topic Re: Would I get approved for Capital One Venture card? in Credit Card Applications

Would I get approved for Capital One Venture card?

vinster95 — Sat, 30 Mar 2024 06:45:05 GMT

Hey everyone! I was just wondering what you guys think of my approval odds for the Capital One Venture card. I can't tell you an exact number because I'm currently paying my cards off over the next two weeks, while I wait for April's report dates. I have an Amex Delta Gold that will report 20 dollars out of a 3000 dollar limit. And a Dell Financial services account with a 4000 dollar limit, that will report somewhere between 600-1000 dollars on it. Total UTL will be between 9-14 percent ($600-$1000/$7000)

Right now my score is 669 per Experian's website. And 645 for TU and EQ per Credit Karma. I know these sites are rough estimates. On Experian I did the score simulator to what I will be with the cards paid down. It says 799. So even if that's generous, I'm assuming I'll be around 760 plus.

So my question is, 760 (give or take) for credit score. 9-14 percent UTL. No derogatory, no latenesses. Everything perfect. I also have an Amex Platinum card, that will report about a 2400 dollar balance (I heard that does not count towards UTL). And I also have 1200 or so owed on an affirm installment loan with Peloton, and a car loan.

My last thing I'm waiting to report is the Dell, which will on the 15th. Once I see everything is updated, my plan is to apply for the Venture card. Do you guys think my approval odds would be good for it with those numbers stated above? (760ish score, 9-15 percent UTL) And salary is 134k.

Thanks in advance for any and all input!

Re: Would I get approved for Capital One Venture card?

vinster95 — Sat, 30 Mar 2024 06:46:18 GMT

One more thing: My highest limit is Dell at 4k currently. Would capital one have a problem giving me a new highest limit card? I'm assuming Venture cards are usually 10k or so from what I've seen?

Re: Would I get approved for Capital One Venture card?

JoeRockhead — Sat, 30 Mar 2024 10:07:53 GMT

I don't know that anyone is going to be able to answer your question with any kind of accuracy as Capital One doesn't seem to have any kind of discernible method to approvals, or the limits they issue. There has been many people denied, or given low SLs with 800++ scores, yet other people with much lower scores and even had burned them in the past that get approvals and higher limits.

Also, many people around here will tell you that when it comes to publicly available score simulators, they should be considered as "for entertainment purposes only".

Re: Would I get approved for Capital One Venture card?

citymunky — Sat, 30 Mar 2024 13:11:28 GMT

Did you check Capital One's pre-approval tool?

https://www.capitalone.com/credit-cards/preapprove/

Re: Would I get approved for Capital One Venture card?

vinster95 — Sat, 30 Mar 2024 20:23:44 GMT

Yeah but since I'm waiting for the score to go out when the cards report, I’m guessing I'd be offered more once my score increases. I'm assuming they do new offers pretty quickly?

Re: Would I get approved for Capital One Venture card?

vinster95 — Sat, 30 Mar 2024 20:25:40 GMT

I didnt realize capital one was so all over the place with who they accept and who they dont. I remember seeing on this fourm that they were annoying with CLI's. (I think it was them if I remember correctly) Do you know if their pre approval tool is a pretty good indication of approvals with them?

Re: Would I get approved for Capital One Venture card?

Traveler101 — Sat, 30 Mar 2024 20:55:13 GMT

Op, you can go to credit card approvals, and type in venture approvals in the search box. It use to be you could guage to a certain extent on where you may wind up. That doesn't exist anymore. Their credit lines can be erratic to say the least vs ones scores. Best of luck to you.

Re: Would I get approved for Capital One Venture card?

Horseshoez — Sun, 31 Mar 2024 01:56:21 GMT

@vinster95 wrote:
I didnt realize capital one was so all over the place with who they accept and who they dont. I remember seeing on this fourm that they were annoying with CLI's. (I think it was them if I remember correctly) Do you know if their pre approval tool is a pretty good indication of approvals with them?

Is CapOne underwriting fickle? Yea or Nay? I say "Yea".

This is a timely thread; since my rebuild started following my 2020 Chapter 13 discharge, I've had a love/hate relationship with CapOne:

Early days after discharge:
- Loved the fact they approved me for a secured card with a $1,000 limit.
- Hated the fact they'd hold my second through nth payment per cycle for up to 12 days; I hated it so much I closed the card in less than seven weeks.
Quicksilver:
- Loved the fact they sent me a preapproval for an unsecured Quicksilver card and approved me for a $3,000 starting limit, my first unsescured card.
- Love the fact they sent three CLIs in my direction over a 2-year period and dialed the limit up to $6,300.
- Hated, well, more on that in a bit...
SavorOne:
- Loved the nearly monthly preapproval messages I got from CapOne in late 2021 and early 2022 (right after my bankruptcy fell off my records boosting my scores up into the 800s).
- Loved the instant approval.
- Loved the rewards structure for a no AF card.
- Hated the starting limit of $2,000.
- Hated their refusal to grant a CLI.
360 Savings (low-six-figure deposit money for a new home):
- Loved the initial interest rate of 4.30%.
- Loved the bump to 4.35%.
Venture (picking up from the Quicksilver thread above):
- Didn't love my Quicksilver enough Given it has been more or less supplanted by my CFU, its usage has been on the decline.
- Hated trying to PC the Quicksilver card to a Venture; I called today and was given a flat denial, no reason offered.

So, what next? My wife are in house hunting mode, as soon as I close on a mortgage, I'm thinking to leverage my newly minted NFCU membership and initially apply for one of their More Rewards cards, and then a few months later augment that with a Flagship Rewards card. Once the first of the two is in my pocket, "Hello, CapitalOne?" I'll close my savings account (it will be all but empty after getting the mortgage anyway), and send my Quicksilver and SavorOne to the proverbial sock drawer.

Re: Would I get approved for Capital One Venture card?

Shooting-For-800 — Sun, 31 Mar 2024 03:27:51 GMT

Venture used to have a minimum of $5k limit I believe. Not sure now.

I was approved for $30k SL on Venture after heavy spend on QS and Savor.

My scores were 700-720 at the time if I remember correctly.

GL!

Re: Would I get approved for Capital One Venture card?

Anonymalous — Sun, 31 Mar 2024 08:43:51 GMT

@vinster95 wrote:
I didnt realize capital one was so all over the place with who they accept and who they dont. I remember seeing on this fourm that they were annoying with CLI's. (I think it was them if I remember correctly) Do you know if their pre approval tool is a pretty good indication of approvals with them?

I don't think Cap1 is any more unpredictable than most of the major lenders, it's just their criteria don't align well with a lot of people in online credit card communities. For instance, they tend to be very unfriendly to people with lots of cards, which means a lot of credit card bonus chasers will be denied, even if they have spectacular scores. If the cards you listed are the only ones you have, you're at least in their ballpark.

And yes, they can be annoying with CLIs -- if they put you in subprime bucket. Don't apply until your scores are good. And since they do a triple pull, if one of your scores is significantly lower than the others, they'll notice. But you won't know your exact scores, unless you buy a full package from MyFICO, because Cap1 pulls the mortage scores not the more common FICO 8 or 9 scores. Just so you know, the score you get from Experian is FICO 8, while the TU and EQ scores from CK aren't even FICO, they're Vantage Scores. VSs tend to be more sensitive to utilization, which is probably why your EX is currently the highest of those 3. Mortgage scores can also be very sensitive to utilization.

Utilization also matters with your installment loans. If you still have high balances, that can pull your scores down (optimal is <9%). Also, if you're concerned about your credit scores, BNPL lenders like Affirm may be worth avoiding. There are some reports they're treated negatively.

Re: Would I get approved for Capital One Venture card?

Horseshoez — Sun, 31 Mar 2024 13:00:10 GMT

@Anonymalous, I would definitely argue they are not only uppredictable, but highly inconsistent. A few of your points:

"For instance, they tend to be very unfriendly to people with lots of cards, which means a lot of credit card bonus chasers will be denied, even if they have spectacular scores."
- I have a total of six cards, five are at least 18-months old and the sixth is 9-months old.
"And yes, they can be annoying with CLIs -- if they put you in subprime bucket. Don't apply until your scores are good."
- I've never been in a subprime bucket, my scores are good, and cannot get a CLI, PC from Quicksilver to Venture, or an outright preapproval for a Venture.
"And since they do a triple pull, if one of your scores is significantly lower than the others, they'll notice."
- My scores are in the high 700s to low 800s range across the board.
"If you still have high balances, that can pull your scores down (optimal is <9%)."
- My utilization is <1%.

Re: Would I get approved for Capital One Venture card?

Anonymalous — Sun, 31 Mar 2024 13:30:28 GMT

@Horseshoez, those were specific examples, based on what @vinster95 shared about their credit profile. Trying to apply it to another credit profile is like trying to put a left glove on a right hand; naturally it won't fit. I don't know enough about your profile to guess why Capital One doesn't like it. It could easily be something we haven't covered, like spend.

Though I do agree, in a more general sense, that Capital One can be a bit chary with CLIs even among the higher tranches. While there are plenty of examples of people with good profiles getting very high limits, and a few examples of people getting very generous CLIs, on a routine basis they seem to only give 10% increases (min $100 for those with very low CLs). And in some cases, like yours, they increase very slowly or not at all. But there is still a vast difference between those in the lower tranches, and those who are not, and that's the distinction I was making.

Re: Would I get approved for Capital One Venture card?

Zoostation1 — Sun, 31 Mar 2024 18:52:36 GMT

@HorseshoezWas your QS issued as MC or Visa? The only QS to Venture PCs I've seen have been for older cards that were Visa. MC QS sometimes get a VentureOne option but that's not really worthwhile. With Venture having never issued as a MC I think that's going to continue being a no go (I don't think Cap1 allows MC to Visa PCs and vice versa).

Re: Would I get approved for Capital One Venture card?

Horseshoez — Sun, 31 Mar 2024 19:24:37 GMT

@Zoostation1 wrote:
@HorseshoezWas your QS issued as MC or Visa? The only QS to Venture PCs I've seen have been for older cards that were Visa. MC QS sometimes get a VentureOne option but that's not really worthwhile. With Venture having never issued as a MC I think that's going to continue being a no go (I don't think Cap1 allows MC to Visa PCs and vice versa).

Yeah, mine is a Mastercard. At this point, as much as I appreciate CapOne for being my first unsecured card after my Chapter 13, said appreciation is on the wane given I have put considerable spend on both of my CapOne cards and am being given the cold shoulder for any love. The more I think about it, the more I'm inclined to get my new mortgage and then pare my relationship with them down to two cards in a sock drawer.

Re: Would I get approved for Capital One Venture card?

Anonymalous — Sun, 31 Mar 2024 20:29:54 GMT

@Horseshoez wrote:
@Zoostation1 wrote:
@HorseshoezWas your QS issued as MC or Visa? The only QS to Venture PCs I've seen have been for older cards that were Visa. MC QS sometimes get a VentureOne option but that's not really worthwhile. With Venture having never issued as a MC I think that's going to continue being a no go (I don't think Cap1 allows MC to Visa PCs and vice versa).
Yeah, mine is a Mastercard. At this point, as much as I appreciate CapOne for being my first unsecured card after my Chapter 13, said appreciation is on the wane given I have put considerable spend on both of my CapOne cards and am being given the cold shoulder for any love. The more I think about it, the more I'm inclined to get my new mortgage and then pare my relationship with them down to two cards in a sock drawer.

Sounds like a good plan. If Cap1 doesn't seem to be responding to your profile, there's a good chance they never will.

Re: Would I get approved for Capital One Venture card?

Horseshoez — Sun, 31 Mar 2024 20:53:06 GMT

@Anonymalous wrote:
Sounds like a good plan. If Cap1 doesn't seem to be responding to your profile, there's a good chance they never will.

Agreed. Were it not for the fact I'm literally in the middle of applying for a mortgage (we actually found one home for sale today which mostly fits our requirements), I would already have punted CapOne to the curb and opened up a More Rewards card from NFCU (I've already been invited to apply) to more or less replace the SavorOne. My Quicksilver was mostly sock drawered last summer when I got my CFU.

Re: Would I get approved for Capital One Venture card?

Anonymalous — Sun, 31 Mar 2024 22:43:01 GMT

@Horseshoez wrote:
@Anonymalous wrote:
Sounds like a good plan. If Cap1 doesn't seem to be responding to your profile, there's a good chance they never will.
Agreed. Were it not for the fact I'm literally in the middle of applying for a mortgage (we actually found one home for sale today which mostly fits our requirements), I would already have punted CapOne to the curb and opened up a More Rewards card from NFCU (I've already been invited to apply) to more or less replace the SavorOne. My Quicksilver was mostly sock drawered last summer when I got my CFU.

Good luck on the home, it's a weird time. The More Rewards is a great card. The one real downside is it's only possible to redeem rewards in $50 increments. Which didn't take long when I was putting all my grocery, gas, and dining spend on the card, but now that I have 5% cards in a couple of those categories, it takes a while. In addition to the 3% categories, it has some decent travel and purchase protections (second only to my WEMC Quicksilver, ironically), and as an Amex network card it even qualifies for some Amex offers (like $25 back on $99 spend on (HBO) Max). After 3 months, and then every 6 months thereafter, you can request a CLI, and after a year an APR decrease (my SL tripled in 9 months, and my APR is currently the min).

Re: Would I get approved for Capital One Venture card?

Horseshoez — Mon, 01 Apr 2024 01:25:08 GMT

@Anonymalous wrote:
@Horseshoez wrote:
@Anonymalous wrote:
Sounds like a good plan. If Cap1 doesn't seem to be responding to your profile, there's a good chance they never will.
Agreed. Were it not for the fact I'm literally in the middle of applying for a mortgage (we actually found one home for sale today which mostly fits our requirements), I would already have punted CapOne to the curb and opened up a More Rewards card from NFCU (I've already been invited to apply) to more or less replace the SavorOne. My Quicksilver was mostly sock drawered last summer when I got my CFU.
Good luck on the home, it's a weird time. The More Rewards is a great card. The one real downside is it's only possible to redeem rewards in $50 increments. Which didn't take long when I was putting all my grocery, gas, and dining spend on the card, but now that I have 5% cards in a couple of those categories, it takes a while. In addition to the 3% categories, it has some decent travel and purchase protections (second only to my WEMC Quicksilver, ironically), and as an Amex network card it even qualifies for some Amex offers (like $25 back on $99 spend on (HBO) Max). After 3 months, and then every 6 months thereafter, you can request a CLI, and after a year an APR decrease (my SL tripled in 9 months, and my APR is currently the min).

Thanks, I'm a lazy points redeemer so $50 at a time isn't a hardship for me; I currently have the following rewards waiting for me to do something with them:

TDBank: $207.23
CapOne: $376.80
PenFed: 53,504 points
Chase: 120,753 points

Re: Would I get approved for Capital One Venture card?

Zoostation1 — Tue, 02 Apr 2024 02:28:28 GMT

@HorseshoezYeah if they aren't working for you no reason to keep. For me VX and SavorOne get a majority of my spend. Grocery/gas/streaming goes to BCP, but nearly everything else goes on those two. The SavorOne hasn't gotten a lot of CLI love (only $300 of CLI love - the rest of the increase was a transfer of limit from my QS), but can't put the card away with as much as I use uber and uber eats. My VX is my only$10k+ card and got a $1500 CLI 8 months in. I thnk the jury is still out on how much it will grow.

Re: Would I get approved for Capital One Venture card?

Anonymalous — Tue, 02 Apr 2024 04:07:20 GMT

@Zoostation1 wrote:
@HorseshoezYeah if they aren't working for you no reason to keep. For me VX and SavorOne get a majority of my spend. Grocery/gas/streaming goes to BCP, but nearly everything else goes on those two. The SavorOne hasn't gotten a lot of CLI love (only $300 of CLI love - the rest of the increase was a transfer of limit from my QS), but can't put the card away with as much as I use uber and uber eats. My VX is my only$10k+ card and got a $1500 CLI 8 months in. I thnk the jury is still out on how much it will grow.

That's a promising boost for the Venture X. Cap1 typically gives 10% increases, and you got 15%.