Wife and I both denied for CapOne Savor

[Anonymous]

Earlier this month, both DW and I applied for the CapOne Savor card and both got declined. Is it worth calling and asking for reconsideration?

Getting declined is pretty rare outcome for us.

Per CapOne's own CreditWise tool, my score is 800 and DW's is 830. Whenever filling out an app for either of us, I always report income of $150k, which is roughly correct for HHI. Each of us has a bunch of cards, around 1% total utilization spread pretty broadly. We exclusively PIF and almost exclusively let everything post to statement and PIF on the due date.

I have two CapOne cards already; an old Platinum card that I got for a 0% 0 fee B/T ten years ago, and a QS which was a PC from a Venture card a couple of years ago. Wife has one CapOne card, a QS which was also a PC from a Venture card. Neither has seen significant usage since the conversion to QS (or for that matter since the Venture bonus was plundered).

The reasons given for both denials are:
· Based on your credit report from Equifax,too few or no revolving accounts have a balance
· Based on your credit report from Trans Union,there are too many new revolving accounts

As to new accounts, we are both 2 in 24 months, 1 in 12 months.

As we PIF, we have no balances that resolve (FWIW), but we each typically have about 6-8 cards a month that report a balance.

Only other accounts on either report are a joint mortgage and a paid-off car loan taken out in 2015.

Thoughts?

Chris.

[FireMedic1]

Sorry about the declines. You do know Creditwise is Vantage. What are your FICO scores? One sentence you said you always pay in full, another sentence you say you let 6-8 cards report a balance. Big difference. And no Cap1 doesnt recon. Sorry........

[HeavenOhio]

My first thought is to wonder why you want to pay two annual fees rather than one of you being the primary user and the other being an AU.

I wonder if two few accounts with balances refers directly to your existing Capital One cards. How many total revolving accounts do each of you have?

Do you and Mrs. OP know any of your FICO scores? CreditWise offers a VantageScore, which isn't used by lenders.

[HeavenOhio]

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@FireMedic1 wrote:

Sorry about the declines. You do know Creditwise is Vantage. What are your FICO scores? One sentence you said you always pay in full, another sentence you say you let 6-8 cards report a balance. Big difference. And no Cap1 doesnt recon. Sorry........

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"Pay in full" means to pay the statement balance by the due date. If that's the MO, the statement balances would have reported except for possible exceptions that report something other than the statement balance on or soon after the statement date.

[imaximous]

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@FireMedic1 wrote:

Sorry about the declines. You do know Creditwise is Vantage. What are your FICO scores? One sentence you said you always pay in full, another sentence you say you let 6-8 cards report a balance. Big difference. And no Cap1 doesnt recon. Sorry........

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Not sure what the difference is. You can report a balance on all your cards and still PIF by the due date.

Cap1 has been doing this to a lot of people with good profiles. Sorry for the declines OP. 

Creditwise isn't Fico, but based on what I've seen, people with 800+ Vantage have pretty good Fico scores.

ETA: I always take too long to type. See above.

[Anonymous]

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@FireMedic1 wrote:

Sorry about the declines. You do know Creditwise is Vantage. What are your FICO scores? One sentence you said you always pay in full, another sentence you say you let 6-8 cards report a balance. Big difference. And no Cap1 doesnt recon. Sorry........

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To the rest of the financial world who do not frequent CC boards where most CC users don't micromanage UTI and report charges naturally to statements, the term "PIF" means paying the statement balance in full by due date. On boards like this where score is king and techniques like AZEO are encouraged, the term is often misused and confused with paying balance to zero before the statement date to reflect a $0 statement balance.

[FireMedic1]

I was confusecd on these 2 sentences. The 2 bolds is what was confusing. I am well aware how to do the pay thing.

As we PIF, we have no balances that resolve (FWIW), but we each typically have about 6-8 cards a month that report a balance.
We exclusively PIF and almost exclusively let everything post to statement and PIF on the due date.

Now that 3 of you explained it to me. Thanks for the gang up! Later days folks!

[Anonymous]

Didn't mean to pile on Fire, there were no replies when I hit the tab and took a call from my niece halfway through.

[imaximous]

Ha! That kinda happened to me. I was typing and took forever, so HeavenOhio beat me too. That's why I put an "ETA" afterward.

[HeavenOhio]

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@FireMedic1 wrote:

I was confusecd on these 2 sentences. The 2 bolds is what was confusing. I am well aware how to do the pay thing.

As we PIF, we have no balances that resolve (FWIW), but we each typically have about 6-8 cards a month that report a balance.
We exclusively PIF and almost exclusively let everything post to statement and PIF on the due date.

Now that 3 of you explained it to me. Thanks for the gang up! Later days folks!

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Change "resolve" to "revolve."