Venture X Preapproval Data Points

[Janneman]

@Aim_High 

Additional DP:

(1) My above statements/posting wherein I mentioned about having 19 or more open revolving accounts would make the application denied for this particular credit card then such statements are pertained only to this particular card, Venture X and not any other Cap1 card. I know nothing about any rule/DP of any other card issued by Cap1 nor I have ever paid any attention to any DP to those. This is the only card I was focused on for the last 2 years and did an extensive dig. So, it was not about the score, income, aggressive-credit seeking behavior, TCL or anything else, rather just the total number of open/active revolving accounts.

Then I started gathering info on exactly how many revolving account is enough for them to be considered excessive to deny the application....I went on digging each posting one by one on those sites...and complied a list...and it turned out that having19 or more open revolving accounts would make you deny. A few people were able to get this particular card despite of being over 19 open revolving accounts, and one person had 26 open accounts, but those approvals were in minority or very rare.

(2) I had not applied for any new accounts for 11 months prior to applying for this card in December of 2022, and there was not any card/account was applied or opened when I applied for this card. Thus, there wasn't any question of aggressive credit-seeking behavior, which is the same case for thousands of other people on those sites who got denial for the very same reason..

(3) Every fianancial institution has their own underwriting criteria such as 5/24, 6/24, 2/12, TCL, but Cap1 do have total number of revolving accounts in order to approve or deny for this particular card.

(4) One can search following sites/Facebook groups to read thousands of postings about this particular card-

     The Credit Society 

     The Radikal Marketer

     Capital One Venture X

     Capital One Fan Club

Hope this helps....

[Zoostation1]

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@Aim_High wrote:

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There is no such thing as a subprime Venture X approval because as a Visa Infinite, the minimum approval is $10K and no subprime borrower would qualify. 

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While I agree with a lot of what you wrote, I do think there are a few approvals that could still be seen as subprime.  My profile while steadily improving since starting my rebuild can still be considered a sub prime approval for a prime card (BK7 is 5yr9m old and VX is my only $10k card).  The link GatoradeZeroGuy posted gave me all 3 Venture options on preapproval before proceeding with finishing the VX app.

[Aim_High]

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@Zoostation1 wrote:

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@Aim_High wrote:

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There is no such thing as a subprime Venture X approval because as a Visa Infinite, the minimum approval is $10K and no subprime borrower would qualify. 

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While I agree with a lot of what you wrote, I do think there are a few approvals that could still be seen as subprime.  My profile while steadily improving since starting my rebuild can still be considered a sub prime approval for a prime card (BK7 is 5yr9m old and VX is my only $10k card).  The link GatoradeZeroGuy posted gave me all 3 Venture options on preapproval before proceeding with finishing the VX app.

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Thanks @Zoostation1 for the comments, but your profile example may have reinforced my point.  And by the way, congratulations on your rebuild progress and Venture X approval! 

According to your signature, your EQ-TU-EX FICO 8 scores were 659-656-663 in June 2022. Those are subprime but very high in the subprime range. 

There is no one-size-fits-all answer to the credit scores that lenders consider subprime, but Experian provides a classification: FICO Scores that fall within the fair and average range — between 580 and 669 — are classified as subprime. >LINK<

Meanwhile, one year later, your July 2023 FICO 8's have improved to the low end of prime range with scores of 683-684-677.  So by that definition and knowing the minimum $10K Visa Infinite approval, that appears to me to be a low prime approval for a prime card.  

The linked article does mention, however, that there is no single definition of subprime and lenders may vary underwriting standards somewhat. So Capital One might use, as an example, 650+ versus 670+, or they could use a higher standard. 

[PullingMeSoftly]

Thanks for posting your pre-approval info @Aim_High. This discussion confirms my thoughts on the matter anyway. High chance of denial for those with many revolving accounts and are in late game + triple pull + portal life = no thanks, hard pass.

[GZG]

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@Aim_High wrote:

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Today, I ran it again as you asked and qualified for:

• Quicksilver Rewards "for good credit" - no AF
• Savor ONE Rewards "for good credit" - no AF
• Venture ONE Rewards "for good credit" - no AF

So they didn't even offer me the original Venture!   Still, that does make one think that there are some differing underwriting standards at-play for that Venture X than their other cards.  Maybe some other forum members could run their preapproval on both links and we could compare notes. 

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this definitely feels like Cap1's version of pop-up jail, hopefully when you go back 0/12, they'll loosen up and those results might change 

if you do end up seeing SUBs as options in the future, that might be your best chance to apply 

[mgood]

I just tried the Cap 1 pre-approval link right before I clicked on this thread.

No soup for me.

I didn't even scroll down to see the reason codes I saw that they had nothing available and closed the page.

EDIT: My aggregate limit on credit cards is over 2x my income, close to 2.5x.

[minski]

My approval post.

I recounted my revolving accounts. Believe I had about 18-19 credit cards and 3 lines of credit at time of application.

https://ficoforums.myfico.com/t5/Credit-Card-Approvals/Capital-One-Venture-X-Approval/m-p/6607012#M8...