Denied for Capital One Spark Cash

[Anonymous]

I have an established legit business relationship with Capital One. I currently have 2 spark cards and 2 quicksilver cards. I actually had 3 spark cards, but I closed one of them ($50k limit) 3 days prior to this application. It has been more than 2 years since I applied for the prior spark cards. Does capital one have new rules now? I thought that as long as I had not applied within the last 6 months and I had less than 5 cards with them I would be ok?  I have 800 credit score. Does anybody have any advice for having Capital One reconsider the application? Would it help to go into a local branch?

[CreditCuriosity]

From terms and conditions appears you can have 5 cards with Cap1..  How many cards have you obtained in the last year, that could be your issues as they have got more strict in the last several years on accounts they will open despite credit score.  Many people apply for venture with 800+ credit scores and are instantly denied for new credit, etc..  Anyways from the T&C's

I, as the Business Signer, understand that I am not eligible for this offer if:

• My application is received after the offer expires, is incomplete, unreadable, inaccurate or cannot be verified.
• My address is not in one of the following locations: the 50 United States, Washington, D.C., or a U.S. military location.
• My address is a correctional institution.
• I am under 18 years of age or do not have a valid Social Security Number or Individual Taxpayer Identification Number.
• I have applied for a Capital One credit card 2 or more times in the last 30 days.
• I have 5 or more open credit card accounts with Capital One.
• I have a past due Capital One credit card account.
• I am over my credit line on a Capital One credit card.
• I have had a Capital One credit card that charged off within the past year.
• I have a non-discharged bankruptcy (one that is still unresolved).
• My current or past business credit card accounts exhibit(ed) high transaction costs.

[Anonymous]

I have not opened any new capital one cards in the last 2 years. Maybe I should have waited longer after closing my 5th card before applying? I only waited about 2 days.

[CreditCuriosity]

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@Anonymous wrote:

I have not opened any new capital one cards in the last 2 years. Maybe I should have waited longer after closing my 5th card before applying? I only waited about 2 days.

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Wasnt referring to cap1 cards any cards... how many other cards have you opened in the last 2 years if over 5 or 6 that could be your reason right there as they are ultra conservative for whatever reason now maybe due to bonuses etc?  Reglardless they did a 180 about 1.5-2 years ago and became very anti churning.  also could of been only waiting 2 days that had to sting on a triple pull for denial.. Why did you close the 50k card anyways then re apply???????

[Anonymous]

For all cards I am 4/24. The reason I closed one of the spark cards was to get my total number of capital one cards down to 4 instead of 5. The reason I wanted to apply again is for the $2k bonus. The weird thing is that I don't see any hard credit pulls from capital one on creditkarma or creditsesame. (I do see a BOA pull I just did today). Maybe my account was flagged as a churner and auto denied? I dont use any of the other cards I have with them at all.

[Anonymous]

Since you saw no hard pull I am willing to bet you were denied for the 5 card limit. 2 days is not nearly enough time for your clossure to propagate through all their systems. While the card may be closed to new charges, for an official close you usually have to wait for a final statement to generate.
Wait for statment to close and probably you want to wait until they report the account closed on your credit report too. That's probably a bit overkill but you will know for sure all Cap1 systems have your account as closed.

iirc Cap1 will let you see the denial letter in your secure messages after a few days. Check to see the listed reason.

***Edit oops I missed this part: "I dont use any of the other cards I have with them at all."

This goes for any bank but Cap1 in particular; why would they give you new credit if you are not using the credit you already have? They are known for denying for lack of use. This did not use to be the case but it is now.

( I still think its the first reason but once you clear that hurdle you may still get denied for that reason.)

[Anonymous]

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@Anonymous wrote:

Since you saw no hard pull I am willing to bet you were denied for the 5 card limit. 2 days is not nearly enough time for your clossure to propagate through all their systems. While the card may be closed to new charges, for an official close you usually have to wait for a final statement to generate.
Wait for statment to close and probably you want to wait until they report the account closed on your credit report too. That's probably a bit overkill but you will know for sure all Cap1 systems have your account as closed.

iirc Cap1 will let you see the denial letter in your secure messages after a few days. Check to see the listed reason.

***Edit oops I missed this part: "I dont use any of the other cards I have with them at all."

This goes for any bank but Cap1 in particular; why would they give you new credit if you are not using the credit you already have? They are known for denying for lack of use. This did not use to be the case but it is now.

( I still think its the first reason but once you clear that hurdle you may still get denied for that reason.)

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Thanks, I will try again in a couple weeks and see what happens.

[MansaMusa]

Wow. You gave up $50K in credit in an attempt to secure a 2K bonus? I would have given you 2K to loan me that 50 ;-)

[Anonymous]

I received a letter from them saying it was indeed because I had too many open accounts. I applied again on 11/29 and I was approved but only with a $5,000 limit. 

[Anonymous]

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@MansaMusa wrote:
Wow. You gave up $50K in credit in an attempt to secure a 2K bonus? I would have given you 2K to loan me that 50 ;-)

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Yes, I already have tons of unused credit anyway. The people that really want to borrow the most are probably the riskiest lol