topic Re: Venture Denial - Interesting Reasons in Credit Card Applications

Venture Denial - Interesting Reasons

Anonymous — Tue, 10 Feb 2015 01:02:03 GMT

So I applied on Saturday for the card. Called yesterday to recon and they were closed (maybe I called too early). Figured I would wait for the secure letter in my email on the reasons.

Based on your credit report from Equifax, too few or no revolving accounts have a balance
Based on your credit report from Trans Union, there are too many new revolving accounts
Based on your application information, income is insufficient for requested credit

Ok...maybe the second bullet from TU for too many new accounts. But really...the other two???

I have 3 cards showing small balances for a total of about $1000. Not sure where they got this from. I also find it odd that making almost $100,000 a year, my income is insufficient. I could see if I asked for a $75,000 line but they never asked.

I am calling tomorrow to recon. Hoping they don't pull again. How is Cap1 with recon?

Re: Venture Denial - Interesting Reasons

mikelo22 — Tue, 10 Feb 2015 01:19:19 GMT

@MstrPTato wrote:
So I applied on Saturday for the card. Called yesterday to recon and they were closed (maybe I called too early). Figured I would wait for the secure letter in my email on the reasons.

Based on your credit report from Equifax, too few or no revolving accounts have a balance
Based on your credit report from Trans Union, there are too many new revolving accounts
Based on your application information, income is insufficient for requested credit
Ok...maybe the second bullet from TU for too many new accounts. But really...the other two???

I have 3 cards showing small balances for a total of about $1000. Not sure where they got this from. I also find it odd that making almost $100,000 a year, my income is insufficient. I could see if I asked for a $75,000 line but they never asked.

I am calling tomorrow to recon. Hoping they don't pull again. How is Cap1 with recon?

Wow, that first one is really perplexing... Never seen it before.

Re: Venture Denial - Interesting Reasons

Anonymous — Tue, 10 Feb 2015 01:32:34 GMT

very interesting, definitely recon.

I have seen stats of people with much lower Fico scores getting low interest rates and the 15K or 20KCL .

I got approved for 10K with 20% APR, see stats below, income is 75K total, low utilization as I PIF on all my cards last month and they just started reporting, also no baddies on my CR. I do only have an AAOA of only 3 years. But I will never utilize that much credit on this card, so I am too lazy to call in to ask for a lower APR or higher CL. But it is interesting to see the the stats and what people got approved for from Cap 1 Venture.

Re: Venture Denial - Interesting Reasons

Anonymous — Tue, 10 Feb 2015 01:52:10 GMT

Calling now to recon. The last 2 numbers I have tried led me to what seem like the high school cheer team office. No help there and her telling me"Like..well, we wish we could have answers sometimes, myself included, but we can't always, get them. Sorry I can't help you."

I hung up.

Re: Venture Denial - Interesting Reasons

Anonymous — Tue, 10 Feb 2015 01:53:01 GMT

@MstrPTato wrote:
So I applied on Saturday for the card. Called yesterday to recon and they were closed (maybe I called too early). Figured I would wait for the secure letter in my email on the reasons.

Based on your credit report from Equifax, too few or no revolving accounts have a balance
Based on your credit report from Trans Union, there are too many new revolving accounts
Based on your application information, income is insufficient for requested credit
Ok...maybe the second bullet from TU for too many new accounts. But really...the other two???

I have 3 cards showing small balances for a total of about $1000. Not sure where they got this from. I also find it odd that making almost $100,000 a year, my income is insufficient. I could see if I asked for a $75,000 line but they never asked.

I am calling tomorrow to recon. Hoping they don't pull again. How is Cap1 with recon?

Oddly enough....

They think you have too much credit.

Re: Venture Denial - Interesting Reasons

Anonymous — Tue, 10 Feb 2015 01:58:21 GMT

thats strange i got 10k instant approval with 26% uti across all my cc and about 24k credit line accross.

and my score was 711 when they pulled

and my income 45k

for sure recon!!

Re: Venture Denial - Interesting Reasons

ecxpa — Tue, 10 Feb 2015 02:00:35 GMT

I apped Friday and got the exact same reasons for TU and EQ, no reason given for EX. I don't think there is any recon except with the EO........or at least that was my experience this morning. The CSR wanted to pull another credit report to "see what she could do" No, no, no, more 3 HP which probably would end up with same result.....sent a request for review to the EO this morning......got a call back acknowledging receipt of my request for recon. Said I should hear something in 7-10 days.

Re: Venture Denial - Interesting Reasons

CreditCuriosity — Tue, 10 Feb 2015 02:05:23 GMT

to much available credit is my guess to for main denial reason.. Although many have much more available credit then you and make less, so it makes no sense at all.. Sorry to hear, best of luck on recon.

Cap1 wants you to run a balance which is just stupid... well for them it isnt as they make interest.

Re: Venture Denial - Interesting Reasons

Anonymous — Tue, 10 Feb 2015 02:06:51 GMT

@CreditCuriousity wrote:
to much available credit is my guess to for main denial reason.. Although many have much more available credit then you and make less, so it makes no sense at all.. Sorry to hear, best of luck on recon.

Cap1 wants you to run a balance which is just stupid... well for them it isnt as they make interest.

I guess letting balances report paid off.

Re: Venture Denial - Interesting Reasons

Anonymous — Tue, 10 Feb 2015 02:07:25 GMT

Just got off the phone with the EO. They resubmitted my request for manual review. I will hear in 7-10 days but probably sooner they said. Felt like I was talking to someone who cared so I like that. Fingers Crossed.

I don't really need the card, but the spend bonus is nice and it helps with util.

Re: Venture Denial - Interesting Reasons

Anonymous — Tue, 10 Feb 2015 02:08:50 GMT

@ecxpa wrote:
I apped Friday and got the exact same reasons for TU and EQ, no reason given for EX. I don't think there is any recon except with the EO........or at least that was my experience this morning. The CSR wanted to pull another credit report to "see what she could do" No, no, no, more 3 HP which probably would end up with same result.....sent a request for review to the EO this morning......got a call back acknowledging receipt of my request for recon. Said I should hear something in 7-10 days.

Did you get an EX pull? I haven't seen one yet for me.

Re: Venture Denial - Interesting Reasons

ecxpa — Tue, 10 Feb 2015 04:37:56 GMT

Haven't seen one yet

Re: Venture Denial - Interesting Reasons

ecxpa — Tue, 10 Feb 2015 04:43:23 GMT

I take it back......just checked, yep they got all 3!