Venture Denial - Shoulda known....

[roniram]

I just had my credit updated after I successfully disputed a collection account from my TU, and it moved my scores up to a point (mid 600s) where I thought I might qualify for the Venture, especially when I saw others with similar scores qualifying.  My only problem is I have relatively high utilization because I just recently have been able to payoff some of my credit card balances after carrying them for a year.  I should have known my utilization would come back to bite me.  I have a Cap Platinum and a Cap QS One but both are about 80% utilization, and I requested a CLI on both and they gave me $150 on each.  That should have been my warning right there!  But, I decided to pull the trigger anyway...bam - denial.   Don't have the reason yet, but I'm sure it hight credit card utilization.  I planned on havng all my credit cards paid off by late next month, but I just had to pull the trigger early!  I guess the approval for AMEX BCE got me too excited. 

Should I try to recon when I get my denial letter?  I think several of my recently paid off cards have not shown on my reports yet, and they should bring my overal UTL down to about 50%. I'm thinking my utilization will be down to about 30% within the next two weeks, but I don't want another triple pull on my CRs.  Don't know what to do....

[pizza1]

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@roniram wrote:

I just had my credit updated after I successfully disputed a collection account from my TU, and it moved my scores up to a point (mid 600s) where I thought I might qualify for the Venture, especially when I saw others with similar scores qualifying.  My only problem is I have relatively high utilization because I just recently have been able to payoff some of my credit card balances after carrying them for a year.  I should have known my utilization would come back to bite me.  I have a Cap Platinum and a Cap QS One but both are about 80% utilization, and I requested a CLI on both and they gave me $150 on each.  That should have been my warning right there!  But, I decided to pull the trigger anyway...bam - denial.   Don't have the reason yet, but I'm sure it hight credit card utilization.  I planned on havng all my credit cards paid off by late next month, but I just had to pull the trigger early!  I guess the approval for AMEX BCE got me too excited. 

Should I try to recon when I get my denial letter?  I think several of my recently paid off cards have not shown on my reports yet, and they should bring my overal UTL down to about 50%. I'm thinking my utilization will be down to about 30% within the next two weeks, but I don't want another triple pull on my CRs.  Don't know what to do....

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Sorry to hear that...The utilization is your answer. Your scores are better than mine, but my util is 1% on one card, and Ive PIF every month with cap1 on my others. Get that util down to say 10%, and try again in 6months. Youll probably get the dbl or triple pull again.  Good luck 

[itgirl74]

I was checking Cap One pre-approvals just about every day leading up to my recent app spree. When my utilization was at 27% across 5 cards (the highest at 47%), I was offered Platinum and QuickSilver One. As soon as my new balances were reported and utilization went down to 10%, it showed me Platinum Presige, QuickSilver Visa Signature, and Venture. I apped for the latter two and got approved for both.

So yes, I think you're right that utilization is the reason for the denial.

[Anonymous]

That's rough!

I got approved with lower scores than you! Sorry.  My UTIL was at 5% though. I agree with the other posters. 

Maybe you can recon?