Could Cap One think i'm a churner?

[Benzman]

Was looking for a nice opening bonus card and went for the Savor. Instant decline.

Got my letter and only issue was too many cards opened in last 24 months.

Checked Exp report and I count 15/24, yet AMEX approved me for magnet just the other day.

So are they considering me a churner?

[Anonymous]

The law requires lenders to give up to four reasons for adverse action like a denial of credit (sometimes a fifth factor is included but only if it relates to the number of credit inquiries and the number of inquiries is not already one of the top four factors) so I highly doubt that the only reason Capital One gave you is too many accounts opened in the last 24 months.

You can't conclude that they consider you a churner, but lenders do consider "credit seeking behavior" as a substantial risk.

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@Benzman wrote:

Was looking for a nice opening bonus card and went for the Savor. Instant decline.

Got my letter and only issue was too many cards opened in last 24 months.

Checked Exp report and I count 15/24, yet AMEX approved me for magnet just the other day.

So are they considering me a churner?

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[Anonymous]

Sounds like the extensive inquiries are making Cap One nervous. If your credit file is healthy then I would wait until 75% of them fall off and try again.

[Benzman]

As  Nixon once said, "I will never tell a lie!"

Transunion report showing a total of 8 inquiries.

[Adkins]

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@Benzman wrote:

As  Nixon once said, "I will never tell a lie!"

Transunion report showing a total of 8 inquiries.

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What about the inquires on the other two CRAs? Capital One does a pull on each one. 

[Benzman]

Experian is 12, Equifax is 13.

Avg util 10% on about 4 cards, overall util is 3%.

30 cards closed/merged in the past 4 years at my request. Cards were low limits or higher interest rate, never used maybe once or twice.

[Anonymous]

No, you're definitely not a churner 

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@Benzman wrote:

Experian is 12, Equifax is 13.

Avg util 10% on about 4 cards, overall util is 3%.

30 cards closed/merged in the past 4 years at my request. Cards were low limits or higher interest rate, never used maybe once or twice.

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[UncleB]

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@Benzman wrote:

Was looking for a nice opening bonus card and went for the Savor. Instant decline.

Got my letter and only issue was too many cards opened in last 24 months.

Checked Exp report and I count 15/24, yet AMEX approved me for magnet just the other day.

So are they considering me a churner?

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It does look like that's the case.

While Chase is well-known for their 5/24, many of us have noticed that Capital One seems to have implemented something similar; I noticed that my own "standing" pre-qual offers went away last fall (and still haven't returned).

While all we can do is speculate, this is one case where I would take the wording from the decline letter at face-value.  I'm not saying that other things weren't factors as well, but it's likely the new accounts are what sunk the app.

[AverageJoesCredit]

No , they consider you LOL/24

[Brian_Earl_Spilner]

Cap1 has a 9/24 rule because of churners.