This news is not so much as upsetting as it just doesn't make sense to me given the folks I know who were approved for this card and have way more revolving accounts than I do. I applied on 3/13 and received the denial letter dated 3/14 on 3/16.
(Mod cut - these types of tactics are not allowed for discussion per the myFICO Forums TOS @ultimaterewardsguy357) I applied in hopes that the card would not report until after I was approved for the CIU.
Sole Reason for Denial:
- Based on your credit report from one or more of the agencies on the back of this letter, there are too many revolving accounts.
I currently have 4 open revolving accounts listed on CRAs and 5 closed revolving accounts:
- Synchrony GAP Visa, opened 4/2014. Closed 7/2015.
- Capital One QuicksilverOne, opened 5/2018. Closed 7/2020.
- Capital One Secure Mastercard, opened 9/2019. Closed 10/2020.
- Merrick, opened 1/2020. Closed 11/2021.
- American Express Gold, opened 3/2020. Closed 5/2020.
- American Express Platinum, opened 1/2021. Closed 3/2022.
My friend was recently approved with 17 open accounts and a total of 25 open/closed. Others I have seen with varying DPs.
Their letter states, "If you feel we missed something or misread your information, then please write to us at P.O. Box 31290 Salt Lake City, UT 84130-0290 and include your Application ID number referenced above." I know that with Capital One reconsiderations are not common but I went ahead and wrote to them on 3/15 and have not heard back - sent the letter certified and tracked so I know that they received it. I'll call tomorrow to follow up with them over the phone but it would be a miracle if an approval happens. Curious to get everyone's thoughts. I am not upset about the denial. It's my only denial so far in 2022.
Bureaus referenced in the letter: LexisNexis, Transunion, Equifax, and Experian.
Capital One pulled from Transunion and Equifax and shows my Transunion FICO 8: 752.
AT THE TIME OF APP
5/24 Status: 5/24
TU INQ: 3 (6 Months); 3 (12 Months)
EQ INQ: 0 (6 Months); 1 (12 Months)
TU/EQ Accounts: 1 (6 Months); 1 (12 Months)
TU FICO 8: 752
UTL: 4%
FICO 8 CS: EX 745, EQ 765, TU 752
AAoA: 5 years, 9 months
AoOA: 14 years, 6 months
Income: $75K - $84K
Current CC:
1. Discover It Cash Back, $6,000 CL, opened 12/2019
2. Chase Sapphire Reserve (CSR), $10,000 CL, opened 9/2020
3. Chase Freedom, $1,000 CL, opened 10/2020
4. Business AAdvantage, $11,000 CL, opened 3/2021
5. Business Gold, No Pre-Set Spending Limit, opened 4/2021
6. Blue Business Cash (BBC), $1,000 CL, opened 5/2021
7. Amazon Business Prime, $1,000 CL, opened 5/2021
8. Business Platinum, No Pre-Set Spending Limit, opened 5/2021
9. Marriott Bonvoy Business, $8,300 CL, opened 8/2021
10. AAdvantage Aviator Business, $2,500 CL, opened 9/2021
11. Delta SkyMiles Reserve Business, $4,000 CL, opened 9/2021
12. Chase Ink Business Cash, $11,500 CL, opened 9/2021
13. Wyndham Rewards Earner Business, $2,500 CL, opened 10/2021
14. US Bank Altitude Reserve, $10,000 CL, opened 10/2021
15. Business Platinum, No Pre-Set Spending Limit, opened 5/2021
16. Hilton Business, $3,000 CL, opened 2/2022
17. Schwab Platinum, No Pre-Set Spending Limit, opened 2/2022
Sorry for the denial. But the Venture X is their top card at the moment, so it's not surprising they're more strict with it. In the beginning when it first came out, we were seeing lots of approvals. I'm not sure if they've slowed down due to lack of interest, SUB nerfing, or if Cap One has simply upped the requirements, but it is what it is.
Also, there is no 5/24 thing for Cap One.
@OmarGB9 wrote:Sorry for the denial. But the Venture X is their top card at the moment, so it's not surprising they're more strict with it. In the beginning when it first came out, we were seeing lots of approvals. I'm not sure if they've slowed down due to lack of interest, SUB nerfing, or if Cap One has simply upped the requirements, but it is what it is.
Also, there is no 5/24 thing for Cap One.
As I said, I am not upset about the denial. It is what it is. I tried the recon letter, nothing to lose as I already took the inquiry. Yes, I am very much aware that 5/24 is not a Cap One thing but for transparency, I am pointing out where I was at the time of application. I hope that makes sense.
Well its good you're not upset about the denial because Cap One unfortunately doesn't do recons.
@OmarGB9 wrote:Well its good you're not upset about the denial because Cap One unfortunately doesn't do recons.
Correct. (Mod cut - please be mindful of the TOS and Forum Etiquette Guidelines)
@ultimaterewardsguy357 wrote:
@OmarGB9 wrote:Well its good you're not upset about the denial because Cap One unfortunately doesn't do recons.
Correct. (Mod cut - please be mindful of the TOS and )
CSRs/whomever reads it wouldn't be able to do anything to overturn the denial, as everything is computer/AI-driven over at Cap One. Also you did say:
@ultimaterewardsguy357 wrote:Curious to get everyone's thoughts.
Hence, I'm giving you my thoughts.