Interesting Capital One Reconsideration Situation

[Anonymous]

Hey everyone,

I have an interesting situation for reconsideration on a C1 Quicksilver card application, and I don't know who to contact in order to leverage my position.

First, I'm a graduating college student with a 721 credit score (was 763), have a $4,800 CL on a Discover It card (almost 2 years old) and have been an autherized user on my father's AmEx (5 years old). My income is just from summer internships, but its going to jump 10x when I begin full-time in August. The situation is interesting because I will be working for C1 as a software engineer, and part of my reason for applying was to be able to login to the various applications and get familiar with the products I'm supporting.

The stated reason for not being approved was "...proportion of revolving account balance(s) to income is too high". I kind of expected this... because after the immediate denial online, I checked Credit Karma more thoroughly and realized my father had $6000 charged to his AmEx which I'm an autherized user on. That is over 50% of what I stated I make per year in internships. Obviously, I wish I saw this earlier.

I called the customer service line and got the typical pitch about reprocessing the application and the potential of additional inquiries. I feel like I have a decent case for reconsideration, but I would like to skip anymore inquires. The last inquiry dropped my score 40 points. Does anyone have suggestions on which numbers to call on this list? The letter I received says to write to an address in Utah, has anyone had success with that? If nobody has had success avoiding the inquires, I'll probably cut my loses and prep for a different application this fall.

Thanks for the help!

[Anonymous]

If you go down the normal consumer road, no matter who you call, or who you talk to...you are going to have to take a new set of hard pulls with no guarantee. Don’t do this. Capital One does not recon like most banks where a human could approve you. All they are going to do is re-enter your info in the system which is just going to reject you again unless your data points are different.

What you should do is use the employee route. Reach out to your future colleagues and manager. (You should still have contact info from your round of interviews). There are probably internal processses for getting test accounts that don’t need pulls.

[rbentley]

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@Anonymous wrote:

Hey everyone,

I have an interesting situation for reconsideration on a C1 Quicksilver card application, and I don't know who to contact in order to leverage my position.

***

I called the customer service line and got the typical pitch about reprocessing the application and the potential of additional inquiries. I feel like I have a decent case for reconsideration, but I would like to skip anymore inquires. The last inquiry dropped my score 40 points. Does anyone have suggestions on which numbers to call on this list? The letter I received says to write to an address in Utah, has anyone had success with that? If nobody has had success avoiding the inquires, I'll probably cut my loses and prep for a different application this fall.

Thanks for the help!

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Recon with Cp1 is rarely successful and almost always just results in additional pulls.  If your only reason for getting the card is to familiarize yourself with Cap1 products there are lots of other ways of doing that.  I second the advice above that once you are an actual employee you may have better luck.  You might also want to remove yourself as an AU on your Dad's card, although once you have employment income the high utilization on that card may no longer be such a big issue.

Finally, I think I can say with great confidence that one inquiry (even a triple pull by Cap1) would NOT drop your score by 40 points.  Something else accounted for 30 points or more of that drop.  You ought to get your reports and find out what that was.

[Anonymous]

Interesting... So I'm guessing the unusually high utilization in combination with the inquiry caused the drop then. Typically we are at ~3% utilization, but this month it jumped to ~30%. Those are the only two variables that changed.

I'll check to see if internal connections have advice and assume lowered utilization in the following months will raise the score back up.

Thanks again!

[Anonymous]

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@Anonymous wrote:

Interesting... So I'm guessing the unusually high utilization in combination with the inquiry caused the drop then. Typically we are at ~3% utilization, but this month it jumped to ~30%. Those are the only two variables that changed.

I'll check to see if internal connections have advice and assume lowered utilization in the following months will raise the score back up.

Thanks again!

Listen the others on the board, sorry about those 3 pulls. My score dropped 14pts from going to .05% to 13% utilization ratio, thats where your 40pt drop is from the 30%. Your score will go back once the utilization goes down

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[mikesonthemend]

You will be fine.

If you had included your father's income you could have supported his debt, I imagine.

The other side of the AU blade.

[kdm31091]

There's no recon with Capital One...save your time and effort. Once it is denied, it is not getting overturned. Even if you were to allow the extra inquiries, I have still not heard of anyone actually getting approved after going the "reconsideration" route.

[AverageJoesCredit]

Once employed by Cap One can you become our insider please

Jk or am 👁😏

[Meanmchine]

1) Get  removed as Amex AU

or

1a) Daddy pays Amex down zero

2) wait til all reports reflect the change

3) then you can reapp