topic Re: Chances of getting approved for a Cap1 BuyPower card, with 695, 691, and 685 scores? in Credit Cards

Chances of getting approved for a Cap1 BuyPower card, with 695, 691, and 685 scores?

galahad15 — Tue, 15 Sep 2015 15:58:44 GMT

I have recently paid off about $15k of my outstanding revolving debts, and my FICO scores have gone up to 695 (EQ), 691 (TU), and 685 (EX). I was just wondering, does anyone know if these scores are high enough to potentially get approved for a Cap1 BuyPower WEMC card? Or are the scores still too low to qualify and should I wait until more debt is paid off?

Also: I was thinking of potentially applying for a $1,000 CLI from Barclays, for my Ring MC (currently CL of $1,500); do you think this would also be a realistic goal, with these updated FICO scores?

Re: Chances of getting approved for a Cap1 BuyPower card, with 695, 691, and 685 scores?

OmarGB9 — Tue, 15 Sep 2015 16:06:57 GMT

Most likely yes you'd be approved assuming no major baddies, however, that card is notorious for small SLs.

As far as Barclays, provided you don't have excessive inquiries or accounts, they may approve you, however keep in mind any CLI request will be an HP.

Re: Chances of getting approved for a Cap1 BuyPower card, with 695, 691, and 685 scores?

galahad15 — Tue, 15 Sep 2015 16:13:50 GMT

@OmarGB9 wrote:
Most likely yes you'd be approved assuming no major baddies, however, that card is notorious for small SLs.

As far as Barclays, provided you don't have excessive inquiries or accounts, they may approve you, however keep in mind any CLI request will be an HP.

Thanks for the helpful updates and advice! Also fortunately, I don't have any baddies at all, and have a perfect payment history -- however I do currently have rather high utilization (~27% on my open cards, higher if you count both open and closed cards together).

For inquiries: I think I have about 7 or so on EQ, 1 on EX, and about 5 on TU.

Re: Chances of getting approved for a Cap1 BuyPower card, with 695, 691, and 685 scores?

CreditCuriosity — Tue, 15 Sep 2015 16:12:15 GMT

You would get approved... Now what CL they give you is another story.. I would personally pass on that card as there are alot better earning cards out there. You have alot of nice cards, just don't know why you would want it personally.. Your Apr's are dang good to on most cards.

Regarding the Ring.. How long have you had it? Usually it take 6 months and might be able to get a SP CLI otherwise it wil be a HP.

Re: Chances of getting approved for a Cap1 BuyPower card, with 695, 691, and 685 scores?

galahad15 — Tue, 15 Sep 2015 16:30:21 GMT

@CreditCuriousity wrote:
You would get approved... Now what CL they give you is another story.. I would personally pass on that card as there are alot better earning cards out there. You have alot of nice cards, just don't know why you would want it personally.. Your Apr's are dang good to on most cards.

Regarding the Ring.. How long have you had it? Usually it take 6 months and might be able to get a SP CLI otherwise it wil be a HP.

Many thanks for the kind compliments on my cards! My main interest in the Cap1 BuyPower card would be to add a WEMC to my collection, rather than the rewards themselves, since I currently have 2 WMCs but no WEMCs. Plus the BuyPower card offers the option of having the WEMC, without an annual fee that most WEMCs feature.

I have had the Ring since 2013. Initially started out with a $500 CL on it, and was eventually able between 2013 - 2014 to increase it to its current CL of $1,500. I didn't mind the initial CL just b/c I was happy to be approved -- as I didn't think they would approve me, but they did -- and have just been trying to gradually work up the CL since then.

ETA: I just checked the luv button on Barclay's website, and got a message mentioning "To request a credit line increase, please complete this form and click ‘Continue'. This authorizes us to obtain a current credit report to review your credit information, employment history and any other information necessary to process this application. By obtaining your credit report in this way an inquiry will appear on your credit report which will be available by other creditors. This inquiry may have an impact on your credit score."

Re: Chances of getting approved for a Cap1 BuyPower card, with 695, 691, and 685 scores?

Anonymous — Tue, 15 Sep 2015 16:55:12 GMT

I was just approved 2 weeks ago and your scores are higher than mine. However, I will tell you that my SL was a crappy $300. Not really worth the HP imo, but now that I have it, I have it and it's a fancy looking thing. I just put my recurring Netflix/Hulu accounts on it, we'll see how the CLI's come.

Re: Chances of getting approved for a Cap1 BuyPower card, with 695, 691, and 685 scores?

galahad15 — Tue, 15 Sep 2015 16:57:10 GMT

Update: just applied for the BuyPower card, and was denied Message received back said something like "Thank you for applying. Unfortunately, Capital One, N.A. is unable to approve your application at this time...Unfortunately Capital One, N.A. is unable to approve your application due to the following reason(s): LARGE AMOUNT OWED ON REVOLVING LINES."

Wondering if I should I maybe call Cap1 and request a recon, on their decline?

Re: Chances of getting approved for a Cap1 BuyPower card, with 695, 691, and 685 scores?

Anonymous — Tue, 15 Sep 2015 17:02:50 GMT

I would recon, you don't have much to lose do you? Least they can say is no Good luck!

Re: Chances of getting approved for a Cap1 BuyPower card, with 695, 691, and 685 scores?

CreditCuriosity — Tue, 15 Sep 2015 17:06:59 GMT

Wow seriously? that CC isn't hard to get approved for.. I am sorry to hear this especially when I said you would be approved with your scores and collection's of cards.. As you know nothing is guarantee in the credit world, but surely thought this would be an easy approval, but it appears not.. Sorry again.. What is your utilization at? Is your DTI good?

Re: Chances of getting approved for a Cap1 BuyPower card, with 695, 691, and 685 scores?

Anonymous — Tue, 15 Sep 2015 17:09:41 GMT

That makes it sound as if your util is high on at least a couple cards. If that's true and you get it under control, you have a good chance of breaking 700 and succeeding the next time around.

Re: Chances of getting approved for a Cap1 BuyPower card, with 695, 691, and 685 scores?

CreditMagic7 — Tue, 15 Sep 2015 17:13:31 GMT

@galahad15 wrote:
Update: just applied for the BuyPower card, and was denied Message received back said something like "Thank you for applying. Unfortunately, Capital One, N.A. is unable to approve your application at this time...Unfortunately Capital One, N.A. is unable to approve your application due to the following reason(s): LARGE AMOUNT OWED ON REVOLVING LINES."

Wondering if I should I maybe call Cap1 and request a recon, on their decline?

I for one am rather shocked initially. OP is your UTL peaking/spiking on some cards? because i think this is a first i seen for the GM Card which is always approved for many especially even those new to credit as they target those clients early on.

Re: Chances of getting approved for a Cap1 BuyPower card, with 695, 691, and 685 scores?

OmarGB9 — Tue, 15 Sep 2015 17:16:10 GMT

Sorry to hear op. Guess UTIL was too high for their liking.

Re: Chances of getting approved for a Cap1 BuyPower card, with 695, 691, and 685 scores?

galahad15 — Tue, 15 Sep 2015 17:23:56 GMT

@CreditCuriousity wrote:
Wow seriously? that CC isn't hard to get approved for.. I am sorry to hear this especially when I said you would be approved with your scores and collection's of cards.. As you know nothing is guarantee in the credit world, but surely thought this would be an easy approval, but it appears not.. Sorry again.. What is your utilization at? Is your DTI good?

No problem at all & again many thanks for your advice! My utilization is about 27% on my open cards and I recently paid off $15k (had thought that my credit reports had been updated to reflect that already, due to the score increases). However, when I called the Cap1 recon number, they said the $15k payments had not yet been reflected on my credit reports; alas, looks like I may have apped a lil too early I guess...I will try calling their recon number again, once my credit reports update to reflect the $15k payment..

Re: Chances of getting approved for a Cap1 BuyPower card, with 695, 691, and 685 scores?

CreditCuriosity — Tue, 15 Sep 2015 17:26:48 GMT

@galahad15 wrote:
@CreditCuriousity wrote:
Wow seriously? that CC isn't hard to get approved for.. I am sorry to hear this especially when I said you would be approved with your scores and collection's of cards.. As you know nothing is guarantee in the credit world, but surely thought this would be an easy approval, but it appears not.. Sorry again.. What is your utilization at? Is your DTI good?
No problem at all & again many thanks for your advice! My utilization is about 27% on my open cards and I recently paid off $15k (had thought that my credit reports had been updated to reflect that already, due to the score increases). However, when I called the Cap1 recon number, they said the $15k payments had not yet been reflected on my credit reports; alas, looks like I may have apped a lil too early I guess...I will try calling their recon number again, once my credit reports update to reflect the $15k payment..

Thanks for chiming in again.. Ya 15k is quite a big payment .. Your scores are going to skyrocket when that bad boy hits and is reflected.

Re: Chances of getting approved for a Cap1 BuyPower card, with 695, 691, and 685 scores?

galahad15 — Tue, 15 Sep 2015 17:28:07 GMT

CreditMagic7 wrote:

I for one am rather shocked initially. OP is your UTL peaking/spiking on some cards? because i think this is a first i seen for the GM Card which is always approved for many especially even those new to credit as they target those clients early on.

Please see my post #13, for more info -- apparently I had inadvertenely thought my recent $15k payment towards my overall utilization had already been reflected in my credit report that I pulled today, but Cap1 recon said that they were not seeing the payment as being made yet in the credit report they pulled for the app (they said that something else may have accounted for the FICO score increases). So I may have applied prematurely Will try to contact the recon # again, once my credit reports update to take into account the $15k revolving debt payment.

Re: Chances of getting approved for a Cap1 BuyPower card, with 695, 691, and 685 scores?

CreditMagic7 — Tue, 15 Sep 2015 17:43:09 GMT

@galahad15 wrote:
@CreditMagic7 wrote:
I for one am rather shocked initially. OP is your UTL peaking/spiking on some cards? because i think this is a first i seen for the GM Card which is always approved for many especially even those new to credit as they target those clients early on.
Please see my post #13, for more info -- apparently I had inadvertenely thought my recent $15k payment towards my overall utilization had already been reflected in my credit report that I pulled today, but Cap1 recon said that they were not seeing the payment as being made yet in the credit report they pulled for the app (they said that something else may have accounted for the FICO score increases). So I may have applied prematurely Will try to contact the recon # again, once my credit reports update to take into account the $15k revolving debt payment.

My post and Question #11 was before #13 so no way to known that until then

Re: Chances of getting approved for a Cap1 BuyPower card, with 695, 691, and 685 scores?

creditguy — Tue, 15 Sep 2015 18:30:33 GMT

Sorry to hear they denied you, oddly enough I received my card yesterday with a 3k SL and my scores are lower than yours plus I have some old baddies. I've noticed this card varies wildly in credit limits and approval odds with no real reasoning.

Re: Chances of getting approved for a Cap1 BuyPower card, with 695, 691, and 685 scores?

Anonymous — Tue, 15 Sep 2015 19:06:20 GMT

@Anonymous wrote:
I was just approved 2 weeks ago and your scores are higher than mine. However, I will tell you that my SL was a crappy $300. Not really worth the HP imo, but now that I have it, I have it and it's a fancy looking thing. I just put my recurring Netflix/Hulu accounts on it, we'll see how the CLI's come.

Haha i put my nflx subscription on it monthly and that's all i use it for also. I have the old Cadillac version (which looks pretty sweet in black) and havent requested a new card to get the WEMC version. My thought was whats the point of having a WEMC if i'm never going to use the card anyway. If i wanted purchase protection i would just use my amex. I'm not going to charge something on the GM WEMC just bc it has some ancillary features that i probably will never need nor use.

It is smart of them to make the low limit card a WEMC tempting owners to maybe actually use it. haha since i think WEMC usually require 5k+ CL.

Re: Chances of getting approved for a Cap1 BuyPower card, with 695, 691, and 685 scores?

pipeguy — Tue, 15 Sep 2015 19:51:35 GMT

My Venture One is sitting at $5k CL (won't budge) and my BuyPower is currently $10K CL - coming up on a year shortly, probably hit the button if I don't get an auto CLI on the GM card.

Never have bee able to figure out CapOne's "logic".