topic Re: What can I do to maximize my approval odds for Venture X? in Credit Cards

What can I do to maximize my approval odds for Venture X?

Jenos_Idanian — Mon, 11 Mar 2024 16:09:56 GMT

Current credit scores:

Transunion - 799, Equifax - 816, Experian - 815

Income: $75,000/year

Current cards, age, & limits

BOA - 16 years, 11 months - $18,000 limit

BOA - 16 years - $16,500 limit

Citi Double Cash - 5 years - $9,000 limit

Chase Freedom Unlimited - 5 years, $7,700 limit

AMEX BCP - 1 year, 7 months - $20,000 limit

Chase Sapphire Preferred - 1 year, 7 months - $12,800 limit

Chase Freedom Flex - 1 year, 6 months - $11,100 limit

Cap1 SavorOne for Good Credit - 1 year, 3 months - $6,000 limit

Marriott Bonvoy Boundless - 11 months - $8,000 limit

AMEX Gold - 11 months

Additionally I carry the AMEX Blue Business Plus, Chase Ink Business Unlimited, & Wyndham Business Earners... none of which report to my personal credit (and are all in good standing)

Personal Loans:

1: $3,839 remaining on $14,000 loan

2: $1,922.47 remaining on $5,000 loan

3: $388.14 remaining on $5,000 NFCU Pledge Loan

Loans 1 & 2 will be paid off this year. The Pledge Loan I plan to let run its course over the next 5 years.

I will not even attempt to apply for the Venture X until all of my personal credit card accounts are at least 24 months old. That will of course put me at 0/24 & I will have 0 hard pulls reporting at that point.

I'm currently using the SavorOne for most of my spend (puting roughly $1,600 per month on that card), though I do at least a little spending on every card I have. All of my cards are paid on time and in full.

I'm concerned that with 9 personal cards my approval odds are extremely low. I'm wondering what steps I can take over the next year and change to improve my chances of getting the Venture X. I know how wonky Cap1 is, so I realize that there are no definitive answers, but anything I can do to look better to the algorithm...

I really don't want to cancel any cards. A) I like what I have & B) I've seen Cap1 site "too many revolving accounts closed" among other people's denial reasons. The only card I have that I don't love is my SavorOne since it is the "for Good Credit" (On a side note, is there any way to product change that thing into the Excellent Credit version?)

I do have a checking and savings account with Cap1. Both are about a year old and I really don't use them. I've read in other threads that there's a wall between the Banking and Credit divisions such that using those accounts wouldn't have any impact on my app, but if anyone knows differently, I'm certainly okay with juggling some things around on that end.

On a side note,I realize that my credit scores today don't mean much of anything when it comes to planning for a card a year down the road, but I don't anticipate being any worse than high 700's when I apply.

Any help to strategize my way towards an approval would be greatly appreciated!

Re: What can I do to maximize my approval odds for Venture X?

CYBERSAM — Mon, 11 Mar 2024 16:59:50 GMT

@Jenos_Idanian wrote:
Current credit scores:
Transunion - 799, Equifax - 816, Experian - 815

Income: $75,000/year

Current cards, age, & limits
BOA - 16 years, 11 months - $18,000 limit
BOA - 16 years - $16,500 limit
Citi Double Cash - 5 years - $9,000 limit
Chase Freedom Unlimited - 5 years, $7,700 limit
AMEX BCP - 1 year, 7 months - $20,000 limit
Chase Sapphire Preferred - 1 year, 7 months - $12,800 limit
Chase Freedom Flex - 1 year, 6 months - $11,100 limit
Cap1 SavorOne for Good Credit - 1 year, 3 months - $6,000 limit
Marriott Bonvoy Boundless - 11 months - $8,000 limit
AMEX Gold - 11 months

Additionally I carry the AMEX Blue Business Plus, Chase Ink Business Unlimited, & Wyndham Business Earners... none of which report to my personal credit (and are all in good standing)

Personal Loans:

1: $3,839 remaining on $14,000 loan
2: $1,922.47 remaining on $5,000 loan
3: $388.14 remaining on $5,000 NFCU Pledge Loan

Loans 1 & 2 will be paid off this year. The Pledge Loan I plan to let run its course over the next 5 years.

I will not even attempt to apply for the Venture X until all of my personal credit card accounts are at least 24 months old. That will of course put me at 0/24 & I will have 0 hard pulls reporting at that point. 👍👍

I'm currently using the SavorOne for most of my spend (puting roughly $1,600 per month on that card), though I do at least a little spending on every card I have. All of my cards are paid on time and in full. 👍

I'm concerned that with 9 personal cards my approval odds are extremely low. I'm wondering what steps I can take over the next year and change to improve my chances of getting the Venture X. I know how wonky Cap1 is, so I realize that there are no definitive answers, but anything I can do to look better to the algorithm...

I really don't want to cancel any cards. A) I like what I have & B) I've seen Cap1 site "too many revolving accounts closed" among other people's denial reasons. The only card I have that I don't love is my SavorOne since it is the "for Good Credit" (On a side note, is there any way to product change that thing into the Excellent Credit version?)

I do have a checking and savings account with Cap1. Both are about a year old and I really don't use them. I've read in other threads that there's a wall between the Banking and Credit divisions such that using those accounts wouldn't have any impact on my app, but if anyone knows differently, I'm certainly okay with juggling some things around on that end.

On a side note,I realize that my credit scores today don't mean much of anything when it comes to planning for a card a year down the road, but I don't anticipate being any worse than high 700's when I apply.

Any help to strategize my way towards an approval would be greatly appreciated!

Venture X is not a difficult card to get, only issue is you have added bunch of new CCs and inquiries in the past 24 months. I would say if you app today, most likely be approved! However you are on the right track for waiting few months.

Good luck.

Re: What can I do to maximize my approval odds for Venture X?

GZG — Mon, 11 Mar 2024 17:32:05 GMT

@Jenos_Idanian wrote:
I'm concerned that with 9 personal cards my approval odds are extremely low. I'm wondering what steps I can take over the next year and change to improve my chances of getting the Venture X. I know how wonky Cap1 is, so I realize that there are no definitive answers, but anything I can do to look better to the algorithm...

Check to see if Cap1 still dislikes you from getting the no-SUB savor one, links are the soft pull pre-approvals for the Venture X

https://www.capitalone.com/credit-cards/preapprove/venture-x/
https://www.capitalone.com/credit-cards/preapprove/miles/?landingPage=venture

either link works, remember to unfreeze all 3 of your files

The only card I have that I don't love is my SavorOne since it is the "for Good Credit" (On a side note, is there any way to product change that thing into the Excellent Credit version?)

no, there's no way to change it, the only difference between the two versions is:
no SUB
higher APR

it's the same card otherwise

I do have a checking and savings account with Cap1. Both are about a year old and I really don't use them. I've read in other threads that there's a wall between the Banking and Credit divisions such that using those accounts wouldn't have any impact on my app, but if anyone knows differently, I'm certainly okay with juggling some things around on that end.

I wouldn't bother, if it was Chase or BoA or WF, I would, but not for Cap1.

Any help to strategize my way towards an approval would be greatly appreciated!
keep trying the pre-approval links and see the reasons, Cap1 may like you right now or you might need to check every month for the next two years, just keep trying.

Re: What can I do to maximize my approval odds for Venture X?

Brian_Earl_Spilner — Mon, 11 Mar 2024 18:00:00 GMT

Cap1 doesn't care for people with scores in the 800s, so you could have a late payment report to the bureaus to become their target demographic. 😂 With scores in the 800s it's going to be a coin flip. Not sure why they are so adverse to people with scores that high. Probably think they can't make money off them.

Re: What can I do to maximize my approval odds for Venture X?

FrankenBeans — Mon, 11 Mar 2024 19:46:33 GMT

Out of curiosity, have you used the preapproval tool?

I've been pre-apping for the Venture X for a while, and I've noticed that I get pre-approved when my inquiries drop to 0/6. I was pre-approved in November after not getting pre-approved for months. I needed a different card w/no interest when I was pre-approved, and now that I have a recent inquiry, I'm back to only being approved for the regular Venture (or Venture One?).

Re: What can I do to maximize my approval odds for Venture X?

Jenos_Idanian — Mon, 11 Mar 2024 21:29:37 GMT

With 8 inquiries currently showing, there just wouldn't be a point at the moment. Even if by some chance I were pre-approved, an app would get rejected. I won't even look at the pre-approval tool until next year when I'm showing no hard pulls. I figured now was just a good time to strategize to put myself in the best possible position for that card in 2025.

Re: What can I do to maximize my approval odds for Venture X?

Zoostation1 — Mon, 11 Mar 2024 22:55:33 GMT

I thnk when it comes to people with high scores that PIF, it's more about whether the algorithm thinks you'll give them a lot of spend. If you're not paying interest want a lot of spend to make money off their cut of the interchange fees.