Capital One Venture Denied?

[Anonymous]

Hey guys,

So long story short after a miscommunication with capital one, I decided to apply for the Venture card. I was eligible for an upgrade from my QS to the Venture One but really wanted the Venture so I applied and got immediately declined. I emailed the CEO of capital One a nice letter stating that I have 4 accounts with them and I have been with them for almost a decade. Next day I received a call from a lady who said she would be handling my application and would be deep diving to see what she could figure out. That was yesterday. Today I got a secure message that I was denied because I don't have experience with high credit limits. This notice was dated before I was contacted by the rep. I assume this is why I was originally declined. Anybody have any experience with this type of denial? It was the only reason stated why I was denied. However I told the CSR that I was willing to take the limits from my other cards to put towards the Venture. Do you think this will help? I am not looking for a 20k limit. Even starting with a 5k limit will be great. If you have any recommendations on what my next steps should be, please share. Thanks!

[Anonymous]

Can you type in the exact denial reason, letter for letter, as it is written in the letter?

[Anonymous]

Sure this is exact wording

Unfortunately, after reviewing your application and information obtained from your consumer credit reports from the agencies detailed on the back of this letter - we cannot approve your request at this time.

The reason(s) for our decision are:

"Based on your credit report from Equifax, insufficient experience with high lines of credit or credit amounts"

"Based on your credit report from Experian, insufficient experience with high lines of credit or credit amounts"

"Based on your credit report from Transunion, insufficient experience with high lines of credit or credit amounts"

[Anonymous]

Very odd.

What were your FICO8s they pulled, and what is your highest limit bank card (not store card)?

[Anonymous]

Highest is two 3k limits on my cap 1 cards. My FICO8 was low at 685-690. My TU and EQ is over 700's

Should mention I have about 10k overall in credit limits from cap 1

[Anonymous]

Got another call, they are still looking into it. They asked me to offer any more information that may help them approve me. I told them if they take the 3k from one card and use it towards the Venture then they really are only approving me for 2k limit. I don't know what more to give them based on the denial reasons.

[fuzzle]

right on the website they specify the "credit level" they require for particular cards,  for "excellent" they want to see you've had a card for 3 years with a limit over 5k

[Anonymous]

Yes I saw that it requires excellent credit but do not see where it says excellent is that I've had a card for 3 years over 5k. In addition I was offered an upgrade to the Venture One and I have 2 QS cards, all requiring excellent credit. That being said the underwriting for the Venture One and venture should be the same I would think

[CreditCuriosity]

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@Anonymous wrote:
Yes I saw that it requires excellent credit but do not see where it says excellent is that I've had a card for 3 years over 5k. In addition I was offered an upgrade to the Venture One and I have 2 QS cards, all requiring excellent credit. That being said the underwriting for the Venture One and venture should be the same I would think

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Don't believe what Cap1 says on Excellent credit people with 650 scores and no lmiits above 5k and CC's for only a year or two have got 10-20k approvals on the Venture.