Any ideas about Cap One rejection with 739 Experian pulled?

[chfenton]

Hi, new to forums and just looking for opinions.  Received rejection letter for Quick silver today with score in rejection letter noted above.  Reason stated was balance on a card high compared to limit (of course it was as it closed two days before the pull) and I had not paid it off.  But even with that balance total utilization was 17% of lines and I thought 739 would be enough.  Thoughts?  Also only other thing new to report was a new 50K citi exec mc line the week before with zero balance and 4 hard inquires for potential upcoming auto finance (but again no new auto loan noted on report yet as haven't purchased.

Thanks

[GatorGuy]

What was the util on that one card. If one card is too high, 80% is considered maxed, it can cause a denial even if total util isn't that hihg.

[chfenton]

Yes that is likely it as I have about 100K in total, use one card with 20K limit to the 17K for the month hence the 17% overall but 85% of that card.  Lesson learned- cannot let statement close with balance if applying or need to pay off card and wait for it to be reported or keep balance on any card below 80% if applying -is that about right?

[Anonymous]

That maxed out card is probably the biggest culprit behind the rejection :/

Lenders also do look at the dollar amount of debt you have relative to your income as well, so there's only so much CL padding can help with lowering utilization.

[GatorGuy]

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@chfenton wrote:

Yes that is likely it as I have about 100K in total, use one card with 20K limit to the 17K for the month hence the 17% overall but 85% of that card.  Lesson learned- cannot let statement close with balance if applying or need to pay off card and wait for it to be reported or keep balance on any card below 80% if applying -is that about right?

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Exactly, you get that balance down, you will see a nice bump in your score and you will have no problem getting anything from capital one.

[shols44]

I think you have a good chance explaining that high util away on recon. If you really want the card, I'd email capone exec office and request a manual review/recon. Heck, you just took a tripple HP, recon with them anyway. 

[JonStur]

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@shols44 wrote:

I think you have a good chance explaining that high util away on recon. If you really want the card, I'd email capone exec office and request a manual review/recon. Heck, you just took a tripple HP, recon with them anyway. 

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+1