New Policy for Cap 1 Applications???

[Anonymous]

Hello Everyone

Im new  to posting, but been lurking for a while.

I was approved for a Cap1 Platinum ($3k) the other day via a pre-qualified mailer. I then went on to try the venture card and was denied. Today I called the recon line and was told that a new poliwas put in place that if an applicant has just opened a new card with them, they it will be an automatic denial for any other cards for 6 months.

Has else run into this? Im not all that credit card savy, but after he told me that people do have multiple cards, the info above just didn't jive.

Thoughts?

[Anonymous]

Yes, it's a new policy.

[Anonymous]

DangI must have missed the info on this one. Thanks.

[ddemari]

very interesting! i did not know this was a new capitalone policy. 

[SouthJamaica]

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@Anonymous wrote:

Hello Everyone

Im new  to posting, but been lurking for a while.

I was approved for a Cap1 Platinum ($3k) the other day via a pre-qualified mailer. I then went on to try the venture card and was denied. Today I called the recon line and was told that a new poliwas put in place that if an applicant has just opened a new card with them, they it will be an automatic denial for any other cards for 6 months.

Has else run into this? Im not all that credit card savy, but after he told me that people do have multiple cards, the info above just didn't jive.

Thoughts?

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Yeah many people have reported that.

[Anonymous]

I was approved for 2 capitol one cards on the same day in april

[Anonymous]

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@Anonymous wrote:

I was approved for 2 capitol one cards on the same day in april

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The new policy took effect June 1st.

[12njoy]

I wondered what was going on.  I had a friend apply for a cap one card and she was approved and then did another app within minutes and was denied.  Denial letter came and said something to the effect of a recent or approved application.  I guess they grew tired of people getting a two for one

[UncleB]

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@12njoy wrote:

I wondered what was going on.  I had a friend apply for a cap one card and she was approved and then did another app within minutes and was denied.  Denial letter came and said something to the effect of a recent or approved application.  I guess they grew tired of people getting a two for one

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+1

Not just 2-for-1, but then in six months combining them into a card with a larger credit line than the person would have otherwise qualified for. 

(note that I'm not saying I blame anybody - I would have done it, too - just that it makes business sense to pull it back a bit.)

I'm just glad it doesn't appear they changed the rules regarding the new account bonuses... usually if you can manage to get approved for the card, they give you the bonus regardless of if you've received it on another card before.  If they were to change that, it would likely severely cut down on new applications (well, at least from folks on here... LOL).

[12njoy]

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@UncleB wrote:

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@12njoy wrote:

I wondered what was going on.  I had a friend apply for a cap one card and she was approved and then did another app within minutes and was denied.  Denial letter came and said something to the effect of a recent or approved application.  I guess they grew tired of people getting a two for one

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+1

Not just 2-for-1, but then in six months combining them into a card with a larger credit line than the person would have otherwise qualified for. 

(note that I'm not saying I blame anybody - I would have done it, too - just that it makes business sense to pull it back a bit.)

I'm just glad it doesn't appear they changed the rules regarding the new account bonuses... usually if you can manage to get approved for the card, they give you the bonus regardless of if you've received it on another card before.  If they were to change that, it would likely severely cut down on new applications (well, at least from folks on here... LOL).

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I'm glad I got in when I did then.