Hi All,
Just wanted to share my current experience with Cap One (Who I'll be phasing out of my line up) I have Two cards with them.
I applied Saturday. And was quickly declined. The reason was emailed to me same day or yesterday.
All the lines on the denial were -
Too Many recent inquiries (paraphrasing for within two years)
I found this odd, because I monitor my credit and the only thing I've applied for in the time was the new truck I bought. Which banged my inquires like 7-10 times.
I called the reconsideration line I found online. I spoke to a rep and then her supervisor.
I explained the situation, I said inquiries made at the same time for the same thing should be counted as 1 , but their automated system is counting them individually. She said she thinks they are supposed to be counted individually, I pointed out on their own website that it should be 1. She went and spoke to her manager, who told her to tell me, "I am not allowed to share how we count inquiries, I'm also not allowed to further comment because I am not a credit advisor "
She did say that she would run it through again, and it was auto declined for the same reason :/
total garbage!
Both of them said they can't view my credit report and both said there is no department that can manually review and make case by case decisions.
I should qualify
800's across all 3
DTI under 10%
No baddies
I have the other big boys already. Amex Gold , Chase SP , have some big limit cards .
Anyone know any ways around or to a different group?
It isn't an "incorrect" reason. It is the reason they gave you. The part you are not understanding is that the laws that govern credit specify that a creditor must give you A reason for denying you credit. It does not say they must give you EVERY reason they use when making a decision. It is why sometimes recon works in getting a decision reversed but not always. Typically the reason(s) given are accurate but there is always a time when they don't align with the credit picture on paper. Like yours.
"I said inquiries made at the same time for the same thing should be counted as 1 , but their automated system is counting them individually. She said she thinks they are supposed to be counted individually, " That is for FICO scoring only. A creditor is allowed to count them as multiple inquiries if they choose to for deciding whether to give an account to a consumer.
"Both of them said they can't view my credit report and both said there is no department that can manually review and make case by case decisions." It has always been my understanding that Cap1 is one of the creditors that does not do reconsideration on denials of new accounts or CLIs. You could try the executive office but I wouldn't recommend it. Let it go and wait a while. I have seen at least a half dozen articles in the past 2 weeks about consumer spending and credit card debt being in the billions. In this economy all creditors are skittish right now and the more desperate you appear by pushing this the more they are going to retreat and refuse to grant what you want.
Interesting thank you.
I'm not sure I'd come back around to them. Their options other than this one card don't suite my lifestyle.
I don't like how they handle limit increases or how they stick me with this 500$ card that can never grow in limit. But as my oldest card I keep it open and use it anywhere I think is sketchy.
I've heard it can be because you don't roll balance too, which I don't. So there's nothing to be made from me directly. Not sure if that's true. Could be that because there is nothing in my profile that would be sketchy. I don't close cards I don't sub scavenge .
just wanted this card because I rent a lot of vehicles and would like the car rental bonus' and protections.
I just applied for the Venture X card and was also declined Exp and TU are 756 and Equifax is 771. Low DTI and high income, but I am on a credit rebuilding journey and just got my scores up above 750 this month. I am assuming my decline is also about the# of inquiries on file as I opened 5 or so cards this past year (went from 0 to 5 cards total) but my highest limit is WF and AMEX both at $6k and I was lookin gfor something with a higher limit and travel perks 
It does 
and , to be honest. Every single card company I have has treated me better than Cap One.
I'll just drop them, probably next year and stick with the ones I've got.
It kind crummy how they are set up, like, I think great customer service would be to have some under writers put eyes on if needed. Or maybe decline for Venture x, but give you the option for Venture and then an upgrade in 6 months to a year.
They also pull all 3 bureaus , which is crummy of them. For all their cards, more snooty than they're worth IMO
@JamesHa wrote:
I don't like how they handle limit increases or how they stick me with this 500$ card that can never grow in limit. But as my oldest card I keep it open and use it anywhere I think is sketchy.
Capital One is a PITA... they gave me a fairly decent rate auto loan for someone 2 weeks out of a Ch 13 BK discharge but I have no interest in ANY of their cards until my reports are clean... because you get jacked on 3 bureaus and there's a very good chance I'd get a $500 card that never gets increased.
No thanks.
I want this card specifically for the free food and lounge access. Capital One seems to prefer approving those working on their credit and that tend to carry balances, and make money off interest.
Starting Score: 512Yep, I think that's it.
really sad on them if that is the case.
they still make merchant fees, partner fees, and once I way over spent on it during a vacation and where I was didn't like Amex or Discover.
I had to ride that balance for a couple months. They easily got 500$ out of me.
To get even, I just (like an hour ago) had my wife pick up a Discover with Balance transfer, she actually does roll balances with them. Going to help her transfer to 0 Apr Disco, and then just drop Netflix on her Cap to keep it open.
going to cost them thousands.
I applied last week and was denied for "There are too many revolving accounts" Score with their model is mid 780's income 175k. It is what it is, but I am basically in the same boat, this was the only card I was interested in of theirs as I have better options than they offer for pretty much every category except travel. May go Chase, but the AF is a tough pill to swallow.
