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Venture Declined

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Anonymous
Not applicable

Venture Declined

Smiley Sad This is my first post in this forum and starts with sad one 

 

 

Just to give an overview. I started my credit history when I got my SSN back in february and landing in a corporate job. I immeidatly began a credit application spree and in sequence was approved for CITIBANK, CAPITAL ONE , AMEX, DISCOVER AND CITI. My BOFA is the oldest card given to me as a student with no credit history and when I  updated my SSN with the bank it showed up as my oldest account opened in October 2014. The only company that shows me luv is AMEX who increased my CL from $15k to $20K instantly and I hope to give only them my buisness henceforth. I recently went on a application spree few weeks back and was approved for the Chase marriott card at $5k after verifcation, Declined for the CSP for too many new accounts as the only reasons ( Figured Smiley Very Happy). Few days back I got the itch to apply for the venture and thought of being approved but auto declined and resulting in 3 HP'S Smiley Sad. The reason stating too many credit enquiries. I am just not satisfied with the quicksilver one at $800 and not able to use it to gain any cashback rewards and the CLI is just not working out.  BOFA declined me twice for a CLI even though being my first card for the reason that my account was new and they want to see me manage my account for few more months.

 

 

Now is there a possiblity of recon in this case for the Venture. Really want to fight this till the end since the 3 HP's were done. 

 

My AAoA is 7 months and total credit line across all cards are roughly at $30K and mind it I do not carry any late payments or other degrotary remarks on my credit report. I pay off my balance all the time. My credit utilisation is around 10% and annual income is roughly $70k. I really wanted to cross the >700 credit score but guess have to wait few more months.

 

 HARD ENQUIRY'S IN MY REPORT AS OF TODAY

TU- 12 

EX-7

EQ-7

Message 1 of 32
31 REPLIES 31
Anonymous
Not applicable

Re: Venture Declined

Others will respond with more experience that I have, but it seems you just don't have enough history yet. You will and you are off to a great start. Congrats on that. Time passing will bring everything up to where it should be.

Message 2 of 32
ojefferyo
Valued Contributor

Re: Venture Declined

How many inquires do you have? I can't imagine Cap1 being inquiry sensitive.

Amex Platinum, Amex Hilton HHonors Surpass, Chase Southwest Premier, Chase Marriott Rewards Premier, Discover IT, Sony Visa, Barclay Arrival+ MC, Cabela Visa, Walmart SC, Amazon SC, Kohls, Diners Club Premier, PayPal Credit, PenFed Platinum Reward Visa, PenFed PLOC, Chase Ritz Carlton, Citi TY Premier, Amex BCP, Discover Miles, Care Credit, Blue Nile SC, iComfort SC, Cap1 Venture, Chase Hyatt, Lowes, US Bank Cash+, Citi Costco Visa
Message 3 of 32
Anonymous
Not applicable

Re: Venture Declined

I have around 12 in Transunion with 4 being in the past few weeks, 7 in both experian and equifax. I really wish some company treats me how AMEX does. They are the best to deal with.Period !

 

 

My CLI with AMEX and my new chase card has yet been reported. Can these two by anyways help in recovering the damage caused by the hard pulls. I am looking forward to buying my first car and would love to cross 700 so that the intrests are low.

Message 4 of 32
Anonymous
Not applicable

Re: Venture Declined

I'm guessing it's your very short history.
Message 5 of 32
Anonymous
Not applicable

Re: Venture Declined

I would absolutely try to recon, like you said you took the hits.
Message 6 of 32
Anonymous
Not applicable

Re: Venture Declined

Don't rush it, just relax and build some history. Credit does not happen overnight.

Message 7 of 32
Anonymous
Not applicable

Re: Venture Declined


@Anonymous wrote:
I would absolutely try to recon, like you said you took the hits.

From what I understand, Cap1 does not recon.

Message 8 of 32
Anonymous
Not applicable

Re: Venture Declined

Oh, good to know. 😊
Message 9 of 32
FinStar
Moderator Emeritus

Re: Venture Declined


@Anonymous wrote:

@Anonymous wrote:
I would absolutely try to recon, like you said you took the hits.

From what I understand, Cap1 does not recon.


Actually, they do but would likely need to go through the EO route.  It also depends on the denial reasons (since I'm sure inquiries was not the only itmes listed in the OPs letter - unless other factors came into play).  However, reconsiderations with Capital One may sometimes result in another 3 HPs and with no guarantee that they'll overturn their decision.  In some cases, the reconsidered application, when approved, doesn't turn out to be a decent SL.  The OP's results will vary.

Message 10 of 32
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