Cap one, 3 HP only 1 denial letter

Anonymous · ‎05-18-2015

Hi, I've been reading the excellent content on this forum for a few months, but is the first time i actually participate, I have a question, searched all over the internet, didn't find anything, so I want to know your experience/opinion in the matter.

Last year, I started getting letters in the mail that said I could be preaproved for a capital one quicksilver with no annual fee. I already had a bankamericard cash rewards (1, 2, 3% cb in diff categories) and a discover it (1, 5% cb), so I figured why not get a 1.5% cb card for the "everything else" category expenses?

On December I got denied, got the electronic letter trough their secure website and the printed version in the mail, also a hard pull on TU and Equi. Got the same offer again a few months later and applied again. Again an email saying my app was denied, but this time when I logged into the secure website, only 1 letter there, the one from Dec, also, no letter on the mail.

Recently I did an app-o-rama, went from 2 CC to 7 in 2 weeks, only got denied by Cap One, not even sure why, since I don't get any letters, and I called to recon but the CSR said it was a final decision and after telling him about me not getting any letters, he said that the only thing he could do is reissue it.

My question is, is there any law that requires cap one to send me a reason for denying me a credit?, if so, can I dispute the HP for that reason? what other options do I have?

Anonymous · ‎05-18-2015

New card should be done via the mail. Asking for a cli that gets denied & you'll get a message from them. Did you ask why they keep denying you? Try for a low limit QS1 if they won't give you what you want. More info about your credit would help. Not trying to be nosey, it's hard trying to figure out what the issue is without it.

Anonymous · ‎05-18-2015

I forgot to include my credit info, from credit karma, my TU 693, equi 688 and from discover my fico is 704.

I PIF my BoA card, I carry a low ~15% balance on my discover and all other cards haven't even reported for the first time yet, haven't missed a payment, and my cards are 16 and 7 months old.

The CSR I've talked to are not helpfull at all, all they tell me is that the letter (which never arrives) should contain more information, and looking at my experian report, I don't see any problems, basically the same info from CK.

Anonymous · ‎05-18-2015

@Anonymous wrote:

My question is, is there any law that requires cap one to send me a reason for denying me a credit?, if so, can I dispute the HP for that reason? what other options do I have?

CAP 1 pulls all 3 bureaus when you apply for a card. The fact that you received a letter in the mail stating you are pre-approved does not mean you will get approved if you apply. Pre-approvals are marketing techniques to entice you to apply and are not guaranteed.

Also, are you sure you didn't received a letter in the mail stating a denial? Because a letter is always sent out when one applies for credit and is denied. Also, CAP 1 will not remove the inquiry even if you dispute it. They are legitimate inquiries as you were seeking credit.

Lastly, what you can do if you want the card is to reach out to their EO to see if they can manaually review it and overturn the denial. If you are looking to apply for anything in the future, they go by CK scores. Find out what your real scores are...

Kaycee213 · ‎05-18-2015

I app'd for QS1 in late April. Received an email to log in to see reason for denial and there was no document there to view. I called CS and messaged Cap 1 on FB and nothing. I haven't received anything in the mail either.

SecretAzure · ‎05-18-2015

@Anonymous wrote:
@Anonymous wrote:

My question is, is there any law that requires cap one to send me a reason for denying me a credit?, if so, can I dispute the HP for that reason? what other options do I have?
CAP 1 pulls all 3 bureaus when you apply for a card. The fact that you received a letter in the mail stating you are pre-approved does not mean you will get approved if you apply. Pre-approvals are marketing techniques to entice you to apply and are not guaranteed.

Also, are you sure you didn't received a letter in the mail stating a denial? Because a letter is always sent out when one applies for credit and is denied. Also, CAP 1 will not remove the inquiry even if you dispute it. They are legitimate inquiries as you were seeking credit.

Lastly, what you can do if you want the card is to reach out to their EO to see if they can manaually review it and overturn the denial. If you are looking to apply for anything in the future, they go by CK scores. Find out what your real scores are...

As YIM says, call the EO. They seem to be the only halfway decent customer-facing department in Capital One.

If you're not receiving their letters, verify your address on their website. If it's correct, call and ask them what address they're maling your letters to and have them resend it. Maybe this will be the year I cancel my oldest card, my Secured with Capital One lol...

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Anonymous · ‎05-18-2015

Thank you all for your advice, I just called the EO number and a very nice lady told me that all she can do is pass on the application for manual review to an underwriter.

She asked me if I tried on any of the previous attempts to contact them (EO), I told her that I tried the CS number but they never gave me an option for manual review, they said that the decision was final.

She apologized, asked a bunch of questions and told me to expect an answer in 7 to 10 business days.

But she was not sure if the underwriting was going to do another hard pull. Do you know if that is the case? I originally applied at the beggining of this month.

CreditCuriosity · ‎05-18-2015

The EO is completly different form the regular CS at Cap1.. I honestly have had nothing but pleaseant experiences with them.. They are empowered as the regular CS is not what so ever and read from scripts..

There is a chance they might use the same pulls, but a chance of new HP's as well.. It all depends, be ready for 3 more HP's.. On the flip side, you might have a decent chance of getting approved by manual review.