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Cap One Denial/Review/IDK??

Contributor

Cap One Denial/Review/IDK??

Hello Everyone,

I am new to this MyFICO, and this forum, I've been lurking for some time now.

I have started a crusade to clean up my credit within the last year. So far, I have been able to pull my score up from 539 in September of 2017, to a 666 as of now. I'm currently sending out DV letters, I have had 7 of the 13 collection accounts deleted, I also have a Credit One and Cap One sec cc, which I pay both faithfully and on time every single month, with a zero balance. I also have a SelfLender installment loan that I just opened, so that it could report to my CR and hopefully boost my score as well.

 

Fast forward to yesterday, I finally worked up the nerve to apply for the unsecured QS Cap One, because............(drum roll please) CK recommended it. SMH, I think that was my first mistake to begin with, bc I don't think their recommendations are always accurate. But maybe I was feeling alittle over confident, being as though I handled the secure cc so well and that my score improved overall. So anyway, I applied and I got the dreaded "7-10 day, review etc...." So, now I'm stressed because I'd like to get this card to reduce my utilization, and improve my score by showing that I can handle a new card responsibly.

I called in to check the status yesterday evening, I spoke to a rep who explained that the application was pending. I've read on here and other boards that it could really go either way. Plus, I've seen people post that they were approved with scores lower than the 600's, I'm not sure what the method to their madness is, but I'm feeling a little discouraged. ( I know it may seem strange, but I REALLY, REALLY, REALLY want to break the 700s by the summer).  We plan on getting a mortgage next spring and I think this card will help, in addition to settling some derogatories.

SIGH!!! Any feedback on your experiences with CapOne would be greatly appreciated.

Sorry for rambling.

 

 

Start:2/1/2018 FICO EX595,TU608,EQ594
Current: FICO 4/29/18 EX672,TU676,EQ664
GOAL: 700's across the board!
CapOne Plat $1000
Discover IT $500
AMEX BCE $1000
AMEX Delta Blue Sky Miles $1000
PNC Rewards $1000
Old Navy $1000
TJ Maxx$200

Message 1 of 11
10 REPLIES
Frequent Contributor

Re: Cap One Denial/Review/IDK??

I know what you mean about the CK recommendations. I stopped going by their recommendations bc it was never right. Same thing happened to me with Capital One one time. I always had excellent history with Capital One. So, I wrote a letter asking for reconsideration. One day about 3 weeks after I wrote the letter, my phone alerted me of a Hard Pull from Capital One (again). So, I called them to ask why? And they said they received my reconsideration letter and decided to approve me.

"As only New Yorkers know, if you can get through the twilight, you’ll live through the night"
Message 2 of 11
Regular Contributor

Re: Cap One Denial/Review/IDK??


@Foodie2018wrote:

Hello Everyone,

I am new to this MyFICO, and this forum, I've been lurking for some time now.

I have started a crusade to clean up my credit within the last year. So far, I have been able to pull my score up from 539 in September of 2017, to a 666 as of now. I'm currently sending out DV letters, I have had 7 of the 13 collection accounts deleted, I also have a Credit One and Cap One sec cc, which I pay both faithfully and on time every single month, with a zero balance. I also have a SelfLender installment loan that I just opened, so that it could report to my CR and hopefully boost my score as well.

 

Fast forward to yesterday, I finally worked up the nerve to apply for the unsecured QS Cap One, because............(drum roll please) CK recommended it. SMH, I think that was my first mistake to begin with, bc I don't think their recommendations are always accurate. But maybe I was feeling alittle over confident, being as though I handled the secure cc so well and that my score improved overall. So anyway, I applied and I got the dreaded "7-10 day, review etc...." So, now I'm stressed because I'd like to get this card to reduce my utilization, and improve my score by showing that I can handle a new card responsibly.

I called in to check the status yesterday evening, I spoke to a rep who explained that the application was pending. I've read on here and other boards that it could really go either way. Plus, I've seen people post that they were approved with scores lower than the 600's, I'm not sure what the method to their madness is, but I'm feeling a little discouraged. ( I know it may seem strange, but I REALLY, REALLY, REALLY want to break the 700s by the summer).  We plan on getting a mortgage next spring and I think this card will help, in addition to settling some derogatories.

SIGH!!! Any feedback on your experiences with CapOne would be greatly appreciated.

Sorry for rambling.

 

 


Not sure when you actually opened your secured Capital One card but if it hasn't been at least 6 months ago then that is most likely the reason for the 7-10 message.  Capital One only approves one card every six months. There is also some language in the terms and conditions for each card which states only 2 rebuilder type cards are allowed at a time and 5 prime type cards. If I am not mistaken, I believe the QS One is considered a rebuilder card. If you are open to suggestions, I would make sure it has been six months since your last Capital One approval and then consider applying for the Platinum no annual fee card. It will be in the credit steps program and many have had luck product changing it to a Quicksilver no annual fee card within the first three months. YMMV.  My own Platinum was product changed after 2 months, no annual fee and 1.5% rewards added. From what I have read, if you get the QS One it has a $39 annual fee which is difficult to get waived. Hope this helps.


Message 3 of 11
Contributor

Re: Cap One Denial/Review/IDK??

Hi Donna,

Thank you for sharing your experience. I think I will call tomorrow, I was told to call if I didn't receive a phone call from a rep. And if I don't get approved, I will take a page out of your book and send a recon letter. I can't hurt.

Do mind if I ask what your cl was and what was your cs?

Start:2/1/2018 FICO EX595,TU608,EQ594
Current: FICO 4/29/18 EX672,TU676,EQ664
GOAL: 700's across the board!
CapOne Plat $1000
Discover IT $500
AMEX BCE $1000
AMEX Delta Blue Sky Miles $1000
PNC Rewards $1000
Old Navy $1000
TJ Maxx$200

Message 4 of 11
Contributor

Re: Cap One Denial/Review/IDK??

I've had the secured card for about 14 months now.

Start:2/1/2018 FICO EX595,TU608,EQ594
Current: FICO 4/29/18 EX672,TU676,EQ664
GOAL: 700's across the board!
CapOne Plat $1000
Discover IT $500
AMEX BCE $1000
AMEX Delta Blue Sky Miles $1000
PNC Rewards $1000
Old Navy $1000
TJ Maxx$200

Message 5 of 11
New Contributor

Re: Cap One Denial/Review/IDK??

CK said my approval odds for the QS1 was fair. Me being the rebel that I am, applied anyway. I also received the 7-10 day message. Received an email the next morning asking for verification. Received my card today with a $300 limit! My scores are sitting at 596 TU and 599 EQ (SCT ended up being a HP)
Rebuilding in March 2018
TU: 590 EQ: 594 as of 3/18
CO QS1 300 SL
Message 6 of 11
Highlighted
Frequent Contributor

Re: Cap One Denial/Review/IDK??

CS was appr around 610 at time. And limit was 500

"As only New Yorkers know, if you can get through the twilight, you’ll live through the night"
Message 7 of 11
Member

Re: Cap One Denial/Review/IDK??

It's justa verification. Call the app status like and ask if they need to verify your identity.
I went through the process twice in the past two months
Message 8 of 11
Contributor

Re: Cap One Denial/Review/IDK??

That's awesome...you are giving me hope!

Start:2/1/2018 FICO EX595,TU608,EQ594
Current: FICO 4/29/18 EX672,TU676,EQ664
GOAL: 700's across the board!
CapOne Plat $1000
Discover IT $500
AMEX BCE $1000
AMEX Delta Blue Sky Miles $1000
PNC Rewards $1000
Old Navy $1000
TJ Maxx$200

Message 9 of 11
Contributor

Re: Cap One Denial/Review/IDK??

I will do that. Thank you for your input...at least now I know that this how their process works.

Start:2/1/2018 FICO EX595,TU608,EQ594
Current: FICO 4/29/18 EX672,TU676,EQ664
GOAL: 700's across the board!
CapOne Plat $1000
Discover IT $500
AMEX BCE $1000
AMEX Delta Blue Sky Miles $1000
PNC Rewards $1000
Old Navy $1000
TJ Maxx$200

Message 10 of 11