Cap One Venture One Denied Then Upgraded Same Day

Anonymous · ‎04-20-2018

Hey there!

So today I applied for the Cap 1 Venture One Card. I already have a Cap 1 Quicksilver Card (11k limit). The whole point was to get an additional card and hearing that the Cap 1 Venture One Card has a high credit limit, why not. For some odd reason my Venture credit app got denied (7-10 days letter in the mail). I then called Cap 1 to possibly recon the decision. All my FICO scores are in the 790's / no issues on my credit history so I was confused. Long story short, they told me I was eligible for an upgrade to the Cap 1 Venture card. I accepted the upgrade. My concerns now are the following:

- The main goal was to get another card to increase my overall credit spending limit. Crossing my fingers ... I asked for a credit limit increase and was told I have to wait 2 to 3 business days for my results. That would stink if I get stuck at 11k and just an upgrade. Do you think I would get major bump?

- Will this still go against my credit report? If so, could I have it removed possibly since the card got upgraded to the card that was applied for and denied via the application process?

Kind of baffled with getting denied a whole new credit line but being able to upgrade when my goal was the first part. Please share your thoughts. Thank you in advance!

gdale6 · ‎04-20-2018

The automatic spam filter doesnt like all the editing that was done thats the reason, its now been restored.

Anonymous · ‎04-20-2018

@gdale6 wrote:
The automatic spam filter doesnt like all the editing that was done thats the reason, its now been restored.

Thank you!

Anonymous · ‎04-20-2018

They did you wrong. You went from a no annual fee card to an annual fee card. No CLI.

Had you apped for a Venture you might have gotten $20k and then could have combined the two. You apped for the Venture One, a no annual fee card and got denied.

They didn't upgrade you. They took $100 a year from you.

Anonymous · ‎04-20-2018

Well hopefully I get a CLI on this. Thanks for the input. Hope this goes well.

MrDisco99 · ‎04-20-2018

If OP was denied on the Venture One app, I seriously doubt a Venture would have been approved.

Unfortunately upgrading the Quicksilver really doesn't do anything toward furthering your goal of increasing your available credit. You probably would've been just as well asking for the CLI on the Quicksilver. The only thing the upgrade got you was a $95 annual fee and no signup bonus. With plenty of free 2% options out there, the signup bonus is the only good reason to get a Venture card.

As for your credit report, I'm thinking you'll be fine. You're keeping the same tradeline so there's no new account to drag down your score. And I'm thinking you won't get a HP for the CLI either.

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Anonymous · ‎04-21-2018

To clarify,

This is for the Venture (one with the annual 95 fee). So you don't think me getting denied via the application process will be on my credit report which happened before the "upgrade"? I'm gonna keep me eye out for all this. I will be on the horn with Cap One if that happens.

HeavenOhio · ‎04-21-2018

There'll likely be a hard pull on each bureau for the application for the new card. Your scores will recover in a year, and their presence will disappear completely in two years. The exception would be if you have a current Capital One card that is less than six months old. In that case, they'd simply tell you that you're applying too soon without doing a pull.

CLIs are all soft pulls, and product-changes don't involve pulls.

Anonymous · ‎04-21-2018

@HeavenOhio wrote:
There'll likely be a hard pull on each bureau for the application for the new card. Your scores will recover in a year, and their presence will disappear completely in two years. The exception would be if you have a current Capital One card that is less than six months old. In that case, they'd simply tell you that you're applying too soon without doing a pull.

CLIs are all soft pulls, and product-changes don't involve pulls.

So I am now seeing my credit report impacted by that application. Would you think it would be far fetched if I were to try and have that inquiry removed since they denied it (in which my account was eligible for Cap One Venture upgrade)?

FinStar · ‎04-22-2018

OP, the HPs will not be removed.

The upgrade and your application for the Venture One card are independent from each other. Since you legitimately applied for the Venture One CC, this isn't a case of Capital One processing your application in error. Even if you qualified for the upgrade.