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Too many Capital One accounts?

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Valued Member

Too many Capital One accounts?

Ive been in the rebuilding stage for a while and finally have enough courage to apply for an unsecured card however i have some updates and questions. 

 

When I opened 2 secured accounts with capital one I was told that they would be periodically checked for graduation and possibly unlocked in the near future. I called cap one couple of weeks ago and the rep said that was not the case and they no longer graduate accounts, so yesterday I called a supervisor to clear things up and she said that before it was the case, they did check credit worthiness and graduate accounts but as of 3 months ago they no longer do so. They don't know if this is permanent or temporary. 

 

So I applied for the quicksilver card and received a denial saying I had too many capital one accounts. I have 4 capital one accounts in total, 2 secured card accounts, 1 spark business unsecured and a 360 checking account. 

 

Question 1: When credit card issuer provides a denial letter, do they include all the reasons you would be denied or just some of them? If I close down one of my secured accounts and get rejected again it would hurt my AAoA, so if anyone has more info on this I would appreciate it. 

 

 

Current Situation:

Capital One Secured 0/651

Capital One Secured 0/452

Capital One Spark 0/600

Citi Secured 0/200

Discover 0/2300

US Bank Secured 0/300

Indigo 0/300

Credit One 0/400

Amazon Store Card 0/1000

Walmart Store Card 0/200

Firestone 0/900

Home Depot Store Card 0/500

Total Utilization 0%, but changes up to 10% on a monthly basis

Last 5 accounts opened within the last 2 months, all other 1-3 years old. 

 

 

 








Future Cards:
Message 1 of 10
9 REPLIES 9
Community Leader
Mega Contributor

Re: Too many Capital One accounts?

Your denial has nothing to do with number of Capital One cards you have. They allow two starter cards (which you have), and believe 4 or five "regular" cards. In any case, you haven't exceeded that number. 

 

More than likely, it's related to the number of new accounts you have

5 accounts in two months is a lot. You need to head to the garden and spend minimum of six months not applying for anything, longer would be better. You're getting secured cards with toy limits and now the denials have started. That's a really strong indication you need to stop. 

Closing secured card and applying again will result in another denial.Up to you, though 

 

The AA letters will list reasons for denial.

 

 

Message 2 of 10
Valued Contributor

Re: Too many Capital One accounts?

I am guessing you tried to apply for the QuicksilverOne and received that reasoning of too many Capital One accounts. The QS1 is a subprime account and you already have a max of 2 of those.

 

I would head to the garden for 6-12 months and let your accounts age. Then start applying for prime card and get rid of your secured cards that doesn't graduate. 

Currently: Gardening since 12/29/2019




Message 3 of 10
Valued Contributor

Re: Too many Capital One accounts?


@Steve891 wrote:

I am guessing you tried to apply for the QuicksilverOne and received that reasoning of too many Capital One accounts. The QS1 is a subprime account and you already have a max of 2 of those.

 

I would head to the garden for 6-12 months and let your accounts age. Then start applying for prime card and get rid of your secured cards that doesn't graduate. 


^ This.

 

I had 5 Cap One cards at one time and have 3 now.  

 

Any prequals?

Cap One, Merrick, Discover, Amex?

Rebuild started in 2014  -  $100k+ unsecured credit in 2017  -  $350k+ unsecured credit in 2020.

DON'T WORK FOR CREDIT CARDS ... MAKE CREDIT CARDS WORK FOR YOU!

10% Rotating - Discover                       5%-20% - Amazon & Lowes                  3-6% Groceries - NFCU & Amex Preferred
3-5% Gas - NFCU & Ducks Unl            4% Dining & Entertain - Savor               3% Travel & Hotels - Flagship, Propel, & Uber
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Message 4 of 10
Community Leader
Mega Contributor

Re: Too many Capital One accounts?

Five accounts in two months, last thing they need to do is check prequals unless approvals for $50.00 or denials are desired result. 

Message 5 of 10
Super Contributor

Re: Too many Capital One accounts?


@Shooting-For-800 wrote:

@Steve891 wrote:

I am guessing you tried to apply for the QuicksilverOne and received that reasoning of too many Capital One accounts. The QS1 is a subprime account and you already have a max of 2 of those.

 

I would head to the garden for 6-12 months and let your accounts age. Then start applying for prime card and get rid of your secured cards that doesn't graduate. 


^ This.

 

I had 5 Cap One cards at one time and have 3 now.  

 

Any prequals?

Cap One, Merrick, Discover, Amex?


OP doesnt need anymore tempting to apply for more cards. Thats the last thing they need right now. Respectfully Submitted of course.......Smiley Wink





My posts are JMHO. My siggy is not to brag at all. Just sharing my experiences after learning here from rebuild to recovery after BK DC @ 540's. And to show fellow members what can be accomplished when you do it right and play the FICO Credit Game.
Message 6 of 10
Valued Member

Re: Too many Capital One accounts?

Appreciate the advice, will head to gardening for the next 6 months!

 

Thanks








Future Cards:
Message 7 of 10
Super Contributor

Re: Too many Capital One accounts?


@Remedios wrote:

Five accounts in two months, last thing they need to do is check prequals unless approvals for $50.00 or denials are desired result. 


This exactly. Need to let things cool down.

Message 8 of 10
Valued Contributor

Re: Too many Capital One accounts?

One can look at prequals to help judge one’s position without applying for a card.

 

shheesshh.

Rebuild started in 2014  -  $100k+ unsecured credit in 2017  -  $350k+ unsecured credit in 2020.

DON'T WORK FOR CREDIT CARDS ... MAKE CREDIT CARDS WORK FOR YOU!

10% Rotating - Discover                       5%-20% - Amazon & Lowes                  3-6% Groceries - NFCU & Amex Preferred
3-5% Gas - NFCU & Ducks Unl            4% Dining & Entertain - Savor               3% Travel & Hotels - Flagship, Propel, & Uber
2% Everything Else - Flagship             1% Cancer Charity - Fifth Third             0% Finance Promos - Venture & QuickSilver





                           
           
Message 9 of 10
Valued Contributor

Re: Too many Capital One accounts?

OP, I agree with stopping the inquiries. No more applications until your last wast 6 months.

 

I do agree with checking for pre-qualifications. Don't apply evenn if asked to. It just let's you know if you have made progress, and some provide why they can't qualify you. So you know what to work on.

 

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Message 10 of 10
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