topic Re: And my Cap One verdict is in... in Credit Cards

And my Cap One verdict is in...

Lel — Fri, 19 Feb 2010 14:50:01 GMT

...denied!

At the time of my application, my scores were TU 795 and EQ 814. I had PIFed several cards before their statement dates, so only two CC accounts were reporting balances. My utilization was 3%. AAoA is 8 years, and my oldest account on file (a now-refinanced student loan) is over 22 years old.

The reason for denial: "there has been insufficient pay down of mortgage accounts."

I can't argue with this. I have two mortgages, including a jumbo that was interest-only until a year ago, so I've only made a small dent in the principal. My HELOC balance stands at ~$85,000 of an original $98,000.

Such is life.

Re: And my Cap One verdict is in...

DI — Fri, 19 Feb 2010 15:04:05 GMT

Sorry to hear that. Cap One is a tough bank.

Re: And my Cap One verdict is in...

llecs — Fri, 19 Feb 2010 15:04:51 GMT

You can have my CapOne if you want it. DW has one on her CRs that's CO'd. I can make it a two-for-one.

Re: And my Cap One verdict is in...

Anonymous — Fri, 19 Feb 2010 15:14:22 GMT

Lel wrote:
...denied!

At the time of my application, my scores were TU 795 and EQ 814. I had PIFed several cards before their statement dates, so only two CC accounts were reporting balances. My utilization was 3%. AAoA is 8 years, and my oldest account on file (a now-refinanced student loan) is over 22 years old.

You're too good for them, Lel...

Re: And my Cap One verdict is in...

score_building — Fri, 19 Feb 2010 16:27:01 GMT

LilMirth wrote:
Lel wrote:
...denied!

At the time of my application, my scores were TU 795 and EQ 814. I had PIFed several cards before their statement dates, so only two CC accounts were reporting balances. My utilization was 3%. AAoA is 8 years, and my oldest account on file (a now-refinanced student loan) is over 22 years old.

You're too good for them, Lel...

is it possible you mistakenly applied for a re/builder and just didn't fit whatever their criterion is for those cards?

hope you'll recon at least to get more mileage out of the flurry of inq they impose.

Re: And my Cap One verdict is in...

Watchmann — Fri, 19 Feb 2010 16:36:34 GMT

A couple of years ago you would have been feted with cards with high CL's. That has all changed now, and in the scheme of things most financial people would agree that with your mortgage situation giving you more credit probably wouldn't be wise. We shouldn't automatically call Cap One unfair or obstinate. Banks need to get back to their core business, extending credit to those that have a reasonable chance of paying it back without defaulting or having problems. It would seem that Cap One is acting responsibility. More than anything I think your case is a good example of how FICO scores are being somewhat marginalized in credit decisions. A FICO score is the not the be all, end all arbiter of all things credit like it was advertised over the past few years.

Message Edited by Watchmann on 02-19-2010 10:36 AM

Re: And my Cap One verdict is in...

Lel — Fri, 19 Feb 2010 16:59:39 GMT

Watchmann wrote:
A couple of years ago you would have been feted with cards with high CL's. That has all changed now, and in the scheme of things most financial people would agree that with your mortgage situation giving you more credit probably wouldn't be wise. We shouldn't automatically call Cap One unfair or obstinate. Banks need to get back to their core business, extending credit to those that have a reasonable chance of paying it back without defaulting or having problems. It would seem that Cap One is acting responsibility. More than anything I think your case is a good example of how FICO scores are being somewhat marginalized in credit decisions. A FICO score is the not the be all, end all arbiter of all things credit like it was advertised over the past few years.
Message Edited by Watchmann on 02-19-2010 10:36 AM

I don't think anyone has done that (at least not on this particular thread ).

With regard to recon, it's my understanding that it's usually a fruitless effort. I do have an extra stamp in my office, though, in case I get thusly motivated.

Re: And my Cap One verdict is in...

DI — Fri, 19 Feb 2010 17:04:29 GMT

@Lel wrote:
@Watchmann wrote:
A couple of years ago you would have been feted with cards with high CL's. That has all changed now, and in the scheme of things most financial people would agree that with your mortgage situation giving you more credit probably wouldn't be wise. We shouldn't automatically call Cap One unfair or obstinate. Banks need to get back to their core business, extending credit to those that have a reasonable chance of paying it back without defaulting or having problems. It would seem that Cap One is acting responsibility. More than anything I think your case is a good example of how FICO scores are being somewhat marginalized in credit decisions. A FICO score is the not the be all, end all arbiter of all things credit like it was advertised over the past few years.
Message Edited by Watchmann on 02-19-2010 10:36 AM
I don't think anyone has done that (at least not on this particular thread ).

With regard to recon, it's my understanding that it's usually a fruitless effort. I do have an extra stamp in my office, though, in case I get thusly motivated.

If requesting a recon, I wouldn't send a letter. You may end up with additional inquiries.

Re: And my Cap One verdict is in...

score_building — Fri, 19 Feb 2010 17:30:46 GMT

Watchmann wrote:
A couple of years ago you would have been feted with cards with high CL's. That has all changed now, and in the scheme of things most financial people would agree that with your mortgage situation giving you more credit probably wouldn't be wise. We shouldn't automatically call Cap One unfair or obstinate. Banks need to get back to their core business, extending credit to those that have a reasonable chance of paying it back without defaulting or having problems. It would seem that Cap One is acting responsibility. More than anything I think your case is a good example of how FICO scores are being somewhat marginalized in credit decisions. A FICO score is the not the be all, end all arbiter of all things credit like it was advertised over the past few years. Message Edited by Watchmann on 02-19-2010 10:36 AM

call me crazy but I'd venture to guess you're giving cap1 WAY too much credit, just an educated guess

Re: And my Cap One verdict is in...

akaniks — Fri, 19 Feb 2010 21:50:47 GMT

You're crazy. I like CapOne!

Re: And my Cap One verdict is in...

MarineVietVet — Sat, 20 Feb 2010 00:00:28 GMT

Sorry to hear that Lel. Cap 1 is my oldest card and they gave me credit during my BK when no one else would but it's certainly a crazy credit world right now. I've had good and bad experiences with all my CCC's. I wish you better news in the future.

Message Edited by marinevietvet on 02-19-2010 06:00 PM

Re: And my Cap One verdict is in...

Anonymous — Sat, 20 Feb 2010 03:16:12 GMT

@MarineVietVet wrote:
Sorry to hear that Lel. Cap 1 is my oldest card and they gave me credit during my BK when no one else would but it's certainly a crazy credit world right now. I've had good and bad experiences with all my CCC's. I wish you better news in the future.

Message Edited by marinevietvet on 02-19-2010 06:00 PM

I love CrapOne!

1. They screw up;

2. You beat them up;

3. They start to snivel; and

4. They give you a card with a $25k limit sans INQs.

Sort of like dying and going to credit heaven.

Re: And my Cap One verdict is in...

Lel — Sat, 20 Feb 2010 05:28:55 GMT

O6 wrote:

I love CrapOne!

1. They screw up;
2. You beat them up;
3. They start to snivel; and
4. They give you a card with a $25k limit sans INQs.

Sort of like dying and going to credit heaven.

In your case, the reason for denial was completely incorrect - they said that you owed them money, right? In my case, I can't argue with the fact that I've only paid down about 3% of my mortgage loan balances.

Re: And my Cap One verdict is in...

MsKiwi — Sat, 20 Feb 2010 06:23:44 GMT

@Lel wrote:
...denied!

At the time of my application, my scores were TU 795 and EQ 814. I had PIFed several cards before their statement dates, so only two CC accounts were reporting balances. My utilization was 3%. AAoA is 8 years, and my oldest account on file (a now-refinanced student loan) is over 22 years old.

The reason for denial: "there has been insufficient pay down of mortgage accounts."

I can't argue with this. I have two mortgages, including a jumbo that was interest-only until a year ago, so I've only made a small dent in the principal. My HELOC balance stands at ~$85,000 of an original $98,000.

Such is life.

Such is life is true. Look on the bright side...............you have a home. Things will swing back, but I think it may take some time. Best of luck.

Re: And my Cap One verdict is in...

Anonymous — Sat, 20 Feb 2010 07:46:19 GMT

@Lel wrote:
O6 wrote:
I love CrapOne!

1. They screw up;
2. You beat them up;
3. They start to snivel; and
4. They give you a card with a $25k limit sans INQs.

Sort of like dying and going to credit heaven.
In your case, the reason for denial was completely incorrect - they said that you owed them money, right? In my case, I can't argue with the fact that I've only paid down about 3% of my mortgage loan balances.

I didn't mean to imply that you should sic the dogs on them.

The reason they gave you makes sense I suppose. I remember long after paying off my mortgage with Bank of America I applied for a BOA card. They declined the application because my CR shows no mortgage history. I beat them up over that one, too. Sometimes the reasons they (i.e. banks) give are so dyslexic.

Re: And my Cap One verdict is in...

Lel — Sat, 20 Feb 2010 16:26:55 GMT

O6 wrote:

I didn't mean to imply that you should sic the dogs on them.

The reason they gave you makes sense I suppose. I remember long after paying off my mortgage with Bank of America I applied for a BOA card. They declined the application because my CR shows no mortgage history. I beat them up over that one, too. Sometimes the reasons they (i.e. banks) give are so dyslexic.

Oh, I didn't think you were saying that either. I was just noting that you had more legitimate grounds for getting a successful reconsideration of your CC application, because the denial was based on patently incorrect info. Cap One has a reputation for being impossible to get a recon, so yours was clearly an exception. I doubt that I'll be able to have similar success.

Re: And my Cap One verdict is in...

score_building — Sat, 20 Feb 2010 16:49:30 GMT

@akaniks wrote:
You're crazy. I like CapOne!

love that they don't impose hefty ft fees and their no fee 'no hassle' checks come in handy sometimes.

my biggest turn off with them is how they work their tiered card system (not surprisingly I feel that way since I have a low limit builder)

oh yeah, the triple inqs kinda put a damper on it too