When should I apply for Venture?

[creditwraith]

So from what I understand, Cap 1 is using Fico 04 for the approval. Just pulled my scores today:

TU Fico 8: 629, Fico 4: 682

EX Fico 8: 657, Fico 8 Bankcard: 682, Fico 3: 673 (No Fico 4 was provided)

EQ Fico 8: 625, Fico 5 Bankcard: 670 (No Fico 4 was provided)

I don't come back on the prequalified check with Cap 1. Just got their QS1 MC and was immediately approved for 3k SL when I apped about 45 days ago. It looks to me based on what I see above with the TU Fico 4 that my other two scores should be high enough to get it but who knows. BK 7 discharged over three years ago, and have had a Cap 1 Plat MC for over three years never late. In the last three years, I have had one 30 day late on a card in January of this year and thats it. I do have one open collection for 338 bucks from Feb of 2014.

Should I just wait for the prequalify to happen? Its hard to tell because I dont know what the Fico 4 scores are for EX and EQ. My gut tells me to wait until January and see if the scores come up some more and for the QS1 MC to get its auto increase. The highest cards I have are the QS1 for 3k and the Plat at $1250. Income is 120k. Current UTI is 9%, and I have been making 1500 dollar payments on the QS1 a couple times per month.

What do you guys think?

[Anonymous]

Did you mean when should you apply for a Venture card? If so, I definitely recommend waiting awhile. If you can wait until January that would be best.

[taxi818]

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@Anonymous wrote:

Did you mean when should you apply for a Venture card? If so, I definitely recommend waiting awhile. If you can wait until January that would be best.

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Agreed you should wait. scores just on the low side. and also hard for the fico 04 scores to change.compared to the fico 08. for some reason my equifax 04 score just won't change. not like the others. Ex and Tu. they change when my fico 8 changes. But Eq is the main score that Cap one looks at when you app. If you are not getting a Congratulations. Don't even waste your time. as the  pre qual with cap one is pretty accurate. you could always ignore us and cold app. Stranger things have happened. But chance wise it would not be wise thing to do.

[creditwraith]

Sorry for the typo guys, had been reading a Fico vs Fako article before posting, just fixed the subject line. Definitely not going to ignore the folks here, and really im just looking for a higher limit card by April. I don't want to waste three HPs if I'm not going to get it, im fine waiting for the prequal to give me the green light. One question about the Fico 04, I have the 3B ultimate and only got a Fico 04 from one of the CBs. How do I get the others?

[Anonymous]

Sorry to ask this as a complete credit newbie, but how do you get your FICO 4 scores? Is the FICO that Capital One gives a FICO 4?

Just to clarify, Is the free monthly FICO score that Capital One provides to members a FICO 4?

[creditwraith]

Welcome to the forums, and pull up a chair because all of this is fun. Basically, the score that Capital One is using for their credit tracker is based on Vantage 3 (I believe) and isn't the same as a true FICO score. And in fact, Capital One isn't using their own credit tracker score to measure you for approvals or credit line increases (CLI).

While FICO is the major scoring system used by the vast majority of lendors, they have different scoring models. The one that FICO likes to advertise the most is the FICO 08 score (which is named after 2008). But then there are other scores like FICO 08 Bankcard which is specifically geared towards credit cards (even though most credit card lendors don't use it.) There is also FICO 08 Auto for car loans.

Then you have FICO 04, which is of course based on the older 2004 metrics. So one of the tricks when you want to apply for a loan, credit card, etc is know which of these scoring models the lendor is going to be examining your TransUnion, Equifax and Experian report through. It might be an EQ 04, or an EX08, or a TU 08 Bankcard score.

In my case, when you apply with Cap 1, they pull all three and use the FICO 04 scoring model.

Hope that helps!

[Anonymous]

This is where my brain freezes.

Capital One gives members a monthly FICO score based on Vantage, but doesn't even use Vantage when you apply for one of their cards???

I'm going to have a few beers now!

[taxi818]

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@creditwraith wrote:

Sorry for the typo guys, had been reading a Fico vs Fako article before posting, just fixed the subject line. Definitely not going to ignore the folks here, and really im just looking for a higher limit card by April. I don't want to waste three HPs if I'm not going to get it, im fine waiting for the prequal to give me the green light. One question about the Fico 04, I have the 3B ultimate and only got a Fico 04 from one of the CBs. How do I get the others?

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If you got the 3b Monitoring. you already got all 3. you just are not looking in the right place. When you log in. you will see the Dashboard showing all 3 scores like you see below in my signature. click on the indiviual score. like EQ . Transunion or Experian.

There it will show you all your scores.

starting with the most common used fico. which is fico 08. Working its way down.

then will show you common 04 score.

Then auto enhanced 08

auto enhanced 04

Bankcard 08

bankcard 04.

As stated above by another poster. in this case cap one really only uses 04 when it comes to the venture card. not all of their products. Quicksilver and others they are using 08. and also correct. on their credit tracker they are using vantage score and they also clearly state they don't use that when making credit decisions. that is just used for educational purposes to show you how your credit score is trending. Fico is truly the only method of finding true score.

Im also finding out once in a while other lenders will use fico 4 versions as well. recently asked for cli for Diners Club. they used 04 version and my credit unioin only uses 04 version. these lenders are slow to change. so now i will focus on lenders using the 08 version.

[Anonymous]

taxi818,

That is great information shared!

[Anonymous]

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@taxi818 wrote:

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As stated above by another poster. in this case cap one really only uses 04 when it comes to the venture card. not all of their products. Quicksilver and others they are using 08. and also correct. on their credit tracker they are using vantage score and they also clearly state they don't use that when making credit decisions. that is just used for educational purposes to show you how your credit score is trending. Fico is truly the only method of finding true score.

Im also finding out once in a while other lenders will use fico 4 versions as well. recently asked for cli for Diners Club. they used 04 version and my credit unioin only uses 04 version. these lenders are slow to change. so now i will focus on lenders using the 08 version.

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Oh wow I wish I'd known that earlier today when I managed to get my approval for the Venture. I'm sure I only got it because my 04 are way above my 08 scores. Like 60 to 70 points across all three. No wonder I got shot down on the QS which I apped second. I should have apped the VentureOne as my second app with them today to make the three pulls count. I might have gotten a 3K VentureOne along with my Venture if they happen to use the 04's on that one as well.