Denied by Cap One!!!

[veryh2o]

I sware, Cap One is the hardest credit card company to get a credit card.

I applied one in 2008, got denied and again two weeks ago and got denied again.

Here's the reasons:

Based on credit report from Experian for veryh2o, current account has not been used enough?  *Huh???*

Based on credit report from Experian for veryh2o, too few or no accounts are rated as satisfactory? *Huh???*

Based on credit report from Experian for veryh2o, there have been too many recent inquiries.  *this i admit*

Based on credit report from Equifax for veryh2o, there has been insufficient paydown of mortgage accounts.

My creditscore from Experian is 764, Equifax is 745, and Transunion is 764. I dont understand why Experian saysi have too few or no account are rated as satisfactory?  What does "current account has not been used enough?" means?  I dont spend enough money on the credit cards?

I do not have a mortage and Equifax says that i have insufficient payment on my mortgage accounts.  Does this means i have to contact Equifax if they made a mistake?

Need some guru to help me out here... 

[CreditDrama85]

IMO Cap One likes to see mortgages and other revolving debt...and it sounds like you dont have either. There are other good credit cards out there. wait for a pre approved offer, it is not worth the inquiry.

[emartin82]

it all depends on which card  you applied for. capital one tends to be the better of the subprime lenders (as compared to orchard, first premier, etc), but they have many products (cards) directed at specific credit ratings.

so, it all depends on which card you applied for.  too many inquiries will definitely affect many of your applications. as far as "too few or no accounts are rated as satisfactory", do you have any late payments? any charge-offs or any collections? if you don't, then you may have too few accounts in general (ignore the "satisfactory" part). if you do have late paymetns or any other negative info, they are probably outnumbering the positive accounts that dont have any history of late payments. 

with regard to insufficient paydown of mortgage, it means just that. you are probably paying down the minimum and arent making a dent on the outstanding debt. with your scores, i recommend you apply for the capital one cards that are intended for "average" credit. 

check out what capital one considers "excellent", "good", and "average" and that should give you an idea of where you fit in.

excellent:

• I have had a loan or credit card for at least five years;
• I have a credit card with a credit limit greater than $10,000;
• I have never been more than 60 days late on a credit card, medical bill or loan payment and
• I have never declared bankruptcy

good:

• I have had a loan or credit card for three years or more;
• I have had a credit card with a credit limit above $5,000;
• I have not been more than 60 days late on any credit card, medical bill, or loan in the last year and
• I have never declared bankruptcy

average:

• I currently have or have had a U.S. loan or credit card or
• My credit limit on a current credit card, if any, is less than $5,000 or
• I may have been late on more than one credit card, medical bill, or loan payment in the last six months

limited:

• I have a valid credit score that can be found at one of the major credit reporting companies and
• I have had my own credit card for less than three years or never had one or
• I have a limited credit history, for example I am a student, or new to the country, or a young person working for a living, or I have been an authorized user on someone else’s credit card

good luck!

[veryh2o]

Hi Emartin82,

I applied the Cap one no hassle cash reward card.

Well, i think i am some where between the excellent and average. 

I cancelled my cards a long time ago, but my fico report said that my credit history is 15 years.  Now my credit cards are only around 2 years old.

I have credit cards greater than $5000. 

I have never late on any of my payments, but experian states i am late for some government bill.  I filed to experian a correction that it was not my account, but for some reasons i can't.

I have never decleared bankruptcy

I do not have any debt.  I paid all of my credit card on time.  Do you think that's a mistake from the Equifax?

[Anonymous]

I think you are

average:

• I currently have or have had a U.S. loan or credit card or
• My credit limit on a current credit card, if any, is less than $5,000 or
• I may have been late on more than one credit card, medical bill, or loan payment in the last six months

you stated you closed your cards and only have had them for 2 years even though you have 15 years history you didnt have credit for awile i was without credit for 4 ears but have 15 years of history and us bank denyed me telling me when i have 5 year it will be ok to get i mean 4 years ago when i started out fresh with a clean report and like 10 subprime cards 1 year later banks were giving me cards left and right now with a 760 i get a sears ard with a 250 limit and 15 years history but 4 years ware there were no open accounts.

good: states you have a credit card for 3 years or more witch you do not just 2 years

• I have had a loan or credit card for three years or more;
• I have had a credit card with a credit limit above $5,000;
• I have not been more than 60 days late on any credit card, medical bill, or loan in the last year and
• I have never declared bankruptcy

[veryh2o]

Ok, this gives me a better understanding on where i am at.  Just curious, what rank does it take to get the Cap One no hassle cash reward?

[Anonymous]

That i dont know but 3 years ago i was getting limits from 5000-10000 now they dont want to budg unless you have a long history like i said even thought i have 15 years usbank was like why dont you have credit for 4 years and i was like i was out of the country or somthing i made up and she was like well once you have 5 years since the first card was open (witch was 4 years ago you probily will get aproved) i loved 3 years ago and it was all score driven and they were giving credit away easy. im just happy none of the banks closed my cards cause i only have 4 years but i think i demonstrated how well i handeled them and i was ok. my sister who had a 680 and a payed charg off and a 3 year history got a citi foward for 7000 that was a month ago might wana try them

[Anonymous]

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@veryh2o wrote:

Ok, this gives me a better understanding on where i am at.  Just curious, what rank does it take to get the Cap One no hassle cash reward?

---

According to Cap1 site, you can qualify for No Hassle Cash Rewards with $39 AF with "Average" credit. 

[veryh2o]

What's $39 AF?  I got denied twice with average credit...

[Anonymous]

FYI Capital One offers NO HASSLES REWARDS credit card however, they credit card application can be very HASSLESSSS.. They give you bunch of BS reasons and they dont keep their words..This is what Capital One Reward you for: NO HASSLES REWARDS CARD GIVE YOU ALOT OF HASSLES APPLICATION HEADACHE..

Message Edited by CreditCard101 on 12-23-2009 06:11 AM