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CapitalOne Venture Approved with little history!

Obbypen
Established Member

CapitalOne Venture Approved with little history!

New member of myFICO forums as of a couple hours so I wanted to share my approval as perhaps an interesting datapoint. 

 

I asked CapitalOne for a credit limit increase to my  one year old and some days Journey student card which only had $500 CL. I just wanted a small increase so I could make rent payments with cashback, nothing too drastic. After countless attempts they would not accept the document about student grants/scholarships from my university. I gave up when they asked me to just submit my bank statements for the last 2 years showing consistent aid from the uni (24 months of statements...).

 

Instead I did research this month to search for my second credit card and came down to Venture, Amex BCE, and Discover Cashback. Before checking my credit scores on myFICO, I was hesitant to apply for any signature cards since they ask for "excellent credit" and CK had me at 704 TU and 698 EQ, but was pleasantly surprised when I found my scores to be nearly 40 points higher than CK's Vantage 3.0 FAKO scores - 740 TU, 734 EQ, 728 EX. 

 

So I called Cap1 for an over-the-phone credit card application first, since I hoped having an open account with them would help my chances. As the representative began asking questions my confidence bubble burst from answering the questions about investments ($0), bank assets (first category b/w $0-9,999), and income ($18,000 from the university for all expenses outside tuition). On top of that, I had a relatively short credit history (1.5 yrs AAoA): the Cap1 Journey with only $500 CL (1 year), and small Federal Student loans throughout my 3 years in school which I expect to begin paying after I graduate.

 

Despite being a student with negligible history, low income, low bank holdings, and no investments, I was approved - for 10K SL too!

 

TL;DR: Approved for CapitalOne Venture card w/ $10,000 limit despite $18,000 yearly income from university grants/scholarships, no investments, only 1.5 yrs AAoA , and almost no money in the bank.

Staring Score (CapitalOne Vantage3.0): TU 572 (08/05/2015)
Current FICO8 Score: EQ 734 TU 740 EX 724 (05/25/2016)
11 REPLIES 11
MEKWT
Frequent Contributor

Re: CapitalOne Venture Approved with little history!


@Obbypen wrote:

New member of myFICO forums as of a couple hours so I wanted to share my approval as perhaps an interesting datapoint. 

 

I asked CapitalOne for a credit limit increase to my  one year old and some days Journey student card which only had $500 CL. I just wanted a small increase so I could make rent payments with cashback, nothing too drastic. After countless attempts they would not accept the document about student grants/scholarships from my university. I gave up when they asked me to just submit my bank statements for the last 2 years showing consistent aid from the uni (24 months of statements...).

 

Instead I did research this month to search for my second credit card and came down to Venture, Amex BCE, and Discover Cashback. Before checking my credit scores on myFICO, I was hesitant to apply for any signature cards since they ask for "excellent credit" and CK had me at 704 TU and 698 EQ, but was pleasantly surprised when I found my scores to be nearly 40 points higher than CK's Vantage 3.0 FAKO scores - 740 TU, 734 EQ, 728 EX. 

 

So I called Cap1 for an over-the-phone credit card application first, since I hoped having an open account with them would help my chances. As the representative began asking questions my confidence bubble burst from answering the questions about investments ($0), bank assets (first category b/w $0-9,999), and income ($18,000 from the university for all expenses outside tuition). On top of that, I had a relatively short credit history (1.5 yrs AAoA): the Cap1 Journey with only $500 CL (1 year), and small Federal Student loans throughout my 3 years in school which I expect to begin paying after I graduate.

 

Despite being a student with negligible history, low income, low bank holdings, and no investments, I was approved - for 10K SL too!

 

TL;DR: Approved for CapitalOne Venture card w/ $10,000 limit despite $18,000 yearly income from university grants/scholarships, no investments, only 1.5 yrs AAoA , and almost no money in the bank.


Congrats on your approval. Im sure you had a smile on your face that you couldnt  wash off.

Staring Score: EQ 597 TU 617 EX 566 (01/22/2016)Current Score: EQ 667 TU 701 EX 744 (05/26/2016)
Message 2 of 12
weedeb
Valued Contributor

Re: CapitalOne Venture Approved with little history!

Welcome to the forums!  Congrats to you on your Venture approval - very nice SL!  Enjoy! Smiley Very Happy

Message 3 of 12
blunderer
Established Contributor

Re: CapitalOne Venture Approved with little history!

Welcome and Congratulations!!!

 

When you have some time read the weatlh of  knowledge available here. You'll find some good information including how to grow and maintain excellent credit!

 

Again Congrats! Smiley Happy

Message 4 of 12
MauiMan85209
Established Contributor

Re: CapitalOne Venture Approved with little history!

Welcome to the forums and congrats on your Venturewww-venture-visa-sig-flat-9-14.png

" EX 737 EQ 747 TU 737 MMS 726"
Message 5 of 12
Archange1
Established Contributor

Re: CapitalOne Venture Approved with little history!

Advice: don't carry a balance on that card. It has an APR. Try for the QS, they have 0% APR promotion on purchases, which allows you to carry a balance. Gratz and welcome to the Venture family. 

Message 6 of 12
Obbypen
Established Member

Re: CapitalOne Venture Approved with little history!

I've been lurking around the forums for the last month trying to absorb all the wisdom so I will be paying my balance in full every month (or keeping my utilization close to 1%). Despite getting approved for a 10K CL, they did grant me a less than spectacular 23.2% APR Smiley Frustrated, so I'll steer clear from carrying balances month to month.
Staring Score (CapitalOne Vantage3.0): TU 572 (08/05/2015)
Current FICO8 Score: EQ 734 TU 740 EX 724 (05/25/2016)
Message 7 of 12
Obbypen
Established Member

Re: CapitalOne Venture Approved with little history!

Thank-you @weedeb. Feels good to finally be a part of the community.
Staring Score (CapitalOne Vantage3.0): TU 572 (08/05/2015)
Current FICO8 Score: EQ 734 TU 740 EX 724 (05/25/2016)
Message 8 of 12
unclebuck034
Regular Contributor

Re: CapitalOne Venture Approved with little history!

Congrats Smiley Happy

Message 9 of 12
Chynnac
Frequent Contributor

Re: CapitalOne Venture Approved with little history!

Congrats!

Nov 2014 500s April 2016 TU 707 EQ 690 EX 663 May 2017 TU 718 EQ 708 EX 701
CSR 12K United Explorer 12k Cap One QS 10.6K Discover 7.8k Freedom 4k Unlimited 4.4k AMEX Platinum NPSL
Message 10 of 12
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