CapOne Savor Denied

[blazerein]

So after gardening for 8 months got approved for BOA and WF Autograph.  Just before they report to the CB, I tried CapOne Savor for Excellent Credit just after gettinga 500 CLI for my QS card. After 3 Hard Pulls (ouch), I was denied due to too many new accounts in the past 24 months. I have 3 the past 6 months and 7 for the past 24 months. The one thing I don't understand is that according to their letter, my credit score was 634 and that's from July 2022.  Not sure where they got that from... LOL. Well, sometimes you get Approved, sometimes you get Denied. Back to the garden. 

[GZG]

Did you try the prequalify tool? What did it say? 

[StephenH]

Your profile seems to corroborate the reason for denial. That's a few applications over the past year. Its difficult to predict as far as who would or wouldn't get approved and for what reason, specially with Cap1. I see ppl with excellent profiles get turned down. So, there are a number of things to consider. What are the CLs on your existing Cap1 cards?

[blazerein]

@GZG 

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@GZG wrote:

Did you try the prequalify tool? What did it say? 

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Nope, the only pre-qualify for me was QS1. Just applied and closed my eyes lol

[blazerein]

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@StephenH wrote:

Your profile seems to corroborate the reason for denial. That's a few applications over the past year. Its difficult to predict as far as who would or wouldn't get approved and for what reason, specially with Cap1. I see ppl with excellent profiles get turned down. So, there are a number of things to consider. What are the CLs on your existing Cap1 cards?

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I only have a 3.5K limit from my QS1 card

[GatorGuy]

Capital One regularly uses 2 month old credit scores. Whenever they quote a score it's usually the EQ04 score which is one of the mortgage scores. Often times they can vary significantly from your Fico8s.

[StephenH]

That's probably a better explanation. If you at least had a pre-approval for Savor for good credit there may have been a better chance of approval. Don't sweat it, you seem to have a good amount of credit lines. Give it time manage your existing credit lines well and plan for what can be done in Aug 2024. Good luck!

[Zoostation1]

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@GatorGuy wrote:

Capital One regularly uses 2 month old credit scores. Whenever they quote a score it's usually the EQ04 score which is one of the mortgage scores. Often times they can vary significantly from your Fico8s.

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I thought they were in some cases using Fico8 recently or looking at 8 along with 5, 4, 3 (I think they used 3 instad of 2 for EX)?  In other threads I've seen reports of that.  For me it using 5, 4, 3 would be better when I apply for Savor One nextas my Fico8 scpres are all lower than those (even better yet would be if they used my Fico 9 scores cause those are my highest but that's a pipe dream).

[LADave]

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@blazerein wrote:

So after gardening for 8 months got approved for BOA and WF Autograph.  Just before they report to the CB, I tried CapOne Savor for Excellent Credit just after gettinga 500 CLI for my QS card. After 3 Hard Pulls (ouch), I was denied due to too many new accounts in the past 24 months. I have 3 the past 6 months and 7 for the past 24 months. The one thing I don't understand is that according to their letter, my credit score was 634 and that's from July 2022.  Not sure where they got that from... LOL. Well, sometimes you get Approved, sometimes you get Denied. Back to the garden. 

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The Savor and Autograph are similar in a lot of ways, and both give 3% on dining and streaming. The biggest reason I wanted the Autograph over SavorOne is because I preferred the $300 bonus over SavorOne's $200 bonus. (I prequalified for SavorOne for Good Credit, but figured I'd probably get approved for the regular one with the $200 bonus after reading DPs about that here).

Enjoy the Autograph card and use it for some of the things you would have used the Savor or SavorOne card for. At some point in the future you should be able to get the SavorOne with the $200 bonus or Savor with the $300 bonus, a nice little reward for playing the credit game well.

[learningcredit54]

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@GZG wrote:

Did you try the prequalify tool? What did it say? 

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Off topic but @GZG great progress. Just about 100 points in 3 months. Keep it up

OP - to the garden and let some of those inquiries fall off, see you there

2022 has also been my app spree year