@folks19 wrote:I just filled out the pre approved on c1's website and I got denied for the following reason:
- Based on your credit report from one or more of the agencies below, there are too many new revolving accounts
I have 8 credit cards. Am I out of luck for a capital one card? Or will this go away soon? My most recent card was opened 2 months ago.
I also noticed that the score there provided me with wasn't the regular FICO score. It's a score that goes from 309 until 839. The source for the score was Trasunion Consumer Relations. Anyone ever heard of this score? I thought the big banks all use FICO.
839 appears to be a Transunion FICO 4 score.
Perhaps, wait at least 6 months if not longer and try the pre-qualification site in the future to see if you have any offers before actually applying?
@AllZero wrote:
@folks19 wrote:I just filled out the pre approved on c1's website and I got denied for the following reason:
- Based on your credit report from one or more of the agencies below, there are too many new revolving accounts
I have 8 credit cards. Am I out of luck for a capital one card? Or will this go away soon? My most recent card was opened 2 months ago.
I also noticed that the score there provided me with wasn't the regular FICO score. It's a score that goes from 309 until 839. The source for the score was Trasunion Consumer Relations. Anyone ever heard of this score? I thought the big banks all use FICO.
839 appears to be a Transunion FICO 4 score.
Perhaps, wait at least 6 months if not longer and try the pre-qualification site in the future to see if you have any offers before actually applying?
+1 to them using TU FICO 4, and +1 to them being new account sensitive. I tested this myself last fall when I crossed the 6 months since new account mark. I have no interest in another Cap1 card, just wanted to confirm DPs I had been reading about them. When I tried the pre-approval site before my new accounts turned 6 months it was no dice. Reasons they gave were new accounts and number of inqs. I tried again after 6 months and had instant pre-approval. Now to add another +1 to Finstars advice to garden. If you have 8 open cards, why are you going for a Cap1 card? Unless it's the Venture or Savor and looking for a nice SUB.
The triple pull and out of date info I was provided/read is what made me regret getting CapOne's secured card. Also why I kind of lost interest in applying for Savor at some point.
IMO they're one you really have to consider if the pulls are worth it, especially while building or rebuilding.
@folks19 thank you for updating with DPs, thats great info. I know you said you have 8 open accounts, and that the most recent was from 2 months ago, but could you tell us how many you have opened within the last 6 months, and the last 12 months? Those specifics could be super helpful for other members asking the same questions. This may mean that Cap1 is loosening up a bit on new apps with cards opened under 6 months now. Thank you for you input, always much appreciated!