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I am Interested in the Venture X since I learned about it, and although I dont intend on opening an account for it at the moment, I went trough the pre-approval process again and it gave me an APR. from what I know that means your essentally approved and it was for the highest APR.
Which means I am just squeezing in (?) and I dont want it right now because I'm not spending 4k on it in the next 3 months or traveling to the point it would be useful. when and if I apply for it I want to get the highest possible Limit (~20K is an acceptable SL for me) and I just applied for 2 cards and got a new BILT, so in my mind this may be why. I'd also love a higher signup bonus. Fortunaltly i can wait until offers are avaliable.
Could my thinking be correct and am I right on the APR judgement?
Also found it interesting that C1 optionally asked if wanted to make cash advances on the/a card.
thanks. i hope my questions may be valuable and enjoyable to engage with.
@Gregory1776 wrote:I am Interested in the Venture X since I learned about it, and although I dont intend on opening an account for it at the moment, I went trough the pre-approval process again and it gave me an APR. from what I know that means your essentally approved and it was for the highest APR.
Which means I am just squeezing in (?) and I dont want it right now because I'm not spending 4k on it in the next 3 months or traveling to the point it would be useful. when and if I apply for it I want to get the highest possible Limit (~20K is an acceptable SL for me) and I just applied for 2 cards and got a new BILT, so in my mind this may be why. I'd also love a higher signup bonus. Fortunaltly i can wait until offers are avaliable.
Could my thinking be correct and am I right on the APR judgement?
Also found it interesting that C1 optionally asked if wanted to make cash advances on the/a card.
thanks. i hope my questions may be valuable and enjoyable to engage with.
where are you seeing the apr, after this screen?
Cap1 is finnicky, with more cards reporting to your credit reports soon, you may end up having too many cards to qualify for the VX and you'll start seeing VX pre-approval denials instead.
if you are pre-approved now and you can hit the SUB, if VX is really a keeper card for you, I would definitely consider getting it now.
would you also be okay with a $10k limit, because that's the minimum
added the screenshot
what is "too many cards?" when do i hit that? how are they?
im waiting for more US Bank information but im 1/24 in 3 months 2/24 if they approve me. last account opened was 2/23 before friday night.
@Gregory1776 wrote:what is "too many cards?" when do i hit that? how are they?
I just got denied yesterday on the pre-approval site, because:
Based on your credit report from one or more of the agencies on the back of this letter, there are too many revolving accounts
I have 7 revolving accounts.
Honestly, I don't really trust that reason. They triple SP'd me for the pre-approval and my TU still has a 120 late on a closed student loan that is going to age off in a couple months. I think this is more likely the reason or at least part of it. Fico 8s are 798, 793 and 756 on TU. The report and score they cited in the Adverse Action Letter was TU.
I'm quite certain they are not denying Venture X to anyone with 7+ revolving accounts.
FWIW.
I'm also interested to know more about how many is too many for Venture X.
@Gregory1776 wrote:what is "too many cards?" when do i hit that? how are they?
im waiting for more US Bank information but im 1/24 in 3 months 2/24 if they approve me. last account opened was 2/23 before friday night.
cap1 is just more sensitive to people who have either a lot of cards or a lot of recent velocity for new cards/inquires
being only 2/24 is helpful though, and my viewpoint is just overly cautious/concerned that the pre-approval might disappear if you have more cards report
I do agree that the language you were shown is equal to a very likely approval though
I'm in agreement with @GZG , particularly about Capital One preferring fewer accounts. Their approval process is algorithm driven (fully automated - you're approve or denied, there is no recon). I wouldn't worry too much about the APR if you have a preapproval. I was a barely in the door approval when I opened mine (got the min 10k CL at the highest initial APR), but for me the card has been well worth it.
I got this card six months ago. At the time, my scores were around 820-830 and I was 4/24 with about 4 inquiries on each profile. I was pre-approved. My oldest card is a capital one quicksilver I got in 2011 that still has a 2,300 credit line. It's probably bucketed but who cares. Anyhow, they approved me at 30k SL but the rate is the highest of all my credit cards, which surprised me but in the end, it doesn't matter. I wouldn't read too much into the APR as an indicator to SL. I got a 10k CLI after about two months. I remember when they started this card, the bonus was 100k. I haven't seen it go past 75k in years. I have virtually all major travel cards and for some reason, I currently love this one
Sophie killer of a comment! addresses many of the questions I have.
may I ask your reported income? my highest SL has been 20K which is more than enough for my spending levels.... but still want a higher cl because im a dork. 🤓🙃
260k.. nothing wrong with wanting a lot. I am the same way.
@Gregory1776 wrote:Sophie killer of a comment! addresses many of the questions I have.
may I ask your reported income? my highest SL has been 20K which is more than enough for my spending levels.... but still want a higher cl because im a dork. 🤓🙃