Capital One - Venture - Credit Progress

[Anonymous]

Hi Guys!

I was curious if anyone else has had this issue:

I applied for a CO Venture (I have 2 QS's, after upgrades to 1 Platinum, and a Spark Business) 

However, the CO CSR said that Venture doesn't apply to the 2 CapOne card max rule.

So, with the increase of my score to 670+ I applied (UTIL was at about 12%) 

I was denied with a score of 569!!!!!!

So, that's really why I'm on myFICO anyway was because of the scoring models.

Come to find out the 569 is the older FICO 3 scoring that CC's use to evaluate. My FICO 8 is 681 as of today. NO collections, Charge-offs, but 60 days 10 months ago/high % of accounts that had late pay at some point. 

I was just shocked by the 101 point different at the time of the pull (now 112) AND that they pulled ALL THREE.

Has any else experienced this? What about calling in and talking to them about the score/model used? I mean the QS application used FICO 8.

Your insight is appreciated! 

[Anonymous]

FICO 3 model? I thought Capital One usually used FICO 04? Either way, I'm sorry about your decline. You'll get your scores up soon enough, though.

[Anonymous]

Yeah - But I have a 681/696 in FICO 8 model so it's a bit frustrating! 

Thanks! 

[Anonymous]

Bummer, I wanted the Venture but decided to go after the Venture One assuming the credit requirments would be lower and was approved.  Not sure if they would do more HP but it might be worth a crack at Venture One, no annual fee but the rewards are not as generous.  Still zero percent for a year.

[Anonymous]

Should I just call a CSR and see?

[Nova5041]

Yeah it is kind of weird, you got denied, when you have other cards with them and alittle better score I had when I was approved, and I have 150 day late and a 2 judgments on my cr for student loans, and I was approved for the venture card. I would call and recon, just my 2 cents.

[Anonymous]

Yeah - I'm gonna try and locate a number to call now.

[ojefferyo]

Cap1 won't do anything as far as you telling them which score model to use. They will most likely stick to their decision even at the EO level. 

[bigpoppa09]

They use Fico 04

[OmarGB9]

You can try calling, but they aren't going to use a different scoring model just because you tell them to. AFAIK, they use FICO 04 for the Venture, and that score can vary greatly from the 08 score. They also rely on an internal score, I'm almost certain.