topic Re: 2 CC apps today. One approval. Bitter Sweet. in Credit Cards

2 CC apps today. One approval. Bitter Sweet.

ztnjpv — Wed, 21 Mar 2012 18:11:04 GMT

What an up and down day. I finally reached my 45 day waiting period to apply for the Cap One Spark Cash. I waited an extra day for good measure and called this morning to apply. DENIED. Of course, due to "Federal Regulations" on privacy that no other CC issuers seem to need to follow, nobody at Cap One can help me with a recon until I get that stupid letter. I was so mad. My TU FICO was 739, my EQ FICO was 710 and my EX FICO was 692 on 3/1 but is probably around 710 now based on PLUS Score movement over the past two weeks. I should NOT have been denied and I may even get approved on a recon once I get that silly letter and call back. I'll bet there's a really dumb reason for the denial. But I shouldn't have been denied.

A few hours later, I took a chance on the AMEX Plum Card. I held my breath: APPROVED. No pending, no delayed response, no recon needed. I really like this card....not as much as the Spark Cash but it's still a great card and unique card with special benefits on trade terms and 1.5% discount for paying promptly. My first AMEX card. I aimed a little high and got it.

But all it did was make me even more angry at Capital One. I hate that company. I have a Cap One Platinum with a lousy $1000 limit that hasn't budged after 6 months heavy usage and excellent payment history. Denied an increase every time. I had a fiasco with 6 year old paid/CLOSED charge off that I tried to get deleted and instead I payed a "fee" that caused , EX report to update with a collection payment in 12/11/11. They have been unable to fix it. And then I was denied a Venture in Feburary.

A few weeks ago, I got approved for a Chase Ink Cash $3500 limit and then called a few days later for a $7000 limit and got it. No problem. So AMEX and Chase think I'm worthy but Cap One doesn't. Whatever.

Capital One's way of doing business is really irritating. They seem to deal more with subprime borrowers....but then on the flip side are really difficult jerks with good credit people. Their stated criteria for credit levels suck and are not precise. I really wanted that Spark card. They are difficult people to deal with. UGH.

BTW: AMEX claimed they were pulling on all 3 bureaus. I haven't seen any news alerts yet. Cap One said they were pulling one bureau and I don't know who it is yet.

So, there it is. My reports are going to take some dings from this double-app-day but I don't plan on getting anymore cards for a while. I hope this info is helpful for anyone considering these business cards.

Re: 2 CC apps today. One approval. Bitter Sweet.

crunching_numbers — Wed, 21 Mar 2012 18:16:45 GMT

"Hello, This is Capital One. Sorry ztnjpv, but we are calling to inform you that you are overqualified for our cards. Perhaps you can try American Express or Chase? They tend to offer cards to people like you."

Re: 2 CC apps today. One approval. Bitter Sweet.

bichonmom — Wed, 21 Mar 2012 18:23:48 GMT

Congrats on the Amex approval. IMO I'd take Amex over Cap One any day of the week!

With all of the negatative stuff you wrote about Cap One, I'm wondering why you want one so badly? Also, if you were denied 45 days ago and were waiting to re-app, did you address whatever their "reasons" were in your original decline letter? Even if they seem superfluous or like they're finding problems where there aren't any, if your CR still has those issues, you'll just be denied again.

Re: 2 CC apps today. One approval. Bitter Sweet.

mAndrew1980 — Wed, 21 Mar 2012 18:33:42 GMT

Agree with bichon. Why on earth would you want the Cap1 card so badly? You have excellent credit with excellent cards. Who needs Cap1? I'll trade you my Cap1 Cash Back with 500CL if you want!

Re: 2 CC apps today. One approval. Bitter Sweet.

ztnjpv — Wed, 21 Mar 2012 21:41:34 GMT

As to why I want the Spark Cash card:

It gives 2% cash back. I own a business through which I'd be spending about 28-30K per month on it. Two percent on that is a LOT. Chase Ink pays 5% on certain items, 2% on a couple others and 1% on all else. But none of those expenses are the big ticket items I planned on putting on the Spark. The Plum Card is great and I am glad to have it. It gives a 1.5% discount if I pay with 10 days of the statement report (plus the added convience of carrying a large balance for two months interest free. THAT is really nice). So, that half percent difference adds up to about $1600 to $1800 annually and I have to pay the Plum faster in order to get that 1.5%.

Of course, the flexible interest free trade terms may offset that if I hit a tight spot and need to pay something before getting hit with penalties and fees. I have paid sales taxes late at times and the late fees add up fast. Even with the "convenience fee" charged to pay taxes through my state's dept of revenue, it's cheaper than getting hit with penalties if I can't pay them on time. Moreover, the discounts through Amex's OPEN Savings could help as well. I dunno. There's just something immediate and gratifying about MAX cash back.

Re: 2 CC apps today. One approval. Bitter Sweet.

LS2982 — Wed, 21 Mar 2012 23:53:43 GMT

@crunching_numbers wrote:
"Hello, This is Capital One. Sorry ztnjpv, but we are calling to inform you that you are overqualified for our cards. Perhaps you can try American Express or Chase? They tend to offer cards to people like you."

Re: 2 CC apps today. One approval. Bitter Sweet.

Anonymous — Thu, 22 Mar 2012 00:01:38 GMT

@ztnjpv wrote:
What an up and down day. I finally reached my 45 day waiting period to apply for the Cap One Spark Cash. I waited an extra day for good measure and called this morning to apply. DENIED. Of course, due to "Federal Regulations" on privacy that no other CC issuers seem to need to follow, nobody at Cap One can help me with a recon until I get that stupid letter. I was so mad. My TU FICO was 739, my EQ FICO was 710 and my EX FICO was 692 on 3/1 but is probably around 710 now based on PLUS Score movement over the past two weeks. I should NOT have been denied and I may even get approved on a recon once I get that silly letter and call back. I'll bet there's a really dumb reason for the denial. But I shouldn't have been denied.

A few hours later, I took a chance on the AMEX Plum Card. I held my breath: APPROVED. No pending, no delayed response, no recon needed. I really like this card....not as much as the Spark Cash but it's still a great card and unique card with special benefits on trade terms and 1.5% discount for paying promptly. My first AMEX card. I aimed a little high and got it.

But all it did was make me even more angry at Capital One. I hate that company. I have a Cap One Platinum with a lousy $1000 limit that hasn't budged after 6 months heavy usage and excellent payment history. Denied an increase every time. I had a fiasco with 6 year old paid/CLOSED charge off that I tried to get deleted and instead I payed a "fee" that caused , EX report to update with a collection payment in 12/11/11. They have been unable to fix it. And then I was denied a Venture in Feburary.

A few weeks ago, I got approved for a Chase Ink Cash $3500 limit and then called a few days later for a $7000 limit and got it. No problem. So AMEX and Chase think I'm worthy but Cap One doesn't. Whatever.

Capital One's way of doing business is really irritating. They seem to deal more with subprime borrowers....but then on the flip side are really difficult jerks with good credit people. Their stated criteria for credit levels suck and are not precise. I really wanted that Spark card. They are difficult people to deal with. UGH.

BTW: AMEX claimed they were pulling on all 3 bureaus. I haven't seen any news alerts yet. Cap One said they were pulling one bureau and I don't know who it is yet.

So, there it is. My reports are going to take some dings from this double-app-day but I don't plan on getting anymore cards for a while. I hope this info is helpful for anyone considering these business cards.

I bet you my $750 CL crap1 card that they pull all three

Re: 2 CC apps today. One approval. Bitter Sweet.

spengbab — Thu, 22 Mar 2012 00:03:39 GMT

Let me get this straight. You get a Plum Card but you can't get a Capital One?

Their loss

Re: 2 CC apps today. One approval. Bitter Sweet.

RyVision — Thu, 22 Mar 2012 00:33:15 GMT

I kind of only have one response\reaction to the OP:

O.o!

Re: 2 CC apps today. One approval. Bitter Sweet.

Anonymous — Thu, 22 Mar 2012 01:57:01 GMT

This to me sounds like a rather intelligent reason to get a card
rather than the prestige it so called has. You have a very black and white
reason for why you are seeking this card and concrete evidence of what it provides to
benefit you instead of getting too caught up in the name.

Re: 2 CC apps today. One approval. Bitter Sweet.

ztnjpv — Thu, 22 Mar 2012 14:28:00 GMT

"I bet you my $750 CL crap1 card that they pull all three "

-----------------------------------------------------------------------------------------

And you are correct!! My alerts are in. Cap One pulled all three (after saying they would pull one)....and denied me. Amex pulled only Experian (after saying they would pull all three) and approved me. Experian FICO was either my weakest or roughly tied with EQ around 710....hard to say for sure since I can't check it whenever I want. I know that on 3/1/12 my EX FICO via PSECU was 692. On the same day, my EX PLUS Score was 673. Then my PLUS Score went to 686 on around 3/8/12 so it stands to reason that my FICO was probably 705-710. I'll never know now because by the time I get a new update next month, my EX score will reflect two new inquiries.

Funny, the reason my EX score jumped in the first place was because I got two inquiries removed. Now I just put them back on. Oh well....

Re: 2 CC apps today. One approval. Bitter Sweet.

Anonymous — Thu, 22 Mar 2012 16:09:37 GMT

@ztnjpv wrote:
What an up and down day. I finally reached my 45 day waiting period to apply for the Cap One Spark Cash. I waited an extra day for good measure and called this morning to apply. DENIED. Of course, due to "Federal Regulations" on privacy that no other CC issuers seem to need to follow, nobody at Cap One can help me with a recon until I get that stupid letter. I was so mad. My TU FICO was 739, my EQ FICO was 710 and my EX FICO was 692 on 3/1 but is probably around 710 now based on PLUS Score movement over the past two weeks. I should NOT have been denied and I may even get approved on a recon once I get that silly letter and call back. I'll bet there's a really dumb reason for the denial. But I shouldn't have been denied.

A few hours later, I took a chance on the AMEX Plum Card. I held my breath: APPROVED. No pending, no delayed response, no recon needed. I really like this card....not as much as the Spark Cash but it's still a great card and unique card with special benefits on trade terms and 1.5% discount for paying promptly. My first AMEX card. I aimed a little high and got it.

But all it did was make me even more angry at Capital One. I hate that company. I have a Cap One Platinum with a lousy $1000 limit that hasn't budged after 6 months heavy usage and excellent payment history. Denied an increase every time. I had a fiasco with 6 year old paid/CLOSED charge off that I tried to get deleted and instead I payed a "fee" that caused , EX report to update with a collection payment in 12/11/11. They have been unable to fix it. And then I was denied a Venture in Feburary.

A few weeks ago, I got approved for a Chase Ink Cash $3500 limit and then called a few days later for a $7000 limit and got it. No problem. So AMEX and Chase think I'm worthy but Cap One doesn't. Whatever.

Capital One's way of doing business is really irritating. They seem to deal more with subprime borrowers....but then on the flip side are really difficult jerks with good credit people. Their stated criteria for credit levels suck and are not precise. I really wanted that Spark card. They are difficult people to deal with. UGH.

BTW: AMEX claimed they were pulling on all 3 bureaus. I haven't seen any news alerts yet. Cap One said they were pulling one bureau and I don't know who it is yet.

So, there it is. My reports are going to take some dings from this double-app-day but I don't plan on getting anymore cards for a while. I hope this info is helpful for anyone considering these business cards.

My cousin had a Cap One card for 10 years and the limit stayed at $300. He had CLs in the 5 figures. He cancelled about 4 years ago.