Cap One prequalified but then denied

Anonymous · ‎11-02-2018

Hello,

I am asking this question for my mom. Her FICO EQ score is 674 but not sure of the others. She currently has two credit cards, a Capital One Platinum with $500 credit limit that she's had for about 6 months (started with $300 got bumped up to $500 last month) and Suntrust credit card with $1200 limit for 3 months. She was prequalified through the Capital One site for a Venture One card. It had a set APR limit, not a range. However when she went to actually apply, they declined her.

I am guessing her score isn't high enough maybe, she hasn't yet received a letter explaining why the denial. not sure why it said she was prequalified, but is there a way she can recon the denial and maybe ask if they can use the same HP to possibly approve her for a different card like QS One? And if so how would she do that, does she just call customer service or is there an email/ mailing address she should send a letter to. I couldn't find a thread that talks about how to do this, so if it's already out there my apologies, if someone could point me in the right direction I'd appreciate it!

Thanks for the help.

Remedios · ‎11-02-2018

Has it been exactly 6 months since her first CapOne card? What's the exact month card was opened in?

They will not approve the second one until six months have passed

FinStar · ‎11-02-2018

In addition to the above OP, how did you base that it was declined vs. the generic 7-10 message that can yield for a variety applications?

If it hasn't been that long since her last approved application, then maybe it was just a timing situation.

However, if declined, Capital One doesn't reconsider system-declined applications, regardless if you use the EO approach. Even pre-qualified applications are not a 100% guarantee of approval.

Anonymous · ‎11-02-2018

It was a flat out denial, said something to the effect of we're unable to approve you at this time, we will notify you of reason why.

I just double checked and her card was opened 4/30/18... we applied on 10/25/18. There were 6 statements cut but I guess technically at the time it hadn't fully been 6 months. Also I just checked her email, she has a letter that explains the denial. The only reason listed says: "Based on your application information,there is a currently pending or recently processed application with Capital One."

So now that it is 6 full months (10/30/18 would have been the 6 month mark I believe), she should be eligible now? Is there still any way they can use her previous HP to approve her or will she have to do a new application to try again?

Thank you!!

Anonymous · ‎11-02-2018

Nevermind - I just read that when it does this it's not a HP. We just tried again since over 6 months and she was approved for a $1000 credit limit. Thanks again!