Considering Appling for Capital One Venture

[Tim_S]

I have been in the process of rebuilding my credit since October, 2015, (short time but I've made tremendous progress).  My Fico 3B report shows only one hard pull from TransUnion, (nothing from Equifax or Experian) in October 2015 when I applied and was approved for my 2nd credit card from US Bank, (Cash Rewards).  According to Capital One credit card tools website, I am prequalified for the Capital One Venture card, which I would really like to add.  

It is my understanding that Capital One does a hard pull with all 3 agencies.  My question is, does adding a 3rd credit card raise credit scores more than a hard pull brings it down?  I maintain a 1-3% utilization rate and always pay my balance off at the end of the month.  My Fico 8 scores are 649 EQ, 682 TU and 687 EX.  I don't have any car or mortgage loans right now so I'm just trying to add more revolving credit.

Any advice or thoughts would be amuch appreciated!

[Shawndoe79]

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@Tim_S wrote:

I have been in the process of rebuilding my credit since October, 2015, (short time but I've made tremendous progress).  My Fico 3B report shows only one hard pull from TransUnion, (nothing from Equifax or Experian) in October 2015 when I applied and was approved for my 2nd credit card from US Bank, (Cash Rewards).  According to Capital One credit card tools website, I am prequalified for the Capital One Venture card, which I would really like to add.  

It is my understanding that Capital One does a hard pull with all 3 agencies.  My question is, does adding a 3rd credit card raise credit scores more than a hard pull brings it down?  I maintain a 1-3% utilization rate and always pay my balance off at the end of the month.  My Fico 8 scores are 649 EQ, 682 TU and 687 EX.  I don't have any car or mortgage loans right now so I'm just trying to add more revolving credit.

Any advice or thoughts would be amuch appreciated!

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Cap1 prequals are pretty solid, Id say apply if its offering you a "Congratulations" message.  The three hard pulls may have very little effect and if so should recover pretty quickly.  The new account may affect your AAOA and cause a slight decrease, but will recover as well.  However, YMMV.  Good luck.

[Anonymous]

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@Shawndoe79 wrote:

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@Tim_S wrote:

I have been in the process of rebuilding my credit since October, 2015, (short time but I've made tremendous progress).  My Fico 3B report shows only one hard pull from TransUnion, (nothing from Equifax or Experian) in October 2015 when I applied and was approved for my 2nd credit card from US Bank, (Cash Rewards).  According to Capital One credit card tools website, I am prequalified for the Capital One Venture card, which I would really like to add.  

It is my understanding that Capital One does a hard pull with all 3 agencies.  My question is, does adding a 3rd credit card raise credit scores more than a hard pull brings it down?  I maintain a 1-3% utilization rate and always pay my balance off at the end of the month.  My Fico 8 scores are 649 EQ, 682 TU and 687 EX.  I don't have any car or mortgage loans right now so I'm just trying to add more revolving credit.

Any advice or thoughts would be amuch appreciated!

---

Cap1 prequals are pretty solid, Id say apply if its offering you a "Congratulations" message.  The three hard pulls may have very little effect and if so should recover pretty quickly.  The new account may affect your AAOA and cause a slight decrease, but will recover as well.  However, YMMV.  Good luck.

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I had a prequal, it even showed my interest rate I would receive, I applied and was denied because of too many credit checks.  3 of the 5 inq at the time were for them.. Capital one doesn't seem to be consistent.  

[Anonymous]

You are good and will get approved most likely. While the new account and the HP will have a minor negative impact at first, your score will most likely benefit greatly especially considering that you will most likely get a huge CL.
Go for it!

[Anonymous]

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@Anonymous wrote:
You are good and will get approved most likely. While the new account and the HP will have a minor negative impact at first, your score will most likely benefit greatly especially considering that you will most likely get a huge CL.
Go for it!

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keep in mind that OP stated they're only reporting 1-3% so, even if granted a $1M CL, the new obtained limit should not directly affect score in the short or long term. credit limits don't dictate score; only amount used, pursuit of new credit, AAoA, and types of credit accounts. 

edited to fix some grammatical junk

[Anonymous]

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@Tim_S wrote:

I have been in the process of rebuilding my credit since October, 2015, (short time but I've made tremendous progress).  My Fico 3B report shows only one hard pull from TransUnion, (nothing from Equifax or Experian) in October 2015 when I applied and was approved for my 2nd credit card from US Bank, (Cash Rewards).  According to Capital One credit card tools website, I am prequalified for the Capital One Venture card, which I would really like to add.  

It is my understanding that Capital One does a hard pull with all 3 agencies.  My question is, does adding a 3rd credit card raise credit scores more than a hard pull brings it down?  I maintain a 1-3% utilization rate and always pay my balance off at the end of the month.  My Fico 8 scores are 649 EQ, 682 TU and 687 EX.  I don't have any car or mortgage loans right now so I'm just trying to add more revolving credit.

Any advice or thoughts would be amuch appreciated!

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For the Venure card, Capital One doesn't use Fico 8 scores; they use Fico 5 mortgage enhanced score, Fico 4, and Fico 3.  When I applied for both Venture and QS, the prequel site gave me specific interest rates for both.  There can be a slight dip in scores due to HP and AAoA if approved, it can rebound when card reports and UTI decreases further; although there is some question about the true range for maximizing score in reference UTI.  Under 10% is always good, but too low UTI might suppress score also.

[Tim_S]

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@Anonymous wrote:

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@Tim_S wrote:

I have been in the process of rebuilding my credit since October, 2015, (short time but I've made tremendous progress).  My Fico 3B report shows only one hard pull from TransUnion, (nothing from Equifax or Experian) in October 2015 when I applied and was approved for my 2nd credit card from US Bank, (Cash Rewards).  According to Capital One credit card tools website, I am prequalified for the Capital One Venture card, which I would really like to add.  

It is my understanding that Capital One does a hard pull with all 3 agencies.  My question is, does adding a 3rd credit card raise credit scores more than a hard pull brings it down?  I maintain a 1-3% utilization rate and always pay my balance off at the end of the month.  My Fico 8 scores are 649 EQ, 682 TU and 687 EX.  I don't have any car or mortgage loans right now so I'm just trying to add more revolving credit.

Any advice or thoughts would be amuch appreciated!

---

For the Venure card, Capital One doesn't use Fico 8 scores; they use Fico 5 mortgage enhanced score, Fico 4, and Fico 3.  When I applied for both Venture and QS, the prequel site gave me specific interest rates for both.  There can be a slight dip in scores due to HP and AAoA if approved, it can rebound when card reports and UTI decreases further; although there is some question about the true range for maximizing score in reference UTI.  Under 10% is always good, but too low UTI might suppress score also.

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If that's indeed the case, then my Fico 5 mortgage is 684, My Fico 4 is 718 and my Fico 3 is 688, (a little better than my Fico 8 scores).  I'm not sure why a credit card company would use a mortgage score, but okay!  

I've always wondered if there was a magic UTI number, under 10% but over...???

[MyLoFICO]

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@Anonymous wrote:

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@Shawndoe79 wrote:

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@Tim_S wrote:

I have been in the process of rebuilding my credit since October, 2015, (short time but I've made tremendous progress).  My Fico 3B report shows only one hard pull from TransUnion, (nothing from Equifax or Experian) in October 2015 when I applied and was approved for my 2nd credit card from US Bank, (Cash Rewards).  According to Capital One credit card tools website, I am prequalified for the Capital One Venture card, which I would really like to add.  

It is my understanding that Capital One does a hard pull with all 3 agencies.  My question is, does adding a 3rd credit card raise credit scores more than a hard pull brings it down?  I maintain a 1-3% utilization rate and always pay my balance off at the end of the month.  My Fico 8 scores are 649 EQ, 682 TU and 687 EX.  I don't have any car or mortgage loans right now so I'm just trying to add more revolving credit.

Any advice or thoughts would be amuch appreciated!

---

Cap1 prequals are pretty solid, Id say apply if its offering you a "Congratulations" message.  The three hard pulls may have very little effect and if so should recover pretty quickly.  The new account may affect your AAOA and cause a slight decrease, but will recover as well.  However, YMMV.  Good luck.

---

I had a prequal, it even showed my interest rate I would receive, I applied and was denied because of too many credit checks.  3 of the 5 inq at the time were for them.. Capital one doesn't seem to be consistent.  

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That is good to know. I would likely have an offer but I have a lot of HP's so I would be in the same boat. 

[Anonymous]

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@MyLoFICO wrote:

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@Anonymous wrote:

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@Shawndoe79 wrote:

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@Tim_S wrote:

I have been in the process of rebuilding my credit since October, 2015, (short time but I've made tremendous progress).  My Fico 3B report shows only one hard pull from TransUnion, (nothing from Equifax or Experian) in October 2015 when I applied and was approved for my 2nd credit card from US Bank, (Cash Rewards).  According to Capital One credit card tools website, I am prequalified for the Capital One Venture card, which I would really like to add.  

It is my understanding that Capital One does a hard pull with all 3 agencies.  My question is, does adding a 3rd credit card raise credit scores more than a hard pull brings it down?  I maintain a 1-3% utilization rate and always pay my balance off at the end of the month.  My Fico 8 scores are 649 EQ, 682 TU and 687 EX.  I don't have any car or mortgage loans right now so I'm just trying to add more revolving credit.

Any advice or thoughts would be amuch appreciated!

---

Cap1 prequals are pretty solid, Id say apply if its offering you a "Congratulations" message.  The three hard pulls may have very little effect and if so should recover pretty quickly.  The new account may affect your AAOA and cause a slight decrease, but will recover as well.  However, YMMV.  Good luck.

---

I had a prequal, it even showed my interest rate I would receive, I applied and was denied because of too many credit checks.  3 of the 5 inq at the time were for them.. Capital one doesn't seem to be consistent.  

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That is good to know. I would likely have an offer but I have a lot of HP's so I would be in the same boat. 

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Every case is different, so you never know.  Good luck in whatever you decide.

[Tim_S]

Can anyone chime in if adding a 3rd credit card or taking out a car loan would increase scores more?  I don't need a new car, but I don't need another credit card either.  Just trying to "play the game" by diversifying my credit profile.