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

[FinStar]

OP, just as a data point, I have witnessed individuals who have "similar" scores (all things considered) as those that your wife has and still get denied.

While you may have some calculated methodology in building your file and that of your wife's, it just goes to show you that you'll never be able to crack the code to any lender's algorithms. Again, you're comparing profiles and situations and all that does is provide the tip of the iceberg, nothing more.

I've never had any issues in the last 15-20 years in getting any Capital One approvals and back then they offered various products including those for not-so-perfect credit profiles. They were more conservative back then even for those of us with excellent credit profiles. Another item to keep in mind, there were no forums or credit resources like there are today so when you submitted an application it was either approved or declined, no reconsideration.

[FinStar]

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@Anonymous wrote:

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@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. 

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

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If Capital One doesn't approve your wife's application I don't think you may have much of a choice. 

[Anonymous]

I understand credit analysis. I understand that we don't know the algorithms used by the banks. I understand ratios and all of us who got BBVA Compass cards had to put big spend on them in June to get 5x rewards points and $3000 spend on Venture to get 46,000 points which we did.

I don't side with these banks. You get between a rock and a hard place when you have a wallet full of cards with useable limits and ONE 16 month old medical collection showing on ONE bureau,  and a bank that wants to preapprove you for an annual fee Quicksilver or a Platinum card that offers no rewards when you have reward cards with high limits already. 

And this bank will give accounts to people fresh out of bankruptcy or with multiple charge offs who even charged off with them.

I'm just saying she should have been auto approved for at least $1000-$1500. You can't offer someone a starter card who already has other higher limit rewards cards.  It won't be used.

We will get to the bottom of this. It might be a 3rd party verifier causing the problem. 

[Anonymous]

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@FinStar wrote:

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@Anonymous wrote:

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@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. 

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

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If Capital One doesn't approve your wife's application I don't think you may have much of a choice. 

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I'll just give up on them. When my mom passes she can go on my card. It's all the same money anyway. 

[CreditCuriosity]

@OP may I suggest you google whychat credit boards hippa and do a bit of reading.. that medical can be addressed pretty quickly.. Didn't mean to side track the thread.  

[Anonymous]

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@CreditCuriousity wrote:

@OP may I suggest you google whychat credit boards hippa and do a bit of reading.. that medical can be addressed pretty quickly.. Didn't mean to side track the thread.  

Thanks. Thats my next project.  

[Journeygod]

I can understand your frustration, but you don't seem to understand the credit game very well.

She's got waaay too many cards that are carrying a balance. Even the au cards that are carrying a balance are hurting her score.

1. You really need to stop applying for cards and work on paying down those balances.

2. Ideally, you only want one card reporting with a balance somewhere between 1-3%

Given what I'm looking at, it looks like she's going to get herself in more debt and possibly trouble with those cards that are carrying all those balances.

And that's probably exactly what Cap One is thinking. They're a very conservative lender anyway and they tend to pull all 3 reports when you app.

So put all those balances together with her being in the low 700's (even 600 something on some) and a baddie reporting on TU and you can see why they don't want to take the risk.

Also, there are clearly other factors at work here. There is NO WAY a Cap One inquiry dropped her score 23 points.

-Good luck

[redbeard]

If I'm doing my math right, in the last 5 months, she has gone from 0 credit (not counting AU) to having $33650 in available credit.

Okay, that is pretty awesome

.... but.....

A lender is going to look at that and say "hmmmm", it might be time to pause for a moment.

Now, take a step back and think about what your goal is.  I have a feeling you are wanting to gain credit just for the sake of getting credit.  You need nothing more in the credit card side to get your scores built, in fact, just the opposite, she needs time to let her accounts age, not more new accounts.

Ask yourself:

 -- Why is the CapOne card important?  

 -- What is the purpose of getting more credit cards right now?

There are times we all get caught up in the thrill of approval and the fun of the hunt.  You need to remember though, credit is a marathon, not a sprint.  The race started for your wife and you are on a flat out full sprint, now her credit profile has gotten a bit winded.... slow down so you can finish the marathon.

Dan

[FinStar]

Very valid points redbeard.

[Anonymous]

My girlfriend was denied a cap1 card with 700 scores for having high balance on her bofa card, about 80% util and also one lonely medical collection for 250$.