How come Cap1 denied my app for Venture?

[Legions36]

When I applied it was like the 2nd or 3rd card that I applied for so half this stuff doesn't add up. I make more money now that when I got my quicksilver.I haven't applied for anything in a few years, my util is lower than 10%. I did apply for a few cards this weekend but there were no inquiries on my account before this, also this is the only place that denied me. Should I call the admin office?

Here is the response:

The

The reason(s) for our decision are:

·

Based on your credit report from Equifax, too few or no revolving accounts have a balance

·

Based on your credit report from Trans Union, there are too many new revolving accounts

·

Based on your application information, income is insufficient for requested credit

I I

[Anonymous]

Ya I would make a call if I was in your shoes. Doesn't seem to make sense to me with your score being so high. I know Venture requires excelent credit but I'm not sure what Capital One considers excelent credit. Your score seems like it would make the cut to me. Nothing to lose by calling and asking for a explenation.

[Legions36]

---

@Anonymous wrote:

Ya I would make a call if I was in your shoes. Doesn't seem to make sense to me with your score being so high. I know Venture requires excelent credit but I'm not sure what Capital One considers excelent credit. Your score seems like it would make the cut to me. Nothing to lose by calling and asking for a explenation.

---

Do you know where I can find the exec # to them?

[laurenjessica]

There's no longer an exec number. Google the executive office email. You can send them an email and I believe they'll send you a number to call.

[Anonymous]

Cap One "Excellent Credit" is defined on the web site

• have never declared bankruptcy or defaulted on a loan. I have not been more than 60 days late on any credit card, medical bill, or loan in the last year.
  
  
  
  - AND -
• I have had a loan or credit card for 3 years or more with a credit limit above $5,000

So not a very high barrier (e.g. you can have 30 day lates this year, or older 60+ lates)

I would wonder if the last reason isn't key, they are saying you appear to already have enough credit.

[yfan]

---

@Legions36 wrote:

Here is the response:

The

The reason(s) for our decision are:

·

Based on your credit report from Equifax, too few or no revolving accounts have a balance

·

Based on your credit report from Trans Union, there are too many new revolving accounts

---

Let's take these 2. Are they true? How many new accounts do you have, and how many of your accounts (new and old) are reporting a balance? This specific combination of reasons they gave indicates that Capital One believes you have been apping for too many cards and not using them enough.

[Anonymous]

Underwriting tightening up?

I was approved for a Venture $15k and Venture One $7.5k within 1 week of each other, instantly, with average scores across the board of 660 ish. Income $100k. Overall utilization at the time was around 5%. I had 12 inqs on EQ, 14 on TU and 9 on EXPN. I had 10 new revolving credit lines opened within 6 mos of these. I was recently declined for a Spark business card due to too many new accts, too many inquiries and a BK, which was there when I apped for my other cards.

[Legions36]

---

@yfan wrote:

---

@Legions36 wrote:

Here is the response:

The

The reason(s) for our decision are:

·

Based on your credit report from Equifax, too few or no revolving accounts have a balance

·

Based on your credit report from Trans Union, there are too many new revolving accounts

---

Let's take these 2. Are they true? How many new accounts do you have, and how many of your accounts (new and old) are reporting a balance? This specific combination of reasons they gave indicates that Capital One believes you have been apping for too many cards and not using them enough.

I applied with them on Saturday and they were my second card I applied for on my spree I took which was denied then I just got this email today with those explanations of why it was. I have since applied for a total of 4 new cards this weekend approved for all except cap1.nfcu mc, Amex everyday, slate, citi simplicity- all approved with nice limits but before this I haven't applied in 2 years. I have currently only 2 cards reporting with just under 10% util. Before this I used all my cards pretty evenly and made a good use of my quicksilver with them. I have covered every angle as far a good credit I think so I just don't get how the lower bank of all I have applied denies me?....

---

[yfan]

---

@Legions36 wrote:

I applied with them on Saturday and they were my second card I applied for on my spree I took which was denied then I just got this email today with those explanations of why it was. I have since applied for a total of 4 new cards this weekend approved for all except cap1.nfcu mc, Amex everyday, slate, citi simplicity- all approved with nice limits but before this I haven't applied in 2 years. I have currently only 2 cards reporting with just under 10% util. Before this I used all my cards pretty evenly and made a good use of my quicksilver with them. I have covered every angle as far a good credit I think so I just don't get how the lower bank of all I have applied denies me?.... 

---

I guarantee you that Capital One doesn't consider themselves a "lower bank." The Venture is a prime card, and they treat it like one. Part of that is that they want to make sure you will actually use the card and not just take the bonus and use the line to pad your credit.

Also, the Venture may have been the second card you applied for, but it doesn't mean Capital One was the second to pull your credit on all bureaus before the rest hit. That would depend on how far apart your apps during the spree were and whether you got a 7-10 day wait message or an outright denial instantly. If you got a wait message, Capital One may have pulled your credit reports later. Do you have real time alerts when an inquiry hits? If so, when did you receive the alerts for the CapOne pulls?

[Anonymous]

Capital One is sometimes mischaracterized as a subprime bank because they are full spectrum. Very smart marketing on their part, as many people with less than perfect credit often grow into prime credit profiles. Credit One, as an example, is subprime, because they only offer a subprime product. Capital One, OTOH, offers prime products, as well as rebuilding and credit establishment products. I've been on both ends of the spectrum with them and frankly, I'm glad I stuck with them and they stuck with me, as my only two cards I have with them now are prime cards, with over $40k in CLs between them.