topic Re: Assistance in understanding this letter from CapOne in Credit Cards

Assistance in understanding this letter from CapOne

resilient — Sat, 08 Aug 2015 12:55:25 GMT

good morning all. In my last post, I was looking for and found the CapOne CEO email, and am still awaiting a response. Meanwhile, I received the denial letter via email, and I just want some opinions. Do you think I have a chance for getting my "ruling" overturned? But look at my 9 out of a possible 850!

Re: Assistance in understanding this letter from CapOne

kdm31091 — Sat, 08 Aug 2015 12:58:59 GMT

Well, those are some pretty tough decisions to recon. You may simply have "enough" overall credit in their eyes -- I always remind everyone that creditors do look at limits vs income and it can hurt future approvals.

Beyond that, I don't hear of many if any recons with Capital One, EO email or not. They just aren't much for recons since they are normally one of the easier lenders to get in with -- if you were declined by them, chances are your profile won't support any major approvals right now.

Anyway, my advice is simply to garden and let things age, but you also may consider that you may need to cut out a card or two, as like I said, overall exposure does matter too.

Re: Assistance in understanding this letter from CapOne

Anonymous — Sat, 08 Aug 2015 13:09:19 GMT

That score is 900 out of 950, not 850

Re: Assistance in understanding this letter from CapOne

resilient — Sat, 08 Aug 2015 13:11:31 GMT

@Anonymous wrote:
That score is 900 out of 950, not 850

So they have a typo on their last page? It should say 950, and not 850?

Re: Assistance in understanding this letter from CapOne

resilient — Sat, 08 Aug 2015 13:12:55 GMT

@kdm31091 wrote:
Well, those are some pretty tough decisions to recon. You may simply have "enough" overall credit in their eyes -- I always remind everyone that creditors do look at limits vs income and it can hurt future approvals.

Beyond that, I don't hear of many if any recons with Capital One, EO email or not. They just aren't much for recons since they are normally one of the easier lenders to get in with -- if you were declined by them, chances are your profile won't support any major approvals right now.

Anyway, my advice is simply to garden and let things age, but you also may consider that you may need to cut out a card or two, as like I said, overall exposure does matter too.

Thanks for the response, and you're probably right. I'm near $100k income with almost $300k in credit, plus a mortgage and some other things. I'll be okay lol

Re: Assistance in understanding this letter from CapOne

Anonymous — Sat, 08 Aug 2015 13:14:21 GMT

@resilient wrote:
@Anonymous wrote:
That score is 900 out of 950, not 850
So they have a typo on their last page? It should say 950, and not 850?

One of the two is a typo. I'm not sure what scoring model CapOne is currently using but you can't have a score of 900 on a 850 model. Do you know what your Fico 08 Experian score is?

Re: Assistance in understanding this letter from CapOne

Anonymous — Sat, 08 Aug 2015 13:15:57 GMT

Wow! 900? Really?

Re: Assistance in understanding this letter from CapOne

Anonymous — Sat, 08 Aug 2015 13:16:51 GMT

@Anonymous wrote:
That score is 900 out of 950, not 850

I saw that too and was going to comment on it, but you beat me to it

Re: Assistance in understanding this letter from CapOne

resilient — Sat, 08 Aug 2015 13:21:42 GMT

Let me check and see if one of my CC gives me that score.

@Anonymous wrote:
@resilient wrote:
@Anonymous wrote:
That score is 900 out of 950, not 850
So they have a typo on their last page? It should say 950, and not 850?
One of the two is a typo. I'm not sure what scoring model CapOne is currently using but you can't have a score of 900 on a 850 model. Do you know what your Fico 08 Experian score is?

Re: Assistance in understanding this letter from CapOne

resilient — Sat, 08 Aug 2015 13:28:16 GMT

@Anonymous wrote:
@resilient wrote:
@Anonymous wrote:
That score is 900 out of 950, not 850
So they have a typo on their last page? It should say 950, and not 850?
One of the two is a typo. I'm not sure what scoring model CapOne is currently using but you can't have a score of 900 on a 850 model. Do you know what your Fico 08 Experian score is?

From FNBO's July 8 update, 756.

Re: Assistance in understanding this letter from CapOne

resilient — Sat, 08 Aug 2015 13:28:45 GMT

@Anonymous wrote:
@Anonymous wrote:
That score is 900 out of 950, not 850
I saw that too and was going to comment on it, but you beat me to it

Made me feel good for a minute

Re: Assistance in understanding this letter from CapOne

gdale6 — Sat, 08 Aug 2015 17:14:21 GMT

Score is most likely Vantage 2.0 range is 501-990, it is a known fact Cap-1 does use the Vanage score in evaluation apps. It does appear they have not yet moved up to the Vantage 3.0 score which has a range like basic Fico does 300-850

Re: Assistance in understanding this letter from CapOne

NRB525 — Sat, 08 Aug 2015 17:50:39 GMT

OP, what card did you app for? Simply filled out the on-line application?

And that would be your first ever CapOne card? Or have you ever had any CapOne card in the past?

Re: Assistance in understanding this letter from CapOne

CreditCuriosity — Sat, 08 Aug 2015 17:51:38 GMT

I always thought they used 04 version of scores.. Anyways, something is deffinetly wacky with the score ranges they listed. Can always consider closing out credit lines you no longer use to free up avaialble credit.. Altough you still probably can be approved with cap1 possibly through recon or other lenders that don't mind such exposure and many people on this forum make say 100k and have 500k+ in available credit. Well not many, but a few..

Re: Assistance in understanding this letter from CapOne

resilient — Sat, 08 Aug 2015 17:58:52 GMT

I applied for the QuickSilver card. Not my first CapOne card that I've owned.....it's the first one I've ever applied for though. I had an HSBC credit card that was bought out years ago, but I promptly closed it because my credit got better. I also applied for a CapOne Auto Loan back in 2010 when I had terrible credit, but paid that off in 2012.

Re: Assistance in understanding this letter from CapOne

NRB525 — Sat, 08 Aug 2015 18:04:43 GMT

@resilient wrote:
I applied for the QuickSilver card. Not my first CapOne card that I've owned.....it's the first one I've ever applied for though. I had an HSBC credit card that was bought out years ago, but I promptly closed it because my credit got better. I also applied for a CapOne Auto Loan back in 2010 when I had terrible credit, but paid that off in 2012.

When did you close the HSBC-evolved card?

Re: Assistance in understanding this letter from CapOne

resilient — Sat, 08 Aug 2015 18:07:51 GMT

Late 2012 I believe. $300 rebuilder limit with no hope for growth; had it since 2007 at $300.

Re: Assistance in understanding this letter from CapOne

Anonymous — Sat, 08 Aug 2015 18:12:11 GMT

JEBUS you have a lot of cards! "too many revolving lines"

Re: Assistance in understanding this letter from CapOne

resilient — Sat, 08 Aug 2015 18:13:11 GMT

@Anonymous wrote:
JEBUS you have a lot of cards! "too many revolving lines"

You're right, I do.

Re: Assistance in understanding this letter from CapOne

Anonymous — Sat, 08 Aug 2015 18:16:25 GMT

Out of curiousity, which ones do you mainly use?