CapOne VentureOne denial with 815 credit score

[KDKobes]

I’ve noticed this a lot lately. Card companies are scaling back especially Cap One. From the conversations I’ve had it’s no more than 2-3 new accounts in the last year or so otherwise they want to see more history on those newer accounts. Also found that if they have any inclination that you’re never really going to use the card and just want it as a trade line it will be a denial. I just “upgraded” my QS1 to the Venture1 card about a month ago. (Bankruptcy discharged 3yrs ago, 1 missed payment in last 6 months, CS between 675-650.) My presumptive assumption would be they just don’t see you using the card with your current portfolio. Regardless of what anyone thinks there is an economic crunch coming, national average credit card debt has went from 30-40%. My guess is Cap One is bracing for another crunch as well & getting conservative.

[Anonymous]

While it's been touched on already by several members above regarding CO not liking to see a bunch of other recent accounts, no one has yet told the OP that "too many inquiries" is a flat out BS denial reason.

All "too many inquiries" means is "there's something about your profile that we don't like."  That something is not the inquiries.  Someone with 20-30 inquiries per bureau can be approved for a product and then someone else with 3-7 inquiries per bureau gets denied for the same product from the same lender and receives a "too many inquiries" denial reason.  Clearly if 20-30 isn't "too many" 3-7 isn't either.

[imaximous]

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@Anonymous wrote:

While it's been touched on already by several members above regarding CO not liking to see a bunch of other recent accounts, no one has yet told the OP that "too many inquiries" is a flat out BS denial reason.

All "too many inquiries" means is "there's something about your profile that we don't like."  That something is not the inquiries.  Someone with 20-30 inquiries per bureau can be approved for a product and then someone else with 3-7 inquiries per bureau gets denied for the same product from the same lender and receives a "too many inquiries" denial reason.  Clearly if 20-30 isn't "too many" 3-7 isn't either.

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I thought the same thing until I read today OP's post about the app spree he went on and adding like 10 new accounts. Now I'm definitely not surprised that he got declined. Maybe OP should've started this thread with that information. SMH.

[wdkwang]

In fairness the capone application was my 4th. The rest came after it

[wdkwang]

As promised, here's my update on the CapOne app:

Someone from the executive office called me today in response to my email to the CEO (looks like it still works). This person spoke with a level of articulation that is similar to seasoned individuals I've worked with in the corporate world. Quite different from your average call rep. 

The person offered me a chance to speak about any additional reasons why I should be approved. Despite my high credit score, long history, and low utilization (0-2%), I was unfortunately still declined and was told to try again in 12-24 month's time.

As of yesterday, I'm going to be in the garden for 24 months, or at least try to be to clean up all the inquiries from this past month.

Some knowledgeable individuals here, that I'm very thankful for, have warned me about the possibility of being flagged and cause my accounts to be closed from too many inquiries/cards opened in rapid succession. Hope this helps anyone.

[FinStar]

Yes, the EO channel works as far as getting through. However, reconsideration requests are far and in between, especially for the cited reasons. At least you tried, but in the end their final decision seems to be what others have gone through recently. Good DPs nevertheless!

[Anonymous]

It seems to me that this thread has provided another good example for us all of why the classic "app spree", which may be defined as applying for and obtaining a very large number of cards - in the OP's case, 10 - in a very short period of time, measured in days or even hours - should be strongly discouraged going forward. It's plain now that lenders are watching for such behavior and count it as a significant black mark against approval of an application. The closest I've come to an "app spree" was last summer, when I got three cards - Walmart, Apple FCU Platinum Visa and PenFed PCR Visa - in the space of three weeks. I think it's well enough left alone at that.

[wdkwang]

To clarify, the capone app was the 4th one in line in a month out of 10 so i would advise others that want it to perhaps make it their first card after gardening for 12 to 24 months as the call rep suggested.

[SweetCreditObsession]

OP had you received a prequalification from the Cap1 website prior to your application?

[wdkwang]

Nope, just cold applied