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Accidentally applied for wrong card

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Anonymous
Not applicable

Accidentally applied for wrong card

Hi everyone,
Earlier this month my credit scores from TU and Ex were both around the 690-715 mark. I've been eyeballing the Capital One Venture card for quite some time for its 2x miles earning potential and the $0.00 foreign transaction fee. My plan was to use that card for all my bills and everyday expenses and pay it off each month to rack up miles. On their website there are two Venture cards. One is the Venture One card which earns 1.25x miles and has no annual fee, the other is the Venture card which earns 2x miles and has a small annual fee. I was dead set on applying for the Venture card and not the Venture One card. I wanted the 2x miles and was good with the annual fee. Well I didn't realize until after the approval and after receiving my card that I had accidentally applied for the Venture One card which was the lesser of the two. I immediately put in another application for the correct card and was denied. I called Capital One and was told I could just convert the card once I received it. Upon receiving the card I called and spoke with about 4 different reps all who told me it was not possible to convert and I would have to either keep the current card and maybe one day I might have an offer to upgrade or I could cancel the account and wait a while before applying for right one. Keep in mind that BOTH cards have the exact same eligibility requirements and both require "excellent credit".
Why do you think it is that I was approved for one and denied for the other within minutes while they have the same requirements?
Also, since I really did not want the Venture One card and I have other cards I really had no need whatsoever for that card and was pretty angry with Capital One so I closed the account by phone and mailed a letter as well. After being approved for the wrong card with the credit pulls my score per CreditKarma has tanked to 640. Should I wait a month or two before trying again for the correct card, or should I wait 6months or more to give my score time to recover? I'm really worried about wasting another inquiry just to get denied again but I'm am almost positive the only reason I was denied for the Venture card is because they had literally just approved me for the Venture One card minutes earlier. I have perfect payment history, about 7 years of credit history, a good amount of available credit, and only one of my current accounts has a high balance of about 40% of the limit, the rest are all 0 balances.
I feel so silly for this whole mistake! Thanks in advance for your advice Smiley Happy
Message 1 of 14
13 REPLIES 13
Anonymous
Not applicable

Re: Accidentally applied for wrong card

Honestly you need to read what you just wrote before doing anything else. I know it was an honest mistake, but the mistake was yours and not Cap1. You already got 3 HP just by applying for the one card, and then another 3 pulls for the denied card. 6 Hp pulls and then you turn around and cancelled the card? That is misplaced anger. Then you're willing to wait 1-2 months for another 3 HP for the correct card? 

 

That card better be worth it. You may want to verify what your Fico score is not versus relying on a CK score.

 

After this fiasco which was self-inflicted you should not be applying for anything for months. 6 HPs and a cancelled card don't look good.

 

I would wait to hear the advice about dealing with Cap1 from other people on this forum, whether or not you can upgrade the card. I would still call them to disregard your letter and not cancel the card. I'm sure there is a way to switch cards since at least one CSR told you that. And other people on MyFico talk about swithching their QuickSilver card to another card. 

 

 

Lesson learned. I know it was hard, but there is something positive you can take from this.

Message 2 of 14
takeshi74
Senior Contributor

Re: Accidentally applied for wrong card


@Anonymous wrote:
Why do you think it is that I was approved for one and denied for the other within minutes while they have the same requirements?

Credit profiles are not static.  Qualifying for one product doesn't mean that you will qualify for another product with similar requirements because your profile changed when you applied.  Your profile will also change when the new account reports.  Further, recent activity can give creditors concern.

 


@Anonymous wrote:
Also, since I really did not want the Venture One card and I have other cards I really had no need whatsoever for that card and was pretty angry with Capital One so I closed the account by phone and mailed a letter as well. After being approved for the wrong card with the credit pulls my score per CreditKarma has tanked to 640. 

As stated above you made the mistake.  If one pull tanked your scores then the pull isn't your problem and you need to address the other issues with your credit profile.  Pulls are a relatively small factor.  Additionally, most creditors do not use the VantageScores provided by CK.

 

IMO you should have kept the card open and tried to PC down the road.  You already did the damage and closing does not help.

Message 3 of 14
Anonymous
Not applicable

Re: Accidentally applied for wrong card

I know! I totally agree and accept the fault. The only reason I was mad at CO was because the original rep I spoke with led me to believe it was no big deal at all and that I could immediately convert the card. Then I went through 45 minutes to an hour on the phone when I recieved the card speaking with 4 different people who barely spoke English trying to get them to understand the issue and help me fix it. I was so frustrated when I realized it wasn't an easy fix that I told them just to close the account and mailed a letter certified. In retrospect that was an even bigger mistake but I hated the whole ordeal and would rather have nothing to do with capital one at that point than keep a card I never wanted that wasn't earning the rewards I wanted. I should've slept on it, kept it, and looked into converting in a year or so after I built a relationship with CO. Now it's closed and its a done deal so I'm wondering where to go from here because I still do want the venture card I originally wanted.
About my score, it going from about 715 to 640 happened on credit carma within a matter of 2-3 weeks from the beginning of August to my opening the account on the 12th (along with the denial for the other application) and receiving an email from CK a couple of days ago. According to FICO my most recent score was 716 and that was as of 8/4/15 before all of this. I'll be waiting to see what FICO says in Sept.-Oct. as I don't really trust the credit karma one very much. You mentioned there has to be other issues however other than this fiasco and normal maintenance on my other accounts (only one of which carries a balance) there has been no activity so this is the only thing that can be contributing to the decline.
In any case, it's all a done deal so I'm just wondering where do I go from here?
Message 4 of 14
Anonymous
Not applicable

Re: Accidentally applied for wrong card

Call Cap1 and ask to speak to a supervisor and see if you can get the card back, and see what you have to do to get the card changed.

Message 5 of 14
Anonymous
Not applicable

Re: Accidentally applied for wrong card

Are you sure you actually applied for the wrong card? The Venture 1 is a lower tier from the Venture. Often if a person applies for an upper-tier card, it automatically checks qualification for every card beneath it in the same "family". It could be you didn't qualify for Venture but did for Venture 1, so they automatically gave you that one.

Also, to get a PC from Cap1, you really need to speak with the EO. Post on their Facebook page saying you're upset with not getting the rewards you want and they will begin a dialogue which invites you to call the Executive Office. That is where everything happens in this company.
Message 6 of 14
Gunnar419
Valued Contributor

Re: Accidentally applied for wrong card


@Anonymous wrote:
Are you sure you actually applied for the wrong card? The Venture 1 is a lower tier from the Venture. Often if a person applies for an upper-tier card, it automatically checks qualification for every card beneath it in the same "family". It could be you didn't qualify for Venture but did for Venture 1, so they automatically gave you that one.

Also, to get a PC from Cap1, you really need to speak with the EO. Post on their Facebook page saying you're upset with not getting the rewards you want and they will begin a dialogue which invites you to call the Executive Office. That is where everything happens in this company.

You sure about that? I know that the QS One is lower tier than the plain QS, but I don't believe CapOne followed the same convention with the Venture cards. When I apped a couple of years ago, both the Ventures were listed as requiring excellent credit. They just have different, but roughly equivalent, benefits.

 

Hang in there, OP, and I agree that you should see if you can get your VentureOne card back. You'll be able to convert it to a Venture later.

Message 7 of 14
Anonymous
Not applicable

Re: Accidentally applied for wrong card

I asked that question and was told that they are not set up like that so if you apply for the greater you cannot be accepted for the lesser in its place. While similar and in the same family with the same requirements, they are separate and you have to apply for them separately and at least 30 days apart.
Also there is no way for me to re-open the account. No takesies-backsies, it is closed for good. Smiley Sad
So it looks like this will have to be a lesson learned to be much more careful that I'm applying for the right thing and to be less rash when considering closing an account. If I was less stubborn and dead set on the other one I probably could've kept the current and upgraded after some time, but at the time the reps at capital one kept saying they didn't have a way to convert it so I doubted I could ever convert it. I will just have to ride this one out and wait a good few months to see what the repercussions are of opening and closing the account. There is a possible silver lining in that there appears to be only one hard inquiry on my credit from the first application. One of their reps told me that every time you apply, whether accepted or not, you must wait 30 days before applying with them again. That coupled with there only being one inquiry on my credit leads me to believe the second application minutes later didn't go through and was an automatic denial. No doubt my FICO score will be affected by the one inquiry and opening and closing an account but at least there is only one and not two. I guess I'll just leave everything as it is now and let the dust settle before I think about doing anything else. Thanks for all your advice and suggestions!
Message 8 of 14
taxi818
Super Contributor

Re: Accidentally applied for wrong card

Many have done this. you are not the first. The good news. keep checking Cap one pre qual site. and jump on the venture next time. sure you will pay another 3 hps but hey. i will spend that for a 20k limit.

Message 9 of 14
Anonymous
Not applicable

Re: Accidentally applied for wrong card


@Gunnar419 wrote:

@Anonymous wrote:
Are you sure you actually applied for the wrong card? The Venture 1 is a lower tier from the Venture. Often if a person applies for an upper-tier card, it automatically checks qualification for every card beneath it in the same "family". It could be you didn't qualify for Venture but did for Venture 1, so they automatically gave you that one.

Also, to get a PC from Cap1, you really need to speak with the EO. Post on their Facebook page saying you're upset with not getting the rewards you want and they will begin a dialogue which invites you to call the Executive Office. That is where everything happens in this company.

You sure about that? I know that the QS One is lower tier than the plain QS, but I don't believe CapOne followed the same convention with the Venture cards. When I apped a couple of years ago, both the Ventures were listed as requiring excellent credit. They just have different, but roughly equivalent, benefits.

 

Hang in there, OP, and I agree that you should see if you can get your VentureOne card back. You'll be able to convert it to a Venture later.


Yes the VentureOne has a lower tiered card that they offer to those with "average" credit, even though it says on their website it's for "excellent" credit. The only card that I know of  that doesn't have different tiers of cards within the same card family (for people with different credit ratings) is the regular Venture.

Message 10 of 14
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