topic Re: New to "myFico" and curious about quicksilver denial in Credit Cards

New to "myFico" and curious about quicksilver denial

Anonymous — Thu, 26 Jun 2014 06:02:49 GMT

Tried getting Cap1 Quicksilver Visa, CK says im a 745, currently have a secured $500 card with 15 month history, and a $4500 Chase Freedom with only a couple months history. Well I get denied by Cap1 then applied for the Extra Points card since I usually buy tickets, spend money at pro shops ect. Plus there was a $100 cash back offer so considering it had no annual fee it seemed like a no brainer. Well I apply and get a $5000 limit. So then I go and apply of Discover it card and get a $2200 limit. I don't understand how Cap1 denies me and other companies give me decent cl and instant acceptence. I called Cap1 this morning. Guy barely spoke english and said just look for the reason in the mail within 10 business days and that he could do nothing. Just figured I now have a hp and nothing to show for it.

Thanks for the read and any help on the matter.

-Adam

Re: New to "myFico" and curious about quicksilver denial

One7 — Thu, 26 Jun 2014 06:23:13 GMT

Wish I could help, but they did the same to me when I applied. I dislike Capital 1 so much I don't know why I even applied for it. You will have a HP on all your credit reports by the way which has to be the worst part about it. Denial letter said my length of credit history was insufficient....

Re: New to "myFico" and curious about quicksilver denial

Anonymous — Thu, 26 Jun 2014 06:32:25 GMT

I have quickly gotten a similar opinion of them myself. I don't mind the hp if the outcome is a decent rewards card. But to get denied when I anticipated an easy acceptence I was a little confused. Sounds like I am not alone however.

Re: New to "myFico" and curious about quicksilver denial

ecocredit — Thu, 26 Jun 2014 08:15:42 GMT

Don't worry too much. CapitalOne is not the best companies to deal with. They recently denied my CLI and I'm a 4 year old customer with outstanding payment record - always PIF, never late. I have a good CR with 760+ FAKO and a sizeable income. I was still denied for a really stupid reason - I've not used the card much due to the low limit. At least I got my card PC'd to QS. So dont worry about it much. There are other cards to be had

Re: New to "myFico" and curious about quicksilver denial

lg8302ch — Thu, 26 Jun 2014 08:19:51 GMT

Do you know your Fico scores? CK is Fako and can be far off ... the QS Visa is for excellent credit. Did you consider the QS MC instead? What is the reason for denial?

Re: New to "myFico" and curious about quicksilver denial

Anonymous — Thu, 26 Jun 2014 08:28:27 GMT

If your scores are that good why even go w cap 1?

I'm great full for being approved for their lower tier cards right out of ch7.

Platinum app day of ch7 discharge $2000
Quicksilver 1 less than 2 mos later $3000.

Re: New to "myFico" and curious about quicksilver denial

SunriseEarth — Thu, 26 Jun 2014 08:28:44 GMT

@Anonymous wrote:
Tried getting Cap1 Quicksilver Visa, CK says im a 745, currently have a secured $500 card with 15 month history, and a $4500 Chase Freedom with only a couple months history. Well I get denied by Cap1 then applied for the Extra Points card since I usually buy tickets, spend money at pro shops ect. Plus there was a $100 cash back offer so considering it had no annual fee it seemed like a no brainer. Well I apply and get a $5000 limit. So then I go and apply of Discover it card and get a $2200 limit. I don't understand how Cap1 denies me and other companies give me decent cl and instant acceptence. I called Cap1 this morning. Guy barely spoke english and said just look for the reason in the mail within 10 business days and that he could do nothing. Just figured I now have a hp and nothing to show for it.

Thanks for the read and any help on the matter.

-Adam

Contact the Cap One EO and recon. You can search the boards for how to contact the EO.

Re: New to "myFico" and curious about quicksilver denial

coldnmn — Thu, 26 Jun 2014 10:27:09 GMT

Welcome to the forum. That card is for excellent credit and you must have had a card with a $5000 limit for three years. If you look up the requirements for that card it could be one reason for denial.

Re: New to "myFico" and curious about quicksilver denial

gh17 — Thu, 26 Jun 2014 11:26:14 GMT

@coldnmn wrote:
Welcome to the forum. That card is for excellent credit and you must have had a card with a $5000 limit for three years. If you look up the requirements for that card it could be one reason for denial.

I remember it saying that on the prequal site or somewhere as the definition of "excellent credit" to them. But I'd had a card with a $1000 limit for four years and a card with a $4000 limit for two years at the time I'd applied.

Re: New to "myFico" and curious about quicksilver denial

coldnmn — Thu, 26 Jun 2014 11:32:00 GMT

@gh17 wrote:
@coldnmn wrote:
Welcome to the forum. That card is for excellent credit and you must have had a card with a $5000 limit for three years. If you look up the requirements for that card it could be one reason for denial.
I remember it saying that on the prequal site or somewhere as the definition of "excellent credit" to them. But I'd had a card with a $1000 limit for four years and a card with a $4000 limit for two years at the time I'd applied.

That's why they post there defination of excellent credit for best chance of approval and to avoid denial and wasted inquiries.

Re: New to "myFico" and curious about quicksilver denial

takeshi74 — Thu, 26 Jun 2014 13:22:17 GMT

@Anonymous wrote:
I don't understand how Cap1 denies me and other companies give me decent cl and instant acceptence.

Underwriting criteria differs from creditor to creditor and even from product to product with a given creditor in some cases. Don't just assume that criteria are the same across the board.

@Anonymous wrote:
I called Cap1 this morning. Guy barely spoke english and said just look for the reason in the mail within 10 business days and that he could do nothing. Just figured I now have a hp and nothing to show for it.

Make use of the reason for denial. Work on whatever is cited and pull your report using the denial and the HP won't be wasted.

Re: New to "myFico" and curious about quicksilver denial

Anonymous — Thu, 26 Jun 2014 14:41:56 GMT

Thanks for all of the insight everyone. I will wait to see what there reasoning is and at that time decide whether to call them again to reconsider. Are there any no annual fee ccs I should try for?

Re: New to "myFico" and curious about quicksilver denial

manwoot — Thu, 26 Jun 2014 16:27:21 GMT

@Anonymous wrote:
Thanks for all of the insight everyone. I will wait to see what there reasoning is and at that time decide whether to call them again to reconsider. Are there any no annual fee ccs I should try for?

I would wait until you see what the reasoning is before you start wasting HPs and applying for more cards. That way you can tell if there's something you should work on before applying.

Re: New to "myFico" and curious about quicksilver denial

coldnmn — Thu, 26 Jun 2014 16:38:26 GMT

@Anonymous wrote:
Thanks for all of the insight everyone. I will wait to see what there reasoning is and at that time decide whether to call them again to reconsider. Are there any no annual fee ccs I should try for?

When I tried the prequalify site on Cap1 3 1/2 years ago all that came up was the annual fee Mastercard but I didn't apply. About a month later they sent me a preapproved mastercard letter with no annual fee. It was only $300 so they do have no annual fee cards for average credit. I just can't understand why they can't list them as choices. Good Luck if you try the recon. I just thought I would give you the heads up they do have other no annual fee cards if they are willing to give them.

Re: New to "myFico" and curious about quicksilver denial

hopsimlp — Thu, 26 Jun 2014 18:56:04 GMT

@coldnmn wrote:
Welcome to the forum. That card is for excellent credit and you must have had a card with a $5000 limit for three years. If you look up the requirements for that card it could be one reason for denial.

I don't believe this is correct. I applied for the QS card after a year and a half of having a $4,500 limit on one card and after 3 months of having a $6,200 limit on my other card. I was approved immediately when I applied and have a visa signature with $10,000 limit on my QS card.

i didn't realize there were any requirements when I applied or I wouldn't have applied since I didn't meet the criteria.

Re: New to "myFico" and curious about quicksilver denial

injustifiiable — Thu, 26 Jun 2014 19:02:32 GMT

Sucks that you wasted three inquires but to be honest this might be a blessing in disguise...

Re: New to "myFico" and curious about quicksilver denial

SunriseEarth — Thu, 26 Jun 2014 19:43:42 GMT

@Anonymous wrote:
Thanks for all of the insight everyone. I will wait to see what there reasoning is and at that time decide whether to call them again to reconsider. Are there any no annual fee ccs I should try for?

I had two COs with Cap One (1 settled, 1 unpaid but fell off CRs). When I went for the Sony Card, I was system denied for BK (my BK was filed in 2005). I reconned through the EO and was approved for $1500 CL and the best APR of 13.9% (once the 0% intro period expires). Score was 683 on my initial denial.

So even if you burned Cap One before but have shown improvement since, a recon could be successful.

Re: New to "myFico" and curious about quicksilver denial

Anonymous — Fri, 27 Jun 2014 01:47:28 GMT

Only really wasted 1 HP however I am glad I received the other 2. I think I will wait for Cap1 to send me a letter before applying. However whether it be now or in a few months what would be another good card to add to my history? No annual fee and I am a fan of the cash bonuses.

Re: New to "myFico" and curious about quicksilver denial

gh17 — Fri, 27 Jun 2014 11:20:22 GMT

@coldnmn wrote:
@gh17 wrote:
@coldnmn wrote:
Welcome to the forum. That card is for excellent credit and you must have had a card with a $5000 limit for three years. If you look up the requirements for that card it could be one reason for denial.
I remember it saying that on the prequal site or somewhere as the definition of "excellent credit" to them. But I'd had a card with a $1000 limit for four years and a card with a $4000 limit for two years at the time I'd applied.

That's why they post there defination of excellent credit for best chance of approval and to avoid denial and wasted inquiries.

But what I'm saying is I was approved even though I had not had a card with a $5000 limit for three years. Think they're just guidelines.

Re: New to "myFico" and curious about quicksilver denial

coldnmn — Fri, 27 Jun 2014 11:39:52 GMT

@gh17 wrote:
@coldnmn wrote:
@gh17 wrote:
@coldnmn wrote:
Welcome to the forum. That card is for excellent credit and you must have had a card with a $5000 limit for three years. If you look up the requirements for that card it could be one reason for denial.
I remember it saying that on the prequal site or somewhere as the definition of "excellent credit" to them. But I'd had a card with a $1000 limit for four years and a card with a $4000 limit for two years at the time I'd applied.

That's why they post there defination of excellent credit for best chance of approval and to avoid denial and wasted inquiries.
But what I'm saying is I was approved even though I had not had a card with a $5000 limit for three years. Think they're just guidelines.

It says credit card or loan with a $5000 limit. It's obviously a guideline and If you don't meet the guidelines of the card. The person denied shouldn't be mad because they were denied. The guidelines are there for a purpose. No one to blame but themselves. For everyone approved that don't meet the guidelines. I wonder how many more were denied.