Should I reapply after getting declined by two CC apps

[Anonymous]

First timer here. Wanted some advice.

The Story: Around april-ish 2019 I applied for two credit cards. Cap 1 Venture + Discover Cash Back. Both was 7-10 day message which resulted in declines. Reason being to many inquiries.

At the time I’ve only had 3-4 inq (that was spread out 3+ months apart) across all three Credit bureaus..BUT.. I applied for a car October 2018. And they ‘shot gunned’ my app and that cause 4+ inq on each bureau. (6 on Experian).....side note I still got the absolute worst rate imaginable... anyways. According to my research when shopping for a car, multiple inquiries in a 14 day time frame SHOULD be counted as a single inquiry. However, with cap1 and discover this was not the case and I truly believe that since the applications are reviewed and determined by computers and not actual humans, the system failed to recognize and detect that all inquiries made that day should be counted as a single inquiry.

At that time my scores was in low 700’s. I believe Transunion was Like 690 or something.
Never had a negative item.
Never a missed payment.
Utilization under 30%.
AAOA was almost two years.
Clean report other than those inquiries from the car.


I really want to reapply for the venture card OR CSR.

My scores have all went up since then
All three bureaus are 720+ on fico, vantagescore, credit karma.
AAOA is two years.
Just got a new credit card last month. AMEX blue cash. $1k
I have 2 CC’s with cap1.
Platinum $1.5k QS $4.5k
1 Best Buy card. 3.5k (I’m using about 2.4k)
1 burden auto loan that I’ll probably die before it gets paid off.
Utilization 30%
Clean report.
$48k income. Projected to almost double that this year.
22 years old. Self employed.
Live with parents.... not for long lol.

Please let me know opinions, advice... whatever yous got, would love to hear back.

[Remedios]

Hi and welcome to the forums @Anonymous 

Your current limits may pose a challenge when it comes to CSR. If you had at least one card that was close to $10K and were under 5/24, maybe.  Chase has a prequal page, so feel free to try that or credit journey. I would not cold app for CSR with low credit age and limits on low(ish) end. 

Capital One has a fairly reliable preapproval page. If Venture pops up, I'd apply. If it does not, I'd wait. That does not mean you would not get approved with cold app, but you already got denial for too many inq, so no sense in racking some more if all you need is a little bit of time

I think Venture One may be within your reach due to low credit age. 

Anyway, try prequal and see if anything pops up. 

Good luck 

[Meanmchine]

The grouping of multiple car inquiries together is for FICO scoring purposes.  This does not however constrain individual lenders from doing the same. Each lender is free to group or not group inquiries together for credit granting purposes

[Anonymous]

Vantage score is not real Fico score. Sign up for Experian and Discover score card it will give you your real Fico scores for free.
In my opinion you need to garden for 4-5 months.
Too many inquiries denial just means“you are not good enough for us yet” in my opinion. Your credit profile isn’t good enough yet. Patience is a key.
Before you apply make sure you do AZEO.
Again is just my opinion. I’ve seen people getting approved with 30+ inquiries but their credit profile was that good.
Building credit is just a game of patience.

[coldfusion]

As was pointed out,  multiple HP acquired within a short window when applying for an auto loan are only consolidated for FICO scoring purposes.  They are all still reported individually and each issuer can choose for themself how they should be evaluated.

A $1K limit on an AMEX card means you just managed to squeak in.  You should be taking that as a general warning that you need to exert patience and focus on establishing a track record of responsible use and prompt payment, not as a sign that all is well and you're ready to start applying for a CSR.  Anything can happen but IMO the odds of you right now acquiring a CSR are poor.

Lastly, unless Capital One has very recently updated their policy you're limited to holding 2 of their core cards (i.e. not co-branded like a Cabelas card) at any time.  If that's still the case (I recommend you confirm this) you're going to be SOL by default regarding the Venture.

[Jannelo]

You didn't say what your interest rate was on your car loan,  but from your comments, it's very high.  Why don't you refinance the car loan?  Your scores are good enough to do that.  Who is your car loan with?  

[JaseT]

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@coldfusion wrote:

Lastly, unless Capital One has very recently updated their policy you're limited to holding 2 of their core cards (i.e. not co-branded like a Cabelas card) at any time.  If that's still the case (I recommend you confirm this) you're going to be SOL by default regarding the Venture.

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Just a data point: I’ve had three core Cap One cards for awhile now, Quicksilver, Savor, & Venture.

[Jannelo]

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@coldfusion wrote:

As was pointed out,  multiple HP acquired within a short window when applying for an auto loan are only consolidated for FICO scoring purposes.  They are all still reported individually and each issuer can choose for themself how they should be evaluated.

A $1K limit on an AMEX card means you just managed to squeak in.  You should be taking that as a general warning that you need to exert patience and focus on establishing a track record of responsible use and prompt payment, not as a sign that all is well and you're ready to start applying for a CSR.  Anything can happen but IMO the odds of you right now acquiring a CSR are poor.

Lastly, unless Capital One has very recently updated their policy you're limited to holding 2 of their core cards (i.e. not co-branded like a Cabelas card) at any time.  If that's still the case (I recommend you confirm this) you're going to be SOL by default regarding the Venture.

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Isn't the Capital One Platinum card solely in the rebuilder category?  I thought it's limited to two cards  in the same category.  So a rebuilder card (subprime category) wouldn't count against having two cards in the excellent category.    So the OP has the Quicksilver.  The way I understood Cap One's policy, from reading on here, he/she could have one more CC with Capital One.  like the Venture or Savor credit card.  Maybe I'm wrong and misinterpreted something I read.  Maybe it's just the Platinum secured card that doesn't count.

[Anonymous]

@Jannelo The dealership I went to financed me with Chrysler Capital because that was the best rate possible. I believe the interest is 27.99% or somewhere around those numbers. I’m not sure I don’t really remember. The vehicle was 16k but I’m paying a total of 25k.

[Anonymous]

@jannelo @coldfusion I don’t know if this helps. But, my first CC ever was cap1 platinum secured. Like 6 months after that I applied for the QuicksilverOne. not the OG quicksilver.
After much time They changed my platinum from secured to unsecured and the quicksilverone to QS world? ... so you’s let me know if these cards means I’m not limited to two cc’s with cap 1