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3/13 Capital One Venture X - Denial

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ultimaterewardsguy357
Regular Contributor

3/13 Capital One Venture X - Denial

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

10/23/2023 [FICO Score 8] EX: 768 TU: 761 EQ: 777

Future Cards:
7 REPLIES 7
FinStar
Moderator Emeritus

Re: 3/13 Capital One Venture X - Denial


@ultimaterewardsguy357 wrote:

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


It sounds like there is more data that their AI + algorithms assesed. Keep in mind, they can have multiple reasons why an application would not be approved, but legally -- as far as disclosures go, they only need to provide (1) reason.

Message 2 of 8
OmarGB9
Community Leader
Super Contributor

Re: 3/13 Capital One Venture X - Denial

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.

 

 


Last App: 1/10/2023
Penfed Gold Visa Card

Currently rebuilding as of 04/11/2019.

Starting FICO 8 Scores:




Current FICO 8 scores:


Message 3 of 8
ultimaterewardsguy357
Regular Contributor

Re: 3/13 Capital One Venture X - Denial


@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.

10/23/2023 [FICO Score 8] EX: 768 TU: 761 EQ: 777

Future Cards:
Message 4 of 8
OmarGB9
Community Leader
Super Contributor

Re: 3/13 Capital One Venture X - Denial

Well its good you're not upset about the denial because Cap One unfortunately doesn't do recons.


Last App: 1/10/2023
Penfed Gold Visa Card

Currently rebuilding as of 04/11/2019.

Starting FICO 8 Scores:




Current FICO 8 scores:


Message 5 of 8
ultimaterewardsguy357
Regular Contributor

Re: 3/13 Capital One Venture X - Denial


@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)

10/23/2023 [FICO Score 8] EX: 768 TU: 761 EQ: 777

Future Cards:
Message 6 of 8
SUPERSQUID
Valued Contributor

Re: 3/13 Capital One Venture X - Denial

From the way i read the denial they state too many revolving accounts, not too many recently opened accounts.

 

Perhaps they have an issue with you having 17 open accounts.

{ BK7 DC 12/2019 } target 2100/ kohls Visa 7000/ discover IT cb 6500 / 2nd discover IT cb 6000/mercury 4100 / firestone 2800 /legacy 3000 /first savings bank cc 3000/ cap1 QS 5000/ cap 1 savor one 3100 /Bread rewards Amex 4k, Penfed PCR signature visa 10k/ penfed gold 7.5k NFCU >signature visa cash rewards 21700/bread cashback amex 8000

>/ nfcu platinum 15k, BABY NEEDS NEW SHOES !!!!!
closed-- reflex, applied bank, first digital, mission lane, ikea, fingerhut, big lots, valero gasoline, ollo, more to come
Rebuilding since September 2020
who i burned - chase, cap 1, TD bank, Sync, were the biggies
Income 40k
Total utilization around 20 pct depending on my current usage/needs
Ficos in the 680 - 690 range, the 9's slightly higher than the 8's
My vantage scores 708 - 711
TCL - about 110k
Retired since 2017
Message 7 of 8
OmarGB9
Community Leader
Super Contributor

Re: 3/13 Capital One Venture X - Denial


@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. 


Last App: 1/10/2023
Penfed Gold Visa Card

Currently rebuilding as of 04/11/2019.

Starting FICO 8 Scores:




Current FICO 8 scores:


Message 8 of 8
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