CapOne Venture- Denied :(

Anonymous · ‎07-28-2020

Just took a shot after getting approved for a Target Red Card last week, and a CLI on my CapitalOne QS1 a little while ago and applied for the Venture card. I wasn't sure if they'd approve me, but I hoped to at least get a counter offer for a Venture One. Flat out denial, letter in the mail in 7-10 days. Oh well, into the garden I go for a year or so until some of the inquiries come off of my reports. CapOne pulled all three bureaus today.

DPs- TU was at 708 at the time of the pull. I had 2 HPs there at the time, and 3-5 on EQ and EX. Not sure what the EQ and EX scores were since they hadn't updated this week for me since I had two lower statements cut last week. UTIL at 43% according to Credit Karma. I know that's a bit high, and it probably bit me on this application but I was willing to take the shot. I've been making great progress on my utilization since March (started at 96%) and I'll keep bringing it down. I'm currently at 5/24 as well.

Wish I could've made a post on the Approvals page today, but sometimes that's just how it goes!

mrcraft · ‎07-28-2020

That's a big improvement in your utilization, going from 96% to 43%. Keep working on that, your scores will go up, garden a bit and you'll be able to get whatever cards you want. Good luck!

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Anonymous · ‎07-28-2020

@mrcraft wrote:
That's a big improvement in your utilization, going from 96% to 43%. Keep working on that, your scores will go up, garden a bit and you'll be able to get whatever cards you want. Good luck!

Thanks for the kind words! Going to head into the garden for 12 months to let some inquiries fall off next summer and then I'll reevaluate. Looking like if all goes according to plan I'll be able to get my utilization down to a consistent 3-9% by October/November.

DebtStinks · ‎07-28-2020

I'd be willing to bet with lower utilization and account aging as long as no other data points change, you'd be able to get an approval out of them! I think your goals are set accordingly, so I look forward to your post in the approvals section here in the near future!

Meanwhile, keep up the great work on paying down your debt!

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coldfusion · ‎07-28-2020

The way C1 is positioning the Venture right now is a bit off kilter.

A couple of years ago there were all kinds of appovals for applicants with near-prime profiles with SLs upwards of $30K commonplace.

More recently they tightened the screws where even super-prime applicants were being denied. From reading up on denials it was if they were emulating BoA's positioning with the Premium Rewards card.

Sorry you got denied but take a little bit of solace that you're in good company.

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Iusedtolurk · ‎07-29-2020

@Anonymous wrote:
Just took a shot after getting approved for a Target Red Card last week, and a CLI on my CapitalOne QS1 a little while ago and applied for the Venture card. I wasn't sure if they'd approve me, but I hoped to at least get a counter offer for a Venture One. Flat out denial, letter in the mail in 7-10 days. Oh well, into the garden I go for a year or so until some of the inquiries come off of my reports. CapOne pulled all three bureaus today.

DPs- TU was at 708 at the time of the pull. I had 2 HPs there at the time, and 3-5 on EQ and EX. Not sure what the EQ and EX scores were since they hadn't updated this week for me since I had two lower statements cut last week. UTIL at 43% according to Credit Karma. I know that's a bit high, and it probably bit me on this application but I was willing to take the shot. I've been making great progress on my utilization since March (started at 96%) and I'll keep bringing it down. I'm currently at 5/24 as well.

Wish I could've made a post on the Approvals page today, but sometimes that's just how it goes!

Yeah it seems old cap1 has been getting a little tighter all over the place as of lately. Wish they would cut down to pulling one bureau while they're in this tightening up phase at least a person could deal with 1 hp denial instead of 3.

Congrats on that utilization improvement!

Credit-hoarder · ‎07-29-2020

@coldfusion wrote:
The way C1 is positioning the Venture right now is a bit off kilter.

A couple of years ago there were all kinds of appovals for applicants with near-prime profiles with SLs upwards of $30K commonplace.

More recently they tightened the screws where even super-prime applicants were being denied. From reading up on denials it was if they were emulating BoA's positioning with the Premium Rewards card.

Sorry you got denied but take a little bit of solace that you're in good company.

I remember those days--2015 to be precise. That's when I got both of mine 3 mos. apart and my profile was good but far from perfect. Now it seems almost impossible for avg. profiles to be approved for that card. And I'm not sure why--if you redeem your miles for cash it's basically a 1% card. And there are quite a few other cards that give 2% for no AF. The big limits and the sign up bonus were really the only things it ever had going for it TBH.