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Capital One Venture Card Approval Odds

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Anonymous
Not applicable

Capital One Venture Card Approval Odds

Just wondering what y'all had seen as far as approval odds go for the Capital One Venture Card. Here are my stats. It did not say I was pre-approved but I read online that it does that often even with individuals apply and get approved, or get denied and call them anyway and they change the approval status and approve them. 

 

21 years old

Annual Income of $55,000+

Fico 8 Scores:

Experian: 712

Equifax: 698

Transunion: 710

$14k credit limit with revolving use of $2790 on one card, (paid this off but has not reflected yet)

Auto loan balance of $27,500 (borrowed $33k)

3 previous other autos loans since 16 (first one was at 16 with a co-signer through a local credit union)

7 open credit cards with 0 balances on all of them ($14k total limit)

2 previous installment loans- paid off early at 19

No missed payments

Student loan debt but deferred until I graduate from Pharmacy school

 

Should I wait until the $2790 credit card (close to maxed out) shows paid off with a $0 balance before I apply? This will raise my score showing paid off. Thoughts? 

 

 

13 REPLIES 13
simplynoir
Community Leader
Mega Contributor

Re: Capital One Venture Card Approval Odds

For sure let the almost maxed card show up on your reports as paid off first and then come back with your updated scores. That should give you a significant bump because CapOne is a triple puller so you want all three bureaus to look as good as possible if/when you apply for the Venture.

Message 2 of 14
xaximus
Valued Contributor

Re: Capital One Venture Card Approval Odds

Any reason you wanna go for that card? There are better cards that don't require triple pulls and offer better rewards. What are you looking for rewards wise?


Scores - All bureaus 770 +
TCL - Est. $410K
Message 3 of 14
Anonymous
Not applicable

Re: Capital One Venture Card Approval Odds

I would not go with Cap1 as they hit or miss as you will learn from reading the board. I just upgraded to the Venture One same APR 25% since I got mt 1st card  with Cap1 4 years and credit limit is just now at$4,500, others with chapters 7 and 13 seem to have higher CI than me?  They will deny you a CI if your credit limit is being used too high, They will deny you a CI if your payments are too low in their eyes but way higher than the min required , They will deny you a CI if your credit limit is being used too little . They are the worst when it comes to CI.

Message 4 of 14
Anonymous
Not applicable

Re: Capital One Venture Card Approval Odds

In my opinion, you probably should wait until that balance is paid off first. But ultimately that's your decision.

Do you travel a lot? If you're more of a dining/entertainment person the savor one and savor are really great for that. In fact, those two cards are hard to beat. 👍
Message 5 of 14
Remedios
Credit Mentor

Re: Capital One Venture Card Approval Odds


@Anonymous wrote:

I would not go with Cap1 as they hit or miss as you will learn from reading the board. I just upgraded to the Venture One same APR 25% since I got mt 1st card  with Cap1 4 years and credit limit is just now at$4,500, others with chapters 7 and 13 seem to have higher CI than me?  They will deny you a CI if your credit limit is being used too high, They will deny you a CI if your payments are too low in their eyes but way higher than the min required , They will deny you a CI if your credit limit is being used too little . They are the worst when it comes to CI.


 

Your upgraded Platinum starter card just changed clothes, but it's same card. $4500 is a decent limit under the circumstances. 

They will not deny you CLI for using your entire CL, they will deny it for not paying it back fast enough. Risk assessment. 

If your payments are too low, it makes no sense to extend the rope even further. The card does not have 0% APR, so "way higher than minimum" still indicates inability to pay in full 

 

I no longer have Cap1 cards, but they are not the worst. Not even in the same zip code. 

 

Sometimes you have to stop agonizing over cards that dont quite work out for you and move on to different, and quite possibly, better ones. 

Message 6 of 14
Remedios
Credit Mentor

Re: Capital One Venture Card Approval Odds


@Anonymous wrote:

Just wondering what y'all had seen as far as approval odds go for the Capital One Venture Card. Here are my stats. It did not say I was pre-approved but I read online that it does that often even with individuals apply and get approved, or get denied and call them anyway and they change the approval status and approve them. 

 

21 years old

Annual Income of $55,000+

Fico 8 Scores:

Experian: 712

Equifax: 698

Transunion: 710

$14k credit limit with revolving use of $2790 on one card, (paid this off but has not reflected yet)

Auto loan balance of $27,500 (borrowed $33k)

3 previous other autos loans since 16 (first one was at 16 with a co-signer through a local credit union)

7 open credit cards with 0 balances on all of them ($14k total limit)

2 previous installment loans- paid off early at 19

No missed payments

Student loan debt but deferred until I graduate from Pharmacy school

 

Should I wait until the $2790 credit card (close to maxed out) shows paid off with a $0 balance before I apply? This will raise my score showing paid off. Thoughts? 

 

 


 

 

When did you open the other 7 cards? Are they recent? 

Message 7 of 14
Anonymous
Not applicable

Re: Capital One Venture Card Approval Odds

Only one recently within the past month and a half. The other ones are fairly old (few years+).

Message 8 of 14
Brian_Earl_Spilner
Credit Mentor

Re: Capital One Venture Card Approval Odds


@Remedios wrote:

@Anonymous wrote:

I would not go with Cap1 as they hit or miss as you will learn from reading the board. I just upgraded to the Venture One same APR 25% since I got mt 1st card  with Cap1 4 years and credit limit is just now at$4,500, others with chapters 7 and 13 seem to have higher CI than me?  They will deny you a CI if your credit limit is being used too high, They will deny you a CI if your payments are too low in their eyes but way higher than the min required , They will deny you a CI if your credit limit is being used too little . They are the worst when it comes to CI.


 

Your upgraded Platinum starter card just changed clothes, but it's same card. $4500 is a decent limit under the circumstances. 

They will not deny you CLI for using your entire CL, they will deny it for not paying it back fast enough. Risk assessment. 

If your payments are too low, it makes no sense to extend the rope even further. The card does not have 0% APR, so "way higher than minimum" still indicates inability to pay in full 

 

I no longer have Cap1 cards, but they are not the worst. Not even in the same zip code. 

 

Sometimes you have to stop agonizing over cards that dont quite work out for you and move on to different, and quite possibly, better ones. 


Like amex, huh @Remedios 

    
Message 9 of 14
Remedios
Credit Mentor

Re: Capital One Venture Card Approval Odds


@Anonymous wrote:

Only one recently within the past month and a half. The other ones are fairly old (few years+).


Just wait till that payment is reflected on your CR and check prequal then. 

No prequal does not mean you would not get approved, I think you'll be fine with cold app as long as that card is paid.

 

Good luck! 

Message 10 of 14
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