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Capital One Savor Approval Guidelines

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TheDude
Valued Member

Capital One Savor Approval Guidelines

Does anyone know what the guideline is for approval on this card?  I have applied for this card twice, once recently and another time about a year ago.  I got declined both times with the explanation that I have too many bank card tradelines opened in the last 24 months.  (How many can I have?)  I've tried contacting them to get answers, but it's impossible to reach anyone on the phone that can help me.  I've also sent two postal letters, and both times they have just emailed me a the same decline letter with a new date.  The Experian score they used was 780.  I used the Capital One prequalify site, and it had given me preliminary approval.  Also, when they declined me, they offered me the SavorOne card with a $1000 credit limit, but that doesn't have the rewards I want nor can I do much with that spending limit.  I don't even understand why they would do that, as the card I want pays them an annual fee.

 

Any suggestions or info is much appreciated.

10 REPLIES 10
kdm31091
Super Contributor

Re: Capital One Savor Approval Guidelines

Capital One does not recon, so unfortunately sending letters, calling, etc is not going to change the decision. They run on a basically completely automated system and if the computer denies you that's pretty much that, unless there is an error involved. It is also difficult (or impossible) to get a live analyst on the phone to explain reasons to you. The best you will get is what you've gotten -- someone basically reading you the denial reasons from the letter.

 

With regard to underwriting, they're pretty strict with their higher end products. They have some type of x/24 rule it seems. Nobody really knows exact details, but they definitely do not want to see a lot of new accounts (or even more than a few). We've seen some reports of what you mention -- being offered a low SL with no signup bonus, etc -- but that is the tradeoff and the only way to get something out of the hard pulls. Otherwise, the decision will stand and you get no card.

 

Capital One is what it is, and they don't work like a lot of other banks where you can speak to someone and plead your case (even though that is slowly diminishing across many banks).

 

There are other options out there for dining cards and it may be best to seek other options rather than repeatedly burning 3 hard pulls for a denial; alternatively, I would garden for 6 months - 1 year solid with no new accounts and that may help. It may have to be even longer though.

 

Message 2 of 11
FireMedic1
Community Leader
Mega Contributor

Re: Capital One Savor Approval Guidelines

It has been noticed that people with higher scores get declined more than people with 700-720's. Makes no sense. Even higher than yours get the sorry no soup for you.  ¯\_(ツ)_/¯ 


Message 3 of 11
Anonymous
Not applicable

Re: Capital One Savor Approval Guidelines


@TheDude wrote:

Does anyone know what the guideline is for approval on this card?  I have applied for this card twice, once recently and another time about a year ago.  I got declined both times with the explanation that I have too many bank card tradelines opened in the last 24 months.  (How many can I have?)  I've tried contacting them to get answers, but it's impossible to reach anyone on the phone that can help me.  I've also sent two postal letters, and both times they have just emailed me a the same decline letter with a new date.  The Experian score they used was 780.  I used the Capital One prequalify site, and it had given me preliminary approval.  Also, when they declined me, they offered me the SavorOne card with a $1000 credit limit, but that doesn't have the rewards I want nor can I do much with that spending limit.  I don't even understand why they would do that, as the card I want pays them an annual fee.

 

Any suggestions or info is much appreciated.


What does the rest of your credit profile look like?

 

Sometimes the reasons they give are cover and the real reason is like reading tea leaves. The community here is pretty good at it, but we need more info. Since they offered you a relatively low limit SavorOne, my guess is that your credit history isn't super long.

 

For what it's worth, the Savor is 4% dining and entertainment with $95/fee. The SavorOne is 3%. You'd have to spend more than $9500 a year in dining and entertainment to break even.

 

Most people would be okay with the SavorOne. By the time you spend that much each year on food and entertainment then you may be better off with an Amex Gold or Chase Sapphire Reserve. There are some niche cases where you buy a lot of non-food and non-travel based "entertainment" categories where the Savor may come out ahead, but the Amex Gold wins out for the average person with that level of spend.

Message 4 of 11
TheDude
Valued Member

Re: Capital One Savor Approval Guidelines

Actually, I do have an extensive credit history.  My oldest card is 27 years, although average credit age is about 10 years.  <1% utilization, mortgage, no car loans currently, no late payments, etc.

 

Your point about the $9,500 is understood.  Between what I spend on entertainment (season ticket holder, concerts) and dining out, it's definitely worth it to me, and they do waive the fee for the first year along with $300 sign up bonus for Savor.  I have also been looking at the other cards you mentioned--I wish Amex offered the 4% on entertainment as well.  But as you mentioned there are other cards without a fee that give 3% on just dining.

 

Message 5 of 11
Anonymous
Not applicable

Re: Capital One Savor Approval Guidelines

What about new card accounts last 12- 24 months. Lots of people throw out this idea that Capital One rejects people with excellent credit. I believe that's a mistaken assumption based on my own data point as well as others here. My hypothesis is that they want to avoid bonus chasing on the Savor and Venture cards. They also seem to be more generous to those who have had and used their cards regularly. They like swipes.

Message 6 of 11
TheDude
Valued Member

Re: Capital One Savor Approval Guidelines

I do have a couple of new acccounts in the last two years, but if that's the reason, why not share how many are allowed?  I agree, that maybe they are trying to avoid people signing up for the bonus and then canceling after a year.

Message 7 of 11
FireMedic1
Community Leader
Mega Contributor

Re: Capital One Savor Approval Guidelines


@TheDude wrote:

I do have a couple of new acccounts in the last two years, but if that's the reason, why not share how many are allowed?  I agree, that maybe they are trying to avoid people signing up for the bonus and then canceling after a year.


Funny you bring this up. Wonder how many took the $500 SUB and canceled before the annual fee when they changed the terms. Could be why?

Thank my lucky stars I got in before the AF started and the purse strings got tightened. Whew! Timing is everything they say.


Message 8 of 11
Guyatthebeach
Valued Contributor

Re: Capital One Savor Approval Guidelines

I have the original Savor card when it came out with the 4% CB and no annual fee. My score was 735, I believe, and only had a couple of new cards at the time I applied.

 

I know CapitalOne has really tightened their lending guidelines and quit doing recon's. Also the writing the executive office is meaningless, because of over use. If you  really want the Savor card, reapply when your new credit card accounts fall out of the new account category.

 

If you want a cash back card for dining, look at the PNC cash rewards card. You get 3% for all restaurants. The only thing with that card is redemptions can be made once you have $25 in rewards. I have the card and like it. The card is also no annual fee.

 

Hope this helps.

 

Guyatthebeach

Message 9 of 11
TheDude
Valued Member

Re: Capital One Savor Approval Guidelines

Thanks everyone for the ideas.  Yes I might wait, or hopefully someone will come out with another good card for entertainment, and this Corona virus mess is behind us by then.   

 

I do have the Wells Fargo / Amex Propel Card--for restaurants and travel it gives 3% with no annual fee.  This is my go to card for dining right now.

Message 10 of 11
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