to apply.

Re: Venture Approval Stats?

Anonymous — Sat, 24 Mar 2018 20:34:45 GMT

@pinkandgreywrote:
I am prequalified according to the website. I'm just trying to get an idea of what SL I might expect if I were to apply.

There is the credit pulls database if you really care that much. 500 dollar sign up bonus so if you are pre-qualified I would find out by applying. Unfortunately I was showing pre-qualified until the day before they raised the bonus to 500 dollars. Never since.

Re: Venture Approval Stats?

pip3man — Sat, 24 Mar 2018 20:44:09 GMT

@Anonymouswrote:
From what I have read the Venture is now a 5/24 card. Meaning you can't have more than 5 new accounts in the last 24 months and be approved. Capital One has a pre-approval page you might want to see if you qualify for pre-approval on that page.

False information. 5/24 is ONLY applicable to Chase/JP Morgan. We do NOT have any such policy at Capital One.

Re: Venture Approval Stats?

Anonymous — Sat, 24 Mar 2018 22:15:50 GMT

@pip3manwrote:
@Anonymouswrote:
From what I have read the Venture is now a 5/24 card. Meaning you can't have more than 5 new accounts in the last 24 months and be approved. Capital One has a pre-approval page you might want to see if you qualify for pre-approval on that page.
False information. 5/24 is ONLY applicable to Chase/JP Morgan. We do NOT have any such policy at Capital One.

You are Captial One??? Everyone on Reddit Churning says this is the case as well as several blogs. My wife is 8/24 and she is not showing prequalified even with 20 year history. 800 +Fico. 200k Income. No more thann 2 hard pulls on any credit reporting agency. Owns home for 15+ years. 20 year history with Capital One. I will take the rest of the world over yours plus the prequalification site. And the prequalified for me and my wife ended the day the Cap One Venture went from 400 to 500 dollars. My wife was 6/24 at that point.

Re: Venture Approval Stats?

Anonymous — Sat, 24 Mar 2018 22:54:49 GMT

I was approved for 10k on 3/23. Only Prequals I had were platinum and QS1. I have been a cap one customer since ‘13 with a platinum ($300) that I PC’d to QS about 7 mos ago. Ex 675, TU 671, EQ 662. I have 2k limit on QS and 1k on ED and 100k income (wife and mine combined.) I imagine that being a current customer of theirs led to the approval. Also, since I got my PRG and ED about 6 months ago I hadn’t used my QS at all (maybe 1 or 2 20$ charges a month since my favorite pizza place doesn’t accept Amex.)

I’ve read that cap one often acts with the jealousy of a scorned lover when it comes to current customers who show them disfavor, hence the high limit for me.

Re: Venture Approval Stats?

Anonymous — Sun, 25 Mar 2018 04:32:37 GMT

June '17

Pre-qualified

EQ 686, TU 652, EX 685

Approved $15000 SL

Re: Venture Approval Stats?

Snipper117 — Sun, 25 Mar 2018 06:32:54 GMT

Applied 1/3/18 and approved a few days later received 50k bonus also which was great. 30k starring limit. I applied soon as venture poped up on my prequel page as I was checking frequently at the time.

Scores at the time tu 753 eq 753 exp 737

I have way more than 5 new accounts open within the past 12 months ! Income little over 100k

Re: Venture Approval Stats?

pip3man — Sun, 25 Mar 2018 11:33:53 GMT

@Anonymouswrote:
@pip3manwrote:
@Anonymouswrote:
From what I have read the Venture is now a 5/24 card. Meaning you can't have more than 5 new accounts in the last 24 months and be approved. Capital One has a pre-approval page you might want to see if you qualify for pre-approval on that page.
False information. 5/24 is ONLY applicable to Chase/JP Morgan. We do NOT have any such policy at Capital One.
You are Captial One??? Everyone on Reddit Churning says this is the case as well as several blogs. My wife is 8/24 and she is not showing prequalified even with 20 year history. 800 +Fico. 200k Income. No more thann 2 hard pulls on any credit reporting agency. Owns home for 15+ years. 20 year history with Capital One. I will take the rest of the world over yours plus the prequalification site. And the prequalified for me and my wife ended the day the Cap One Venture went from 400 to 500 dollars. My wife was 6/24 at that point.

I am not authorized to speak on behalf of the company so this is my personal opinion and first-hand knowledge. You are confusing Chase 5/24 with CO 1/6 meaning you can’t apply for more than one C1 card within a 6 months period which is different from 5/24: no more than 5 credit cards within a 24 months period but this is only exclusive to Chase. The only way this may be correct is if the policy was changed/implemented over the weekend then in that case I wouldn’t know yet but as far as I know and C1 is involved, NO such policy or restriction exist at C1. So best believe what u read is purely false and mere speculations. Also, you stated your wife isn’t showing any prequal but I and many others has NEVER had any prequalification with them either. Mind you I have perfect credit history, no new accounts or inquiries in the last 24 months, 3 exisiting accounts with them but guess what I still don’t show any prequalified offers for the life of me. You need to understand those offers on the website come and go, they aren’t designed to remain permanently. Even the slightest change to ur credit profile something so insignificant like an address change/variation could trigger them to disappear. My best friend one showed a prequal for all Capital One card but a week later everything was gone. And tbh your the first and only member I’ve seen associating 5/24 with Capital One cos everybody else knows that is a Chase thing, it’s common knowledge. But if u still wanna believe in what u think, then go ahead...

What are my chances of being approved for the Cap1 Venture?

pinkandgrey — Sun, 25 Mar 2018 15:16:35 GMT

My scores are all in the 720s

My income is approximately 24k

My other cards are a Disco It with a 10.2k limit, a Barclays Apple with a 4k limit, a GM Buypower with a 5k limit, and an Amex BCE with a 6k limit

My inquiries are 4 or 5 on EX, 1 on TU, and 1 on EQ. I believe 4 of those are within the last few months

I have always PIF, no late payments or anything bad on my reports

AAoA is 8 mos to a year. Oldest account 2 years

Last note: per Cap1’s site, I AM prequalified for the Venture

What are my chances of getting a decent SL? I don’t want 3 HPs for another 5k card. Any personal experiences welcome.

Re: What are my chances of being approved for the Cap1 Venture?

Anonymous — Sun, 25 Mar 2018 15:45:05 GMT

I'd say you may be approved for a Venture with a modest limit. Lenders look at your credit report and income to determine what limit they will extend.

The Venture card only makes sense for the signup bonus, but its redemption rate is not very good. You get 1 cent per point max and that's when covering travel expenses, if you redeem for cash it's only 0.5 cents per point. Your Discover and/or Amex may do better since the cash backs cover everyday spending at 1% return.

Capital One may be able to offer CLI without hard pull, but I don't have any personal experience since I don't have any of their cards. Others may be able to tell, though.

Re: What are my chances of being approved for the Cap1 Venture?

pinkandgrey — Sun, 25 Mar 2018 15:47:16 GMT

@Anonymouswrote:
I'd say you may be approved for a Venture with a modest limit. Lenders look at your credit report and income to determine what limit they will extend.

The Venture card only makes sense for the signup bonus, but its redemption rate is not very good. You get 1 cent per point max and that's when covering travel expenses, if you redeem for cash it's only 0.5 cents per point. Your Discover and/or Amex may do better since the cash backs cover everyday spending at 1% return.

Capital One may be able to offer CLI without hard pull, but I don't have any personal experience since I don't have any of their cards. Others may be able to tell, though.

I recently got SP CLIs on both my Amex and Disco. Recently being a few months ago..

Re: Venture Approval Stats?

EW800 — Sun, 25 Mar 2018 17:23:30 GMT

I was approved for Venture with a SL of $30K about a year ago. They have since bumped me to $36,750. At the time of my app my FICO 8 scores were in the 730-735 range (rebuilding from issues years ago), no inquires, salary about $115K. At that time, and still true today, I only allow one revolving account to report a balance of about $10-$25 to the CB's.

Re: What are my chances of being approved for the Cap1 Venture?

UncleB — Sun, 25 Mar 2018 18:28:56 GMT

@pinkandgrey, I've merged your two identical threads into one. Please don't post the same question in multiple threads or cross-post; it's confusing to follow and is against our policies here.

Thanks,

--UB

Re: Venture Approval Stats?

Anonymous — Sun, 25 Mar 2018 20:08:48 GMT

@Anonymouswrote:
From what I have read the Venture is now a 5/24 card. Meaning you can't have more than 5 new accounts in the last 24 months and be approved. Capital One has a pre-approval page you might want to see if you qualify for pre-approval on that page.

I am not sure that Capital One have gotten to be that strict but CO has not liked my new accounts. But if I were to age them a year who is to say they wouldn't approve me. When I applied last year I did have pre-approvals and when I tried to recon the EO office said they didn't show I had been pre-approved. I wouldn't have applied with them without seeing a pre-approval. The other concerning thing I've read is them chopping up the generous limits down to 10K. Makes me think they did me a favor. Good luck if this card fits your needs.

Re: Venture Approval Stats?

Anonymous — Sun, 25 Mar 2018 22:58:16 GMT

@pinkandgreywrote:
I would love to hear some firsthand experiences with applying for the Cap1 Venture. If you don't mind sharing, what was your income, score, and approval amount?

Unless this supposed Capital One 5/24 rule happened recently, I am unaware of it. But in October 2017, approvals/denials seemed tied to new accounts during the weeks directly after the bonus was increased to 50,000 points.

I’m copying this verbatim from one of my previous posts:

I read an entire Reddit thread of seemingly endless denials back in October which kept me from applying then. In December, I applied and was instantly approved (SL 15K) with the below data points:

Cold App/No prequals

No prior Capital One relationship

AAoA:
7yr11mo

Double Pull

Inquiries ||| Score
EX FICO 8 - 9 ||| Score: 730
TU FICO 8 - 8 ||| Score: 737

The approval letter showed a Bankcard 2 or 4 score of only 700. I can’t remember anything more specific than that. Apologies.

Last Opened Account:
BoA Premium Rewards - October 1
Discover it - October 1
Barclaycard Red Aviator - November 1

New Accounts:
10 in previous 7 months.
4 in previous 4 months.
3 in previous 3 months.

I hope this is helpful. I think the approval was an aberration.

Re: What are my chances of being approved for the Cap1 Venture?

Anonymous — Sun, 25 Mar 2018 23:10:23 GMT

I think I may have answered this in another post. The GM Power card sounds familiar.

I speculate that the approval would occur though I think it would be in the $5K range. This is also assuming that GM Power card is beyond the 6mo mark (1 in 6mo rule may be applicable to co-branded cards).