Capital One Pre-approval, denied

[Oops_I_Did_It_Again]

I applied for the pre-approval that checks for pre-approval for their Capital One core cards, Venture, Savor, Quicksilver, the various "One" sub-categories, etc.   I was denied for

• Too many Capital One relvolving accounts
• Too many revolving accounts

Credit score of 739 provided by TU

I don't know what scoring model was used.  739 doesn't match up closely with other credit scores I have access to.  I was denied pre-approval about 3 months ago for the same reasons.

I interpret the two similar denial reasons as being denied for both prime and subprime ("One" versions with rewards, 39.00 annual fee and no bonus).  I currently have two no annual fee Quicksilver cards, one of which is an upgrade from my first ever credit card, a Platinum MC, (at which time I had 'no credit') and one which was offered as a reward for responsible management of the first card 12 months later.  I think they are both regarded as 'subprime'. That would explain why I have 'too many Capital One revolving accounts' as they have a limit of 2 sub-prime cards. 

I have a total of 11 revolving credit cards.  The denial reason "too many revolving accounts" is a little unusual but I've heard Capital One cards become difficult to get after you already have a certain number of accounts. 

These reasons seem 'untractable', i.e., there is nothing I can do to positively effect (sic) the relationship short of closing some existing accounts. 

They do regularly pre-approve me for a Walmart MC.  I would make sense to pick up a Walmart card, as the cashback at 5% for online purchases suits my spending,  but given the vibe I get from Capital One I feel I'd risk getting a very low SL and/or the store card only version.  A  tripple pull is too expensive for a $300 limit. 

[greatscott85]

Thank you for answering this!

[Rebuild2019]

That's how Cap1 is with me. I have a history with them. I do have a Quicksilver 1 with them, but it a bucket card. I don't use the card anymore and will probably close it soon. I also show approval for the Walmart Card (MasterCard). I never applied because I will Probably get a low limit also.

[FinStar]

What are the present limits on your 2 Capital One accounts? Do you have any type of installment, student or mortgage loans reporting?

If the info in your signature is up-to-date, and if you have a diverse line-up with the other banks listed, then there's really no point on adding more Capital One CC's unless you feel this is a personal quest.  Otherwise, if this similar scenario plays out again in the future, maybe you could consider other lenders (or grow the ones you have).

[Oops_I_Did_It_Again]

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@FinStar wrote:

What are the present limits on your 2 Capital One accounts? Do you have any type of installment, student or mortgage loans reporting?

If the info in your signature is up-to-date, and if you have a diverse line-up with the other banks listed, then there's really no point on adding more Capital One CC's unless you feel this is a personal quest.  Otherwise, if this similar scenario plays out again in the future, maybe you could consider other lenders (or grow the ones you have).

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$500 on the upgraded Platinum Visa

$2,800 on the Quicksilver.  SL was 2,000, June 2019, not much action since!

I have no installment debt -- old student loans and a car loan have been paid and have completely fallen off my reports. 

Only balance is $469.00/$7500 with Citibank on one card.  I'm basically AZEO.

Yes agreed, I'm headed for greener pastures.  Thanks for your input, which is always appreciated!

[CreditPacMan]

The second reason is definitely strange. I have 20+ open revolving accounts and just approved for the Savor (my 3rd Cap1 card) two weeks ago. 

[Oops_I_Did_It_Again]

Interesting.  I do wonder if there is a way out of the wilderness with them.  I'm guessing that along with the long history you have at least for some substantial periods put a lot of spend on some of those Capital One cards?

I was wary of putting spend on the ones they approvved for me, and as it happened, I was approved for an American Express card shortly after the 2nd Capital One.  It had a much higher SL, so my gratitude shifted very rapidly from Capital One to American Express, and I've never really gotten back to using the QuickSilver cards very much.  I have consciously tried to use them occassionally but I never developed a pattern of heavy, regular usage with Cap One.

They probably think of you as a wonderful, well established customer and I'm just somebody who applied with no credit and didn't use their cards much. 

Of course this is speculation.  Curious minds want to know, so if you or @FinStar  or others have futher insights ...

[CreditPacMan]

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@Oops_I_Did_It_Again wrote:

Interesting.  I do wonder if there is a way out of the wilderness with them.  I'm guessing that along with the long history you have at least for some substantial periods put a lot of spend on some of those Capital One cards?

I was wary of putting spend on the ones they approvved for me, and as it happened, I was approved for an American Express card shortly after the 2nd Capital One.  It had a much higher SL, so my gratitude shifted very rapidly from Capital One to American Express, and I've never really gotten back to using the QuickSilver cards very much.  I have consciously tried to use them occassionally but I never developed a pattern of heavy, regular usage with Cap One.

They probably think of you as a wonderful, well established customer and I'm just somebody who applied with no credit and didn't use their cards much. 

Of course this is speculation.  Curious minds want to know, so if you or @FinStar  or others have futher insights ...

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Yes, they probably like to see spend on existing accounts. My QuickSilver gained a couple of CLIs over the years but only when I put thousands of $$ on it and paid it off. The same with the Savor; I was denied last year but my profile did not look good across the board; paying off with all lenders resulted in a new approval with them. 

[FinStar]

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@Oops_I_Did_It_Again wrote:

Interesting.  I do wonder if there is a way out of the wilderness with them.  I'm guessing that along with the long history you have at least for some substantial periods put a lot of spend on some of those Capital One cards?

I was wary of putting spend on the ones they approvved for me, and as it happened, I was approved for an American Express card shortly after the 2nd Capital One.  It had a much higher SL, so my gratitude shifted very rapidly from Capital One to American Express, and I've never really gotten back to using the QuickSilver cards very much.  I have consciously tried to use them occassionally but I never developed a pattern of heavy, regular usage with Cap One.

They probably think of you as a wonderful, well established customer and I'm just somebody who applied with no credit and didn't use their cards much. 

Of course this is speculation.  Curious minds want to know, so if you or @FinStar  or others have futher insights ...

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@Oops_I_Did_It_Again -- funny you mentioned it ☺️

When it comes to Capital One (even other lenders), there's tranches involved as far as how their business/lending model works. I posted a link with some insight on a recent thread here if you want to learn more about it.

[SoCalGardener]

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@Oops_I_Did_It_Again wrote:

I applied for the pre-approval that checks for pre-approval for their Capital One core cards, Venture, Savor, Quicksilver, the various "One" sub-categories, etc.   I was denied for

• Too many Capital One relvolving accounts
• Too many revolving accounts

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The most recent time I bothered attempting a CLI, I got the "too many Capital One cards" excuse. I have three, none is/was ever subprime. I've seen others say Cap1 does not have a 3-card limit, but they do for me! At least that's what the lame excuse they provided on my last CLI attempt suggests.