I totally screwed up What should I do?

[Anonymous]

A few years ago, I applied for an Orchard Bank credit card, and at the time of application, it didn't tell me whether I would get a fee-free version or annual fee version or be denied for both. I applied and got approved for a card with $300 (or $500, I can't remember) with an annual fee of $59. I had no intention of paying annual fee, so I just called them and told them that I don't want to pay an annual fee and I don't want the card. So the card was cancelled and it never showed up on my credit report.

Now Orchard Bank is part of Capital One, so similar reporting practice may still be in place or not. But ultimately, paying $39 (I assume this is the annual fee version of QS?) for $300 credit line doesn't make sense unless you need it to build positive credit history, which I don't think is the case since you already got a few credit cards with good limits and rewards. So call them and tell them you don't want the card unless you get no annual fee version with higher credit line, and if they say no despite your other credit card accounts and income, just tell them to shove it. You have BK and CO on your credit report. Even if this account shows up on your CR, it would hardly be noticed and I seriously doubt it would hurt your scores.

If this doesn't have annual fees, you can keep it for a year or more and then attempt to get CLI down the road. But as you already have 5 or so prime cards, I don't think you need it. Besides, this card doesn't provide any value to you via sign-up bonuses, intro rate offers, or large credit line with low interest, etc. So why take the hit of adding a new account?

[djshifted]

My personal experience with the Cap1 preapproval letters.  I was receiving them a lot in 2014.  I went through my yearly CLI/new account spree, then waited for the one to come in after my new CL's posted.  I went through the process and was approved for a $500 limit (with my other CL's ranging from $700 for WalMart to $3500 on my CU MasterCard) so I called up immediately to cancel it.  It sill showed up on my credit report.

A few months ago they started sending them again (2 each time now, since they have one with my name spelled incorrectly), though I'm probably not going to bother with it this time.

[Anonymous]

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@jonmartin wrote:

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@Anonymous wrote:

300 is low end for rebuilder card. Guess it's cause your score isn't in the 750 to start you off with a high limit and you have no relationship with them. Seems like capital one will look pass score if you have a relationship with them. If I were you I will keep the card use it and pay it on time or use it and pay it few times a month. Ask for a CLI after 1st or 2nd statement and they will be really nice with the increase. My score was lower then yours hey started me at 500 for QS1 and platinum and after 1st statement I got increase to 3000 for QS1 and 2000 for platinum. I'll try again for increase next month and see what happens. I will also get my increase after 7th statement

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Yea I guess I'll have to wait it out. Its strange because as I said above I did have 3 prior cap one cards I closed out about 3 years ago when I got the visa signature cards from BofA and NFCU and all three Cap one cards were perfect pay history never late or over limit the only reason I closed them is because back then they weren't known for giving higher CL and such.  How did you request your CLI through the site or phone in? 

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Through site. Also when I go the increase to 3000 and 2000 my score still under 600. I do make 180k a year have total 3 credit card with them and an auto loan with them. Oldest is secured card back from March started at 200 now 500 QS1 started 500 now 3000 platinum started 500 now 2000. Also have credit one at 1500 chase freedom 2500 Barclay cash forward 1000 and recently got care credit at 1500 (just got 2 Rottweiler puppies.vet bills pretty expensive so far already spent 500 on them and only have them for a week. Who knows dog food cost 55 bucks for 24 lbs and I'm thinking they will finish a 24 lbs bag in 2 weeks or so. Which I think is a lot since they only 9 weeks old...

[jonmartin]

So I just got the denial reasons and I'm pretty confused. Should I even bother to do a RECON?

According to their denial letter they didn't want to give me the card because of "delinquent past or present credit obligtaions" and "Based on Transuninon report ,Lack of of mortgage information and past or present delinquent credit obligations"

This is confusing to me because I haven't had a late payment on anything since 2010 all I have is that merrick bank card that I can't get rid of.

Also what does it mean lack of mortage information? is it refering to my old mortgage from 2004-2007? Why would that be a factor? I never missed a payment on that either.

They listed my EXP score at 631 although MyFico has it as 675.

[Anonymous]

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@jonmartin wrote:

So I just got the denial reasons and I'm pretty confused. Should I even bother to do a RECON?

According to their denial letter they didn't want to give me the card because of "delinquent past or present credit obligtaions" and "Based on Transuninon report ,Lack of of mortgage information and past or present delinquent credit obligations"

This is confusing to me because I haven't had a late payment on anything since 2010 all I have is that merrick bank card that I can't get rid of.

Also what does it mean lack of mortage information? is it refering to my old mortgage from 2004-2007? Why would that be a factor? I never missed a payment on that either.

They listed my EXP score at 631 although MyFico has it as 675.

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Yes your probably not happy cause you have these other card with high limit and your hoping to get something nice with capital one and only got 300. On your other cards do you have a balance on them? Keep the QS1 with the 300 use it max it out at least 3 times a month and keep paying it ask for CLI Afte 1st statement cut. After they give you CLI (soft pull) you can try for the venture or QS most important is build a relationship with them

[NRB525]

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@jonmartin wrote:

So I just got the denial reasons and I'm pretty confused. Should I even bother to do a RECON?

According to their denial letter they didn't want to give me the card because of "delinquent past or present credit obligtaions" and "Based on Transuninon report ,Lack of of mortgage information and past or present delinquent credit obligations"

This is confusing to me because I haven't had a late payment on anything since 2010 all I have is that merrick bank card that I can't get rid of.

Also what does it mean lack of mortage information? is it refering to my old mortgage from 2004-2007? Why would that be a factor? I never missed a payment on that either.

They listed my EXP score at 631 although MyFico has it as 675.

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You have a BK on your report? The CO is still reporting? That counts as "past delinquencies". Many posters here want to put their own time limit on when the CO happened, wishing to make it irreleveant through phrases such as "I haven't been delinquent for x number of months". But as long as it is on your report, there it is: It's recent. The banks don't like that. When it falls off, then it is no longer a past delinquencies.

The EX score they are giving you is not a FICO 08 score, it's a different model. Why do TU and EX both come up? As far as I know they only refer to one bureau on these forms at a time?

Regarding your earlier comments about people getting good limits for Venture, if you read closely about the history of those folk's files, they usually (not always but nearly always) have an active Capital One card in their wallet. This gives Capital One a direct view to the person's payment activity, and is used to ramp up to larger limits on subsequent applications. People who report that they closed all their Capital One cards in the past, do not have a Capital One card at the moment they app for Venture, often find they are disappointed in the results, either a denial or a low limit. So for your file, what you are doing now is "rebuilding" your relationship with Capital One. Keep this $300 card, use it heavily, go for the CLI, then in 6 months or a year, app again for a Quicksilver and expect to get a better limit.

Oh, and continue to pay down those high balances. Relative to your current limits, and with the BK and CO in your past, those are high balances with no real proof you can pay them to zero yet. Sorry, that's the view the banks are taking.