topic Re: Any ideas about Cap One rejection with 739 Experian pulled? in Credit Cards

Any ideas about Cap One rejection with 739 Experian pulled?

chfenton — Tue, 09 Jul 2013 21:04:03 GMT

Hi, new to forums and just looking for opinions. Received rejection letter for Quick silver today with score in rejection letter noted above. Reason stated was balance on a card high compared to limit (of course it was as it closed two days before the pull) and I had not paid it off. But even with that balance total utilization was 17% of lines and I thought 739 would be enough. Thoughts? Also only other thing new to report was a new 50K citi exec mc line the week before with zero balance and 4 hard inquires for potential upcoming auto finance (but again no new auto loan noted on report yet as haven't purchased.

Thanks

Re: Any ideas about Cap One rejection with 739 Experian pulled?

GatorGuy — Tue, 09 Jul 2013 21:14:49 GMT

What was the util on that one card. If one card is too high, 80% is considered maxed, it can cause a denial even if total util isn't that hihg.

Re: Any ideas about Cap One rejection with 739 Experian pulled?

chfenton — Tue, 09 Jul 2013 21:19:32 GMT

Yes that is likely it as I have about 100K in total, use one card with 20K limit to the 17K for the month hence the 17% overall but 85% of that card. Lesson learned- cannot let statement close with balance if applying or need to pay off card and wait for it to be reported or keep balance on any card below 80% if applying -is that about right?

Re: Any ideas about Cap One rejection with 739 Experian pulled?

Anonymous — Tue, 09 Jul 2013 21:21:29 GMT

That maxed out card is probably the biggest culprit behind the rejection :/

Lenders also do look at the dollar amount of debt you have relative to your income as well, so there's only so much CL padding can help with lowering utilization.

Re: Any ideas about Cap One rejection with 739 Experian pulled?

GatorGuy — Tue, 09 Jul 2013 21:21:37 GMT

@chfenton wrote:
Yes that is likely it as I have about 100K in total, use one card with 20K limit to the 17K for the month hence the 17% overall but 85% of that card. Lesson learned- cannot let statement close with balance if applying or need to pay off card and wait for it to be reported or keep balance on any card below 80% if applying -is that about right?

Exactly, you get that balance down, you will see a nice bump in your score and you will have no problem getting anything from capital one.

Re: Any ideas about Cap One rejection with 739 Experian pulled?

shols44 — Tue, 09 Jul 2013 21:22:03 GMT

I think you have a good chance explaining that high util away on recon. If you really want the card, I'd email capone exec office and request a manual review/recon. Heck, you just took a tripple HP, recon with them anyway.

Re: Any ideas about Cap One rejection with 739 Experian pulled?

JonStur — Tue, 09 Jul 2013 21:43:02 GMT

@shols44 wrote:
I think you have a good chance explaining that high util away on recon. If you really want the card, I'd email capone exec office and request a manual review/recon. Heck, you just took a tripple HP, recon with them anyway.