@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!
I think your scores will dip but within a month or two will recover due to your increased available credit and decreased utilization.
Venture's a nice card; I approve.
@Anonymous wrote:
@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.
How on earth did you find that out?
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.
How on earth did you find that out?
I believe I read a post on this before where a member had a decline letter, or an approval... sorry not sure which where the scores were listed on the paper and resembled the scores for those FICO's used. Sorry I can't explain it better. 
While doing searches on Cap1 I found several people stating they use those models.
As for the pre-qual site.. I've read multiple posts lately where even with pre-quals members are being denied or getting the dreaded 7-10 day message. Seems to be happening a bit more frequently. Obviously I'm not sure whether it's their site messing up, perhaps their new system they are implementing with the tracker.. or maybe they are tightening the reins a bit.