Would I get approved for Capital One Venture card?

[vinster95]

Hey everyone! I was just wondering what you guys think of my approval odds for the Capital One Venture card. I can't tell you an exact number because I'm currently paying my cards off over the next two weeks, while I wait for April's report dates. I have an Amex Delta Gold that will report 20 dollars out of a 3000 dollar limit. And a Dell Financial services account with a 4000 dollar limit, that will report somewhere between 600-1000 dollars on it. Total UTL will be between 9-14 percent ($600-$1000/$7000)

Right now my score is 669 per Experian's website. And 645 for TU and EQ per Credit Karma. I know these sites are rough estimates. On Experian I did the score simulator to what I will be with the cards paid down. It says 799. So even if that's generous, I'm assuming I'll be around 760 plus. 

So my question is, 760 (give or take) for credit score. 9-14 percent UTL. No derogatory, no latenesses. Everything perfect. I also have an Amex Platinum card, that will report about a 2400 dollar balance (I heard that does not count towards UTL). And I also have 1200 or so owed on an affirm installment loan with Peloton, and a car loan. 

My last thing I'm waiting to report is the Dell, which will on the 15th. Once I see everything is updated, my plan is to apply for the Venture card. Do you guys think my approval odds would be good for it with those numbers stated above? (760ish score, 9-15 percent UTL) And salary is 134k.

Thanks in advance for any and all input!

[vinster95]

One more thing: My highest limit is Dell at 4k currently. Would capital one have a problem giving me a new highest limit card? I'm assuming Venture cards are usually 10k or so from what I've seen?

[JoeRockhead]

I don't know that anyone is going to be able to answer your question with any kind of accuracy as Capital One doesn't seem to have any kind of discernible method to approvals, or the limits they issue. There has been many people denied, or given low SLs with 800++ scores, yet other people with much lower scores and even had burned them in the past that get approvals and higher limits. 

Also, many people around here will tell you that when it comes to publicly available score simulators, they should be considered as "for entertainment purposes only". 

[citymunky]

Did you check Capital One's pre-approval tool? 

https://www.capitalone.com/credit-cards/preapprove/

[vinster95]

Yeah but since I'm waiting for the score to go out when the cards report, I’m guessing I'd be offered more once my score increases. I'm assuming they do new offers pretty quickly?

[vinster95]

I didnt realize capital one was so all over the place with who they accept and who they dont. I remember seeing on this fourm that  they were annoying with CLI's. (I think it was them if I remember correctly) Do you know if their pre approval tool is a pretty good indication of approvals with them?

[Traveler101]

Op, you can go to credit card approvals, and type in venture approvals in the search box. It use to be you could guage to a certain extent on where you may wind up. That doesn't exist anymore. Their credit lines can be erratic to say the least vs ones scores. Best of luck to you.

[Horseshoez]

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@vinster95 wrote:

I didnt realize capital one was so all over the place with who they accept and who they dont. I remember seeing on this fourm that  they were annoying with CLI's. (I think it was them if I remember correctly) Do you know if their pre approval tool is a pretty good indication of approvals with them?

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Is CapOne underwriting fickle?  Yea or Nay?  I say "Yea".

This is a timely thread; since my rebuild started following my 2020 Chapter 13 discharge, I've had a love/hate relationship with CapOne:

• Early days after discharge:
  • Loved the fact they approved me for a secured card with a $1,000 limit.
  • Hated the fact they'd hold my second through nth payment per cycle for up to 12 days; I hated it so much I closed the card in less than seven weeks.
• Quicksilver:
  • Loved the fact they sent me a preapproval for an unsecured Quicksilver card and approved me for a $3,000 starting limit, my first unsescured card.
  • Love the fact they sent three CLIs in my direction over a 2-year period and dialed the limit up to $6,300.
  • Hated, well, more on that in a bit...
• SavorOne:
  • Loved the nearly monthly preapproval messages I got from CapOne in late 2021 and early 2022 (right after my bankruptcy fell off my records boosting my scores up into the 800s).
  • Loved the instant approval.
  • Loved the rewards structure for a no AF card.
  • Hated the starting limit of $2,000.
  • Hated their refusal to grant a CLI.
• 360 Savings (low-six-figure deposit money for a new home):
  • Loved the initial interest rate of 4.30%.
  • Loved the bump to 4.35%.
• Venture (picking up from the Quicksilver thread above):
  • Didn't love my Quicksilver enough Given it has been more or less supplanted by my CFU, its usage has been on the decline.
  • Hated trying to PC the Quicksilver card to a Venture; I called today and was given a flat denial, no reason offered.

So, what next?  My wife are in house hunting mode, as soon as I close on a mortgage, I'm thinking to leverage my newly minted NFCU membership and initially apply for one of their More Rewards cards, and then a few months later augment that with a Flagship Rewards card.  Once the first of the two is in my pocket, "Hello, CapitalOne?"  I'll close my savings account (it will be all but empty after getting the mortgage anyway), and send my Quicksilver and SavorOne to the proverbial sock drawer.

[Shooting-For-800]

Venture used to have a minimum of $5k limit I believe.  Not sure now.

I was approved for $30k SL on Venture after heavy spend on QS and Savor.

My scores were 700-720 at the time if I remember correctly.

GL!

[Anonymalous]

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@vinster95 wrote:

I didnt realize capital one was so all over the place with who they accept and who they dont. I remember seeing on this fourm that  they were annoying with CLI's. (I think it was them if I remember correctly) Do you know if their pre approval tool is a pretty good indication of approvals with them?

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I don't think Cap1 is any more unpredictable than most of the major lenders, it's just their criteria don't align well with a lot of people in online credit card communities. For instance, they tend to be very unfriendly to people with lots of cards, which means a lot of credit card bonus chasers will be denied, even if they have spectacular scores. If the cards you listed are the only ones you have, you're at least in their ballpark.

And yes, they can be annoying with CLIs -- if they put you in subprime bucket. Don't apply until your scores are good. And since they do a triple pull, if one of your scores is significantly lower than the others, they'll notice. But you won't know your exact scores, unless you buy a full package from MyFICO, because Cap1 pulls the mortage scores not the more common FICO 8 or 9 scores. Just so you know, the score you get from Experian is FICO 8, while the TU and EQ scores from CK aren't even FICO, they're Vantage Scores. VSs tend to be more sensitive to utilization, which is probably why your EX is currently the highest of those 3. Mortgage scores can also be very sensitive to utilization.

Utilization also matters with your installment loans. If you still have high balances, that can pull your scores down (optimal is <9%). Also, if you're concerned about your credit scores, BNPL lenders like Affirm may be worth avoiding. There are some reports they're treated negatively.