Capitol One 5/24

[Anonymous]

Is Capitol One now enforcing the 5/24 rule? I was disappointed to have my application for the Quicksilver denied. The reason I received for the denial was that I had too many bank cards opened on the last 24 months. I had exactly 5 credit cards opened in the past 24 months, two of them just short of 24 months. My credit history has been relatively solid, with perhaps the only negative being that my AAOA is about 1.5 years. My Experian credit score was in the 780s and TransUnion in the high 760s. I did try emailing the EO, but it looks like I won't be getting a response...

[Pikaboo-icu]

Actually Chase is known for that but perhaps Cap One does it or is doing it as well..

Sorry about that. 

[Anonymous]

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@Anonymous wrote:
Is Capitol One now enforcing the 5/24 rule? I was disappointed to have my application for the Quicksilver denied. The reason I received for the denial was that I had too many bank cards opened on the last 24 months. I had exactly 5 credit cards opened in the past 24 months, two of them just short of 24 months. My credit history has been relatively solid, with perhaps the only negative being that my AAOA is about 1.5 years. My Experian credit score was in the 780s and TransUnion in the high 760s. I did try emailing the EO, but it looks like I won't be getting a response...

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Capital One does not have a 5/24 rule.  Just a coincidence that you have opened that many cards in the last 2 years.  Any creditor however can and will deny applications for what they see as excessive credit seeking and many use the 2 year period as a timetable.  Keep in mind that whatever reason you were given over the phone or via mail for the denial may not be the real reason for you being declined.  All creditors have to do to conform to Federal law is give a reason for a denial and you may never know what the true reason is.

[Anonymous]

They denied me on a CLI the other day.   The reason was my recent payments have been too low.  I've been paying the card in full since I got it 3 1/2 years ago......

[Anonymous]

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@Anonymous wrote:

They denied me on a CLI the other day.   The reason was my recent payments have been too low.  I've been paying the card in full since I got it 3 1/2 years ago......

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That reason is one of their standard justifications for CLI denials.  I get that one every time I try.

[Anonymous]

Thanks for all of your responses. I was aware Chase was known for the 5/24 and was just wondering if Capitol One was implementing something similar. It seems, though, that they're just being stricter in application acceptance. As a data point for anyone contemplating applying, my EX score was 782, TU was 767. I did have 5 inquiries and applications within the past two years. I do have a low AAoA as I mentioned, but my utilization rate was less than 1%. My oldest revolving account was about 2.5 years old. I never received a response to my email, so I gave up on my attempt.

[FinStar]

A variety of lenders have tightened some of their UW standards given the recent rise in losses. So, it's no surprise that Capital One may have cited that as a reason, but as @Anonymous mentioned, there's definitely other reasons that nailed the coffin per se.

The days of Capital One liberally handing out approvals left and right (especially high SLs), seem to have died down for quite a while.

[Anonymous]

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@Anonymous wrote:
Is Capitol One now enforcing the 5/24 rule? I was disappointed to have my application for the Quicksilver denied. The reason I received for the denial was that I had too many bank cards opened on the last 24 months. I had exactly 5 credit cards opened in the past 24 months, two of them just short of 24 months. My credit history has been relatively solid, with perhaps the only negative being that my AAOA is about 1.5 years. My Experian credit score was in the 780s and TransUnion in the high 760s. I did try emailing the EO, but it looks like I won't be getting a response...

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Given your scores that is surprising. Were you pre-approved for the QS thru the pre-qual page before you submitted your application?