I was checking capone preapproval link for couple months. Finally on 1/3/18 Venture poped up with set APR 14.24%. Apped got 7-10 day and ended up calling in 1/2 days later for verification. Called back in another 1/2 days I assume they processed application during this time and was approved 30k. Almost fell out of my chair and asked CSR to please confirm.
Data at time of application 1/3/18.
Last 6 months 2 new accounts 2 inquirys
Last 12 months 5/5/6 inquiries
Perhaps underwriting is a little less strick: quick story
I previously had venture and QS which capone closed in May 2017 both accounts because of payment being returned. I will say balance and CL at this time was $3500, I PIF then made another purchase of $3500. First one got returned so balance showed as around $7100. Capone pulled the plug right away which is totally understandable. From May 2017-Jan 2018 I would check the cap one prequal page (more frequently at the end of this time frame) and QS and VENTURE never showed not once until 1/3/18.
Okay, so through this "credit card" process I've learned a lot. I'll at least give you my stats.
I'm currently rebuilding my credit, made some young, dumb decisions to say the least. My credit score isn't the best TU 675, EX 682 and EQ 679. It's taken me two years to get it in the upper sixties. Now, onto the card...I've taken my time and actually started rebuilding with capital one. Two years ago I got the credit rebuilder card, made every single payment on time. A year later I applied for the Quicksilver card and was approved with LOW scores, but I was showing I was being patient and making payments.
Finally two days ago I called and applied for the Venture card and was instantly approved for 15k. I was shocked, but it was my plan all along to take it slow and build up to this card. Now, as I was speaking to the application guy on the phone he actually told me Capital One doesn't neccessarily base their decision off your credit score, but rather credit utilization, history of on-time payments and credit to debt ratio. Now of course credit score plays some role in their decision, but based off my scores, they seemed to go after what my history was reporting. I of course have history with capital one and two years worth of on-time payments with two cards.
If you have scores like mine, simply build history with the card company you want to do business with. Your approval odds will sky rocket and be patient with the process. It took me two years to get this card, but I finally did it. No this isn't the best card when it comes to travel rewards (do your research) but for me, it was a start. I plan to work my way up to some type of black card and it's possible even though currently, by myself I only make $58k a year.
Helpfull tip: I've learned to always pay balance in full every month, and I even apply extra money on my card to give myself "credit" on a credit card, if that makes sense. That will REALLY impress the card companies and by doing that over a period of time, you can get any card you want. It shows the card companies you are capable of handling a higher limit. Even though my 15k limit isn't the highest, for my scores, that's pretty hight. By doing it this way, next month my scores will finally be in the 700's. Just remember to be patient!
This thread is closed to new messages.
The new thread can be found here: http://ficoforums.myfico.com/t5/Credit-Card-Approvals/Capital-One-Venture-Approved/m-p/5160862