I went on Capital One's website and got preapproved to apply for their Savor card. My overall credit card utilization is 1%. But after applying and getting three hard inquires, they denied my approval. I primarily did it to see what their datapoint would result.
It sucks, but the valid reason they declined me wasn't because my credit is bad or that my fico score is low. Their main reason was because I have opened many new credit card accounts this year (Two Amex, Verizon Visa, Home Depot, Amazon Chase Visa, and Sony Visa Card). Even though I have high income and I keep very low balances on all of my cards and unlike my recent approved cards, Capital One still said no.
I will be gardening for two years (or until 2024) by waiting on those inquiries to fall off and my new cards to age on my credit report.
Sorry for the denial @Antredd
Six accounts in a year with the ways things are now. Cap1 is being very skiddish lately. Seen low SL with top tier cards. Better luck next time. Welcome!
@Antredd wrote:I went on Capital One's website and got preapproved to apply for their Savor card. My overall credit card utilization is 1%. But after applying and getting three hard inquires, they denied my approval. I primarily did it to see what their datapoint would result.
It sucks, but the valid reason they declined me wasn't because my credit is bad or that my fico score is low. Their main reason was because I have opened many new credit card accounts this year (Two Amex, Verizon Visa, Home Depot, Amazon Chase Visa, and Sony Visa Card). Even though I have high income and I keep very low balances on all of my cards and unlike my recent approved cards, Capital One still said no.
I will be gardening for two years (or until 2024) by waiting on those inquiries to fall off and my new cards to age on my credit report.
OP, I think this is definitely a matter of perspective. If you have been approved by Citi and Synrhcony for decent cards, then I wouldn't worry about Cap1. I think the other two are a bit more strict, especially for the Citi AA card and the Verizon Visa. Cap1 probably just doesn't like that you pay your cards off. They also use a mortgage version of the Equifax and Experian scores, which is pretty harsh on you if you have new accouhts or negative items.
I would consider the American Express Gold Card (look on the Resy website for the best offer) instead of the Savor. I had the Savor One for about a year and half, then I got the AmEx Gold. It's just a way better card, if you can get it. The 4X MR points applies to both groceries and dining. And you can recoup $240 of $250 of the annual fee using the dining and Uber credits. I use the Uber credit to pick up food from a restaurant. And even though my Experian report isn't perfect, AmEx has treated me very well. The hard part is getting approved. But I think if you have a 660 Experian FICO and no recent baddies in the last 3 years, you stand a good chance.
In my case the 5, 4, 3 scores I keep hearing Cap 1 uses are higher all than my Fico 8 scores.
Here's an update. I received a pre-approval offer today in an email to my shock. I applied and was approved for the Savor card. The reason I went for it is because of the better UBER ride and eats 10% cash back you get. Savor is also giving new card holders a 2 years Uber One credit. That's way better than the $10 Uber credit I get on my Gold AMEX card with a $250 annual fee. This card has no annual fee.
Here's Capital One's Criteria for Excellent Credit to qualify for the Savor Card.
I’ve never declared bankruptcy or defaulted on a loan; I haven’t been more than 60 days late on any credit card, medical bill, or loan in the last year; I’ve had a loan or credit card for 3 years or more with a credit limit above $5,000.