Venture X or Penfed PCR and When?

[StephenH]

I'm having a difficult time planning my next application.

Please refer to my signature for the most up-to-date credit profile information.

I was pre-approved for the Penfed PCR while the link was available last month at $1.5k. I didn't take much stock in it as the pre-approvals were not solid and many had been denied after applying. Therefore, after posting on the forum, I decided to wait a bit longer and apply in May or Sept 2022. 

However, I recently checked Cap1 pre-approvals and for the first time since becoming a customer in April 2021, I have an approval for each of their CCs. Since then I am itching to apply for the VX.

I researched the forums and came across 2 posts with VX approvals with a relatively fresh bankruptcy. I'm convinced I should get an approval considering my current profile and relationship with Cap1.

I travel frequently and have been using my V1 upgraded from Platinum to book travel. I've not asked for a CLI on neither card (QS or V1) so far and don't plan to given their reputation.

Do I wait and take the single inquiry sometime next year for PCR or pull the trigger on the VX sooner than later?

[Mdowning30]

If you are pre approved for the Venture and already have the Venture One, it would make more sense to go for the X ! Do you want a $1500CL or a $10,000 CL ?! 

[StephenH]

It absolutely makes the most sense to go with VX, but I'm worried it may result in a denial. If I were to be denied I'll tack on 3 additional inquiries as opposed to 1 on PCR.

What are my chances of an approval?

[coldfusion]

People have been approved for the card with scores at your level but the vast majority of approvals I see are for people with scores in the 700s with either clean files or dirty files that only have late stage derogs.  I'd say odds of approval are not 0% but are not good.

[StephenH]

If I were to gamble on the approval when should I do that? And if it's a denial I'm thinking I should turn around and apply Penfed?

This is what the pre-approval site shows at the moment. It does not show a specific APR for any of the cards, each of them show a range.

How long can I expect this to remain assuming there are no significant changes in my profile? Is there any reason I should wait any longer considering my current profile?

Please accept my apologies for all the additional questions.

[FLLGuy]

Rule of thumb is if you prequal for all CAP1 cards including the Venture cards then chances are you'll likely get approved for VX.  

i got VX this past March 2022 w/$20k limit just 9mos post BK13, not to mention i also burned them north of $10k.  In my opinion i think VX is worthy better feature and performance than Penfed.  If you do the math VX basically pays you $10 to get accepted after reaping all the benefits.   Love my VX and you should splurge....3x inquires who cares its nothing.   Do it !!!!!

[StephenH]

I agree, VX is a far better match for my needs and better overall. I'm tempted to pull the trigger, more so having learned about your approval. It's been a very meticulous process so far and I don't want to hinder long term progress by jumping on the possible opportunity only to end up with a denial plus 3 inquiries.

Currently, there are 2 inquiries on EX and EQ and 4 on TU (GM did 2 pulls both on TU for car lease). All will fall off August 2023.

Thank you so much everyone and the community for your input so far, it allows me to make a well informed decision.

[StephenH]

Bumping this up; I was hoping to hear from a few more members.

In addition, I noticed my credit report updated with both Cap1 cards reporting a balance with V1 reporting $208/3300 and QS reporting $1460/5500. While EX score did not change EQ fell 5 points and TU fell 4. I always PIF, should the new balances and slight change in score be taken into consideration prior to my application?

[FireMedic1]

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@StephenH wrote:

Bumping this up; I was hoping to hear from a few more members.

In addition, I noticed my credit report updated with both Cap1 cards reporting a balance with V1 reporting $208/3300 and QS reporting $1460/5500. While EX score did not change EQ fell 5 points and TU fell 4. I always PIF, should the new balances and slight change in score be taken into consideration prior to my application?

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No need to bump. Its the weekend and everyone is getting home from the beach/park/BBQ's, ect. Trust me. They'll come around. Venture X gets a lot of responces.

[StephenH]

Hahaha I guess I'm a bit nervous about the application. I will likely apply end of September (3rd week) once all accounts report and my balances are updated. My QS is reporting $1460 this month after reporting ~$100 last month. 

I would hate to get a denial bc I forgot to pay before statement cut, that'd be so sad lol.