topic Re: Venture app: What would MyFICO do? in Credit Cards

Venture app: What would MyFICO do?

MrDisco99 — Mon, 30 Apr 2018 19:50:50 GMT

I need to reserve some hotel stays for October in Greece (cutting it close I know). My plan was to app for a Cap1 Venture and use the bonus along with the 10x back at hotels.com. However I’m nervous about the triple pull and my chances of approval.

My app history is in my sig. I was very active last year, though not so much since. The Amex ED is recent enough (and no inquiry) that it shouldn’t appear on my report before I intend to do the Venture app. However I will still have some pretty high stats by then...

Inquiries last 12 months: 4 EQ, 4 EX, 4 TU
Inquiries last 6 months: 1 EX

New accounts: 1/6, 13/12, 19/24

Scores are good, despite carrying 16% util on one of my cards (Barclays Apple). Currently 742 EX and 784 TU (Citi EQ FICO 808/900) and likely to go up a few points by the time I apply.

I wonder if I should go for it or maybe try for the VentureOne instead. I’d still get 10x on the purchase but only $200 bonus.

What if I app and they decline? What is recon like with Cap1? Could I use the same pulls for a VentureOne? If not, is it worth doing another triple pull?

I realize my chances get better if I Garden a little longer but I don’t really want to wait any longer to make the reservation.

What would MyFICO do?

Re: Venture app: What would MyFICO do?

Remedios — Mon, 30 Apr 2018 19:57:21 GMT

Sadly, they dont do recon. Have you tried their pre-qual page? It's my understanding that it's pretty accurate

Re: Venture app: What would MyFICO do?

K-in-Boston — Mon, 30 Apr 2018 20:06:34 GMT

No recon and no reusing pulls, unfortunately. Any thought into a regular cobranded hotel card or do you want the flexibility of a general spend card?

Re: Venture app: What would MyFICO do?

MrDisco99 — Mon, 30 Apr 2018 20:19:24 GMT

I’m reserving rooms on the Greek islands. I already used big brand points on the mainland but they’re pretty useless on the islands where most places are privately owned.

I have tried the prequal site but I get the standard “we are unable to offer prequalified offers at this time but here are some cards you may be interested in” response. I’m hoping for a better answer at the end of May when I plan to app but not holding my breath.

Re: Venture app: What would MyFICO do?

FinStar — Mon, 30 Apr 2018 20:21:23 GMT

I would concur with the above members. If declined, no reconsideration success.

Sure, the 3-HP sting would no doubt discourage some folks who may be on the fence, but it's just a little sting! What may skew your approval chances is the number of new accounts in the last 12 months.

Unfortunately, this may rule out Chase (CSP or CSR) given you're over 5/24.

Re: Venture app: What would MyFICO do?

Anonymous — Mon, 30 Apr 2018 20:42:08 GMT

I was approved with much weaker scores and 5/18. I’ve also been a cap one customer for a few years with perfect history. Even had a paid charge off from them in 2012. I would imagine you’re good for at least the 5k min, but of course everyone’s experience is different. Didn’t have anything through prequel when I applied. My Util has always been low, less than 2%. I don’t know what they’re internal scoring system is like, but I hope this helps. Good luck!

Re: Venture app: What would MyFICO do?

MrDisco99 — Mon, 30 Apr 2018 20:45:14 GMT

Would my chances be any better with the VentureOne? I’d settle for $200 in place of $500 and still getting 10x on the purchase if it means getting approved.

Re: Venture app: What would MyFICO do?

FinStar — Mon, 30 Apr 2018 21:05:47 GMT

Only way to know for sure is when you decide to pull the trigger.

There's going to be varied data points even for the Venture One. Someone could have similar stats and may have been approved and conversely for any declined results.

Let us know the outcome if you decide to go for it.

Re: Venture app: What would MyFICO do?

Anonymous — Mon, 30 Apr 2018 21:19:44 GMT

I would say the chances are better for venture one since it has a 2k min CL ca the 5k min for venture. In my mind this means V one has inherently less strict UW. I would frankly go for venture if you can meet the spend quickly enough the rewards will post immediately. I met mine within a week and got the points the day my qualifying transaction posted.

Re: Venture app: What would MyFICO do?

MrDisco99 — Tue, 01 May 2018 00:17:25 GMT

Yeah meeting the spend is not a problem. I'm more concerned about getting approved.

Re: Venture app: What would MyFICO do?

AverageJoesCredit — Tue, 01 May 2018 00:38:43 GMT

@MrDisco99 wrote:
I need to reserve some hotel stays for October in Greece (cutting it close I know). My plan was to app for a Cap1 Venture and use the bonus along with the 10x back at hotels.com. However I’m nervous about the triple pull and my chances of approval.

My app history is in my sig. I was very active last year, though not so much since. The Amex ED is recent enough (and no inquiry) that it shouldn’t appear on my report before I intend to do the Venture app. However I will still have some pretty high stats by then...

Inquiries last 12 months: 4 EQ, 4 EX, 4 TU
Inquiries last 6 months: 1 EX

New accounts: 1/6, 13/12, 19/24

Scores are good, despite carrying 16% util on one of my cards (Barclays Apple). Currently 742 EX and 784 TU (Citi EQ FICO 808/900) and likely to go up a few points by the time I apply.

I wonder if I should go for it or maybe try for the VentureOne instead. I’d still get 10x on the purchase but only $200 bonus.

What if I app and they decline? What is recon like with Cap1? Could I use the same pulls for a VentureOne? If not, is it worth doing another triple pull?

I realize my chances get better if I Garden a little longer but I don’t really want to wait any longer to make the reservation.

What would MyFICO do?

I'd GMOOD1 it while K' ing In Boston , all the way Globo Gyming it like there was no tomorrow

Re: Venture app: What would MyFICO do?

Anonymous — Tue, 01 May 2018 01:06:58 GMT

I feel like I’m the only one on the boards with even remotely similar data points to yours as it pertains to the Venture card. I think your 1/6mo recent accounts and relatively few inquires overall should grant you an approval. Of course this is speculative. Perhaps, the best thing to note here is that even if they do triple bureau pull you and deny, you’ll only have 5 pulls on each bureau which isn’t that bad.

Your scores are better than mine (now and at the time) and my aggregate utilization at the time was 18%. One brand new account (1mo) was reporting 20% due to sign up bonus spend reporting faster than I anticipated. Another account was reporting 88% due to a payment not posting before I applied. Had I waited a few days, my reports would’ve been more optimal once payments posted. As it stands, they still approved me despite being very recently active with accounts.

This app may require you to step out of your comfort zone but it seems you’ve done a lot to better position yourself for approval.

Here’s the link to the previous post with DPs:
http://ficoforums.myfico.com/t5/Credit-Card-Applications/Capital-One-Venture-with-recent-inquiries-and-new-accounts/td-p/5162690

Here’s my then DPs:
December 2017
Cold App/No prequals
Instant Approval: $15K
No prior relationship.

AAoA:
7yr11mo

Double Pull

Inquiries ||| Score
EX FICO 8 - 9 ||| Score: 730
TU FICO 8 - 8 ||| Score: 737

The approval letter showed a Bankcard 2 or 4 score of only 700. I can’t remember anything more specific than that. Apologies.

Last Opened Account:
BoA Premium Rewards - October 1
Discover it - October 1
Barclaycard Red Aviator - November 1

New Accounts:
10 in previous 7 months.
4 in previous 4 months.
3 in previous 3 months.
10/12 no recent activity prior to April 2017
10/24 no recent activity prior to April 2017

Re: Venture app: What would MyFICO do?

UpperNwGuy — Tue, 01 May 2018 04:03:24 GMT

I would not apply. You have too many new accounts. Time to do some gardening.

Re: Venture app: What would MyFICO do?

kdm31091 — Tue, 01 May 2018 10:34:25 GMT

In general it seems Capital One has tightened up with the Venture because we sure don't see nearly as many approvals as we used to. As others have mentioned, there is no recon with Capital One or reusing pulls etc. Whatever the computer decides is what they will stand by unless there is an actual error on your report.

Worst case scenario are 3 wasted pulls. If that's OK with you, just go for it and try.

Re: Venture app: What would MyFICO do?

sccredit — Tue, 01 May 2018 17:39:45 GMT

Based on the cards in your sig I don't think there would be a difference in the Venture vs Venture One for you.

Re: Venture app: What would MyFICO do?

Time2letgo — Mon, 07 May 2018 18:07:47 GMT

@MrDisco99

I have been eye-balling the Venture for the very same reasons you are. Impressive 10x with Hotels.com plus I want that bonus offer. I had a prequal in October last year and was one of the cards in my app spree, it was probably my 3rd app and got a 7-10 day letter. A few days later Cap1 did another HQ on all 3 bureaus and was denied because of the recent inquiries. The 2nd set of Inqueries were later removed. I still want it though, it is probably the only card I would step out of the garden for at this point. Still check their pre-qual site every once in a while, but has not had any offers since then. I don't know how long before they stop holding the recent accounts and inquiries against you.

Stats

New Accounts - 16/24, 8/12, 1/6 (most recent 12/2017)

Inquiries - 10/9/15 last 12 months 5/5/6

Please update if you pull the trigger Maybe I will after I'm 0/6 on the new accounts.

Re: Venture app: What would MyFICO do?

Brian_Earl_Spilner — Mon, 07 May 2018 18:38:37 GMT

Eh, I think people are too obsessive with pulls on here. Unless you're going after chase, Barclay, sync, or commenity, I haven't really seen people get shot down for too many HP. And the ones that have been, usually just bought a car after shopping around. As for my experience, I app'd for 4 Cap1 cards in a 4 month period. Approved for 3 out of 4, the last one not even getting a HP. Not sure if it had anything to do with getting approved a week earlier on another card. I say go for the VentureOne unless you know you're gonna spend enough to offset the af every year.