Capital One Sensitivity?

[Anonymous]

I have a Quicksilver I opened about 4 years ago before I really started forming a strategy for my CCs. Don't use it much any longer, though I will say that their addition of offers recently has made it more useful to me.

That said, they emailed me last week with a $150 referal bonus offer. I'd like to get a Quicksilver for my wife. Between the referal bonus and the SUB it's an easy $350 for us. However, in researching this, I've read that CapOne is app/new account sensitiive. Anyone out there have specifics on their policy?

My wife has one new CC in her name in the last year (October); and two additional new accounts in 2019. She's also had new authorized user accounts on my cards in Dec of last year, and three others in 2019. Only additional pulls would be two in quick succession for mortgage apps last Oct, with the new mortgage in Dec. Credit score over 775 (probably pushing 800 now), utilization under 10%, total CL over $200k, 20 yr history, no negative marks/missed payments/etc.

Any ideas on her chances for approval? We're not likely to apply for anything else new in the next 6 mons (maybe AOD), but don't want to waste a hard pull across all three CBs for no good reason. Thanks for the help.

[Ficoproblems247]

Recent DPs suggest 6 months being what they are sensitive to as far as inquiries/new accounts, so I would wait until next month at least when she gets to that point to be on the safe side. One thing to try is their pre-approval tool. Now keep in mind that this tool will only check for their sub-prime cards; the Platinum, the secured card, and the QS1, however if they feel you have opened too many new accounts recently they will still deny you in their pre-approval tool for these sub-prime products. I have experimented with the tool using my own profile and it has confirmed the other recent DPs that members have posted. I would have her wait until 6 months, then check their online pre-approval tool. If it gives you the green light exit out of that tool, load up a new Cap1 page, and apply for the regular QS card using the referral. 

[Horseshoez]

I would say her chances of approval are extremely high.

[FinStar]

AFAIK, they haven't 'relaxed' their UW policies.  So, even by default that you've added her to some of your accounts, especially if you've obtained those recently, will definitely be a factor.  If she had only opened one or two accounts in the past 24 months, I'd say she would be ok (assuming everything else is optimal with her profile).  But, since results can definitely vary, this is a decision you'll have to weigh based on those factors.

Now, if Capital One had relaxed their UW standards and there was evidence of more approvals that would drive that decision as a "yes, proceed", then sure. 

[FinStar]

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@Horseshoez wrote:

I would say her chances of approval are extremely high.

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How so?

[Horseshoez]

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@FinStar wrote:

AFAIK, they haven't 'relaxed' their UW policies.  So, even by default that you've added her to some of your accounts, especially if you've obtained those recently, will definitely be a factor.  If she had only opened one or two accounts in the past 24 months, I'd say she would be ok (assuming everything else is optimal with her profile).  But, since results can definitely vary, this is a decision you'll have to weigh based on those factors.

Now, if Capital One had relaxed their UW standards and there was evidence of more approvals that would drive that decision as a "yes, proceed", then sure. 

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@FinStar wrote:

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@Horseshoez wrote:

I would say her chances of approval are extremely high.

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How so?

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Last March I had my Chapter 13 discharged, and between then and December I applied six times for credit cards; three denials and three approvals.  CapitalOne was the first app (denied), third app (approved, opened, and closed by me six weeks later), and sixth app (approved), this time for a Quicksilver with a $3,000 starting limit.  Not sure if this is indicitave of them changing their underwriting rules, but in my case, I was instantly approved.

[FinStar]

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@Horseshoez wrote:

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@FinStar wrote:

AFAIK, they haven't 'relaxed' their UW policies.  So, even by default that you've added her to some of your accounts, especially if you've obtained those recently, will definitely be a factor.  If she had only opened one or two accounts in the past 24 months, I'd say she would be ok (assuming everything else is optimal with her profile).  But, since results can definitely vary, this is a decision you'll have to weigh based on those factors.

Now, if Capital One had relaxed their UW standards and there was evidence of more approvals that would drive that decision as a "yes, proceed", then sure. 

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@FinStar wrote:

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@Horseshoez wrote:

I would say her chances of approval are extremely high.

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How so?

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Last March I had my Chapter 13 discharged, and between then and December I applied six times for credit cards; three denials and three approvals.  CapitalOne was the first app (denied), third app (approved, opened, and closed by me six weeks later), and sixth app (approved), this time for a Quicksilver with a $3,000 starting limit.  Not sure if this is indicitave of them changing their underwriting rules, but in my case, I was instantly approved.

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Ok, but OP's DW profile is likely night and day from yours, no?  And, Capital One is known for tranches.

So, I'd say there's merit for consideration given all factors.  Most clean (non BK) profiles tend to have different factors when AI algorithms come into play, so @Anonymous can determine whether it's worth the risk given the triple whipple.  It'll be good DPs regardless.

[Anonymous]

@FinStar @Horseshoez @Ficoproblems247 Thanks for the feedback all. Will test out the pre-qual tool to see what it suggests, and probably wait until Apr or May until the Oct account falls outside of 6 mon. Not sure I'll wait for the mortgage and Dec AU to fall out - worried the referral or SUB will change by then