Venture Approval Stats?

[pinkandgrey]

My scores are all in the 720s

My income is approximately 24k

My other cards are a Disco It with a 10.2k limit, a Barclays Apple with a 4k limit, a GM Buypower with a 5k limit, and an Amex BCE with a 6k limit

My inquiries are 4 or 5 on EX, 1 on TU, and 1 on EQ.  I believe 4 of those are within the last few months

I have always PIF,  no late payments or anything bad on my reports

AAoA is 8 mos to a year. Oldest account 2 years 

Last note: per Cap1’s site, I AM prequalified for the Venture

What are my chances of getting a decent SL? I don’t want 3 HPs for another 5k card. Any personal experiences welcome.

[Anonymous]

I'd say you may be approved for a Venture with a modest limit. Lenders look at your credit report and income to determine what limit they will extend.

The Venture card only makes sense for the signup bonus, but its redemption rate is not very good. You get 1 cent per point max and that's  when covering travel expenses, if you redeem for cash it's only 0.5 cents per point. Your Discover and/or Amex may do better since the cash backs cover everyday spending at 1% return.

Capital One may be able to offer CLI without hard pull, but I don't have any personal experience since I don't have any of their cards. Others may be able to tell, though.

[pinkandgrey]

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@Anonymouswrote:

I'd say you may be approved for a Venture with a modest limit. Lenders look at your credit report and income to determine what limit they will extend.

The Venture card only makes sense for the signup bonus, but its redemption rate is not very good. You get 1 cent per point max and that's  when covering travel expenses, if you redeem for cash it's only 0.5 cents per point. Your Discover and/or Amex may do better since the cash backs cover everyday spending at 1% return.

Capital One may be able to offer CLI without hard pull, but I don't have any personal experience since I don't have any of their cards. Others may be able to tell, though.

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I recently got SP CLIs on both my Amex and Disco. Recently being a few months ago..

[EW800]

I was approved for Venture with a SL of $30K about a year ago.  They have since bumped me to $36,750.  At the time of my app my FICO 8 scores were in the 730-735 range (rebuilding from issues years ago), no inquires, salary about $115K.  At that time, and still true today, I only allow one revolving account to report a balance of about $10-$25 to the CB's.  

[UncleB]

@pinkandgrey, I've merged your two identical threads into one.  Please don't post the same question in multiple threads or cross-post; it's confusing to follow and is against our policies here.

Thanks,

--UB

[Anonymous]

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@Anonymouswrote:

From what I have read the Venture is now a 5/24 card.  Meaning you can't have more than 5 new accounts in the last 24 months and be approved.  Capital One has a pre-approval page you might want to see if you qualify for pre-approval on that page.  

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I am not sure that Capital One have gotten to be that strict but CO has not liked my new accounts. But if I were to age them a year who is to say they wouldn't approve me. When I applied last year I did have pre-approvals and when I tried to recon the EO office said they didn't show I had been pre-approved. I wouldn't have applied with them without seeing a pre-approval. The other concerning thing I've read is them chopping up the generous limits down to 10K. Makes me think they did me a favor. Good luck if this card fits your needs.

[Anonymous]

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@pinkandgreywrote:
I would love to hear some firsthand experiences with applying for the Cap1 Venture. If you don't mind sharing, what was your income, score, and approval amount?

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Unless this supposed Capital One 5/24 rule happened recently, I am unaware of it.  But in October 2017, approvals/denials seemed tied to new accounts during the weeks directly after the bonus was increased to 50,000 points. 

I’m copying this verbatim from one of my previous posts:

I read an entire Reddit thread of seemingly endless denials back in October which kept me from applying then. In December, I applied and was instantly approved (SL 15K) with the below data points:

Cold App/No prequals

No prior Capital One relationship 

AAoA:
7yr11mo

Double Pull

Inquiries ||| Score
EX FICO 8 - 9 ||| Score: 730
TU FICO 8 - 8 ||| Score: 737

The approval letter showed a Bankcard 2 or 4 score of only 700. I can’t remember anything more specific than that. Apologies.

Last Opened Account:
BoA Premium Rewards - October 1
Discover it - October 1
Barclaycard Red Aviator - November 1

New Accounts:
10 in previous 7 months.
4 in previous 4 months.
3 in previous 3 months.

I hope this is helpful. I think the approval was an aberration. 

[Anonymous]

I think I may have answered this in another post. The GM Power card sounds familiar.

I speculate that the approval would occur though I think it would be in the $5K range. This is also assuming that GM Power card is beyond the 6mo mark (1 in 6mo rule may be applicable to co-branded cards).