CapOne app declined..again

[Anonymous]

Heres the story.. I started rebuilding in mid 2014,  with the purchase of a new car. I had somewhere around 8 baddies on all 3 bureaus, and 2 dismissed ch13, one came off in early 15, and 1 will be off 2/2017.  my scores were in the 460 range across the board (I know, BAD). Fast forward 2 years. I opened a secured CapOne card in 3/2015, and a First Premier 10/2016. (I know, they SUCK, but they do report my on time payments..) Paid everything on time, 2 years of perfect payment history on my car loan, and paid my cards on time. My Fico8 (from MyFico) is now 599-611, depending on which bureau . I have ONE baddie for Midland that I just cannot get off of my reports, and the one BK that was dismissed that comes off next year.  I have cleaned up EVERYTHING else with the help of collectionshield360.com (and it didnt cost me a dime!). I also traded in the car that I bought in 2014 last month, and bought a new one, financed thru Ally, instead of the subprime lender that financed my last new car purchase.. In and out of the dealership within 90 minutes, with no games on the financing, plus my rate went down 7% to an almost reasonable rate

Here lies the issue. Even though I have a perfect payment history (and never leave more than a $300 balance on my CapOne card with a $1800 limit), I just cannot get approved.  Any ideas? Should I contact the EO and plead my case? Also, I probably have 30 inquiries as well... Except for that stupid Midland account that reports as late every month, there is NO collection activity at all.

Help!!

[Anonymous]

Sorry to hear that.

[Anonymous]

30 inquiries with your low credit score is the problem. 

Low Score = High Risk

Too many inq = High Risk - Overextending

Installment balances too high? Car loan balance in relation to amount financed.

I would stop applying for any credit until those inq fall off. If capital one is saying no then something needs to be evaluated.

[Loquat]

Let the inquiries age off and then try again...30 is a lot and CapOne does a triple pull...

[dragontears]

What are the denial reasons they gave you?

[lindsaydruart]

The denial reasons are key. We are only speculating until we know the denial reason.

[Anonymous]

Just a quick update. The reasons for the denial were Collection activity, and unsatisfactory past payment history.

i sent a nice email to the EO. I explained my credit, and also the point that in the past 3 years, I have a perfect payment history. They called me 3 days later. 

I had a nice conversation with the rep, and plead my case, and also pointed out the fact that I currently had $300 unsecured on my secured account, and asked if maybe they could split that off onto a QS or something with a $300 limit, in which case Cap One would have no more exposure than they do now. She said that was not possible blue, but she would have the review team look into my application, and that she would call me back if I was approved. 

Yesterday i I got a call from the EO. I was approved she did not know my limit yet (I really could care less it was $500.. Just to get my foot in the door on an unsecured card with them is fine). 

Ill update with the SL when I know 

[lindsaydruart]

Good for you! Congrats! EO can be so helpful. I'm trying my best not to call them for my ongoing issue for the last 4 months but if this Twitter attention doesn't work, their getting an email.

[Anonymous]

congrats!! i'm happy to hear that it worked out for you

[driftless]

Congrats! I hope that you are able to grow your new card quickly!