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" 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?)
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 . 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
+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.
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.
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.
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! 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.
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