topic Re: Venture Declined in Credit Card Applications

Venture Declined

Anonymous — Wed, 15 Jul 2015 00:31:52 GMT

This is my first post in this forum and starts with sad one

Just to give an overview. I started my credit history when I got my SSN back in february and landing in a corporate job. I immeidatly began a credit application spree and in sequence was approved for CITIBANK, CAPITAL ONE , AMEX, DISCOVER AND CITI. My BOFA is the oldest card given to me as a student with no credit history and when I updated my SSN with the bank it showed up as my oldest account opened in October 2014. The only company that shows me luv is AMEX who increased my CL from $15k to $20K instantly and I hope to give only them my buisness henceforth. I recently went on a application spree few weeks back and was approved for the Chase marriott card at $5k after verifcation, Declined for the CSP for too many new accounts as the only reasons ( Figured ). Few days back I got the itch to apply for the venture and thought of being approved but auto declined and resulting in 3 HP'S . The reason stating too many credit enquiries. I am just not satisfied with the quicksilver one at $800 and not able to use it to gain any cashback rewards and the CLI is just not working out. BOFA declined me twice for a CLI even though being my first card for the reason that my account was new and they want to see me manage my account for few more months.

Now is there a possiblity of recon in this case for the Venture. Really want to fight this till the end since the 3 HP's were done.

My AAoA is 7 months and total credit line across all cards are roughly at $30K and mind it I do not carry any late payments or other degrotary remarks on my credit report. I pay off my balance all the time. My credit utilisation is around 10% and annual income is roughly $70k. I really wanted to cross the >700 credit score but guess have to wait few more months.

HARD ENQUIRY'S IN MY REPORT AS OF TODAY

TU- 12

EX-7

EQ-7

Re: Venture Declined

Anonymous — Wed, 15 Jul 2015 00:32:07 GMT

Others will respond with more experience that I have, but it seems you just don't have enough history yet. You will and you are off to a great start. Congrats on that. Time passing will bring everything up to where it should be.

Re: Venture Declined

ojefferyo — Wed, 15 Jul 2015 00:32:12 GMT

How many inquires do you have? I can't imagine Cap1 being inquiry sensitive.

Re: Venture Declined

Anonymous — Wed, 15 Jul 2015 00:41:34 GMT

I have around 12 in Transunion with 4 being in the past few weeks, 7 in both experian and equifax. I really wish some company treats me how AMEX does. They are the best to deal with.Period !

My CLI with AMEX and my new chase card has yet been reported. Can these two by anyways help in recovering the damage caused by the hard pulls. I am looking forward to buying my first car and would love to cross 700 so that the intrests are low.

Re: Venture Declined

Anonymous — Wed, 15 Jul 2015 01:09:29 GMT

I'm guessing it's your very short history.

Re: Venture Declined

Anonymous — Wed, 15 Jul 2015 01:09:58 GMT

I would absolutely try to recon, like you said you took the hits.

Re: Venture Declined

Anonymous — Wed, 15 Jul 2015 01:38:35 GMT

Don't rush it, just relax and build some history. Credit does not happen overnight.

Re: Venture Declined

Anonymous — Wed, 15 Jul 2015 01:41:25 GMT

@Anonymous wrote:
I would absolutely try to recon, like you said you took the hits.

From what I understand, Cap1 does not recon.

Re: Venture Declined

Anonymous — Wed, 15 Jul 2015 01:47:26 GMT

Oh, good to know. 😊

Re: Venture Declined

FinStar — Wed, 15 Jul 2015 01:48:13 GMT

@Anonymous wrote:
@Anonymous wrote:
I would absolutely try to recon, like you said you took the hits.
From what I understand, Cap1 does not recon.

Actually, they do but would likely need to go through the EO route. It also depends on the denial reasons (since I'm sure inquiries was not the only itmes listed in the OPs letter - unless other factors came into play). However, reconsiderations with Capital One may sometimes result in another 3 HPs and with no guarantee that they'll overturn their decision. In some cases, the reconsidered application, when approved, doesn't turn out to be a decent SL. The OP's results will vary.

Re: Venture Declined

CreditCuriosity — Wed, 15 Jul 2015 02:30:47 GMT

Inquires in my opinion was just the reason given, but not the real reason.. Basically short credit history w/40k in credit already.. That is my take on it as they certainly approve people with TONS more inquires than yourself, they just put that as a reason among probably a few others such as To many recent Bank Cards and Short credit history or something along those lines. Be curious to hear all 3 or whatever of them.

Re: Venture Declined

Anonymous — Wed, 15 Jul 2015 02:52:24 GMT

We know CapOne will approve with lots of inquiries (Pizza1 for example) so clearly there were other reasons.

Re: Venture Declined

Anonymous — Wed, 15 Jul 2015 03:15:13 GMT

But feel sad that these hard pulls went for no reason. Guess thats the risk I took and have to live with it. Now what can be done to build from this damage as I am waiting on applying for a auto loan in a month.

Re: Venture Declined

CreditCuriosity — Wed, 15 Jul 2015 03:26:14 GMT

Best bet is don't take any more inquires until you obtain your auto loan is my advise. Is this your first auto loan?

Obviously your approval could of gone any way and it is possible to recon if you email the EO or inclined to, whether they overturn your decline is unknown so you inquires don't go in vain..

Re: Venture Declined

Anonymous — Wed, 15 Jul 2015 03:38:37 GMT

Hi CreditCuriousity. Yes this is my first Auto loan. I do not plan to go to the dealer and let him pull my credit report from multiple lenders. I have decided to apply a Auto loan from DCU since I heard they have the best intrest rates in the market. So thought a good score can yield a better rate. I guess I will stop with applying for credit cards till New year and keep my balances zero at max.

Re: Venture Declined

Anonymous — Wed, 15 Jul 2015 03:51:27 GMT

I wonder if you would have been approved for the Venture One. My scores are currently lower than yours as far as I know, and i was approved for Venture One with 5-6 new accounts and inquiries in the past year. My AAoA is 9 months. Too bad this was a few days ago, you couldve aplied for both same day and probably only had one HP show. Sorry OP :/

Re: Venture Declined

Anonymous — Wed, 15 Jul 2015 04:07:32 GMT

@Anonymous wrote:
I wonder if you would have been approved for the Venture One. My scores are currently lower than yours as far as I know, and i was approved for Venture One with 5-6 new accounts and inquiries in the past year. My AAoA is 9 months. Too bad this was a few days ago, you couldve aplied for both same day and probably only had one HP show. Sorry OP :/

I should have applied for venture one but just wanted to go all out and in the process got a hard hit and sent right back to the garden. I just hate my quicksilver one as it shows no use against my other cards becuase of the lmit and discover feels better to use compared to this for the cash back bonus. I just have to wait in recovery from this. Trying to keep my overall utilisation around 1%-5% and boost scores for another six months.

Re: Venture Declined

Anonymous — Wed, 15 Jul 2015 09:23:07 GMT

I think it's the lack of history. Cap One is not inquiry sensitive. And those aren't much for them. I would wait 3-6 months or even a year and try again. You did get approved for some awesome cards. They want to see some payment history. Welcome to the forum!

Re: Venture Declined

Anonymous — Wed, 15 Jul 2015 09:28:29 GMT

@Anonymous wrote:
@Anonymous wrote:
I would absolutely try to recon, like you said you took the hits.
From what I understand, Cap1 does not recon.

No recons for Cap One.

Re: Venture Declined

NY2014 — Wed, 15 Jul 2015 10:06:17 GMT

Hello OP's RomanEmperer

I sense alot of determination in you , I say give it a shot !

I am just not satisfied with the quicksilver one at $800 and not able to use it to gain any cashback rewards and the CLI is just not working out.

Here is where it's possible to address your issue with Capital product your not happy with Defence.and your loyality is what Cap ! likes to hear mainly an Excec that takes prideworking for Capital one.. I just PM you a contact give it a shot . make sure you have your plans in order, be polite,sincre,and clear explain. they will ask why app spree, exc .Ive went through three Cap Exc....

and if you contact Cap 1 E.O .check back with us good or bad,

Good Luck