topic Re: Cap One Secured denial in Credit Cards

Cap One Secured denial

Mellykca — Fri, 03 Jan 2014 03:39:16 GMT

I was recently denied for a Cap One secured card and have received my letter as to why. It states:

The reasons for our decision are:

Based on your credit report from Experian, length of credit history

Based on your credit report from Equifax, there are too few or no revolving accounts

Based on your credit report from Equifax, lack if recent account information

I thought that people got secured cards to help build credit history? I guess I am still unsure why I was denied. Does anyon know of a number I can call to ask them to recon?

I also wanted to add that I was approved for a WF secured about 2 weeks ago, and was approved for a VS card last night. Not sure what the problem is with Cap One =(

Re: Cap One Secured denial

longtime_lurker — Fri, 03 Jan 2014 03:40:57 GMT

http://ficoforums.myfico.com/t5/Credit-Cards/Backdoor-Numbers/td-p/408066

Give 'em a call and see. A credit analyst will be able to tell you; us forum members can only speculate!

Re: Cap One Secured denial

Anonymous — Fri, 03 Jan 2014 04:10:47 GMT

I would recommend contacting the executive office of Capital One and asking them for reconsideration. I don't know their number, but there are other forums which list it.

Re: Cap One Secured denial

Anonymous — Fri, 03 Jan 2014 04:48:50 GMT

You may also want to look into: First Progress (secured - they pull all 3 bureaus IIRC) & Credit One (un-secured).

Both hubby & I started our rebuild journey with First Progress in July & August respectively. Cap 1 secured was my 2nd card a month later & Hubby also opened Credit One around the same time. I believe both First Progress and Credit One gave us a shot when others may not have.

Although both companies charge AFs & have their other quirks, i.e. no grace period with Credit One, First Progress' website leaves a lot to be desired & customer service for both are on the average side (but not too bad) - I can't complain about much else.

They both have served their purposes - received our cards promptly, reported to all 3 bureaus within a couple weeks of account opening & have consistently reported monthly every since. For us, that was important during that stage of the process.

So, whether or not Cap 1 works out for you, you may still want to consider getting another card anyway. Hopefully others will chime in with their suggestions.

Re: Cap One Secured denial

Mellykca — Fri, 03 Jan 2014 04:51:26 GMT

I looked in to both First Progress and Credit One, but I am not eligible because I live in WI =(

Re: Cap One Secured denial

Anonymous — Fri, 03 Jan 2014 05:26:25 GMT

You could try SDFCU. Their secured card does not require a hp.

You have two cc's now, three is better but you are on your way with your current cc's.

Re: Cap One Secured denial

Mellykca — Fri, 03 Jan 2014 05:45:44 GMT

How many cards should I be aiming for? 3? Or the more the better?

Re: Cap One Secured denial

Anonymous — Fri, 03 Jan 2014 05:49:26 GMT

@Mellykca wrote:
How many cards should I be aiming for? 3? Or the more the better?

Really, you don't need more than 3 to build on but what's important is quality over quantity. In 6-9 mos you want to roll out of secured to unsecured cards. The more you app now, the more you'll have to let those new accounts age.