Approval odds for Capital one VentureOne card?

[Anonymous]

How's it going everyone, long story short I made some bad decisions when I was 19-20. I had an express card that was sent to collections that is now a paid charge off as of one year this month. Also a paid in full Synchrony bank card that is now closed, was 60 days late at one point.

I started rebuilding my credit with a Capital One Platinum card. After 5 months I was granted a $1300 limit and as of january, I was eligible to upgrade the same account to a Quicksilver card with the same limit. Total relationship with capital One has been about 9 months.

I also have a Macy's card that's never been late with a CL of $1000

I cosigned with my dad for a car 3 years ago in order to build credit. 10 payments in car was paid off and account is now closed.

Since i began rebuilding, i pay in full every month.

Credit card utilization is 19%

average age of credit is 2 years

Total CL: $2300

Current income is $42,000

Total inqueries in last year TU: 1 Equifax: 1 Experian: 2 (i made the mistake of trusting CK's credit score a couple months ago and blindly applied for an AMEX card.)

myFico score via Discover says 710, but i'm not sure if i can trust that. I really want to increase my CL to keep utilization down, but i'm very nervous to apply and leave a hard inquery without reward. I'm thinking that sticking with Capital One who I have a relationship with would be the smartest thing to do.

What are your guys thoughts? Thank you for any input

[LittleSal]

I would hold off applying until you have at least one year history with Cap One. I think that would help your approval odds!

If you could get your utl down under 10% that would also boost your scores and help your chances.

[Anonymous]

Did you check Capital One's website for prequalifications with a set APR? That would be a good place to start.

[Anonymous]

I checked their website for any "Pre-qualified" offers, Venture and VentureOne were offered. But I understand that may not necessarily mean I'm pre-approved?  

[Vu]

I would say go for it.  The FICO score from Discover is a true FICO score.  So if your scores from the other two CRAs are in the range of 700s, and CapOne pre-qualified said that you are qualified, then I think you have a very solid chance of approval.

Also, try to pre-qualified with Discover, their tool also very solid if it said you are pre-approved.

If you don't look for any particular card.  Try a few cards from Synchrony or Comenity Bank, I don't think you would have any issue getting approval from them.  They are usually pretty generous with SL and CLI, if padding utilization is what you are after.

[KDKobes]

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@Anonymous wrote:

I checked their website for any "Pre-qualified" offers, Venture and VentureOne were offered. But I understand that may not necessarily mean I'm pre-approved?  

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+1 on applying now. Capital One pre-qual is very solid. If they’re offering up a card your odds are very good. I think the 9m history with CapOne is just fine. I app’d not long back for the Venture Card, instant approval for $5,000, not great but so far it’s been my 2nd highest SL Card. To back the fact CapOne pre-qual is solid.....I had no pre-qual offer from them in fact it stated “we have no offers, it’s possible you opted out blah blah blah” but I applied anyway.

[pinkandgrey]

Check their prequal. Honestly I think you could get it. Good luck and let us know!

[Anonymous]

Thanks for the feedback guys! 

I paid my statement balance today, so i'll wait for it to process tomorrow. Incase that helps my odds of being approved.

[LittleSal]

I agree that you would probably be approved now. My recommendation was to get you a better SL off the triple pull. Low limit Cap One cards usually don’t grow well.

Good luck.

[Anonymous]

I have good news and bad news. I was instantly approved for the VentureOne card, however I was only granted a limit of $1000. Will calling them right now and requesting a higher limit help?