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
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
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.
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!
Also there is no way for me to re-open the account. No takesies-backsies, it is closed for good.
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!
