topic Re: bleep CAP 1? in Credit Cards

bleep CAP 1?

Learning_Tee0225 — Tue, 26 Jun 2012 18:00:33 GMT

App'd for a CC w/ Cap 1 in Early june instantly denied never called to Recon im not sure why but later recevied a letter in the mail stating the reason for denial was due to "No mortgage accounts on file"? I HAVE to have an open mortgage account to get a CC w/ Cap 1? The only reasons stated is because i lack a mortage tradeline on my CC...Any opinions on this? Attempted a Recon today but the rep was a little less then helpul.

Re: bleep CAP 1?

Learning_Tee0225 — Tue, 26 Jun 2012 18:01:11 GMT

LOL apologies on the title...

Re: bleep CAP 1?

j_casteel — Tue, 26 Jun 2012 18:05:47 GMT

Not sure....I've applied and they said before that I had "High limits on mortgage account"....The house was a cheap house I bought in 2007, and I now have ~$15k+ equity in it?!?

Re: bleep CAP 1?

Learning_Tee0225 — Tue, 26 Jun 2012 18:08:05 GMT

yea im so confused by this one as well..

Re: bleep CAP 1?

Creditaddict — Tue, 26 Jun 2012 21:38:30 GMT

After personal experience I do not suggest applying for Cap1 unless you get a pre-pproval on the website.

Im not sure you could get ANY rep on the phone that would even have the computer access to recon a Cap1!

Re: bleep CAP 1?

CreditResuscitation — Tue, 26 Jun 2012 21:45:54 GMT

@Creditaddict +1,000,000

If you don't get a pre-approval letter, don't waste a HP on ALL 3 of your credit reports! They have pre qualifying options on their site that are SP.

Re: bleep CAP 1?

Revelate — Tue, 26 Jun 2012 21:54:25 GMT

Usually they give multiple reasons in the letter, where was this one ranked in relation to the others? Top or bottom of the list?

If it was the bottom of the list, just ignore it. Lenders might as well use a Oujia board for all the revelance those typically have compared to the first one or two.

Re: bleep CAP 1?

ztnjpv — Tue, 26 Jun 2012 22:16:30 GMT

I was denied a Cap1 Spark. When I got the letter, I got 4 BS reasons that made no sense. One was there was insufficient pay down on mortgage and I don't even have one. Cap1's automated, underwriter, risk-assessing master computer sucks. It's like translation software. It generally works in a broad sense but can give ridiculous answers that make no sense.

If you want to be reconned. You HAVE TO do what I did. It worked for me:

1. Write a letter of disappointement (civil and polite) explaining why the reason makes no sense.

2. Get copies of your credit reports from that day and flag the page(s) that make your case.

3. Make a copy of your denial letter and include with other docs.

4. Send it all to that Salt Lake address on your denial letter.

That's how you get results. Mine worked. The caveat for me is that they did yet another round HPs. I'm currently disputing that. It wouldn't hurt to include in the latter that you do NOT want another inquiry and that this is merely a reconsideration on a previous application denial. I didn't state that I did not want another round pulls. I should have.

Re: bleep CAP 1?

Anonymous — Tue, 26 Jun 2012 23:41:26 GMT

Cap one seems to be more of a crap shoot than anything else

Re: bleep CAP 1?

Learning_Tee0225 — Wed, 27 Jun 2012 02:36:45 GMT

The rep said he would send it up for a review and i did state w/ him that if it required another HP to NOT do it as i didnt read prior and see they pull all 3 reports! He adv they would only look at the report that was originally pulled.We'll see

I actually went to the site for CAP and did the pre screening SP..it said i would be approved for the card and they denied me! LOL figures..

The exact reasons for there decision are:

Based on the credit report from EQ- there are two few or no mortgage accounts

Based on CR from EX - Mortgage accounts balance too low?

Based on credit report from- EXP lack of recent mortgage information

Based on TU high credit or credit limits on accounts (which is ridiculous)

3 cards

500$ has 7$ balance

1,000 has a ZERO balance

and 300$ has a ZERO Balance!

99.5% over capital one

Re: bleep CAP 1?

Anonymous — Thu, 28 Jun 2012 06:27:28 GMT

what i dont understand is why you would bother with cap one when you are a member with nfcu and you can grow greatly with them and not cap one

Re: bleep CAP 1?

negg — Thu, 28 Jun 2012 07:21:17 GMT

What the guy above me said....your local cu will treat you a lot better then cap1. Plus when you have an issue you call the credit union not "Gary" from Pakistan

Re: bleep CAP 1?

Revelate — Thu, 28 Jun 2012 07:37:07 GMT

@Anonymous wrote:
what i dont understand is why you would bother with cap one when you are a member with nfcu and you can grow greatly with them and not cap one

Because there's only 2 tradelines for the OP according to her sig, and 3 is mo' better?

This fact gets too often lost sometimes: there's more to FICO and financial life than CU's, even incredibly good ones like NFCU.

Re: bleep CAP 1?

Anonymous — Thu, 28 Jun 2012 09:32:34 GMT

@Revelate wrote:
@Anonymous wrote:
what i dont understand is why you would bother with cap one when you are a member with nfcu and you can grow greatly with them and not cap one
Because there's only 2 tradelines for the OP according to her sig, and 3 is mo' better?

This fact gets too often lost sometimes: there's more to FICO and financial life than CU's, even incredibly good ones like NFCU.

i agree however one can obtain many great tradelines without having to go with the frustration of cap one. many people do caue they arent fortunate like you or i or the op to be members of nfcu. i also agree in forms of building/rebuilding that 3 tradelines is best. i believe the op has 3 tradelines already

Re: bleep CAP 1?

Learning_Tee0225 — Thu, 28 Jun 2012 18:53:00 GMT

@Anonymous wrote:
@Revelate wrote:
@Anonymous wrote:
what i dont understand is why you would bother with cap one when you are a member with nfcu and you can grow greatly with them and not cap one
Because there's only 2 tradelines for the OP according to her sig, and 3 is mo' better?

This fact gets too often lost sometimes: there's more to FICO and financial life than CU's, even incredibly good ones like NFCU.

i agree however one can obtain many great tradelines without having to go with the frustration of cap one. many people do caue they arent fortunate like you or i or the op to be members of nfcu. i also agree in forms of building/rebuilding that 3 tradelines is best. i believe the op has 3 tradelines already

Yes i do have 3 CC at the moment as was really just looking for one more but your right this is to much hassle ill jsut stick with what i have and when the time comes to upgrade i Def wont be looking at Cap 1..

Re: bleep CAP 1?

Revelate — Fri, 29 Jun 2012 04:45:43 GMT

@Learning_Tee0225 wrote:
@Anonymous wrote:
i agree however one can obtain many great tradelines without having to go with the frustration of cap one. many people do caue they arent fortunate like you or i or the op to be members of nfcu. i also agree in forms of building/rebuilding that 3 tradelines is best. i believe the op has 3 tradelines already
Yes i do have 3 CC at the moment as was really just looking for one more but your right this is to much hassle ill jsut stick with what i have and when the time comes to upgrade i Def wont be looking at Cap 1..

Oh the horror, lead astray by an out of date signature line Good point then Rooty, my apologies.

topic Re: **bleep** CAP 1? in Credit Cards

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topic Re: bleep CAP 1? in Credit Cards

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