I have done some fairly extensive research on capital one.
the popular term for what I am talking about is buckets. However, the official term are classes. There are 4 classes, a,b,c and D. A is the highest, and capital one determined you are the least risky class of applicants.
You are put into 1 of these classes based on your profile when you apply. And these classes, or buckets. Determine starting credit limit, future increases, and more more. These are people who are approved for the venture x right off the bat. While class D, would
be secured cards, $300 SL quicksilvers. Etc.
What I cannot seem to find, are the qualifications for each class. I can assume that class D is reserved for those with low 600 credit scores, brand new to credit, etc. I am curious if I fit into class C, or class B. But can't seem to find anything. does anyone know more about this?
I must be in D, lol.
Their Capital 1 Savor One credit card was the second card I got a week after my Ch 13 was discharged. It was approved and opened on 5/24/23 with a $500 CL. I got one CLI approved for $100, so I'm now at $600. I'm consistently denied on CLI due to my short Capital One history, and I just got declined another CLI on 5/24/24 because I accidentally made a payment with their stupid Capital One 360 checking account, which I've not used in over three years and has a .02 balance. Using their preapproval check tool periodically to see if they'd approve me for anything else, I consistently see only secured card offerings. I recently applied for one of their other cards and got denied for bankruptcy on my file.
I only use this for Friday night date night dinners because the CL is so low, and my credit utilization will be high if I put anything else on there. I PIF as soon as the balance hits the card. Current scores are in my sig; overall utilization is 1-3% monthly, but usually more towards 1%. Total CL's are $23,350
@SRT4kid93 wrote:I have done some fairly extensive research on capital one.
the popular term for what I am talking about is buckets. However, the official term are classes. There are 4 classes, a,b,c and D. A is the highest, and capital one determined you are the least risky class of applicants.
You are put into 1 of these classes based on your profile when you apply. And these classes, or buckets. Determine starting credit limit, future increases, and more more. These are people who are approved for the venture x right off the bat. While class D, would
be secured cards, $300 SL quicksilvers. Etc.
What I cannot seem to find, are the qualifications for each class. I can assume that class D is reserved for those with low 600 credit scores, brand new to credit, etc. I am curious if I fit into class C, or class B. But can't seem to find anything. does anyone know more about this?
honestly, it's probably more complicated than a linear line of bad credit -- good credit but I imagine it's pretty close to that
class D - all of the deep subprime garbage no CL over $1000, very limited CLIs, max APR, FICO ~600
class C - all of the subprime ~$1-$3k limits, all of the BK people, no SUBs - FICOs ~680
class B - the prime, but not super prime people, includes young, thin files who get SUBs $1k - $10k limits, SUBs, lower APRs
class A - superprime, venture, venture X, old Savor people $10k+ limits, lowest APR, always a SUB, ideal customers for both profit and credit score
only question is if Cap1 buckets the superprime people who don't get SUBs into class B or class A
That puts me right in between c and b.
i have a young thin profile. But good Fico scores. Just got approved for a savor one
@GZG wrote:honestly, it's probably more complicated than a linear line of bad credit -- good credit but I imagine it's pretty close to that
class D - all of the deep subprime garbage no CL over $1000, very limited CLIs, max APR, FICO ~600 , some of the BK ppl may be in D also
class C - all of the subprime ~$1-$3k limits, all of the BK people, no SUBs - FICOs ~680 I had just become unscoreable with only a pretty new secured card but my BK reporting (uncommon situation) when I got a $2k limit on a then QS1 and had low 660s with a short history and was given $3k on a no sub SavorOne. I'd probably say they'll go down to 640ish
class B - the prime, but not super prime people, includes young, thin files who get SUBs $1k - $10k limits, SUBs, lower APRs They'll go down to 670 if you have a dirty profile but good history with them and just give you the highest APR.
class A - superprime, venture, venture X, old Savor people $10k+ limits, lowest APR, always a SUB, ideal customers for both profit and credit score
only question is if Cap1 buckets the superprime people who don't get SUBs into class B or class A
I would generally agree with some mild modifications I put in red. With an almost 7yr old BK7 and my scores in the 688-698 range I've got cards in C and B (my QS and S1 are surely in C, my VX in B, and my Savor at the higher end of B or low end of A due to SL despite my profile).
@4sallypat I would tend to disagree with that based on my experience of getting a stronger starting limit on each of my C1 cards than the previous: $2k, $3k, $10k, $20k (I've since had some small-moderate CLIs and moved limits away from the lower cards). The account is but not the person. Given the DPs we've seen from people with a high number of cards and high total CLs, you're likely getting offered cards in those same buckets as before for a very different reason than when you were rebuilding. You're no longer seen as profitable to them. Capital One will take in people with high scores but if you already have a high number of cards (seems to be more of an issue at 10+ and a hard stop at 19) and high total CL their algorithm may determine you won't give them enough of your spend (and thus no sub offers, secured offers, or maybe no offers at all). For people that do PIF consistently they want to be a main squeeze that gets used consistently and the approval algorithm appears to make some determination on that.
Yes, we see evidence of this constantly - the account is bucketed at the time of card orgination, not the cardholder. The same person can hold a 3 figure card and a 5 figure card that they opened when their credit profile was both different and what Capital One is looking for. That second part is important - it's not enough just to improve your profile - it's gotta be what they want to see. A person who applies at deep subprime and applies again when they are superprime could easily still be stuck in the same place since Capital One isn't looking for either. Their sweet spot is middle of the road or near-prime, likely to carry a balance, but not likely to default, and they don't want to see too many existing cards. $250K TCL with high 700s = this person is very creditworthy...but also very unprofitable.
VS4: 709