cancel
Showing results for 
Search instead for 
Did you mean: 

Capital One Process - Update: Approved

renesloan01
New Visitor

Capital One Process - Update: Approved

I applied for a capital one card Tuesday. They gave me the message that they would send me a decision in 7-10 days. Next day I received an email stating they needed a copy of my SS card, and proof of address. So I sent them my DL, Copy if SS card, and bank statement via email. I called today, and they still have not made a decision and the lady told me it could be an additional 3 weeks.
I have recently gotten all derogatory marks removed from my credit reports, with 0/1 inquiries. Now 1/2 inquiries since capital one pulled my report. I have only checked credit carma which had my scores (before capital one pull) of 637 and 654. After capital one pulled my reports, credit carma reported a decrease in scores to 630 and 639. I had no idea one inquiry would decrease my score so much.
Anyways, in your experience, how long after submitting additional information did you get your decision? Does it really take an additional 3 weeks?
Also, does the 7-10 day Message, and the additional information message usually mean denial like with some other companies?
I am really looking forward to hopefully using this card to rebuild my credit!
Thank you all so much in advance for your help!! 

 

Mod note:  I've updated your subject to reflect your approval; feel free to change/edit if you would like.  --UB

Message 1 of 15
14 REPLIES 14
oldman87
Valued Contributor

Re: Capital One Process After Submitting Additional Information

1. Be patient, credit profile rebuilding is a marathon.

 

2. Gain access to your FICO scores, CK provides Vantage Scores which most lenders do not use including CapOne, you can get all 3 Fico8 scores for $1 7day trial at Credit Check Total, just make sure you cancel within the trial period.

 

3. Typically, it's a good sign when CapOne asks for ID verification, why waste time to verify if the initial screening points to denial, CapOne CSR says it CAN take up to 3 weeks doesn't mean it will take 3 weeks, I would call again if you don't hear anything in a week.

 

Good luck

Message 2 of 15
Shooting-For-800
Senior Contributor

Re: Capital One Process After Submitting Additional Information

I got 7-10 or 7-14 day message, id verified on phone, no paperwork needed, I had several accounts.

I was prequalified.

I got $30k SL Venture @ 13.99% few days later.

 

Generally, 7-10 and id verification is good sign not bad.

 

GL!

 

Rebuild started in 2014  -  $100k unsecured credit in 2017  -  $400k unsecured credit in 2022.

DON'T WORK FOR CREDIT CARDS ... MAKE CREDIT CARDS WORK FOR YOU!


Message 3 of 15
Shooting-For-800
Senior Contributor

Re: Capital One Process After Submitting Additional Information

Any updates OP?

Rebuild started in 2014  -  $100k unsecured credit in 2017  -  $400k unsecured credit in 2022.

DON'T WORK FOR CREDIT CARDS ... MAKE CREDIT CARDS WORK FOR YOU!


Message 4 of 15
renesloan01
New Visitor

Re: Capital One Process After Submitting Additional Information

Yes! I actually checked Friday and I have been approved for a $300 SL with the Platinum cars. Which is better than nothing!
I am so excited to begin building my credit!

Only thing is, now I don’t know if I spend $40 should I pay the balance to zero every month or just a certain percentage? What would look better on my credit score? I am completely new to this!
Message 5 of 15
Rmullens2208
Contributor

Re: Capital One Process After Submitting Additional Information


@renesloan01 wrote:
I applied for a capital one card Tuesday. They gave me the message that they would send me a decision in 7-10 days. Next day I received an email stating they needed a copy of my SS card, and proof of address. So I sent them my DL, Copy if SS card, and bank statement via email. I called today, and they still have not made a decision and the lady told me it could be an additional 3 weeks.
I have recently gotten all derogatory marks removed from my credit reports, with 0/1 inquiries. Now 1/2 inquiries since capital one pulled my report. I have only checked credit carma which had my scores (before capital one pull) of 637 and 654. After capital one pulled my reports, credit carma reported a decrease in scores to 630 and 639. I had no idea one inquiry would decrease my score so much.
Anyways, in your experience, how long after submitting additional information did you get your decision? Does it really take an additional 3 weeks?
Also, does the 7-10 day Message, and the additional information message usually mean denial like with some other companies?
I am really looking forward to hopefully using this card to rebuild my credit!
Thank you all so much in advance for your help!!

Dont worry about Credit Karma score its for educational purposes and 1 inquiry wont hurt your Fico which is what 90% of lenders use Congrats on the massive approval!

Message 6 of 15
oldman87
Valued Contributor

Re: Capital One Process After Submitting Additional Information


@renesloan01 wrote:
Yes! I actually checked Friday and I have been approved for a $300 SL with the Platinum cars. Which is better than nothing!
I am so excited to begin building my credit!

Only thing is, now I don’t know if I spend $40 should I pay the balance to zero every month or just a certain percentage? What would look better on my credit score? I am completely new to this!

Congrats on the approval, I would leave a balance to report on the card then PIF before due date, both for scoring purposes as well as showing other potential lenders that you're using the card and using it responsibly, reporting $0 will likely result in FICO scoring penalty and give the impression that you're not using the card at all.

 

To maximize your score it's best that you report less than 8.9% UTI, but if you do not plan to app again soon, I would just let the charges post to statement and set your CC autopay to pay the full statement balance on due date (this should be done anyway as a safety net), then make an extra payment to bring UTI under 8.9% the month before new application to maximize the score, no need to micromanage all the time.

Message 7 of 15
Shooting-For-800
Senior Contributor

Re: Capital One Process After Submitting Additional Information

Congrats OP!

 

Rebuild started in 2014  -  $100k unsecured credit in 2017  -  $400k unsecured credit in 2022.

DON'T WORK FOR CREDIT CARDS ... MAKE CREDIT CARDS WORK FOR YOU!


Message 8 of 15
VoltronM
Senior Contributor

Re: Capital One Process - Update: Approved

Congrats on your approval !!!

 

 

8-2019 / Fico 8 EX 8013 , EQ 8016 , TR 810
Amex ED 22k , CSP 17k , Discover iT 12.5k , Fifth Third Bank S2C 12k , BofA Cash Rewards 10k , Avianca Vida 10k , State Farm Good Neighbor Visa 10k , Citi DD 6k , Union Bank Rewards 5k
Message 9 of 15
Cred4All
Valued Contributor

Re: Capital One Process - Update: Approved

Congrats on the approval! In the early 2000's I start with a Capital One Platinum myself which eventually PC'd to a Quicksilver, but it was a good place to start.  You'll have much success going forward.


Message 10 of 15
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.