Friends: Over the weekend, I applied for the Capital One Venture card. I travel a lot for work and pleasure, and wanted to add this card to my travel toolkit.
I've had the Quicksilver card since early 2014 and have enjoyed a few CLIs, but my SL is only $3,250 and that card seems bucketed. My current FICO 8 scores are EX 713, EQ 712, TU 709. Utilization is below 30% across the board and I have a modest number of inquiries (5-6) across the bureaus. My income is relatively high ($400K+) and AAoA is more that 5 years.
I was surprised to receive an instant denial to my online application. The letter Cap One sent me cites the main reason as: "Revolving account balance(s) are too high in relation to credit score." Curiously, the Experian score cited in their letter was much lower than my FICO 8 EX score. Perhaps Cap One is using the new FICO 9 score? Their letter also mentioned "Too many inquiries last 12 months". Cap One seems inordinately sensitive to inquiries!
Is it worth attempting a recon with Cap One? I'd be happy to offer closing my Quicksilver card in favor of the Venture if that would help?
Cap1 doesn't do recon. They actually may have pulled an older score like fico5
IMHO, sounds like CO is going to miss out on another great customer! there loss, so many better cards out there.
Wow.
That's insane that they would auto-deny you.
Your file seems well enough.
Their loss I suppose.
"Their loss" is about $12K per month of credit card spend, which I can easily put on other cards!
Presumably the algorithms used by credit card companies are mostly about risk. It's difficult to see why any company would think my file represents a level of risk that justifies this denial.
