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CapOne Venture & Chase Sapphire - limits & APR

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New Contributor

CapOne Venture & Chase Sapphire - limits & APR

I got my Capital One Venture card and Chase Sapphire.

Capone Venture: 5K limit and 23% APR (!). On the letter it says my score was 707 at the time of the application. But MyFico scores and all others were way higher (750+). I guess it explains why I only got 5K and such a horrible APR. Any chance I can get a better APR, sooner or later?

Chase Sapphire: 13K limit (Nice, highest yet!), but also 20% APR... Same question: any chance they'll change this in the future?

Another question on my mind is... can you ever control how they your bloody score and from where? I worked hard to be in the 750+ range.. but a bunch of applications came back with "random" scores....giving me less good offers than I think I deserved.

Message 1 of 8
7 REPLIES 7
Valued Contributor

Re: CapOne Venture & Chase Sapphire - limits & APR

Not all lenders use the FICO8 score which is shown at the top of your myFICO reports.  I believe Capital One uses the FICO4 scores which are also provided by myFICO.  Other lenders use other score versions (Bankcard for exacmple), while some use their own internal scoring.

 

Score is certainly an indicator of whether someone might get approved, but it's definitely not the only factor (or even a primary factor) in determining starting credit limits.  Income, utilization and usage history are all important.  Going back to Capital One, they are known to offer higher limits to people who have positive history with them and put substantial usage through their cards.  If you don't have history with them, you'll likely start at a lower initial CL.

 

One way to think of it is that score might be the best indicator of whether someone will get approved for a card, but ability to pay (basically your income) and utilization are probably the biggest factors in CL.  If you reglarly spend to your limit and pay it off, most lenders will grant you a CLI in short order.

Message 2 of 8
New Contributor

Re: CapOne Venture & Chase Sapphire - limits & APR

Well, in any case... I think I will be closing CapOne soon. Both of my cards are 23%+ APR.. Just out of principle I am leaving them sooner or later.

Message 3 of 8
Super Contributor

Re: CapOne Venture & Chase Sapphire - limits & APR

Unfortunately, with a few small exceptions, when you're dealing with Capital One and Chase, the APR you start with is the APR for the life of the account (unless it goes up/down due to the prime rate changing).

 

Chase pretty much outright refuses any discussion about lowering an APR, although there have been (and I mean this literally) maybe one or two people around the Internet who have somehow gotten it done. But you will almost certainly have better luck reapplying later if a lower APR is the goal.

 

Capital One typically will only offer a temporary reduction for 7 months. Again, a few have gotten permanent ones, but it's unlikely you'd get that 23% down enough to want to carry a balance on it anyway. It's never going to be a 10% APR or anything like that unless something drastically changes at Capital One.

 

You don't just have one credit score; there's many different models and lenders use different ones, which explains the difference in scores you may see vs what the lender says. Beyond that, APR is not just based upon score. You can have a relatively high score, but if you have a lot of new accounts, the lender may percieve that as risk and your APR will be higher. There's many things that go into it. It's never just about your score.

 

I totally get that high APRs make us annoyed, but if you are actually wanting to finance purchases in the long run, a 0% offer is going to save you the most money.  Try to keep that in mind. It's nice to have the "low APR just in case" options but when "in case" happens you may be better off trying to get a 0% card or 0% offer on an existing card (which some lenders, like Discover, will do).

Message 4 of 8
Valued Contributor

Re: CapOne Venture & Chase Sapphire - limits & APR


@kdm31091 wrote:

 

 

I totally get that high APRs make us annoyed, but if you are actually wanting to finance purchases in the long run, a 0% offer is going to save you the most money.  Try to keep that in mind. It's nice to have the "low APR just in case" options but when "in case" happens you may be better off trying to get a 0% card or 0% offer on an existing card (which some lenders, like Discover, will do).


 

Chase is often nice to me with 0% APR 2% fee convenience checks, which by the way work quite well with Blueprint.

Message 5 of 8
Regular Contributor

Re: CapOne Venture & Chase Sapphire - limits & APR

Wow, I can only dream of a 750. Yet my Venture came with a 15k SL and 18% rate just 10 months after BK7.
BK CH7 Discharged 03/2015
FICO8 EQ-657 TU-657 EX-665
Revolving credit lines 125k.
Message 6 of 8
New Contributor

Re: CapOne Venture & Chase Sapphire - limits & APR

Wash.. wow.. weird.. I've seen weird discrepancies like that...
Message 7 of 8
Valued Contributor

Re: CapOne Venture & Chase Sapphire - limits & APR

My Venture started at 13.x%, one year later Cap1 pre-qual page still list that at 13.x% and Venture One for 12.x%.

At the same time (few months ago) I got Chase SR with 20.x% APR. I don't know why. I guess my internal score is not that good with them.

Message 8 of 8
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