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Application declined for Cap1 Savor...any suggestions for possible recon?

galahad15
Valued Contributor

Application declined for Cap1 Savor...any suggestions for possible recon?

Hi, I just apped over the weekend for Amex Cash Magnet (also approved for $25k!), but when I also apped for the Cap1 Savor, I received a message that said something to the effect of that they need to gather more information to make a decision.  Then, this morning, I got an e-mail from Cap1 saying that my application was denied because "[b]ased on your credit report from Trans Union,number of bank cards tradelines opened in the last 24 months" Smiley Sad Keeping in mind that when I apped for the Cap1 card, my FICO 8 scores were 822 (EQ), 809 (TU), and 803 (EX).  Does anyone have any suggestions please on if I was to call in a recon, what I might be able to say to get them to reconsider the decision?  (Also for some reason, the FICO score they listed in my app decline letter was not accurate, they had listed it as 766 EX?)


Message 1 of 19
18 REPLIES 18
Shadowfactor
Valued Contributor

Re: Application declined for Cap1 Savor...any suggestions for possible recon?

This is a classic case of why high credit scores don’t necessarily mean you can get any card you want.

How many cards have you opened in the past 24 months ?
Likely if you have opened several new accounts, capital one from a business standpoint might not see any reason to extend you credit as you have recently been extended a lot of credit in the past 2 years.

I believe capital one uses an older scoring model still for credit decisions. I could be wrong about that though.




Total Revolving Limits $254,800

Message 2 of 19
ttulaw
Established Contributor

Re: Application declined for Cap1 Savor...any suggestions for possible recon?

Capital One will be a triple-pull, but I’m not sure if they use FICO 8 or some other version. Some additional data points may be necessary to analyze such as:
Total accounts opened in the last 6/12/24 months, number of inquiries, etc. Additionally, there is no Recon available with Cap One, it’s approved or denied on an automated basis, period.






Message 3 of 19
CreditCuriosity
Moderator

Re: Application declined for Cap1 Savor...any suggestions for possible recon?

Cap1 has tigethened up big time recently most likely no recon will help..  If you are over say 6 approval (just pulling a number out of the air) in a year you will be denied regular QS/Venture/Savor most likely.. They seem to not like giving away bonuses anymore Smiley Happy.  People well into thte 800's are getting declined left and right due to new accounts across the internet many sites show many DPS of this.. Did they say FICO in the letter or just score, most likely an internal score otherwise mortgage scores

 

Scores to CAp1 dont matter persay they will approve people for 10-30k lines in the mid to high 600's with low new accounts as they want swipes and balances to make cash 

Message 4 of 19
Gmood1
Community Leader
Super Contributor

Re: Application declined for Cap1 Savor...any suggestions for possible recon?

Sorry Galahad for the denial. Congratulations on the Amex approval!
I thought you've only added like 2 or 3 CCs in the last 2 years?
That's not very many if that's the case.
Hopefully someone can help you with how to recon the denial.
Message 5 of 19
redpat
Senior Contributor

Re: Application declined for Cap1 Savor...any suggestions for possible recon?

+1 what CC said.  They have become very stingy lately.  

 

I think they are licking their wounds from a couple of years back giving out huge limits and letting everyone combine accounts for monster limits thinking they would get more usage rather than padding.

 

Now their going the other direction of high CLs with few accounts and high scores and lower/moderate CLs for those w/ lower scores and few accounts.  I can't blame them on their new approach.



Personal Cards: Amex Plat | Amex Delta Res | Amex Hilton | CSR | Citi AA Exec Business Cards: Ink+ | Amex BGR
Message 6 of 19
galahad15
Valued Contributor

Re: Application declined for Cap1 Savor...any suggestions for possible recon?


@Shadowfactor wrote:
This is a classic case of why high credit scores don’t necessarily mean you can get any card you want.

How many cards have you opened in the past 24 months ?
Likely if you have opened several new accounts, capital one from a business standpoint might not see any reason to extend you credit as you have recently been extended a lot of credit in the past 2 years.

I believe capital one uses an older scoring model still for credit decisions. I could be wrong about that though.

I have opened 7 cards within the past 24 months, IIRC and after reviewing my credit report.


Message 7 of 19
joe8185
Valued Contributor

Re: Application declined for Cap1 Savor...any suggestions for possible recon?

The foregoing is another reason (more important, of course, is that I'm gardening so no apps for me at this time!) why I haven't tried for a new QS even though I'm now eligible under Cap 1's 6-month rule. I have a $16K limit currently, and it's just as well that since I combined two cards last month I'm not eligible for CLI's until next January because I know they're apt to start paying closer attention to CL's over $20K and do AA if they don't like what they see in your profile.

Ch 7 BK discharged 11/28/14, credit rebuild well advanced. FICO:TU 680 FICO 8 (3/2/19) or 687 FICO 9/EX 694 FICO 8/EQ 685 FICO 8 or 674 FICO 9 (NFCU 3/3/19), VS 3.0 10/17/18: TU 702/EX 699/EQ 698. $92.9k revolving credit as of 1/31/19; $1K NFCU cashRewards Visa, $2K BJ's Perks MC, $5.1k Discover It #1, $6.5k Discover It #2 (new 3/12/18), $3.5k Petal Visa, $6k Paypal 2% CB MC, $6k Amazon Prime Store Card, $6k Walmart Store Card, $7k Apple FCU Platinum Visa, $7k Penfed Power Cash Rewards Visa, $11.8k Overstock Store Card, $15K Care Credit, $16K Cap One QS Rewards Visa Signature, $10k PenFed used car loan, $5k Navient student loan, $12.7k Lending Club loan. Gardening: 3 months, 19 days as of 1/31/19. 24 HP inqs total as of 10/12/18: 10 TU, 9 EQ, 5 EX (about half over 1 year old).
Message 8 of 19
galahad15
Valued Contributor

Re: Application declined for Cap1 Savor...any suggestions for possible recon?


@Gmood1 wrote:
Sorry Galahad for the denial. Congratulations on the Amex approval!
I thought you've only added like 2 or 3 CCs in the last 2 years?
That's not very many if that's the case.
Hopefully someone can help you with how to recon the denial.

Thanks Gmood!  Smiley Happy  Sorry if I may have accidentally miscommunicated on my end, in one of my earlier posts -- after re-checking my credit report, I have opened 7 cards over the past 2 years.  Up until the new Propel and Cash Magnet approvals, I had opened 2-3 credit cards over about the past year.


Message 9 of 19
galahad15
Valued Contributor

Re: Application declined for Cap1 Savor...any suggestions for possible recon?


@ttulaw wrote:
Capital One will be a triple-pull, but I’m not sure if they use FICO 8 or some other version. Some additional data points may be necessary to analyze such as:
Total accounts opened in the last 6/12/24 (I believe in my case it would be 2/5/7) months, number of inquiries (over the past year: 1 EQ, 4 TU, 2 EX), etc. Additionally, there is no Econ available with Cap One, it’s approved or denied on an automated basis, period.

Please see responses in bold font above -- thanks


Message 10 of 19
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