topic Re: Capital One Venture in Credit Card Applications

Capital One Venture

TheDude — Mon, 09 Nov 2020 06:27:00 GMT

Well I just thought I would share my recent experience with Capital One, as I have not been happy with them for the last couple of years. I was denied a Savor card in 2019 and again earlier this year in March. Both times they said it was due to other CCs opened in the last two years, but I think each time it was only 2 accounts, and I had not opened anything new within the previous 6 months. On top of that, I have had a Mastercard with them since 2007, and a couple of months ago they reduced my credit limit from $13000 to $5000 because I only use that card sparingly since I have other better rewards cards. I have maintained FICO scores in the high 700s and 800s during that whole time.

I saw the recent 100000 mile SUB for the Venture card which appealed to me, as I hope to travel again after this Covid thing blows over. At the same time I was hesitant, because I already had the two Capital One inquiries on my credit report within the last two years, and I also refinanced my home and financed a new car this year and had been approved for an Amex card a little over a year ago, so I had 5 inquiries already appearing on my Experian report.

Ultimately I decided to try, and to my surprise I was approved for $20K.

One thing I did differently this time (that I did not notice to be available when I applied previously for the Savor) is there was an option to login to my existing Capital One account to have many of the application fields pre-populated. I highly doubt that this would make a difference in their credit decision though.

But the application itself was also different than I have ever experienced, and I'm wondering if anyone else has experienced this with Capital One or any other credit card applications. In addition to all the usual information, there were several "optional" questions, which I decided to answer. These questions included the following (not the exact words, but you get the idea):

Do I expect to carry a balance on this card?
What's the total monthly spend on all of your credit cards?
Would I be interested in balance transfer checks?

There were probably a couple of more questions, but I'm not remembering them right now. I suspect that this probably influenced their decision in my favor, especially the question about the total monthly spend. Has anyone else gotten questions like this on their credit card applications before?

Re: Capital One Venture

GApeachy — Mon, 09 Nov 2020 07:34:45 GMT

@TheDude wrote:
I suspect that this probably influenced their decision in my favor, especially the question about the total monthly spend. Has anyone else gotten questions like this on their credit card applications before?

First, congrats on that nice chunk of change. Funny how you were approved for that high sl when they had cld'd you recently. This is a great example of why dp's are so important. Sometimes it reveals the multiple persnalities of the algorithms so thank you for the details.

To answer your question, yes. Yes, I have seen that ? about total monthly spend. It was almost 2 weeks ago when I asked for a cli. Was denied so it's not in my wallet anymore. It's in the landfill.

Enjoy those miles once you are able to.

Re: Capital One Venture

M_Smart007 — Mon, 09 Nov 2020 20:20:03 GMT

@TheDude wrote:
"Ultimately I decided to try, and to my surprise I was approved for $20K. "

Congratulations on your C1 Venture Approval..

Re: Capital One Venture

GrabbedByTheGhoulies — Mon, 09 Nov 2020 21:08:04 GMT

@TheDude wrote:
Has anyone else gotten questions like this on their credit card applications before?

I remember some interesting (possibly different than yours) questions at the end of my recent Capital One application. One of them asked if I planned to set up auto-pay to pay my bill.

Re: Capital One Venture

NoMoreE46 — Sun, 15 Nov 2020 14:46:46 GMT

Congrats @TheDude
I got those same exact questions. So the question is- do the Answers to those questions play a decision to affect one's approval or are they for data gathering?

For instance, do you plan to carry a balance? If one answers No does that help or hurt the approval? If one answers Yes then???

@TheDude wrote:
Well I just thought I would share my recent experience with Capital One, as I have not been happy with them for the last couple of years. I was denied a Savor card in 2019 and again earlier this year in March. Both times they said it was due to other CCs opened in the last two years, but I think each time it was only 2 accounts, and I had not opened anything new within the previous 6 months. On top of that, I have had a Mastercard with them since 2007, and a couple of months ago they reduced my credit limit from $13000 to $5000 because I only use that card sparingly since I have other better rewards cards. I have maintained FICO scores in the high 700s and 800s during that whole time.

I saw the recent 100000 mile SUB for the Venture card which appealed to me, as I hope to travel again after this Covid thing blows over. At the same time I was hesitant, because I already had the two Capital One inquiries on my credit report within the last two years, and I also refinanced my home and financed a new car this year and had been approved for an Amex card a little over a year ago, so I had 5 inquiries already appearing on my Experian report.

Ultimately I decided to try, and to my surprise I was approved for $20K.

One thing I did differently this time (that I did not notice to be available when I applied previously for the Savor) is there was an option to login to my existing Capital One account to have many of the application fields pre-populated. I highly doubt that this would make a difference in their credit decision though.

But the application itself was also different than I have ever experienced, and I'm wondering if anyone else has experienced this with Capital One or any other credit card applications. In addition to all the usual information, there were several "optional" questions, which I decided to answer. These questions included the following (not the exact words, but you get the idea):
Do I expect to carry a balance on this card?
What's the total monthly spend on all of your credit cards?
Would I be interested in balance transfer checks?
There were probably a couple of more questions, but I'm not remembering them right now. I suspect that this probably influenced their decision in my favor, especially the question about the total monthly spend. Has anyone else gotten questions like this on their credit card applications before?

Re: Capital One Venture

TheDude — Mon, 16 Nov 2020 04:18:24 GMT

Who knows for sure, but given my recent experience with CapOne just prior to this approval, I lean towards "yes."

Re: Capital One Venture

AllZero — Mon, 16 Nov 2020 04:33:18 GMT

Congratulations on your approval.

I don't have an answer to your question. My only guess is they would prefer a revolver instead of a transactor? Or a little bit of both? Or just data gathering?