topic Re: New CapOne rule in Credit Cards

New CapOne rule

Anonymous — Sun, 19 Jun 2016 07:23:14 GMT

I've seen on here there is a new rule you can't have more than one new Capital One card in last 6 months even with a pre-approval.

I got a BuyPower card three months ago and was wondering if anyone knew if that counted? Was interested in the Venture I'm all of a sudden prequalifying for.

Re: New CapOne rule

Anonymous — Sun, 19 Jun 2016 07:29:51 GMT

I can't offer any input since I just found out myself. I'm looking forward to reading the responses you get. Thanks for starting a thread.

Re: New CapOne rule

RonM21 — Sun, 19 Jun 2016 09:32:46 GMT

I did hear of this rule recently, but I haven't seen examples yet of how it has derailed anyone's plans they had.

Re: New CapOne rule

creditguy — Sun, 19 Jun 2016 10:00:49 GMT

Since the buypower is a cobranded cap one card and isn't operated in any fashion similar to traditional cap one cards, I'd venture to guess that it doesn't count. One way to find out for sure is to apply, if you do, Good Luck.

Re: New CapOne rule

SouthJamaica — Sun, 19 Jun 2016 12:45:49 GMT

@Anonymous wrote:
I've seen on here there is a new rule you can't have more than one new Capital One card in last 6 months even with a pre-approval.

I got a BuyPower card three months ago and was wondering if anyone knew if that counted? Was interested in the Venture I'm all of a sudden prequalifying for.

I don't think there is such a rule.

But I personally haven't gotten any Capital One cards lately.

If you're prequalified for it, and want it, apply for it; it's a good card.

Then please report back as to whether this "1/6 rule" is a reality or, as I suspect, a myth.

Re: New CapOne rule

Anonymous — Sun, 19 Jun 2016 12:54:59 GMT

Based on this thread... it sounds like it is a new rule.

http://ficoforums.myfico.com/t5/Credit-Card-Applications/Capital-One-Important-Data/td-p/4632609

But if you decided to apply - please report back your results.

Re: New CapOne rule

Anonymous — Sun, 19 Jun 2016 13:10:17 GMT

@Anonymous wrote:
Based on this thread... it sounds like it is a new rule.

http://ficoforums.myfico.com/t5/Credit-Card-Applications/Capital-One-Important-Data/td-p/4632609

But if you decided to apply - please report back your results.

There's no way that you can assume that a new rule exists because someone's friend told them that's what one CapOne CSR told them. As we have seen over and over again, credit companies CSRs often give out erroneous information. Certainly third hand information shouldn't be used as confirmation that some new rule exists. Until it's shown by others that that is the case we all would be better off by holding off assuming that a new rule exists.

Re: New CapOne rule

jawbrkr — Sun, 19 Jun 2016 13:57:55 GMT

Well if you get denied and it's a no HP, as stated in that other thread, then there is nothing to lose. Why not call capital one directly and confirm?

Re: New CapOne rule

Anonymous — Sun, 19 Jun 2016 14:02:02 GMT

I applied for a spark business card and got denied because I opened up a Quicksilver within 6 months. The CSR told me my credit report wasn't pulled and to apply in September.

I didn't want to wait until Sept so I applied and received a Chase Ink card instead.

Re: New CapOne rule

Anonymous — Sun, 19 Jun 2016 14:05:54 GMT

@Anonymous wrote:
I applied for a spark business card and got denied because I opened up a Quicksilver within 6 months. The CSR told me my credit report wasn't pulled and to apply in September.

I didn't want to wait until Sept so I applied and received a Chase Ink card instead.

When did this happen? You're better off with the Ink + so consider it a good outcome.

Re: New CapOne rule

Anonymous — Sun, 19 Jun 2016 14:11:56 GMT

Two weeks ago my friend got a venture and a quicksilver as that is all his profile would support and didnt have any cards. No extra triple hit.

Re: New CapOne rule

jawbrkr — Sun, 19 Jun 2016 14:16:26 GMT

Interesting. I was thinking the new rule might kill the double apping. Unless the app happened just before the new rule went into effect.

Re: New CapOne rule

Anonymous — Sun, 19 Jun 2016 14:50:51 GMT

Irish,

That was about 3-4 weeks ago. I wanted the spark because of the $500 bonus but glad it didn't work out because I wasn't aware at the time it reported to my personal CR. The ink cash is only $200 but will be a better card in the long run. I already have an ink plus so that wasn't an option to receive the 70k bonus again.

Re: New CapOne rule

driftless — Sun, 19 Jun 2016 15:06:17 GMT

I happened to be using Cap One's Chat feature a couple of days ago for another matter and I asked the CSR about this rumored new rule. She gave me a different answer and said that you have to wait 30 days between cc app's. YMMV, not sure that we have a definitive answer here.

Re: New CapOne rule

Anonymous — Sun, 19 Jun 2016 15:08:04 GMT

@Anonymous wrote:
Irish,

That was about 3-4 weeks ago. I wanted the spark because of the $500 bonus but glad it didn't work out because I wasn't aware at the time it reported to my personal CR. The ink cash is only $200 but will be a better card in the long run. I already have an ink plus so that wasn't an option to receive the 70k bonus again.

That makes sense. Wait until our Ink+ ages to two years and then get the bonus again. At least that's my plan.

Re: New CapOne rule

Johnna55 — Wed, 29 Jun 2016 20:29:46 GMT

I recently applied for the Venture One and I was denied with no hard pull. Called customer service and the lady told me about their new 6 month policy. It came into effect June 1, 2016. They should really start advertising it so people can know.

Re: New CapOne rule

Loquat — Wed, 29 Jun 2016 22:20:33 GMT

@Johnna55 wrote:
I recently applied for the Venture One and I was denied with no hard pull. Called customer service and the lady told me about their new 6 month policy. It came into effect June 1, 2016. They should really start advertising it so people can know.

I'm not sure there is a need to advertise this info if it's indeed true as I'd guess that the average consumer doesn't double app for the same card. Until I arrived here at the forums I didn't know that CapOne would allow multiple cards. Heck I didn't think any company allowed such...

Re: New CapOne rule

Anonymous — Wed, 29 Jun 2016 22:47:23 GMT

I do know from personal experience if you have applied for a cap one card do not apply again for 45 days. Also.. If you have 2 sub prime cards, that is your max limit. I got a denial on the Cap Platinum becuase I have the quicksilver one MC and Secured cap Platinum. Was declined with message (too many cards) There is a higher limit on Prime cards Quicksilver Visa, Venture card, etc.

2 cents

Re: New CapOne rule

tcbofade — Wed, 29 Jun 2016 23:34:58 GMT

Frankly, I'm rather unimpressed with Capital One anyway. Over the next 30 days or so, I'm paying them off and leaving them empty... might consolidate, might simply close them.

Re: New CapOne rule

Johnna55 — Thu, 30 Jun 2016 00:37:29 GMT

The average consumer may have multiple cards with one credit card company.