Denied CC from Capital One with a FICO over 800

[kimg727]

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@smallfry wrote:

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@kimg727 wrote:

Oh and on a side note, the other card I was told is good is Wells Fargo. I went on their website to look into the card and when you go to get information, they are not accepting new credit card applications, unless you have an account with them already! So, times are definitely changing!!

This may just be meant to be...me sucking it up and keeping the credit union card!

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I have not heard good things about Wells Fargo. The Cap One card that you applied for is most definitely a prime card. If you get a denial in the mail I would recon. Just make sure they don't pull hard again. 

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Really? Wow. The positive I heard about them (Wells Fargo) is being proactive in lowering rates, etc.  They apparently put their government bail out money to good use, unlike many other banks!

If I get a denial, I will not do a reconsideration.  When I was in my 20s, I had a horrible experience with Capital One and I was just giving them another shot based on their stance on universal default, which I still think is remarkable.

[score_building]

yeah, based on rep (i don't have their products) they show up on many short lists of cards/ issuers to simply avoid if possible. 

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@smallfry wrote:

I have not heard good things about Wells Fargo. The Cap One card that you applied for is most definitely a prime card. If you get a denial in the mail I would recon. Just make sure they don't pull hard again. 

Message Edited by score_building on 12-28-2008 11:39 AM

[kimg727]

Good to know! They aren't accepting applications anyway.

I'm not going to apply for credit again for well over a year.  I don't like having more than two hard inquiries on my Equifax credit report.

I'm just going to keep the credit union card for now (the one I always use and am looking to replace) and hopefully the credit crunch starts lifting in 2009. One can only hope!

[marty56]

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@kimg727 wrote:

I'm not going to apply for credit again for well over a year.  I don't like having more than two hard inquiries on my Equifax credit report.

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Me too.  This year I got a new car loan and last year it was a Visa card.  Maybe 2010 I'll try for the Chase Kiss Visa.   This summer, I will have no INQs that count on my CR.  EX hasn't had any for 5 years.

[jaysdad2k]

Just curious. Did you pre-qualify first? Or did you go straight to the app?

I had an Amex with home address. Then app'ed at Costco with business address, and got a "cannot approve, 7-10" answer. I went straight home, went to the website, and it said that my residence address was needed. I entered that and was approved instantly. It was just a problem with the address.

I always got "We have no offers for you" at BOA's pre-app website. Then one time I entered my 9 digit zip instead of 5 digit, and now I get pre-approvals just fine. It's weird, but it seems that made the difference.

[kimg727]

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@jaysdad2k wrote:

Just curious. Did you pre-qualify first? Or did you go straight to the app?

I had an Amex with home address. Then app'ed at Costco with business address, and got a "cannot approve, 7-10" answer. I went straight home, went to the website, and it said that my residence address was needed. I entered that and was approved instantly. It was just a problem with the address.

I always got "We have no offers for you" at BOA's pre-app website. Then one time I entered my 9 digit zip instead of 5 digit, and now I get pre-approvals just fine. It's weird, but it seems that made the difference.

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No, I didn't prequalify first.  There could be an issue with the address. Although I haven't moved, I use a PO Box for my address (for the last 23 years) and my credit report has that address as my current one.  However, on Cap 1, they state on their app "no po boxes" so I entered in my street address.

I guess I'll see soon enough!

[preci0uz]

They don't want your business. That's crap1 for you.

They probably noticed you have perfect credit history and will be very unlikely to be late or pay high interest fees, so maybe that's why.

They suck.

[MojaveMoon]

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@preci0uz wrote:

They don't want your business. That's crap1 for you.

They probably noticed you have perfect credit history and will be very unlikely to be late or pay high interest fees, so maybe that's why.

They suck.

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I agree with this post the most; from time to time I've read comments about similar experiences from people with great well-established credit.

Capital One is also the company that for most of its existence purposely did not report its customers' credit limits which made some customers' Capital One accounts look maxed out which thereby hurt their credit scores and chances of being approved for a competitor's credit card.

And during the last several years Capital One failed to comply with subpoenas from California's attorney general and then converted to a national banking association so that it permanently would not have to comply.

http://www.wvago.gov/press.cfm?ID=435&fx=more

http://articles.moneycentral.msn.com/SmartSpending/ConsumerActionGuide/Number6TroubleInTheCardsForCa...

Message Edited by MojaveMoon on 12-29-2008 01:57 PM

[Anonymous]

I have to agree with most of the other posters, you are "too prime" for Crap 1. They probably realize they won't get any extra money out of you for late fees and over the limit.

[Anonymous]

I agree with Pappy about being "too prime" for Capital One. Capital One sent me a pre-approved credit application November. After completing the form online, I was promptly rejected - this is after receiving two preapproved applications and receiving from Bank of America a Visa card with a $9500 limit and from Citi a Shell Mastercard with an $8000 that same month with a TU report chock full of mistakes and a 712 TU FICO score.

Capital One's reason for denial was having too many revolving accounts - I have seven credit cards - but I think that when Capital One saw that my lowest CL was $5000 on my Chase VISA with a 9.9% APR and my highest CL is $27000 on my American Express Blue with a 7.9% APR, they knew I would laugh at a credit card with a $1000 CL.

Capital One is the only CCC that I have been rejected after receiving a preapproved offer application in the mail. Capital One rejected me after bombarding me with applications back in the spring of 2002. The only reason I did the Capital One application was to get the free credit reports that would have to be offered to me so I could compare my Experian and Equifax CRs to the error-plaqued Trans Union one. So, for me, Capital One really did me a big favor by denying me, which is what I expected to happen, because I didn't have to pony up money to buy a CR from EX or EQ.

So, don't feel bad about being rejected by Capital One. I doubt you would have gotten a CL like the two I received from Bank of America or Citi from Capital One. Feel bad for the poor suckers that have checking, savings, and loan account with Chevy Chase Bank here in Virginia - next week, Capital One takes over the bank.