DW can't get approved with Capital One with 700 scores (for Quicksilver)

[Anonymous]

This is getting frustrating. I will give you detailed info so you can give me some ideas as to what may be going on. She was denied and a letter coming in 7-10 days.

The DW's current Fico scores are 701 Ex, 702 Eq,  Tu 669. Her file is similar to my siggy. 

Started credit with au accounts ( me and my mom) in June 20 14

Au accounts:

Capital One Platinum (au) 6/14 $3750 limit/balance $1177

Wal Mart (au) 6/14 $6000 limit/ balance $20

Discover (au)12/14 $800 limit/ $145 balance

Bof A Visa (au)1 1/15  $1500 limit/0 balance

Quicksilver (au) 1/15 $5500 limit/0 balance

Am Ex TE (au) $15,000 limit/ $88 balance

Venture (au) $10,000 limit/ $3247 balance

INDIVIDUAL CARDS:

Am Ex PRG 3/15/ balance 0

Am Ex ED 3/15/ $2500 limit/ balance 0

Neiman Marcus 3/15/ $700 limit/ balance $197

BBVA Compass 5/15/$20,000 limit/ balance $4605

Cabelas Visa 6/15/ $5000 limit/ balance $291

Macy's Am Ex 6/15 $3000 limit/ balance $100

Macy's store 6/15 $1000 limit/ 0 balance

Macys Club 6/15 $1200 limit/ $663 balance

Overstock 5/15 $250 limit/ 0 balance

Approx utilization 14-15%. Some balances lower but have not updated yet (like all Cap Ones and Discover limit increased) Inquiries 3 TU, 6Ex, 6 Eq including the Cap One inquiries from yesterday and in January?

She has one medical collection ONLY showing on TU for $760 dated 4/14. Thus the TU score lower than the rest.Her Ex was as high as 728 till the Venture and Macys club showed up.

She was declined on a prescreened Cap One app in January because they said the medical collection was too recent.

I e-mailed the EO last night withan aggressive letter. She should have easily been approved even though the prequal tool show the Platinum and Quicksilver One. It shows the same for me too.

Income posted $83000. Credit spend monthly $2500.Checking and savings 0 to $9999.I don't like the way that question is worded.We don't have 0 but not over $10,000 in the bank.

Why are people with waaaaay lower scores getting approved and she is not able to get in. I told th EO she has outgrown starter cards and needs a rewards card comparable with her other limits.

What do you think is wrong????

[Anonymous]

This one Capital One inquiry dropped her score on Eq 23 points to 679. She was at 716 the beginning of last month. This is terrible.

[Skye12329]

Well score isnt everything. Judging by her individual cards, it looks like her report my a bit thin for AAOA. Her cards are all recent. Once they become about a year old she could probably qualify.

[FinStar]

Frustrating, sure. However, your post comes across as entitled. For one, you cannot be comparing your wife's overall profile to others on this board,let alone scores. You should know by now scores are not everything.

Secondly, as the saying goes, you attract flies better with honey than vinegar. So you can't expect much from the EO other than to see if it can be reconsidered with no guarantee that the same outcome would apply.

Now, gathering from the data you provided on your wife's accounts, are you surprised by the outcome - take a look at all the new accounts in her individual name! Granted, she's an AU on some of your accounts but we don't know what algorithms are used by Capital One. Not too mention the derogatory item on her CR.

At this point, all you can do is wait and see if the EO will have the application re-reviewed by the UW folks and *maybe* the outcome will be to approve.

You will need to take the notion off your mind in comparing someone's results with yours - all profiles are different even if certain data points offer some similarities.

[Anonymous]

Welcome. You really can't compare her scores with other people's, lower or higher. Any bank looks at the whole credit picture. 

The medical collection is recent and any lender has the right to want a little more time between a recent collection before giving you an account.

I'd also pay down some of the accounts like the Macy's which is showing 50% utilization.

If her own cards are all new as of 2015 she hasn;t even had a full year of her own credit established

[Pway]

Finstar I am in total agreement with you.

Comparing credit profiles does not warrant an approval.  Credit scores are not everything when looking to get approved.  Your wife has opened up quite a bit of new accounts.  Allow those accounts to age and try again with Capital One in a year or so.  People on here who have high credit card limits it just did not happen over night.  They all started off with toy limits and allowed them to grow as they profile improved.  She also has a new medical collection that is on her profile as well. 

[Anonymous]

Also it looks as if she has opened up a lot of new accounts in a very short period of time, and since she is new to credit and has a recent collection, I think those all figure into the answer Capital One gave.

[Anonymous]

---

@Skye12329 wrote:
Well score isnt everything. Judging by her individual cards, it looks like her report my a bit thin for AAOA. Her cards are all recent. Once they become about a year old she could probably qualify.

---

I know her report is thin for AAoA. I would not attempt to go throgh Chase or Citibank for example. But Capital One is different. Virtually everyone gets in with them.

I am very straregjc in my credit building. I focus on cards for us that approve based on score and the overall limits, not lenders who ignore au accounts and are big on AAoA. That has been the key to building my credit and the DW'S over the 700 mark. 

I know Cap One ignores au accounts but I have NEVER seen anyone with scores as high as my DW not get a Capital One account.

We have $19,000 in au accounts on my elderly demented moms name. I just want my wife and I to have a Quicksilver and Venture individually with good limits before my mom passes. I have a Quicksilver albeit with a small limit.

As was discussed yesterday, Capital One is like the business who wants everyone to start at the bottom and only promotes from within. It is hard to walk right into Capital One and get a Venture card. None of these banks are easy. No Capital One doesn't give anything easily.  Why else do they run 3 bureaus. 

[Anonymous]

---

@Pway wrote:

Finstar I am in total agreement with you.

Comparing credit profiles does not warrant an approval.  Credit scores are not everything when looking to get approved.  Your wife has opened up quite a bit of new accounts.  Allow those accounts to age and try again with Capital One in a year or so.  People on here who have high credit card limits it just did not happen over night.  They all started off with toy limits and allowed them to grow as they profile improved.  She also has a new medical collection that is on her profile as well. 

---

I understand what you are saying but I don't want Capital One in a year. Some other offers will come up before then.

[Anonymous]

As the toehrs are telling you, it's not all about scores. It's the whole credit profile - accounts too new, recent medical collection, too many acounts opened recently in short period of time. Plus 50% and 30% utilization on two acconts open only two months.