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Capital One mailing offers

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ipmyf88
Valued Member

Capital One mailing offers

So - Capital One has been bombarding me with letters in the mail and emails for at least a year. I finally decided to bite the bullet and they had the guts to deny me... how does their recon line work? Do I have a chance of getting an approval with that for a decent CL or should I just not waste any time on this? 

This is what they said the reason for denial was:

 

"The reason(s) for our decision are:
"· Based on your credit report from one or more of the agencies on the back of this letter, there are too many active credit cards based on your loan history"

 

They pulled Experian (737). I have a card which is currently maxed (10.7k balance on 11.5k limit) and Discover at 3.5k on 10.5k limit. Overall utilization at 11% across 8 accounts and total CL +130k. 85k income and 1k rent. 

Any input is appreciated...

Message 1 of 10
9 REPLIES 9
FireMedic1
Community Leader
Mega Contributor

Re: Capital One mailing offers

The pre-approval online is more spot on than any mailing. Marketing. CSR's cant override the system. You can call and ask. Sorry for the denial.


Message 2 of 10
Horseshoez
Valued Contributor

Re: Capital One mailing offers

@ipmyf88, CapOne isn't the only financial institution which pulls that stunt, Discover bombarded me with preapproval offers (before I froze all of my reports); I finally took a gamble; first a hard-pull, and then a denial.  Funny thing though, two months after I got the Discover denial I let CapOne sucker me in with a preapproval offier, and bingo, I was approved.  Smiley Happy

I categorically refuse to do AZEO!
Message 3 of 10
Remedios
Credit Mentor

Re: Capital One mailing offers

Receiving marketing offers is like watching a commercial for restaurants then getting mad when you don't like food "But, it looked good on TV!"  They invited you, they didn't force feed you. 

 

When it comes to mailers, pre-approvals, pre-quals, it's best to think of them toys. Until you apply, CR is pulled, and completely evaluated based on lender's UW criteria, there is nothing anyone can say or guarantee approval wise. There will be other denials and there will be other approvals, hardly worth sweating it.

You will get a letter (unless you already did) explaining why, so if you are interested in the future, at least you'll have an idea on why this application was denied (in case it's something that can be corrected such as high utilization and/or credit seeking).

If you got denied for too much available credit or simply because you aren't their target demographics, leave them be, plenty of plastic fish around 

 

Message 4 of 10
7774x
Frequent Contributor

Re: Capital One mailing offers


@FireMedic1 wrote:

The pre-approval online is more spot on than any mailing. Marketing. CSR's cant override the system. You can call and ask. Sorry for the denial.


I too was bombarded with Preaporoved letters from Capital One..They also run Kohl's Credit card .. every time I paid Kohl's  bill in full ....I almost got  weekly letters from Capital One  saying preapproved . So I used preapproved code .. with 757 Fico ..  got denied ...too many accounts.. &  also with  zero balances.. Guess I will continue to pay Kohl's in full each month without interest charge

Message 5 of 10
OmarGB9
Community Leader
Super Contributor

Re: Capital One mailing offers

Unfortunately there is no recon with Capital One. And the denial reason to me is saying you're just not their target demographic. And as noted above, mailers are just marketing. 


Last App: 1/10/2023
Penfed Gold Visa Card

Currently rebuilding as of 04/11/2019.

Starting FICO 8 Scores:




Current FICO 8 scores:


Message 6 of 10
Brian_Earl_Spilner
Credit Mentor

Re: Capital One mailing offers


@Horseshoez wrote:

@ipmyf88, CapOne isn't the only financial institution which pulls that stunt, Discover bombarded me with preapproval offers (before I froze all of my reports); I finally took a gamble; first a hard-pull, and then a denial.  Funny thing though, two months after I got the Discover denial I let CapOne sucker me in with a preapproval offier, and bingo, I was approved.  Smiley Happy


It's not a stunt. Lenders hire marketing companies saying, "we need people between the ages of 18-67 with credit scores between 620-720. Here are the promos we're running." The marketing company then goes to the bureaus and buys a list of people that fit and sends them mailers. You're officially pre-qualified by meeting their basic requirements. Pre-approvals are a bit different in that there are more variables that need to be met, but you've met them based on the information they have without access to your detailed reports. Then you put in an app, they get access to your detailed reports, and are either approved or disqualified. 

    
Message 7 of 10
Horseshoez
Valued Contributor

Re: Capital One mailing offers


@Brian_Earl_Spilner wrote:

@Horseshoez wrote:

@ipmyf88, CapOne isn't the only financial institution which pulls that stunt, Discover bombarded me with preapproval offers (before I froze all of my reports); I finally took a gamble; first a hard-pull, and then a denial.  Funny thing though, two months after I got the Discover denial I let CapOne sucker me in with a preapproval offier, and bingo, I was approved.  Smiley Happy


It's not a stunt. Lenders hire marketing companies saying, "we need people between the ages of 18-67 with credit scores between 620-720. Here are the promos we're running." The marketing company then goes to the bureaus and buys a list of people that fit and sends them mailers. You're officially pre-qualified by meeting their basic requirements. Pre-approvals are a bit different in that there are more variables that need to be met, but you've met them based on the information they have without access to your detailed reports. Then you put in an app, they get access to your detailed reports, and are either approved or disqualified. 


I never meant to imply I thought it was a stunt; I agree with everything you wrote above.

I categorically refuse to do AZEO!
Message 8 of 10
Hex
Valued Contributor

Re: Capital One mailing offers

Unfortunately Capital One doesn't do recons. I think it's the almost maxed out card that worried them. How long has it been maxed out? Maybe they

sent you a lot of those preapprovals before that card was maxed out. When you get your utilization down they'll probably approve you. If you decide to apply again it couldn't hurt to do the online prequalification tool right before you apply next time so you'll know they have your most up to date information. I don't think you'll have very much success getting any new cards until you get your utilization down. 

Message 9 of 10
GatoradeZeroGuy
Valued Contributor

Re: Capital One mailing offers


@ipmyf88 wrote:

So - Capital One has been bombarding me with letters in the mail and emails for at least a year. I finally decided to bite the bullet and they had the guts to deny me... how does their recon line work? Do I have a chance of getting an approval with that for a decent CL or should I just not waste any time on this? 

This is what they said the reason for denial was:

 

"The reason(s) for our decision are:
"· Based on your credit report from one or more of the agencies on the back of this letter, there are too many active credit cards based on your loan history"

 

They pulled Experian (737). I have a card which is currently maxed (10.7k balance on 11.5k limit) and Discover at 3.5k on 10.5k limit. Overall utilization at 11% across 8 accounts and total CL +130k. 85k income and 1k rent. 

Any input is appreciated...


check what the pre-approval tool for Cap1 offers you 

Starting FICO 8:

Current FICO 8:

1/6, 5/12, 12/24




Message 10 of 10
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