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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.
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.
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.
@Anonymous 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?
DON'T WORK FOR CREDIT CARDS ... MAKE CREDIT CARDS WORK FOR YOU!
Five accounts in two months, last thing they need to do is check prequals unless approvals for $50.00 or denials are desired result.
@Shooting-For-800 wrote:
@Anonymous 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.......
Appreciate the advice, will head to gardening for the next 6 months!
Thanks
@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.
One can look at prequals to help judge one’s position without applying for a card.
shheesshh.
DON'T WORK FOR CREDIT CARDS ... MAKE CREDIT CARDS WORK FOR YOU!
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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