Need a little guidance on possible apps (Venture?)

[Anonymous]

So I have paid down my current cards and will have about 2% utilization. About 5 cards reporting (one around 20%, the rest at under 5%, no interest promos)

Several old baddies all paid but one ( a BofA credit card chargeof from 2011 for $6675)

About 15 new accounts in the past 18 months.   Average cl about 4000.  Lowest 500 and highest 17000.  but I do have a couple store cards with lower limits (500, 1200, 1450)

Total credit lines are 112800.  

I have been eyeing the Venture all year and finally feel ready to apply.  But at the same time, kinda hesitant, not sure if my fico 4's will be in line with what Cap One is looking for.   Last time I checked they were about 30 points lower than my 8's.  I do have 3 Cap ones that have been open almost a year.  Two starter accounts (3000 and 2000) and a Spark business (3000).  I use them and pay off monthly, nomally close to max each month.   I did have two previous Cap One chargeoffs from 2010-2011.  But so far that hasn't seemed to bother them. But never seem to get anything from the prequalifier.

My current fico's are     EQ 692,  TU 674.   EX 691   but I'm hoping for a bump when the new utilization reports under 10%

Technically no lates in almost 5 years, but when I paid a couple of the old chargeoffs when they updated they showed as being paid late.  So depending on how it's looked at could be viewed as a late.  

So any thoughts, guesses, estimations.  Or anything else ya'll can think of.  

[TrialByFire]

My gut feeling is it would be a no go. You can't really recon to plead your case, so you're pretty much relegated to the executive office.

Your scores are pretty much there, and after reading your post a couple of times I keep going back to uncertainty of fico 4 scores, new accts and the bofa CO.

I agree with your statement, OP, about waiting at least for 2% util to report if you decide to do it

[tntexans72]

Not to encourage but I've seen some people here getting approved for a Venture with profile worse than yours. If you don't mind getting hit with 3 iqs, I'd wait til your util gets down to 10%, I think you are better than 50/50. Your scores are fine and you have those baddies paid off but 1, I think you are pretty good to go. I had two baddies PIF that are still showing on my reports back in 2011 and I don't have problems getting cards as of lately. Good luck!

[Anonymous]

With the active collection, i'm thinking I would not apply without a pre-qual. Do you actually need the card?

[Anonymous]

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@TrialByFire wrote:
My gut feeling is it would be a no go. You can't really recon to plead your case, so you're pretty much relegated to the executive office.

Your scores are pretty much there, and after reading your post a couple of times I keep going back to uncertainty of fico 4 scores, new accts and the bofa CO.

I agree with your statement, OP, about waiting at least for 2% util to report if you decide to do it

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I have to agree with you. Capital one says you need ex credit for a Venture. I think the op will have a better shot if their scores are over 700 and their utilization is lower.

[Anonymous]

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YupYup413 wrote:
With the active collection, i'm thinking I would not apply without a pre-qual. Do you actually need the card?

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No.  I certainly don't need it.  I  have plenty of available credit.  Want is the better word. I have two trips planned late summer of next year and the bonus along with the points earned between now and then would be very helpful.  I really would like a travel card and just feel like of all the travel cards out there.  I have the best shot with the Venture.  I charged off pretty much all the big boys back in 2010-11 when my business almost tanked and I went through a divorce.  I have since paid everyone back except bofa.  But the list included Chase, Amex, BofA, Wells, Cap One.  So I feel like I still have some proving to do before most will let me back in.   That's what this year or so has been about. Rebuilding.  Someday I'll get back to those 750's again.  

If the consensus turns out that it would be better to wait.  Then I'll prolly do that.  Unless someone has a better suggestion for a travel card I might quailfy for.  

[pizza1]

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@Anonymous wrote:

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@TrialByFire wrote:
My gut feeling is it would be a no go. You can't really recon to plead your case, so you're pretty much relegated to the executive office.

Your scores are pretty much there, and after reading your post a couple of times I keep going back to uncertainty of fico 4 scores, new accts and the bofa CO.

I agree with your statement, OP, about waiting at least for 2% util to report if you decide to do it

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I have to agree with you. Capital one says you need ex credit for a Venture. I think the op will have a better shot if their scores are over 700 and their utilization is lower.

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False.   It may "say" Excellent credit, but the people they approve do not have that. Im one...a BK/paid tax lien, scores 660's , and my profile was a mess! and they approved me for 2 Ventures, and 2 QS siggys awhile back. Ive since then rolled all my 5 cc I had with them into one Venture with a now $47k limit...just FYI

[tntexans72]

I would read all the Venture thread in this forum and go from there. Wait for a preequal set APR before pulling the trigger though. Those single APR preequal are very solid. I was approved for all my cap1 apps when those popped up for me with a "Congratulations". That's the key word and as always, YMMV. Good luck rebuilding, you are almost there. Just 1 last baddie to pay. It feels quite good I am sure. Been there

[pizza1]

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@tntexans72 wrote:

I would read all the Venture thread in this forum and go from there. Wait for a preequal set APR before pulling the trigger though. Those single APR preequal are very solid. I was approved for all my cap1 apps when those popped up for me with a "Congratulations". That's the key word and as always, YMMV. Good luck rebuilding, you are almost there. Just 1 last baddie to pay. It feels quite good I am sure. Been there

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agree with this...wait for Congrats and pre set apr, and youre golden!!! 

[chbartel]

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@Anonymous wrote:

So I have paid down my current cards and will have about 2% utilization. About 5 cards reporting (one around 20%, the rest at under 5%, no interest promos)

Several old baddies all paid but one ( a BofA credit card chargeof from 2011 for $6675)

About 15 new accounts in the past 18 months.   Average cl about 4000.  Lowest 500 and highest 17000.  but I do have a couple store cards with lower limits (500, 1200, 1450)

Total credit lines are 112800.  

I have been eyeing the Venture all year and finally feel ready to apply.  But at the same time, kinda hesitant, not sure if my fico 4's will be in line with what Cap One is looking for.   Last time I checked they were about 30 points lower than my 8's.  I do have 3 Cap ones that have been open almost a year.  Two starter accounts (3000 and 2000) and a Spark business (3000).  I use them and pay off monthly, nomally close to max each month.   I did have two previous Cap One chargeoffs from 2010-2011.  But so far that hasn't seemed to bother them. But never seem to get anything from the prequalifier.

My current fico's are     EQ 692,  TU 674.   EX 691   but I'm hoping for a bump when the new utilization reports under 10%

Technically no lates in almost 5 years, but when I paid a couple of the old chargeoffs when they updated they showed as being paid late.  So depending on how it's looked at could be viewed as a late.  

So any thoughts, guesses, estimations.  Or anything else ya'll can think of.  

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a data point to add,but I would wait on going with the Venture.....

my scores are almost identical to you. All baddies have been paid,judgements removed.

I have 3 capital one accounts all for about a year, use them a lot, putting 4-7k a month on them. Also have a Spark(5k limit). Quick Silver(7500 limit)( and a plantinum(3,750 limit)

I went on a small app spree yesterday and got a $16k Chase Ritz, $5k with American Express, 5,500 with Discovrer, and 12,700 with Navy Federal.   I have pending business apps with American Express and Chase,but believe those will end up being approved...

I figured shoot, why not apply for Venture.    Turn down!  Happened just today

My utilization is about 1%, had about $100k credit lines before app spree..