topic Re: Venture One? in Credit Cards

Venture One?

Anonymous — Fri, 10 Nov 2017 15:18:22 GMT

I believe I have a window of opportunity before Discover reports my uti on a 6500 SL card. Right now it still shows zero. I transferred 5k to that card. Meanwhile all cards transferred are showing zero.
I’d like a shot at a huge SL to bring my overall uti way down. Right now I’m at 21%. From what I’ve read on this forum is Cap One is very generous on that card. I have 2 Cap One platinum cards already with zero balances. My scores across the board are around 710. Very few inquiries and absolutely NO baddies. I’m just thinking I’m not around 750 because of the uti rate.

Thoughts?

Re: Venture One?

Anonymous — Fri, 10 Nov 2017 15:20:57 GMT

If it's just for utilization it's fine but for spending it's only a 1.25% card so not very useful.

Remember it's 3 hard inquiries to get it and that will affect your score for 0-12 months on each bureau. Also if you haven't had a new account in over 6 months, you may also get a "new account penalty" on your score.

Your overall utilization of 21% is high, but it may matter more what your highest reported utilization is on any card -- what card has the highest utilization and how much?

Re: Venture One?

SomewhereIn505 — Fri, 10 Nov 2017 15:44:46 GMT

@Anonymous wrote:
I believe I have a window of opportunity before Discover reports my uti on a 6500 SL card. Right now it still shows zero. I transferred 5k to that card. Meanwhile all cards transferred are showing zero.
I’d like a shot at a huge SL to bring my overall uti way down. Right now I’m at 21%. From what I’ve read on this forum is Cap One is very generous on that card. I have 2 Cap One platinum cards already with zero balances. My scores across the board are around 710. Very few inquiries and absolutely NO baddies. I’m just thinking I’m not around 750 because of the uti rate.

Thoughts?

As long as you didn't get your Cap One in the past 6 months, then you have a shot. FYI, if your youngest's Cap One Platinum is older than 6 months old, you can go online and see if they will combine it into a single card. Or see if they'll PC it to QS.

Re: Venture One?

Anonymous — Fri, 10 Nov 2017 15:50:08 GMT

Thank you. I’ll look into that.

Re: Venture One?

Anonymous — Fri, 10 Nov 2017 16:27:16 GMT

They use mortgage scores usually so I would check yours before apping. They declined me with fico 8 729-750 scores at 1# util and plenty of income because my mtg scores happen to be my lowest. Don't have one reporting any longer..

Re: Venture One?

Anonymous — Fri, 10 Nov 2017 16:29:46 GMT

Thanks. I believe my mortgage scores are higher. How would I check?

Re: Venture One?

RadioRob — Fri, 10 Nov 2017 16:58:27 GMT

If you have myFICO 3B monitoring service, it will show you the various versions of scores from your latest report.

It will show your FICO 8, but also tell you what it is for FICO 9, auto-enhanced, mortgage, etc.

Re: Venture One?

Anonymous — Fri, 10 Nov 2017 17:09:24 GMT

Thank you. I’m too cheap to pay for a monitoring service though. Lol

Re: Venture One?

Anonymous — Fri, 10 Nov 2017 17:13:12 GMT

81% on a $500 Limit USAA card. It’s a zero percent BT card just opened 2 months ago and JUST got reported.

Re: Venture One?

mkhan1093 — Fri, 10 Nov 2017 17:24:14 GMT

As was said before, the card isn't good for actual rewards but it won't look bad to have it and you can probably lower your UTIL pretty well to below 20%. A suggestion though I would have is app for the Venture since it provides a better signup bonus and then in year 2 you can downgrade to the VentureOne. You still get the UTIL drop with no AF (since it's free for the first year) but you'll get more rewards for the same amount of organic spend. Just a tip!

Re: Venture One?

Anonymous — Fri, 10 Nov 2017 17:46:14 GMT

No amount of aggregate utilization is going to help you with a card nearly maxed out.

89% utilization on one card = maxed out.

68.9-88.9% utilization on one card = danger zone.

Re: Venture One?

Anonymous — Fri, 10 Nov 2017 21:12:36 GMT

@Anonymous wrote:
81% on a $500 Limit USAA card. It’s a zero percent BT card just opened 2 months ago and JUST got reported.

I suggest not apping for anything until you bring that card below 8%

Re: Venture One?

Anonymous — Sat, 11 Nov 2017 03:15:06 GMT

When you are ready to apply, remember this.

You'll get a higher SL on the regular Venture but it comes with an annual fee.

I went with Venture One because it had no annual fee. They started me with a $10,000 limit. I am positive that would be $15,000 or $20,000 had I went with the regular Venture. I still think I made the right call.

I didn't care about the low cash back because I simply wanted in with Capital One.

Re: Venture One?

mkhan1093 — Sat, 11 Nov 2017 05:31:13 GMT

@Anonymous wrote:
When you are ready to apply, remember this.
You'll get a higher SL on the regular Venture but it comes with an annual fee.
I went with Venture One because it had no annual fee. They started me with a $10,000 limit. I am positive that would be $15,000 or $20,000 had I went with the regular Venture. I still think I made the right call.
I didn't care about the low cash back because I simply wanted in with Capital One.

But the first year is free? That's why I suggested app for the Venture and keep it for a year before PCing

Re: Venture One?

Anonymous — Sat, 11 Nov 2017 06:40:03 GMT

Capital One is known for CLDs. People who combine cards or PC to a lesser product sometimes won't be allowed to keep that big limit they initially got on the Venture.

I will not move a balance from my Chase CSP to my FU just to avoid the annual fee because the CSP is minimum $5k. Can't be CLD'ed below that. Would love to get rid of that annual fee but may risk a CLD on an FU over $10k.

Re: Venture One?

Gidgetmom — Sat, 11 Nov 2017 11:29:40 GMT

I would check with Cap One first. Last year, I was told that they only allow 2 accounts (unless they purchased one of your accounts from another lender). That may have changed by now, of course. But worth a quick check before applying.

Re: Venture One?

Anonymous — Sat, 11 Nov 2017 11:57:26 GMT

Good idea, I’ll check that. Maybe I’ll combine the 2 existing accts.

Re: Venture One?

HeavenOhio — Sat, 11 Nov 2017 14:51:09 GMT

@Gidgetmom wrote:
I would check with Cap One first. Last year, I was told that they only allow 2 accounts (unless they purchased one of your accounts from another lender). That may have changed by now, of course. But worth a quick check before applying.

Capital One's website says that they allow one to have five cards. But reports here indicate that they only allow customers to have two "subprime" cards. Your cards may have fallen into that category when you asked last year.

Re: Venture One?

Gidgetmom — Sat, 11 Nov 2017 18:05:26 GMT

@HeavenOhio wrote:
@Gidgetmom wrote:
I would check with Cap One first. Last year, I was told that they only allow 2 accounts (unless they purchased one of your accounts from another lender). That may have changed by now, of course. But worth a quick check before applying.
Capital One's website says that they allow one to have five cards. But reports here indicate that they only allow customers to have two "subprime" cards. Your cards may have fallen into that category when you asked last year.

I think you're right Heaven! I was in subprime when they told me that...

Re: Venture One?

Anonymous — Sat, 11 Nov 2017 23:26:46 GMT

@Anonymous wrote:
Capital One is known for CLDs. People who combine cards or PC to a lesser product sometimes won't be allowed to keep that big limit they initially got on the Venture.

I think to say they are known for CLDs is an overstatement. Until recently, they were known as the bank that almost never did AA. Now a few of us have been CLDd but I think we are still a small minority.

But eventually a large unused credit limit, especially on a card with no AF, might attract unwanted attention from any issuer.