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Capital One Venture Denial

Regular Contributor

Capital One Venture Denial

Hello All,

 

I applied for Cap One Venture yesterday and was denied instantly, today I received an email with denial letter stating the following reason for denial
"Based on your credit report from Trans Union,number of bank cards tradelines opened in the last 24 months"

 

I contacted application service line and talked with representative as well as 2 supervisors but they kept telling to contact TransUnion which does not make sense as decision is taken by Cap One.

 

I have opened 8 accounts in last 24 months but Credit Bureaus should have only 6 as my last 2 AMEX cards haven't reported yet.. I was expecintg an instant approval but I am annoyed with denial because as far as I know there is no reconsideration department, is that true and I am pretty much done with this application or can anything be done?

 

My stats are as follows

FICO EX 748, EQ 716, TU 741

INQ EX 6, EQ 3, TU 3: 12 Months EX 4, EQ 3, TU 2

AAoA 20 months

FICO EX 748, EQ 752, TU 746| Total CL $209,000| INQ EX 7, EQ 6, TU 5:12 Months EX 5, EQ 5, TU 4| AAoA 20 months
CSR $29000Schwab PlatinumCIP $10000PRGAviator Red $8000Pathfinder Rewards $5000Merril+ $15000Merril+ $5000
Double Cash $8800Premium Rewards $20000BCP $34500CF $8000ED $16300Discover $8900Cash Rewards $5500Arrival $15000Macys $20000
Message 1 of 20
19 REPLIES
Community Leader
Valued Contributor

Re: Capital One Venture Denial

Sorry to hear! I’m assuming you didn’t have a pre-approval, but neither did I when I apped with more inquires. The only other difference is I had a QS when I applied. Cap1 seems to be tightening the reins a bit, but with your scores, I would have been confident too. 

If it’s any consolation, I don’t think your missing out on much. 

AMEX PLATINUM, DELTA PLAT & SPG | PenFed PR | NFCU FS | Discover IT | CAP1 QS & VENTURE | LOWES l NORDSTROM I WAYFAIR I
Message 2 of 20
Highlighted
Senior Contributor

Re: Capital One Venture Denial

Capital One charge-offs are up over 25% in the year from 2016 to 2017 (4%->5%) so they're tightening the belt for sure.

 

It's feasible they would decline you for a premium card based on higher underwriting standards than their rebuilder cards.  The Venture is a premium card from them, with a premium sign up bonus, and they don't want to approve churners for sure.

 

Did you check to see if you were prequalified before apping?

Message 3 of 20
Community Leader
Senior Contributor

Re: Capital One Venture Denial

It's pretty much a done deal OP.  They've tightened the reins, especially on their higher-tier products.  The old days of everyone getting approved left and right for QS or Ventures with moderate SLs are pretty much done for a while.  Some would advocate to recon or engaging the EO but it will be a fruitless effort.

Message 4 of 20
Moderator

Re: Capital One Venture Denial

You also certainly already have alot better cards than Cap1 can offer you as well OP based on your signature.  Cap1 will still approve Ventures/QS with decent limits if you don't have a ton of other banks from what I have seen, but they have certainly tightened up due to the up tick in their losses.

Chase | Citibank | Amex | BofA | PenFed | NFCU | Discover | Barclay's | US Bank | Fifth Third Bank | FNBO
Message 5 of 20
Valued Contributor

Re: Capital One Venture Denial

This doesn't make me feel warm and fuzzy about my plan to app for this next month.  I have a lot more than 8 cards in the last 24 months.

 

If that's their real only reason for denying you, that would suggest they've implemented some Chase-like 5/24 rule or something similar.

Message 6 of 20
Community Leader
Senior Contributor

Re: Capital One Venture Denial


MrDisco99 wrote:

This doesn't make me feel warm and fuzzy about my plan to app for this next month.  I have a lot more than 8 cards in the last 24 months.

 

If that's their real only reason for denying you, that would suggest they've implemented some Chase-like 5/24 rule or something similar.


No rule.  They've just simply tightened their UW criteria.  Lenders adjust frequently to market conditions. 

Message 7 of 20
Valued Contributor

Re: Capital One Venture Denial

Were any other denial codes listed? I see your AAoA is only 20 months and Total CLs is at $178K. I’d point to that as being a factor as well. That’s quite an amassing of card limits in such a short time.

I’m curious what your income to total unsecured credit limit ratio is as that definitely has an impact on risk scores.


Beginning Journey April 2017 – FICO 8

Current Scores May 2018 – FICO 8
Message 8 of 20
Regular Contributor

Re: Capital One Venture Denial


JAG73 wrote:

Sorry to hear! I’m assuming you didn’t have a pre-approval, but neither did I when I apped with more inquires. The only other difference is I had a QS when I applied. Cap1 seems to be tightening the reins a bit, but with your scores, I would have been confident too. 

If it’s any consolation, I don’t think your missing out on much. 


Yeah no pre-approval.. but I was confident I would get approved, oh well!!

FICO EX 748, EQ 752, TU 746| Total CL $209,000| INQ EX 7, EQ 6, TU 5:12 Months EX 5, EQ 5, TU 4| AAoA 20 months
CSR $29000Schwab PlatinumCIP $10000PRGAviator Red $8000Pathfinder Rewards $5000Merril+ $15000Merril+ $5000
Double Cash $8800Premium Rewards $20000BCP $34500CF $8000ED $16300Discover $8900Cash Rewards $5500Arrival $15000Macys $20000
Message 9 of 20
Regular Contributor

Re: Capital One Venture Denial


ABCD2199 wrote:

Capital One charge-offs are up over 25% in the year from 2016 to 2017 (4%->5%) so they're tightening the belt for sure.

 

It's feasible they would decline you for a premium card based on higher underwriting standards than their rebuilder cards.  The Venture is a premium card from them, with a premium sign up bonus, and they don't want to approve churners for sure.

 

Did you check to see if you were prequalified before apping?


Yeah no pre-qualified offer for Venture.. And I was thinking it should be an instant approval.. I already have better premium cards than Venture but wanted this for upcoming international travel expenses.. And I am not that a heavy churners compared to people they have approved recently Smiley Sad

FICO EX 748, EQ 752, TU 746| Total CL $209,000| INQ EX 7, EQ 6, TU 5:12 Months EX 5, EQ 5, TU 4| AAoA 20 months
CSR $29000Schwab PlatinumCIP $10000PRGAviator Red $8000Pathfinder Rewards $5000Merril+ $15000Merril+ $5000
Double Cash $8800Premium Rewards $20000BCP $34500CF $8000ED $16300Discover $8900Cash Rewards $5500Arrival $15000Macys $20000
Message 10 of 20